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Sale Leaseback Transactions
 12 Months Ended
Feb. 02, 2019
Sale Leaseback Transactions  
Sale Leaseback Transactions

(9) Sale Leaseback Transactions

 

During the fiscal years ended February 2, 2019, February 3, 2018, and January 28, 2017, the Company completed deemed sale-leaseback transactions of the land and buildings associated with one,  four, and four 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 years 2018, 2017, and 2016 was $1,717,  $9,022, and $11,923 respectively.