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Retail Restructuring

9 Months Ended

Oct. 31, 2020

Retail Restructuring [Abstract]

Retail Restructuring

Note 2 – Retail Restructuring

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In June 2020, the Company announced the restructuring of its retail operations segment including the closing of all Wilsons Leather and G.H. Bass stores. Additionally, the Company is also closing its Calvin Klein Performance stores. In connection with the restructuring of the retail operations segment, the Company expects to incur an aggregate charge of approximately $100 million related to store operating costs, landlord termination fees, severance costs, store liquidation and closing costs, write-offs related to right-of-use assets and legal and professional fees. The Company expects the net cash outflow from the retail restructuring to be approximately $65 million.

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As a result of the restructuring of the Company’s retail operations, the Company recorded an aggregate charge of $2.2 million during the nine months ended October 31, 2020. The charge consisted primarily of severance payments, benefit continuation costs and store closing costs. Restructuring charges are recorded within selling, general and administrative expenses in the Company’s condensed consolidated statements of income and comprehensive income. The following is a reconciliation of the accrual for the quarter ended October 31, 2020:

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​	​	​	​	​	​	​	​	​	​
​	​	​	​	​	​	​	​	​	​
​		Severance and Benefit Costs			Store Closing Costs			Total
​	​	(In thousands)
Balance at April 30, 2020	​	$	—	​	$	—	​	$	—
Amounts charged to expense	​	​	480	​	​	792	​	​	1,272
Cash payments	​	​	(26)	​	​	—	​	​	(26)
Balance at July 31, 2020	​	$	454	​	$	792	​	$	1,246
Amounts charged to expense	​	​	892	​	​	—	​	​	892
Cash payments	​	​	(328)	​	​	(277)	​	​	(605)
Balance at October 31, 2020	​	$	1,018	​	$	515	​	$	1,533

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The Company has accounted for the remaining rent and termination payments under Accounting Standards Codification (“ASC”) 842 – Leases. As of October 31, 2020, the total operating lease liability related to Wilsons Leather, G.H Bass, and Calvin Klein Performance stores is $28.0 million and will be paid during the fiscal quarter ending January 31, 2021.

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- References

No definition available.

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- 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.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 420
-URI http://asc.fasb.org/topic&trid=2175745

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