Quarterly report pursuant to Section 13 or 15(d)

Restructuring and Other Charges (Tables)

v3.5.0.2
Restructuring and Other Charges (Tables)
6 Months Ended
Jul. 30, 2016
Restructuring and Other Charges  
Summary of charges incurred

 

A summary of the charges incurred for the three and six months ended July 30, 2016 along with cumulative charges incurred under these initiatives since inception, all of which relate to our retail segment, is presented in the table below (amounts in thousands):

 

 

 

 

 

 

 

 

 

 

 

 

 

    

For the Three Months Ended

    

For the Six Months Ended

    

 

 

 

 

 

July 30,

 

July 30,

 

 

 

 

 

 

2016

 

2016

 

Cumulative

 

Lease termination costs

 

$

26,446

 

$

28,337

 

$

28,337

 

Store asset impairment charges and accelerated depreciation

 

 

1,164

 

 

3,174

 

 

26,320

 

Consulting costs

 

 

6,825

 

 

11,777

 

 

12,695

 

Inventory reserve charges

 

 

 —

 

 

 —

 

 

11,008

 

Favorable lease impairment charges

 

 

 —

 

 

 —

 

 

5,533

 

Severance and employee-related costs

 

 

406

 

 

4,162

 

 

4,162

 

Other costs

 

 

174

 

 

726

 

 

1,584

 

Total pre-tax restructuring and other charges(1)

 

$

35,015

 

$

48,176

 

$

89,639

 


(1)

Consists of $36.4 million included in selling, general and administrative expenses (“SG&A”) offset by a $1.4 million reduction in cost of sales for the three months ended July 30, 2016. Consists of $49.4 million included in SG&A offset by a $1.2 million reduction in cost of sales for the six months ended July 30, 2016.

 

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 condensed 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 30, 2016

 

$

 —

 

$

 —

 

$

918

 

$

858

 

$

1,776

 

Charges, excluding non-cash items

 

 

4,162

 

 

28,337

 

 

11,777

 

 

726

 

 

45,002

 

Payments

 

 

(3,844)

 

 

(7,419)

 

 

(10,510)

 

 

(1,409)

 

 

(23,182)

 

Ending Balance, July 30, 2016

 

$

318

 

$

20,918

 

$

2,185

 

$

175

 

$

23,596