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NOTE 7 - INTANGIBLE ASSETS

12 Months Ended

Feb. 03, 2013

Intangible Assets Disclosure [Text Block]

NOTE 7 – INTANGIBLE ASSETS

			February 3,				January 29,
	Segment		2013				2012
Non-amortizable Intangible Assets
Trademarks and trade names - Bradington-Young	Upholstery		$	861			$	861
Trademarks and trade names - Sam Moore	Upholstery			396				396
Total trademarks and trade names				1,257				1,257

We recorded certain intangible assets related to the acquisitions of Bradington-Young and Sam Moore.  The trademarks and trade names have indefinite useful lives and consequently are not subject to amortization for financial reporting purposes but are tested for impairment annually or more frequently if events or circumstances indicate that the asset might be impaired.  See “Note 1 – Summary of Significant Accounting Policies: Intangible Assets.”

Trademarks and trade names are related to the acquisitions of Bradington-Young and Sam Moore. In conjunction with our evaluation of the cash flows generated by the reporting units, we evaluated the carrying value of trademarks and trade names using the relief from royalty method, which values the trademark/trade name by estimating the savings achieved by ownership of the trademark/trade name when compared to licensing the mark/name from an independent owner.  The inputs used in the trademark/trade name analyses are considered Level 3 fair value measurements. Our fiscal 2012 trademark/trade name analysis lead us to conclude certain of our trademarks/trade names were impaired. Consequently, we recorded impairment charges on these intangible assets as follows:

		Fifty-Three Weeks Ended				Fifty-Two Weeks Ended				Fifty-Two Weeks Ended
		February 3,				January 29,				January 30,
		2013				2012				2011
Trade mark/trade name impairment charges:
Bradington-Young		$	-			$	1,815			$	-
Opus Designs by Hooker Furniture			-				-				396
Total trade mark/trade name impairment		$	-			$	1,815			$	396

These impairment charges are included in “intangible asset impairment charges” in our consolidated statements of operations.

X

- Definition

The entire disclosure for all or part of the information related to intangible assets.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 142

-Paragraph 44, 45, 46

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.



Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 350

-SubTopic 30

-Section 50

-Paragraph 2

-URI http://asc.fasb.org/extlink&oid=7658586&loc=d3e16323-109275



Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 350

-SubTopic 30

-Section 50

-Paragraph 3

-URI http://asc.fasb.org/extlink&oid=7658586&loc=d3e16373-109275



Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 350

-SubTopic 30

-Section 50

-Paragraph 1

-URI http://asc.fasb.org/extlink&oid=7658586&loc=d3e16265-109275

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