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Store and Corporate Office Closings

6 Months Ended

Jul. 28, 2012

2. Store and Corporate Office Closings

The calculation of accrued store closing and relocation reserves primarily includes future minimum lease payments, maintenance costs and taxes from the date of closure or relocation to the end of the remaining lease term, net of contractual or estimated sublease income. The liability is discounted using a credit-adjusted risk-free rate of interest. The assumptions used in the calculation of the accrued store closing and relocation reserves are evaluated each quarter.

The following table summarizes the activity in 2012 and 2011 (in thousands):

	26 Weeks Ended
	July 28,		July 30,
	2012		2011

Accrued store closing and relocation reserves, beginning of period	$	36,121	$	46,918
Expense charged to earnings	-		-
Cash payments	(3,068)		(7,356)
Interest accretion and other changes in assumptions	1,988		1,145
Accrued store closing and relocation reserves, end of period	35,041		40,707
Less: current portion of accrued store closing and relocation reserves	(7,897)		(9,265)
Long-term portion of accrued store closing and relocation reserves	$	27,144	$	31,442

The current portion of accrued store closing and relocation reserves is included within accrued expenses and the long-term portion is included within long-term deferred revenue and other liabilities on the unaudited Consolidated Balance Sheets.

- Definition

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.

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