Fair Value Measurements

6 Months Ended

Jul. 28, 2012

Fair Value Measurements [Abstract]

FAIR VALUE MEASUREMENTS

19. FAIR VALUE MEASUREMENTS

Accounts receivable, accounts payable, accrued interest payable and accrued expenses. The carrying amounts reported in the balance sheets approximate fair value due to the short-term nature of these instruments.

Real estate mortgages. (classified within Level 2 of the valuation hierarchy) - The carrying amounts of the real estate mortgages were approximately $25.5 million and $25.8 million at July 28, 2012 and January 28, 2012, respectively. The carrying values of the real estate mortgages at July 28, 2012 and January 28, 2012 approximate fair value since they were recently entered into and thus the interest rates approximate market.

Senior credit facility. The carrying amount of the senior credit facility approximates fair value due to the frequent resets of its floating interest rate.

Senior secured notes. (classified within Level 1 of the valuation hierarchy) - The carrying amounts of the senior secured notes were approximately $150.0 million at July 28, 2012 and January 28, 2012, respectively. As of July 28, 2012 and January 28, 2012, the fair value of the 7 ⁷/ ₈% senior subordinated notes payable was approximately $155.8 million and $154.3 million, respectively, based on quoted market prices.

Interest rate cap. The interest rate cap agreement was terminated during March 2011, therefore no fair value measurements were reported as of July 28, 2012 and January 28, 2012, respectively.

These estimated fair value amounts have been determined using available market information and appropriate valuation methods.