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Subsequent Events | 12 Months Ended
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Jan. 28, 2023
Subsequent Events [Abstract] |
Subsequent Events | (19) Subsequent Events On March 20, 2023 the Company entered into a settlement agreement with TMS McCarthy to settle a lawsuit filed by TMS McCarthy alleging wrongful termination of a lease relating to one of the Company’s stores. As part of the settlement agreement, the Company agreed to make a one-time payment to TMS McCarthy by April 14, 2023 in the amount of $2,087,500. This amount was recognized in fiscal year 2022. TMS McCarthy agreed to dismiss all claims in the litigation. On April 10, 2023, Jon Barker notified the Company of his retirement and voluntary resignation as President, Chief Executive Officer and member of the Board of the Company, in each case effective April 14, 2023. Mr. Barker’s resignation was not the result of any disagreement with the Company or the Company’s management regarding operations, policies or practices. The Board appointed Joseph P. Schneider as Interim President and Interim Chief Executive Officer of the Company, effective April 14, 2023. Mr. Schneider will perform the functions of the Company’s principal executive officer. In connection with Mr. Schneider’s appointment as Interim President and Interim Chief Executive Officer, he will receive an annual base salary of $1,200,000. In addition, the Board approved a grant of $250,000 restricted stock units under the Company’s 2019 Performance Incentive Plan to be made to Mr. Schneider on April 14, 2023. Such restricted stock units will vest in four substantially equal installments on the first four quarterly anniversaries of the grant date, subject to Mr. Schneider’s continued employment with the Company, or if earlier, will vest in full upon a change in control of the Company. Mr. Schneider will also be eligible to participate in the Company’s benefit plans generally made available to the executives of the Company. On April 10, 2023, the Board appointed Erica Fortune to serve on the Board as an independent Class II director, effective April 14, 2023, to serve until the Company’s 2025 annual meeting of stockholders and until her successor is duly elected and qualified. The Board also appointed Ms. Fortune to serve on the Nominating and Governance Committee of the Board. In connection with her service as a director, Ms. Fortune will receive the Company’s standard non-employee director cash and equity compensation under its Directors’ Compensation Policy. Under the Directors’ Compensation Policy, Ms. Fortune will receive an annual grant of restricted stock units with a fair market value equal to $75,000, which will be pro-rated based on the number of days remaining before the 2023 annual meeting. On April 10, 2023, the Board appointed Ms. Martha Bejar as Lead Independent Director of the Board, effective April 14, 2023, and appointed Ms. Nancy Walsh as Chair of the Audit Committee of the Board, effective April 30, 2023.

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- Definition The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 855 -URI https://asc.fasb.org/topic&trid=2122774 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 855 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=6842918&loc=SL6314017-165662 + Details
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