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RESTRUCTURING (Tables) | 6 Months Ended
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Aug. 03, 2024
Restructuring and Related Activities [Abstract] |
Schedule of Restructuring and Related Costs | 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.
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 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 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 -Topic 420 -SubTopic 10 -Name Accounting Standards Codification -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 -Topic 420 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SAB Topic 5.P.4) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479823/420-10-S99-2 Reference 3: 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 + 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 -Topic 420 -SubTopic 10 -Name Accounting Standards Codification -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 Reference 2: 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 + Details
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