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RESTRUCTURING (Tables)

6 Months Ended

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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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.

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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.

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