Goodwill and Other Intangible Assets

12 Months Ended

Jan. 30, 2016

Goodwill and Intangible Assets Disclosure [Abstract]

GOODWILL AND OTHER INTANGIBLE ASSETS:

Goodwill and other intangible assets consisted of the following:



	January 30, 2016			January 31, 2015

	(in thousands)
Goodwill:
Total Goodwill	$	96,774		$	145,627

Indefinite-Lived Intangibles:
WHBM trade name	$	34,000		$	34,000
Minnesota territorial franchise rights	4,930			4,930
Boston Proper trade name	—			41,700
Total indefinite-lived intangibles	$	38,930		$	80,630

Definite-Lived Intangibles:
Boston Proper customer relationships	$	43,580		$	43,580
Accumulated amortization expense recorded	(16,851		)	(14,672		)
Impairment expense recorded	(24,166		)	—
Sale of Boston Proper customer relationships	(2,563		)	—
Total definite-lived intangibles	—			28,908
Total other intangible assets, net	$	38,930		$	109,538

In fiscal 2015, based on market indications of value and a decline in sales, we recorded a pre-tax goodwill impairment charge of $48.9 million related to Boston Proper goodwill, reducing the carrying value of goodwill to zero, pre-tax impairment charges related to the Boston Proper trade name of $39.4 million, reducing the carrying value of the trade name to $2.3 million, and a pre-tax impairment charge related to Boston Proper customer relationships of $24.2 million, reducing the carrying value of the customer relationships to $2.6 million. All impairment charges were recorded within Goodwill and intangible impairment charges in the accompanying consolidated statements of income. There were no changes or cumulative impairment charges for other outstanding goodwill and intangible balances during fiscal 2015.

On January 15, 2016, in connection with the Plan, the Company completed the sale the Boston Proper DTC business, which included the carrying values of the Boston Proper trade name of $2.3 million and Boston Proper customer relationships of $2.6 million. The net proceeds on the sale of the Boston Proper DTC business are included in restructuring and strategic charges in the accompanying consolidated statements of income. Amortization expense for fiscal 2015 was approximately $2.2 million related to Boston Proper customer relationships.

In fiscal 2014, as a result of sales and margin declines in the Boston Proper brand due to issues with merchandising and marketing effectiveness, we recorded a pre-tax goodwill impairment charge of $25.8 million, reducing the carrying value of Boston Proper goodwill to $48.9 million and an impairment charge related to the Boston Proper trade name of $4.3 million pre-tax, reducing the carrying value of the Boston Proper trade name to $41.7 million. All impairment charges were recorded within 'Goodwill and intangible impairment charges' in the accompanying consolidated statements of income.

The following table provides the carrying amounts of Boston Proper goodwill and pre-tax cumulative goodwill impairment charges:



	January 30, 2016			January 31, 2015			February 1, 2014

	(in thousands)
Gross carrying amount	$	141,919		$	141,919		$	141,919
Cumulative impairment, beginning of year	(93,066		)	(67,266		)	—
Impairment charges	(48,853		)	(25,800		)	(67,266		)
Cumulative impairment, end of year	(141,919		)	(93,066		)	(67,266		)
Net carrying amount	$	—		$	48,853		$	74,653

Other than the impairment of the Boston Proper goodwill as discussed above, there were no changes in goodwill during fiscal 2015 and there are no cumulative impairment charges as of January 30, 2016.

- Definition

The entire disclosure for the aggregate amount of goodwill and a description of intangible assets, which may include (a) for amortizable intangible assets (also referred to as finite-lived intangible assets), the carrying amount, the amount of any significant residual value, and the weighted-average amortization period, (b) for intangible assets not subject to amortization (also referred to as indefinite-lived intangible assets), the carrying amount, and (c) the amount of research and development assets acquired and written off in the period, including the line item in the income statement in which the amounts written off are aggregated, if not readily apparent from the income statement. Also discloses (a) for amortizable intangibles assets in total and by major class, the gross carrying amount and accumulated amortization, the total amortization expense for the period, and the estimated aggregate amortization expense for each of the five succeeding fiscal years, (b) for intangible assets not subject to amortization the carrying amount in total and by major class, and (c) for goodwill, in total and for each reportable segment, the changes in the carrying amount of goodwill during the period (including the aggregate amount of goodwill acquired, the aggregate amount of impairment losses recognized, and the amount of goodwill included in the gain (loss) on disposal of a reporting unit). If any part of goodwill has not been allocated to a reportable segment, discloses the unallocated amount and the reasons for not allocating. For each impairment loss recognized related to an intangible asset (excluding goodwill), discloses: (a) a description of the impaired intangible asset and the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method for determining fair value, (c) the caption in the income statement or the statement of activities in which the impairment loss is aggregated, and (d) the segment in which the impaired intangible asset is reported. For each goodwill impairment loss recognized, discloses: (a) a description of the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method of determining the fair value of the associated reporting unit, and (c) if a recognized impairment loss is an estimate not finalized and the reasons why the estimate is not final. May also disclose the nature and amount of any significant adjustments made to a previous estimate of an impairment loss.

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