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Employee Benefit Plans | 12 Months Ended
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Feb. 03, 2024
Postemployment Benefits [Abstract] |
Employee Benefit Plans | J. EMPLOYEE BENEFIT PLANS The Company accounted for its employee benefit plans in accordance with ASC Topic 715, Compensation – Retirement Benefits. ASC Topic 715 requires an employer to: (a) recognize in its statement of financial position an asset for a plan’s over-funded status or a liability for a plan’s under-funded status; (b) measure a plan’s assets and its obligations that determine its funded status as of the end of the employer’s fiscal year (with limited exceptions); and (c) recognize changes in the funded status of a defined benefit postretirement plan in the year in which the changes occur. Noncontributory Pension Plan In connection with the Casual Male acquisition in May 2002, the Company assumed the assets and liabilities of the Casual Male Noncontributory Pension Plan “Casual Male Corp. Retirement Plan”, which was previously known as the J. Baker, Inc. Qualified Plan (the “Pension Plan”). Casual Male Corp. froze all future benefits under this plan on May 1, 1997. On May 3, 2023, the Audit Committee approved the termination of the Pension Plan, which was then approved and ratified by the Board of Directors on May 4, 2023 with a final termination approval on June 8, 2023. By the end of fiscal 2023, the Company completed the settlement of all plan assets. Results for fiscal 2023, included a charge of $5.6 million, representing recognition of the of the unrealized loss in "Accumulated Other Comprehensive Loss" on the Consolidated Balance Sheet. The following table sets forth the Pension Plan’s funded status at February 3, 2024 and January 28, 2023:
|  | February 3, 2024 |  |  | January 28, 2023 |
|  | in thousands |
Change in benefit obligation: |  |  |  |  |  |
Balance at beginning of period |  | $ | 11,454 |  |  | $ | 14,361 |
Benefits and expenses paid |  |  | (347 | ) |  |  | (818 | )
Interest costs |  |  | 294 |  |  |  | 414 |
Settlements |  |  | (10,877 | ) |  |  | (358 | )
Actuarial (gain) loss |  |  | (524 | ) |  |  | (2,145 | )
Balance at end of year |  | $ | — |  |  | $ | 11,454 |
Change in fair value of plan assets: |  |  |  |  |  |
Balance at beginning of period |  | $ | 9,591 |  |  | $ | 11,293 |
Actual return on plan assets |  |  | (34 | ) |  |  | (1,050 | )
Employer contributions |  |  | 2,106 |  |  |  | 524 |
Settlements |  |  | (11,316 | ) |  |  | (358 | )
Benefits and expenses paid |  |  | (347 | ) |  |  | (818 | )
Balance at end of period |  | $ | — |  |  | $ | 9,591 |
Reconciliation of funded status: |  |  |  |  |  |
Projected benefit obligation |  | $ | — |  |  | $ | 11,454 |
Fair value of plan assets |  |  | — |  |  |  | 9,591 |
Unfunded status |  | $ | — |  |  | $ | (1,863 | )
Balance sheet classification: |  |  |  |  |  |
Other long-term liabilities |  | $ | — |  |  | $ | 1,863 |
Total plan expense and other amounts recognized in accumulated other comprehensive loss for the years ended February 3, 2024, January 28, 2023 and January 29, 2022 include the following components:
|  | February 3, 2024 |  |  | January 28, 2023 |  |  | January 29, 2022 |
Net pension cost: |  | (in thousands) |
Interest cost on projected benefit obligation |  | $ | 294 |  |  | $ | 414 |  |  | $ | 373 |
Expected return on plan assets |  |  | (325 | ) |  |  | (723 | ) |  |  | (728 | )
Amortization of unrecognized loss |  |  | 133 |  |  |  | 270 |  |  |  | 314 |
Net pension cost |  | $ | 102 |  |  | $ | (39 | ) |  | $ | (41 | )
Other changes recognized in other comprehensive loss, before taxes: |  |  |  |  |  |  |  |  |
Unrecognized losses at the beginning of the year |  | $ | 5,490 |  |  | $ | 6,132 |  |  | $ | 6,914 |
Net periodic pension cost |  |  | (102 | ) |  |  | 39 |  |  |  | 41 |
Employer contribution |  |  | 2,106 |  |  |  | 524 |  |  |  | 622 |
Recognition of the unrealized loss |  |  | (5,631 | ) |  |  | — |  |  |  | — |
Change in plan assets and benefit obligations |  |  | (1,863 | ) |  |  | (1,205 | ) |  |  | (1,445 | )
Unrecognized losses at the end of year |  | $ | — |  |  | $ | 5,490 |  |  | $ | 6,132 |
In connection with the partial settlement in the second quarter of fiscal 2023, a remeasurement of the pension obligation was completed as of June 30, 2023. Assumptions used to determine the benefit obligations as of February 3, 2024, June 30, 2023 and January 28, 2023 include a discount rate of 5.14%, 5.21% and 4.79%, respectively. Assumptions used to determine the net periodic benefit cost for the six months ended February 3, 2024, for the six months ended June 30, 2023 and for the fiscal years ended January 28, 2023 and January 29, 2022 included a discount rate of 5.21%, 4.79%, 3.00% and 2.39%, respectively. The expected long-term rate of return for plan assets was assumed to be 5.10% and 6.50% at the beginning of fiscal 2023 and fiscal 2022, respectively. The expected long-term rate of return for plan assets was assumed to be 6.00% at June 30, 2023. The expected long-term rate of return assumption was developed considering historical and future expectations for returns for each asset class. Plan Assets There were no plan assets at the end of fiscal 2023. The fair values of the Company’s noncontributory defined benefit retirement plan assets at the end of fiscal 2022, by asset category, was as follows:
