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Subsequent Events | 12 Months Ended
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Feb. 03, 2024
Subsequent Events [Abstract] |
Subsequent Events | Subsequent Events Dividends On March 20, 2024, the Company announced a special cash dividend of $2.25 per share on the Company’s common stock and a quarterly cash dividend of $0.30 per share on the Company’s common stock. Both dividends will be paid on May 3, 2024 to shareholders of record as of the close of business on April 17, 2024. As a result of this dividend declaration, the Company will adjust the conversion rates (which are expected to increase) and the conversion prices (which are expected to decrease) of the 2028 Notes in accordance with the terms of the 2028 Indenture, effective as of April 16, 2024. A corresponding adjustment is expected to be made to the strike prices with respect to the convertible note hedges and the warrants entered into by the Company in connection with the offering of the corresponding Notes, each of which will be decreased in accordance with the terms of the applicable convertible note hedge confirmations and warrant confirmations. Acquisition of rag & bone On February 16, 2024, the Company announced a definitive agreement to acquire New York-based fashion brand rag & bone. Under the terms of the agreement, the Company will acquire all the rag & bone operating assets and assume the related operating liabilities of the business. In addition, a joint venture owned 50% each by the Company and WHP Global will acquire rag & bone’s intellectual property. The Company expects to contribute approximately $56.5 million for the acquisition, subject to customary closing price adjustments. There is also the potential for an incremental earnout consideration of which the Company will be responsible for a maximum of $12.8 million, based on preset levels of sales and EBITDA performance over the course of rag & bone's 2024 fiscal year. Concurrent with the closing of the transaction, the Company plans to enter into a license agreement with the joint venture, which will grant the Company the exclusive right to use rag & bone intellectual property to manufacture licensed products worldwide and to sell licensed products in specified territories in exchange for the Company’s payment of a royalty fee. The acquisition is subject to customary closing conditions and is expected to close during the first quarter of fiscal 2025. Additional Note Exchange Transactions On March 28, 2024, the Company entered into a separate, privately negotiated exchange and subscription agreement with a holder of the remaining 2024 Notes pursuant to which the Company will exchange approximately $14.6 million in aggregate principal amount of the 2024 Notes for approximately $12.1 million in aggregate principal amount of the 2028 Notes. This additional exchange transaction is anticipated to settle on or about April 2, 2024, subject to customary closing conditions. Following the closing of this additional exchange transaction, the Company expects to have approximately $33.5 million remaining aggregate principal amount of the 2024 Notes. Share Repurchase Program On March 25, 2024, the Board of Directors authorized a new $200.0 million share repurchase program. Repurchases under the program may be made on the open market or in privately negotiated transactions, pursuant to Rule 10b5-1 trading plans or other available means. There is no minimum or maximum number of shares to be repurchased under the program, which may be discontinued at any time, without prior notice. In connection with the additional exchange transaction described above, the Company engaged in share repurchase transactions, whereby the Company agreed to repurchase 326,429 of its outstanding shares of common stock, $0.01 par value per share, for cash.

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- Definition The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 855 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//855/tableOfContent Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 855 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483399/855-10-50-2 + Details
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