RESTRUCTURING AND OTHER CHARGES
|12 Months Ended|
Feb. 02, 2019
|RESTRUCTURING AND OTHER CHARGES|
|RESTRUCTURING AND OTHER CHARGES||
4. RESTRUCTURING AND OTHER CHARGES
During the fourth quarter of fiscal 2015, we began implementing initiatives intended to reduce costs and improve operating performance. These initiatives included a store rationalization program as well as a profit improvement program to drive operating efficiencies and improve our expense structure. These programs were substantially completed in fiscal 2016 and resulted in the closure of 75 Jos. A. Bank full line stores, the closure of 56 factory and outlet stores at Jos. A. Bank and Men’s Wearhouse and the closure of 102 Men’s Wearhouse and Tux stores.
No charges were incurred under these initiatives in fiscal 2018 or 2017, respectively. Cumulative pre-tax restructuring and other charges related to these programs was $109.6 million, of which approximately $68.1 million were cash expenses.
A summary of the charges incurred are presented in the table below (amounts in thousands):
As of February 3, 2018, $0.3 million of these restructuring and other charges was included in accrued expenses and other current liabilities. These amounts were paid in fiscal 2018.
In addition to the restructuring costs described above, we incurred integration and other costs related to Jos. A. Bank totaling $8.8 million for fiscal 2016. Integration and other costs for fiscal 2016 include $2.1 million recorded in cost of sales with the remainder recorded in SG&A.
The entire disclosure for restructuring and related activities. Description of restructuring activities such as exit and disposal activities, include facts and circumstances leading to the plan, the expected plan completion date, the major types of costs associated with the plan activities, total expected costs, the accrual balance at the end of the period, and the periods over which the remaining accrual will be settled.
Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef