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Debt and Lines of Credit | 12 Months Ended
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Jan. 31, 2016
Debt and Lines of Credit [Abstract] |
Debt and Lines of Credit | 3. DEBT AND LINES OF CREDIT Debt consists of the following:
|  | January 31, 2016 |  | February 1, 2015
(in thousands) |  |  |  |  |  |
Mortgage Note due March 2017 |  | $ | 3,203 |  | $ | 3,345
Mortgage Note due May 2019 |  |  | 527 |  |  | 590
SRV Mortgage Note due September 2017 |  |  | 767 |  |  | —
SRV Mortgage Note due August 2016 |  |  | 456 |  |  | 475
SRV Mortgage Note due February 2015 |  |  | — |  |  | 342
Line of credit |  |  | — |  |  | 600
Capitalized lease obligations |  |  | 70 |  |  | 331
|  | $ | 5,023 |  | $ | 5,683
Less: current maturities |  |  | (722) |  |  | (1,428)
Long-term debt |  | $ | 4,301 |  | $ | 4,255
SE entered into a mortgage note (“Mortgage 2017 Note”) with an original balance of $3.8 million. The Mortgage 2017 Note expires in March 2017 and requires monthly payments of $11,900, plus interest at a rate equal to the one-month LIBOR rate plus 1.75 percentage points (effective rate of 2.2% on January 31, 2016), with a final balloon payment due in March 2017. In May 2014, the Mortgage 2017 Note was assumed by the Company in conjunction with the Company’s acquisition of the related real property from SE (see Note 5 “Variable Interest Entities”). In connection with the Mortgage 2017 Note, the Company entered into an interest rate swap agreement to reduce the impact of changes in the interest rate (see Note 4 “Derivative Financial Instrument”). During fiscal 2014, the Company entered into a mortgage note (“Mortgage 2019 Note”) with an original balance of $0.6 million. The Mortgage 2019 Note expires in May 2019 and requires monthly payments of $5,300 plus interest at 4%, with a final balloon payment due in May 2019. The Mortgage 2017 Note and Mortgage 2019 Note are secured by a commercial guaranty from the Company and collateralized by the existing real property owned by the Company in Belleville, Wisconsin. The Mortgage 2017 Note and the Mortgage 2019 Note require that the Company maintain certain financial and non-financial covenants, including a minimum tangible net worth and a minimum trailing twelve month EBITDA. Schlecht Retail Ventures LLC SRV entered into a mortgage note (“SRV 2017 Note”) with an original balance of $0.8 million. The SRV 2017 Note expires in September 2017 and requires monthly payments of $3,300 plus interest at 3.1%, with a final balloon payment due in September 2017. SRV entered into a mortgage note (“SRV 2016 Note”) with an original balance of $0.5 million. The SRV 2016 Note expires in August 2016 and requires monthly payments of $3,400, including interest at 4.5%, with a final balloon payment due in August 2016. The SRV 2017 Note and SRV 2016 Note are guaranteed by the Company’s majority shareholder and collateralized by certain real property owned by SRV in Mt. Horeb, Wisconsin. The SRV 2016 Note requires that SRV maintain certain financial and non-financial covenants, including a debt service coverage ratio. SRV had a mortgage note (“SRV 2015 Note”) with an original balance of $0.4 million due February 2015. The agreement terminated and the SRV 2015 Note was paid in full in February 2015. Lines of Credit The Company has a revolving line of credit from a bank with availability of $40.0 million, subject to certain borrowing base limits, which expires July 2018 and bears interest, payable monthly, at a rate equal to the one-month LIBOR rate plus 1.25 percentage points (effective rate of 1.7% at January 31, 2016). The revolving line of credit is secured by essentially all Company assets and requires the Company to maintain compliance with certain financial and non-financial covenants, including a minimum tangible net worth and a minimum trailing twelve month EBITDA. SRV had available a $0.6 million revolving line of credit from a bank which bore interest, payable monthly, at a rate equal to the one-month LIBOR rate plus 1.5 percentage points. SRV had outstanding borrowings of $0.6 million on the revolving line of credit at February 1, 2015. The outstanding balance was paid in full and the agreement terminated in February 2015. As of January 31, 2016 and for the fiscal year then ended, the Company was in compliance with all financial and non-financial covenants for all debts discussed above. Future principal maturities of all debt including capital leases are as follows as of January 31, 2016:
Fiscal year |  |  |
(in thousands) |  |  |
2016 |  | $ | 722
2017 |  |  | 3,865
2018 |  |  | 69
2019 |  |  | 343
2020 |  |  | 6
Thereafter |  |  | 18
|  | $ | 5,023

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.19,20,22) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 + Details
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