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Retail Restructuring

12 Months Ended

Jan. 31, 2021

Retail Restructuring [Abstract]

Retail Restructuring

NOTE B — RETAIL RESTRUCTURING

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In June 2020, the Company commenced the restructuring of its retail operations segment including the closing of the Wilsons Leather, G.H. Bass and Calvin Klein Performance stores. In connection with the restructuring of the retail operations segment, the Company incurred 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’s cash portion of this charge was approximately $65 million.

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Restructuring charges are recorded within selling, general and administrative expenses in the Company’s consolidated statements of income and comprehensive income. The following is a reconciliation of the accrual for the period ended January 31, 2021:

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​	​	​	​	​	​	​	​	​	​
​		Severance and Benefit Costs			Store Closing Costs			Total
​	​	(In thousands)
Balance at January 31, 2020	​	$	—	​	$	—	​	$	—
Amounts charged to expense	​	​	1,257	​	​	961	​	​	2,218
Cash payments	​	​	(1,103)	​	​	(280)	​	​	(1,383)
Balance at January 31, 2021	​	$	154	​	$	681	​	$	835

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The remaining severance and benefit costs and store closing costs are expected to be paid during the first two quarters of fiscal 2022.

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- References

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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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