Impairment, Restructuring and Other Charges

3 Months Ended

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