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RESTRUCTURING (Tables) | 9 Months Ended
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Oct. 28, 2023
Restructuring and Related Activities [Abstract] |
Restructuring and Related Costs | As a result of these strategic actions associated with the voluntary early termination of its corporate office lease, the move from the TODC, and workforce reductions, the Company incurred non-operating charges of $1.2 million and $11.8 million in restructuring costs during the Third Quarter 2023 and Year-To-Date 2023, respectively on a pretax basis, summarized in the following table:
|  |  |  | Thirteen Weeks Ended |  | Thirty-nine Weeks Ended
|  |  |  | October 28, 2023 |  | October 29, 2022 |  | October 28, 2023 |  | October 29, 2022
|  |  |  | (in thousands)
Employee-related costs |  |  |  | $ | 674 |  |  | $ | — |  |  | $ | 6,107 |  |  | $ | — |
Lease termination costs (1) |  |  |  | 454 |  |  | — |  |  | 5,401 |  |  | — |
Professional fees |  |  |  | 82 |  |  | — |  |  | 268 |  |  | — |
Total restructuring costs (2) |  |  |  | $ | 1,210 |  |  | $ | — |  |  | $ | 11,776 |  |  | $ | — |
___________________________________________ (1)Includes non-cash charges related to accelerated depreciation on certain assets in the corporate office over the reduced term, amounting to $0.5 million and $1.4 million for the Third Quarter 2023 and Year-To-Date 2023, respectively. The Company expects to record additional accelerated depreciation charges of approximately $1.0 million until the expiration of its corporate office lease. (2)Restructuring costs are recorded within Selling, general and administrative expenses, except accelerated depreciation charges noted above, which are recorded within Depreciation and amortization, and are primarily recorded within The Children’s Place U.S. segment.
Schedule of Restructuring Reserve by Type of Cost | The following table summarizes the restructuring costs that have been partially settled with cash payments and the remaining related liability as of October 28, 2023. The remaining related liability is expected to be settled with cash payments in the future and these costs are included in Accrued expenses and other current liabilities on the Consolidated Balance Sheets:
|  | Employee-Related Costs |  | Lease Termination Costs |  | Professional Fees |  | Total |  |
|  | (in thousands) |  |
Balance at April 29, 2023 |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  |
Provision |  | 5,433 |  |  | 4,040 |  |  | 186 |  |  | 9,659 |  |  |
Cash payments |  | (2,602) |  |  | (4,040) |  |  | — |  |  | (6,642) |  |  |
Balance at July 29, 2023 |  | 2,831 |  |  | — |  |  | 186 |  |  | 3,017 |  |  |
Provision |  | 674 |  |  | — |  |  | 82 |  |  | 756 |  |  |
Cash payments |  | (2,652) |  |  | — |  |  | (268) |  |  | (2,920) |  |  |
Balance at October 28, 2023 |  | $ | 853 |  |  | $ | — |  |  | $ | — |  |  | $ | 853 |  |  |

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- Definition Tabular 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 Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 420 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SAB TOPIC 5.P.3) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479823/420-10-S99-1 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 420 -SubTopic 10 -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482017/420-10-50-1 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 420 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SAB TOPIC 5.P.4) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479823/420-10-S99-2 + Details
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- Definition Tabular disclosure of an entity's restructuring reserve that occurred during the period associated with the exit from or disposal of business activities or restructurings for each major type of cost. This element may also include a description of any reversal and other adjustment made during the period to the amount of an accrued liability for restructuring activities. This element may be used to encapsulate the roll forward presentations of an entity's restructuring reserve by type of cost and in total, and explanation of changes that occurred in the period. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 420 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (b)(2) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482017/420-10-50-1 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 420 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SAB Topic 5.P.4(b)(2)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479823/420-10-S99-2 + Details
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