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Intangible Assets

3 Months Ended

Apr. 28, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets Disclosure [Text Block]

8. Intangible Assets

Our intangible assets with indefinite lives consist of: goodwill related to the Shenandoah, Sunset West and BOBO Intriguing Objects acquisitions; and trademarks and tradenames related to the acquisitions of Bradington-Young, Home Meridian and BOBO Intriguing Objects. Our intangible assets with definite lives are recorded in our Home Meridian and Domestic Upholstery segments. Details of our intangible assets are as follows:

		April 28, 2024								January 28, 2024
		Gross carrying amount				Accumulated Amortization				Gross carrying amount				Accumulated Amortization
Intangible assets with indefinite lives:
Goodwill
Domestic Upholstery - Shenandoah *			490				-				490				-
Domestic Upholstery - Sunset West			14,462				-				14,462				-
All Other - BOBO Intriguing Objects			84				-				84				-
Goodwill			15,036				-				15,036				-

Trademarks and Trade names *			8,011				-				8,011				-

Intangible assets with definite lives:
Customer Relations			38,001				(19,825	)			38,001				(18,982	)
Trademarks and Trade names			2,334				(822	)			2,334				(741	)

Intangible assets, net			48,346				(20,647	)			48,346				(19,723	)

*: The amounts are net of impairment charges of $16.4 million related to Shenandoah goodwill and $4.8 million related to certain Home Meridian segment trade names, which were recorded in fiscal 2021.

Amortization expenses for intangible assets with definite lives were $924,000 and $883,000 for the first quarters of fiscal 2025 and 2024, respectively. For the remainder of fiscal 2025, amortization expense is expected to be approximately $2.8 million.