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RESTRUCTURING | 6 Months Ended
--- | ---
Aug. 03, 2024
Restructuring and Related Activities [Abstract] |
RESTRUCTURING | RESTRUCTURING As a result of the strategic actions associated with the voluntary early termination and subsequent renewal of the Company’s corporate office lease, the move of its distribution center operations from Toronto, Canada (“TODC”) to Alabama in the United States, and workforce reductions, the Company incurred $0.2 million and $2.5 million in restructuring costs during the Second Quarter 2024 and Year-To-Date 2024, respectively, on a pretax basis, summarized in the following table:
|  |  |  | Thirteen Weeks Ended |  | Twenty-six Weeks Ended
|  |  |  | August 3, 2024 |  | July 29, 2023 |  | August 3, 2024 |  | July 29, 2023
|  |  |  | (in thousands)
Employee-related costs |  |  |  | $ | — |  |  | $ | 5,433 |  |  | $ | — |  |  | $ | 5,433 |
Lease termination costs (1) |  |  |  | 241 |  |  | 4,947 |  |  | 701 |  |  | 4,947 |
TODC costs (2) |  |  |  | — |  |  | — |  |  | 1,848 |  |  | — |
Professional fees |  |  |  | — |  |  | 186 |  |  | — |  |  | 186 |
Total restructuring costs (3) |  |  |  | $ | 241 |  |  | $ | 10,566 |  |  | $ | 2,549 |  |  | $ | 10,566 |
_______________________________________ (1)Includes non-cash charges related to accelerated depreciation on certain assets in the corporate office over the reduced term, amounting to $0.2 million and $0.7 million for the Second Quarter 2024 and Year-To-Date 2024, respectively. (2)Includes non-cash charges related to accelerated depreciation on TODC assets, amounting to $1.1 million during Year-To-Date 2024. (3)Restructuring costs are recorded within Selling, general and administrative expenses, except accelerated depreciation charges noted above, which are recorded within Depreciation and amortization. TODC costs are recorded within The Children’s Place International segment. The remaining restructuring costs are primarily recorded within The Children’s Place U.S. segment. The following table summarizes the restructuring costs that have been partially settled with cash payments and the remaining related liability as of August 3, 2024. The remaining related liability is expected to be settled with cash payments during the remainder of Fiscal 2024 and these costs are included in Accrued expenses and other current liabilities on the Consolidated Balance Sheets:
|  | Employee-Related Costs |  |  | TODC Costs |  | Total
|  | (in thousands)
Balance at February 3, 2024 |  | $ | 1,666 |  |  |  | $ | — |  |  | $ | 1,666 |
Provision |  | — |  |  |  | 751 |  |  | 751 |
Cash Payments |  | (1,114) |  |  |  | (247) |  |  | (1,361) |
Balance at May 4, 2024 |  | 552 |  |  |  | 504 |  |  | 1,056 |
Cash Payments |  | (304) |  |  |  | (185) |  |  | (489) |
Balance at August 3, 2024 |  | $ | 248 |  |  |  | $ | 319 |  |  | $ | 567 |
|  | 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 |
Provision |  | 1,275 |  |  | — |  |  | — |  |  | 1,275 |
Cash Payments |  | (462) |  |  | — |  |  | — |  |  | (462) |
Balance at February 3, 2024 |  | $ | 1,666 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,666 |

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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://www.xbrl.org/2003/role/disclosureRef -Topic 420 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SAB Topic 5.P.4.e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479823/420-10-S99-2 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 420 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (b)(2) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482017/420-10-50-1 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 420 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482017/420-10-50-1 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 420 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/420/tableOfContent Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 420 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482017/420-10-50-1 + Details
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