Retirement Plans

12 Months Ended

Jan. 28, 2023

Retirement Benefits [Abstract]

Retirement Plans

RETIREMENT PLANS:

We have a 401(k) defined contribution employee retirement benefit plan (the “Plan”) covering all employees upon the completion of six months of service and 500 hours worked. Participants must meet a minimum age requirement of 21. Under the Plan, employees may contribute up to 75 percent of their annual compensation, subject to certain statutory limitations. We have elected to match employee contributions at 50 percent on the first 6 percent of the employees’ contributions and can elect to make additional contributions over and above the mandatory match. Employees’ rights to Company contributions vest fully upon completing five years of service, with incremental vesting starting in service year two. As a result of the pandemic, the Company temporarily suspended its match in fiscal 2020 which was subsequently reinstated. For fiscal 2022, 2021 and 2020, our costs under the Plan were approximately $2.9 million, $2.7 million and $0.7 million, respectively.

Effective December 31, 2021, the Company made the decision to freeze the Chico’s FAS, Inc. Deferred Compensation Plan (the “Deferred Plan”) and to terminate and distribute the elective deferrals (and related earnings) portion of the Deferred Plan in accordance with the Deferred Plan terms and requirements under applicable tax laws. As of January 28, 2023, the Company’s liability for the deferred compensation is $0.2 million.