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ASSETS HELD FOR SALE | 9 Months Ended
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Oct. 29, 2023
Assets Held For Sale [Abstract] |
Assets Held For Sale | ASSETS HELD FOR SALE The Company entered into a definitive agreement on November 10, 2023 to sell its Warner’s, Olga and True&Co. businesses to Basic Resources for $160.0 million in cash, subject to adjustment, and subsequently completed the sale on November 27, 2023. There is a potential earnout of up to $10.0 million that the Company may receive subsequent to the earnout period, based on calendar year 2024 net sales of a portion of the sold businesses. The Company classified the assets subject to the Heritage Brands intimate apparel transaction as held for sale during the third quarter of 2023. The carrying value of the assets classified as held for sale in the Company’s Consolidated Balance Sheet as of October 29, 2023 was determined to be lower than the fair value, less costs to sell. As such, the Company will record a pre-tax gain in the fourth quarter of 2023 in connection with the closing of the transaction. The net assets classified as held for sale in the Company’s Consolidated Balance Sheet as of October 29, 2023 were included in the Heritage Brands Wholesale segment and consisted of the following:
(In millions) |
Assets held for sale: |
Inventories, net | $ | 43.2 |
Prepaid expenses | 0.5 |
Goodwill, net (1) | — |
Tradenames | 95.8 |
Other Intangibles, net (2) | — |
Total assets held for sale | $ | 139.5 |
(1) Goodwill, net includes goodwill, gross of $105.0 million and accumulated impairment losses of $105.0 million. Please see Note 6, “Goodwill and Other Intangible Assets,” for further discussion. (2) Other Intangibles, net includes customer relationships, gross of $18.0 million and accumulated amortization of $18.0 million.

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