|  | Fair Value Measurement |
|  | January 28, 2023 |
(in thousands) |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  |  | Significant Observable Inputs (Level 2) |  |  | Significant Unobservable Inputs (Level 3) |  |  | Total |
Asset category: |  |  |  |  |  |  |  |  |  |  |  |
Mutual Funds: |  |  |  |  |  |  |  |  |  |  |  |
U.S. Equity |  | $ | 3,743 |  |  |  | — |  |  |  | — |  |  | $ | 3,743 |
International Equity |  |  | 2,592 |  |  |  | — |  |  |  | — |  |  |  | 2,592 |
Fixed Income |  |  | 1,333 |  |  |  | — |  |  |  | — |  |  |  | 1,333 |
Cash |  |  | 1,923 |  |  |  | — |  |  |  | — |  |  |  | 1,923 |
Total |  | $ | 9,591 |  |  | $ | — |  |  | $ | — |  |  | $ | 9,591 |
Supplemental Executive Retirement Plan In connection with the Casual Male acquisition, the Company also assumed the liability of the Casual Male Supplemental Retirement Plan (the “SERP”). On May 3, 2023, the Audit Committee approved the termination of the SERP, which was then approved and ratified by the Board of Directors on May 4, 2023. During fiscal 2023, the Company completed the termination of the SERP though the purchase of a nonparticipating annuity. In connection with that termination, the Company made a cash contribution of $0.4 million and recognized a loss on the termination of the plan of $57,000, which included the recognition of the unrealized loss of $31,000 in Accumulated Other Comprehensive Loss. The following table sets forth the SERP’s funded status at February 3, 2024 and January 28, 2023:
|  | February 3, 2024 |  |  | January 28, 2023 |
|  | in thousands |
Change in benefit obligation: |  |  |  |  |  |
Balance at beginning of period |  | $ | 427 |  |  | $ | 514 |
Benefits and expenses paid |  |  | (27 | ) |  |  | (40 | )
Settlements |  |  | (385 | ) |  |  | — |
Interest costs |  |  | 13 |  |  |  | 14 |
Actuarial (gain) loss |  |  | (28 | ) |  |  | (61 | )
Balance at end of year |  | $ | — |  |  | $ | 427 |
Change in fair value of plan assets: |  |  |  |  |  |
Balance at beginning of period |  | $ | — |  |  | $ | — |
Employer contributions |  |  | 466 |  |  |  | 40 |
Settlements |  |  | (439 | ) |  |  | — |
Benefits and expenses paid |  |  | (27 | ) |  |  | (40 | )
Balance at end of period |  | $ | — |  |  | $ | — |
Projected benefit obligation |  | $ | — |  |  | $ | 427 |
Reconciliation of funded status: |  |  |  |  |  |
Projected benefit obligation |  | $ | — |  |  | $ | 427 |
Fair value of plan assets |  |  | — |  |  |  | — |
Unfunded Status |  | $ | — |  |  | $ | (427 | )
Balance sheet classification: |  |  |  |  |  |
Other long-term liabilities |  | $ | — |  |  | $ | 427 |
Other changes recognized in other comprehensive loss, before taxes (in thousands):
|  | February 3, 2024 |  |  | January 28, 2023 |  |  | January 29, 2022 |
|  | in thousands |
Other changes recognized in other comprehensive loss, before taxes: |  |  |  |  |  |  |  |  |
Unrecognized losses at the beginning of the year |  | $ | 31 |  |  | $ | 95 |  |  | $ | 120 |
Net periodic pension cost |  |  | (13 | ) |  |  | (17 | ) |  |  | (16 | )
Recognized loss from settlement |  |  | (57 | ) |  |  | — |  |  |  | — |
Employer contribution |  |  | 466 |  |  |  | 40 |  |  |  | 40 |
Change in benefit obligations |  |  | (427 | ) |  |  | (87 | ) |  |  | (49 | )
Unrecognized losses at the end of year |  | $ | - |  |  | $ | 31 |  |  | $ | 95 |
Assumptions used to determine the benefit obligations as of February 3, 2024 and January 28, 2023 included a discount rate of 5.76% for fiscal 2023 and 4.75% for fiscal 2022. Assumptions used to determine the net periodic benefit cost for the years ended February 3, 2024, January 28, 2023 and January 29, 2022 included a discount rate of 4.75% for fiscal 2023, 2.90% for fiscal 2022 and 2.24% for fiscal 2021. Defined Contribution Plan The Company has one defined contribution plan, the Destination XL Group, Inc. 401(k) Savings Plan (the “401(k) Plan”). Under the 401(k) Plan, the Company offers a qualified automatic contribution arrangement (“QACA”) with the Company matching 100% of the first 1% of deferred compensation and 50% of the next 5% (with a maximum contribution of 3.5% of eligible compensation). Employees who are 21 years of age or older are eligible to make deferrals after 6 months of employment and are eligible to receive a Company match after one year of employment and 1,000 hours. The Company recognized $2.4 million, $2.1 million and $2.0 million of expense under the 401(k) Plan in fiscal 2023, 2022 and 2021, respectively.

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