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Employee Benefit Plans
 12 Months Ended
Feb. 01, 2025
Postemployment Benefits [Abstract]  
Employee Benefit Plans

J. EMPLOYEE BENEFIT PLANS

Termination of Retirement Plans

In connection with the acquisition of Casual Male Corp. in May 2002, the Company assumed the assets and liabilities of the frozen Casual Male Noncontributory Pension Plan “Casual Male Corp. Retirement Plan,” which was previously known as the J. Baker, Inc. Qualified Plan (the “Pension Plan”) and the frozen Casual Male Supplemental Executive Retirement Plan ("SERP"). In the second quarter of fiscal 2023, the Company's Board of Directors (the "Board") approved the termination of these frozen plans.

 

Pension Plan

On May 3, 2023, the Audit Committee approved the termination of the Pension Plan, which was then approved and ratified by the Board 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 unrealized loss in "Accumulated Other Comprehensive Loss" on the Consolidated Balance Sheet.

 

SERP

On May 3, 2023, the Audit Committee approved the termination of the SERP, which was then approved and ratified by the Board on May 4, 2023. During fiscal 2023, the Company completed the termination of the SERP through 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.

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 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 $2.3 million, $2.4 million and $2.1 million of expense under the 401(k) Plan in fiscal 2024, 2023 and 2022, respectively.