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Sale Leaseback Transactions
 12 Months Ended
Feb. 03, 2018
Sale Leaseback Transactions  
Sale Leaseback Transactions

(9) Sale Leaseback Transactions

 

During the fiscal years ended February 3, 2018, January 28, 2017, and January 30, 2016 the Company completed deemed sale-leaseback transactions of the land and buildings associated with 4,  4, and 2  store locations, respectively. In each of the related lease agreements for these store locations, the Company was required to pay all construction costs directly with the right of reimbursement up to a pre-determined tenant allowance. Also, the Company indemnified the landlords with respect to costs arising from third-party damage arising from the acts or omission of employees, sub-lessees, assignees, agent, and/or contractors arising during construction. As a result, and, based on appropriate accounting guidance, the Company was deemed the owner of the land and building during the construction period. The deemed sale occurred when the construction of the assets was complete and the lease terms began. At the time of sale, any assets, up to the value of each pre-determined tenant allowance, were written off the Company’s books, and any remaining amounts were considered leasehold improvements.  The total value of tenant allowances received under these transactions during fiscal year 2017, 2016, and 2015 was $9,022, $11,923, and $5,652 respectively.