Annual report pursuant to Section 13 and 15(d)

RESTRUCTURING AND OTHER CHARGES (Tables)

v3.8.0.1
RESTRUCTURING AND OTHER CHARGES (Tables)
12 Months Ended
Feb. 03, 2018
RESTRUCTURING AND OTHER CHARGES  
Summary of charges incurred

A summary of the charges incurred are presented in the table below (amounts in thousands):

 

 

 

 

 

 

 

 

 

 

 

 

    

 

 

 

    

 

 

 

 

 

Fiscal Year

 

 

 

 

 

 

2016

 

2015

 

Cumulative

 

Lease termination costs

 

$

43,116

 

$

 —

 

$

43,116

 

Store asset impairment charges and accelerated depreciation, net of deferred rent

 

 

1,734

 

 

23,146

 

 

24,880

 

Consulting costs

 

 

15,074

 

 

918

 

 

15,992

 

Inventory reserve charges

 

 

 —

 

 

11,008

 

 

11,008

 

Severance and employee-related costs

 

 

6,103

 

 

 —

 

 

6,103

 

Favorable lease impairment charges

 

 

 —

 

 

5,533

 

 

5,533

 

Other costs

 

 

2,060

 

 

858

 

 

2,918

 

Total pre-tax restructuring and other charges(1)

 

$

68,087

 

$

41,463

 

$

109,550

 


(1)

For fiscal 2016, consists of $71.9 million included in SG&A offset by a $3.8 million reduction in cost of sales.  For fiscal 2015, consists of $23.1 million included in asset impairment charges, $11.0 million in cost of sales, $5.5 million of goodwill and intangible asset impairment charges and $1.8 million in SG&A.  For fiscal 2016, fiscal 2015 and cumulatively since inception of the initiatives, of the total amounts recorded in the table above, $49.0 million, $39.9 million and $88.9 million, respectively, relate to our retail segment and the remainder are recorded in shared services.

Rollforward of amounts related to pre-tax restructuring and other charges

The following table is a rollforward of amounts included in accrued expenses and other current liabilities in the consolidated balance sheet related to the pre-tax restructuring and other charges (amounts in thousands):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Severance and

 

Lease

 

 

 

 

 

 

 

 

 

 

 

 

Employee-

 

Termination

 

Consulting

 

Other

 

 

 

 

 

    

Related Costs

    

Costs

    

Costs

    

Costs

    

Total

 

Beginning Balance, January 28, 2017

 

$

986

 

$

4,834

 

$

60

 

$

25

 

$

5,905

 

Charges, excluding non-cash items

 

 

 —

 

 

 —

 

 

 —

 

 

 —

 

 

 —

 

Payments

 

 

(986)

 

 

(4,557)

 

 

(60)

 

 

(25)

 

 

(5,628)

 

Ending Balance, February 3, 2018

 

$

 —

 

$

277

 

$

 —

 

$

 —

 

$

277