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Impairment, Restructuring and Other Charges | 3 Months Ended
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May 04, 2024
Restructuring and Related Activities [Abstract] |
Impairment, Restructuring and Other Charges | 13. Impairment, Restructuring and Other Charges The following table represents impairment, restructuring and other charges related to Quiet Platforms. All amounts were recorded within impairment, restructuring and other charges on the Consolidated Statements of Operations during the 13 weeks ended April 29, 2023. There were no impairment, restructuring and other charges recorded for the 13 weeks ended May 4, 2024.
|  | 13 Weeks Ended |  |
|  | April 29, |  |
(In thousands) |  | 2023 |  |
Long-lived asset impairment charges |  | $ | 10,759 |  |
Employee related costs |  |  | 5,592 |  |
Other commercial related charges |  |  | 4,924 |  |
Total impairment, restructuring and other charges |  | $ | 21,275 |  |
The following footnotes relate to impairment, restructuring, and other charges recorded in the 13 weeks ended in April 29, 2023: (1) $21.3 million of charges related to the Quiet Platforms restructuring. Of this amount, we recorded $10.8 million of long-term asset impairment primarily related to technology which is no longer a part of the long-term strategy. All impairments were recorded due to insufficient prospective cash flows to support the asset value, resulting from the restructuring of Quiet Platforms. We recorded $5.6 million of severance based on this revised strategy. We also recorded $4.9 million of contract related charges. A rollforward of the restructuring liabilities recognized in the Consolidated Balance Sheet is as follows:
|  | 13 Weeks Ended |  |
|  | May 4, |  |
(In thousands) |  | 2024 |  |
Accrued liability as of February 3, 2024 |  | $ | 11,414 |  |
Less: Cash payments and adjustments |  |  | (7,210 | ) |
Accrued liability as of May 4, 2024 |  | $ | 4,204 |  |

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- Definition The entire disclosure of costs incurred for restructuring including, but not limited to, exit and disposal activities, remediation, implementation, integration, asset impairment, and charges against earnings from the write-down of assets. + References No definition available. + Details
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