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RESTRUCTURING

9 Months Ended

Nov. 02, 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 $2.5 million in restructuring costs during Year-To-Date 2024, and $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
												November 2, 2024						October 28, 2023						November 2, 2024						October 28, 2023
												(in thousands)
Employee-related costs												$	—					$	674					$	—					$	6,107
Lease termination costs (1)												—						454						701						5,401
TODC costs (2)												—						—						1,848						—
Professional fees												—						82						—						268
Total restructuring costs (3)												$	—					$	1,210					$	2,549					$	11,776

_______________________________________

(1)Includes non-cash charges related to accelerated depreciation on certain assets in the corporate office over the reduced term, amounting to $0.7 million during Year-To-Date 2024.

(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 settled with cash payments. There is no remaining liability as of November 2, 2024.

						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
Provision						(248)									(319)						(567)
Balance at November 2, 2024						$	—								$	—					$	—

						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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- References

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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

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