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Summary of Significant Accounting Policies (Tables)

12 Months Ended

Jan. 29, 2022

Accounting Policies [Abstract]

Estimated Useful Life of Property and Equipment

Depreciation is computed on the straight-line method over the assets’ estimated useful lives as follows:

Furniture and fixtures		Five to ten years
Equipment		Five to ten years
Leasehold improvements		Lesser of useful lives or related lease term
Hardware and software		Three to seven years

Other Comprehensive Income (loss) and Reclassifications from AOCI

Other comprehensive income (loss) includes amounts related to foreign currency and pension plans and is reported in the Consolidated Statements of Comprehensive Income (Loss). Other comprehensive income (loss) and reclassifications from AOCI for fiscal 2021, fiscal 2020 and fiscal 2019 are as follows:

	Fiscal 2021												Fiscal 2020												Fiscal 2019
(in thousands)
	Pension Plans				Foreign  Currency				Total				Pension Plans				Foreign  Currency				Total				Pension Plans				Foreign Currency				Total
Balance at beginning of fiscal year	$	(6,224	)		$	3			$	(6,221	)		$	(6,478	)		$	47			$	(6,431	)		$	(5,521	)		$	(662	)		$	(6,183	)
Other comprehensive income (loss)    before reclassifications, net of taxes		799				(62	)			737				(428	)			(44	)			(472	)			(1,598	)			(83	)			(1,681	)
Recognition of accumulated foreign currency translation adjustment (1)		—				—				—				—				—				—				—				792				792
Amounts reclassified from accumulated    other comprehensive income (loss),    net of taxes (2)		(41	)			—				(41	)			682				—				682				641				—				641
Other comprehensive income    (loss) for the period		758				(62	)			696				254				(44	)			210				(957	)			709				(248	)
Balance at end of fiscal year	$	(5,466	)		$	(59	)		$	(5,525	)		$	(6,224	)		$	3			$	(6,221	)		$	(6,478	)		$	47			$	(6,431	)

(1)In connection with the Company’s closing of its Rochester Clothing store in London, England and exiting its London operations, the Company recognized the accumulated foreign currency translation adjustment as an expense and it was included in “Exit costs associated with London operations” on the Consolidated Statement of Operations for fiscal 2019.

(2)Includes the amortization of the unrecognized (gain)/loss on pension plans, which was charged to “Selling, General and Administrative” expense on the Consolidated Statements of Operations for all periods presented. The amortization of the unrecognized loss, before tax, was $682,000 and $641,000 for fiscal 2020 and fiscal 2019, respectively. For fiscal 2021, the Company recognized income of $41,000, as a result of a change in amortization from average remaining future service to average remaining lifetime. There was no related tax effect for any period.

Reconciliation of Number of Shares Outstanding for Basic and Diluted Earnings Per Share

The following table provides a reconciliation of the number of shares outstanding for basic and diluted earnings per share:

		FISCAL YEARS ENDED
		January 29, 2022				January 30, 2021				February 1, 2020
(in thousands)
Common stock outstanding:
Basic weighted average common shares    outstanding			63,401				51,317				49,992
Common stock equivalents – stock options,  restricted stock, deferred stock and RSUs (1)			4,630				—				—
Diluted weighted average common shares    outstanding			68,031				51,317				49,992

(1)Common stock equivalents, in thousands, of 159 shares and 408 shares for January 30, 2021 and February 1, 2020, respectively, were excluded due to the net loss.

Potential Common Stock Equivalents Excluded from Computation of Diluted Earnings Per Share

The following potential common stock equivalents were excluded from the computation of diluted earnings per share in each year because the exercise price of such options was greater than the average market price per share of common stock for the respective periods or because the unearned compensation associated with either stock options, RSUs, restricted or deferred stock had an anti-dilutive effect.

		FISCAL YEARS ENDED
		January 29, 2022				January 30, 2021				February 1, 2020
(in thousands, except exercise prices)
Stock options (time-vested)			302				3,648				755
RSUs (time-vested)			—				812				560
Deferred stock			—				191				114
Range of exercise prices of such options		$4.19 -$5.50				$0.53 - $7.02				$1.85 - $7.02

Valuation Assumptions for Stock Options

The fair value of each option grant is estimated on the date of grant using the Black-Scholes option-pricing model based on the following assumptions in the table. The fair value of each non-vested share is equal to the closing price of the Company’s stock on the date of grant. The weighted-average fair value of options granted and non-vested shares granted shown below does not include shares or deferred stock granted to directors in lieu of compensation.

Fiscal years ended:		January 29, 2022		January 30, 2021		February 1, 2020
Expected volatility		97.4% - 104.9%		82.3% - 87.8%		-
Risk-free interest rate		0.31% - 0.60%		0.22% - 0.27%		-
Expected life (in years)		3.0 - 4.0		3.0 - 4.0		-
Dividend rate		-		-		-
Weighted average fair value of options granted		$0.47		$0.32		-
Weighted average fair value of non-vested shares granted		-		-		$1.73

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