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Impairment, Restructuring and Other Charges | 9 Months Ended
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Nov. 02, 2024
Restructuring and Related Activities [Abstract] |
Impairment, Restructuring and Other Charges | 14. Impairment, Restructuring and Other Charges The following table represents impairment, restructuring and other charges recorded in the 13 and 39 weeks ended November 2, 2024.
|  | 13 and 39 Weeks Ended |
|  | November 2, |
(In thousands) |  | 2024 |
Corporate restructuring costs (1) |  |  | 10,729 |
Hong Kong retail operations impairment and restructuring costs (2) |  |  | 6,832 |
Total impairment, restructuring and other charges |  | $ | 17,561 |
The following footnotes relate to the impairment and restructuring charges in the third quarter of Fiscal 2024: (1) The Company recorded restructuring costs of $10.7 million related to employee severance. (2) The Company recorded impairment and restructuring costs of $6.8 million related to the pending sale of its Hong Kong retail operations to a third party buyer. These costs primarily consist of impairment of $6.4 million and employee severance. 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 39 weeks ended October 28, 2023. There were no impairment, restructuring and other charges recorded for the 13 weeks ended October 28, 2023.
|  | 39 Weeks Ended |
|  | October 28, |
(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(1) |  | $ | 21,275 |
The following footnote relates to impairment, restructuring, and other charges recorded during the 39 weeks ended October 28, 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 that is no longer a part of our 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 our revised long-term strategy. We also recorded $4.9 million of contract-related charges. A roll-forward of the restructuring liabilities recognized in the Consolidated Balance Sheet is as follows:
|  | 39 Weeks Ended |  |
|  | November 2, |  |
(In thousands) |  | 2024 |  |
Accrued liability as of February 3, 2024 |  | $ | 11,414 |  |
Add: Costs incurred, excluding non-cash charges |  |  | 10,728 |  |
Less: Cash payments and adjustments |  |  | (11,375 | ) |
Accrued liability as of November 2, 2024 |  | $ | 10,767 |  |

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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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