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Goodwill and Indefinite Lived Intangible Assets | 12 Months Ended
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Jan. 31, 2025
Goodwill and Intangible Assets Disclosure [Abstract] |
Goodwill and Indefinite Lived Intangible Assets | NOTE 10. GOODWILL AND INDEFINITE-LIVED INTANGIBLE ASSET The Company’s intangible assets, consisting of a goodwill and trade name, were originally valued in connection with a business combination accounted for under the purchase accounting method. Goodwill represents the excess of the purchase price over the fair value of the net assets acquired. Goodwill was fully impaired in Fiscal 2023. The following table summarizes the activity of the Company’s Goodwill:
(in thousands) |  | Goodwill |
Balance January 27, 2023 |  |  |
Gross amount |  | $ | 110.0 |
Accumulated impairment losses |  |  | (3.3 | )
Carrying Value |  |  | 106.7 |
Impairment loss booked in Fiscal 2023 |  |  | 106.7 |
Balance February 2, 2024 |  |  |
Gross amount |  |  | 110.0 |
Accumulated impairment losses |  |  | (110.0 | )
Carrying Value |  | $ | — |
The carrying value of Intangible asset, net was $257.0 million as of January 31, 2025 and February 2, 2024. ASC 350, Intangibles - Goodwill and Other, requires companies to test goodwill and indefinite-lived intangible assets for impairment annually, or more often if an event or circumstance indicates that the carrying amount may not be recoverable. In connection with the preparation of the financial statements included in the Company’s Third Quarter 2023 Form 10-Q, the Company considered the decline in the Company’s stock price and market capitalization, as well as current market and macroeconomic conditions, to be a triggering event for the U.S. eCommerce and Outfitters reporting units and therefore completed a test for impairment of goodwill for these reporting units as of October 27, 2023. The Company tested goodwill for impairment using a one-step quantitative test. The quantitative test compares the reporting unit’s fair value to its carrying value. An impairment is recorded for any excess carrying value above the reporting unit’s fair value, not to exceed the amount of goodwill. The Company estimates fair value of its reporting units using a discounted cash flow model, commonly referred to as the income approach. The income approach uses a reporting unit’s projection of estimated operating results and cash flows that is discounted using a weighted-average cost of capital that reflects current market conditions appropriate to the Company’s reporting unit. The discounted cash flow model uses management’s best estimates of economic and market conditions over the projected period using the best information available, including growth rates in revenues, costs and estimates of future expected changes in operating margins and cash expenditures. Other significant estimates and assumptions include terminal value growth rates, weighted average cost of capital and changes in future working capital requirements. The impairment test resulted in full impairment of $70.4 million and $36.3 million of goodwill allocated to the Company’s U.S. eCommerce and Outfitters reporting units, respectively. There was no impairment of the trade name during any period presented.

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- Definition The entire disclosure for goodwill and intangible assets. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 30 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/350-30/tableOfContent Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/350-20/tableOfContent + Details
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