NOTE 8 - INTANGIBLE ASSETS

12 Months Ended

Feb. 02, 2014

Intangible Assets Disclosure [Text Block]

NOTE 8 – INTANGIBLE ASSETS

We recorded certain intangible assets related to the acquisitions of Bradington-Young and Sam Moore and upon purchase of the Homeware.com URL. The Bradington-Young and Sam Moore 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.”

		February 2,		February 3,
	Segment	2014		2013
Non-amortizable Intangible Assets
Trademarks and trade names - Bradington-Young	Upholstery	$	861	$	861
Trademarks and trade names - Sam Moore	Upholstery		396		396
URL- Homeware.com	Casegoods		125		-
Total Non-amortizable Intangible Assets			1,382		1,257

We purchased the Homeware.com URL during the fiscal 2014 third quarter.

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 led us to conclude certain of our trademarks/trade names were impaired. Consequently, we recorded impairment charges on these intangible assets as follows:

	Fifty-Two Weeks Ended		Fifty-Three Weeks Ended		Fifty-Two Weeks Ended
	February 2,		February 3,		January 29,
	2014		2013		2012
Trade mark/trade name impairment charges:
Bradington-Young	$	-	$	-	$	1,815
Total trade mark/trade name impairment	$	-	$	-	$	1,815

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