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v3.25.1

Income Taxes (Tables) | 12 Months Ended
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Feb. 01, 2025
Income Tax Disclosure [Abstract] |
Schedule of (Benefit) Provision for Income Taxes | The (benefit) provision for income taxes consisted of the following:
| Fiscal Year |
(in thousands) | 2024 |  |  |  | 2023 |
Current: |  |  |  |  |  |  |
Domestic: |  |  |  |  |  |
Federal | $ | 103 |  |  |  | $ | — |
State |  | 508 |  |  |  |  | 514 |
Foreign |  | 29 |  |  |  |  | 29 |
Total current |  | 640 |  |  |  |  | 543 |
Deferred: |  |  |  |  |  |
Domestic: |  |  |  |  |  |
Federal |  | (1,854 | ) |  |  |  | (2,017 | )
State |  | (2,428 | ) |  |  |  | (2,004 | )
Foreign |  | — |  |  |  |  | — |
Total deferred |  | (4,282 | ) |  |  |  | (4,021 | )
Total benefit for income taxes | $ | (3,642 | ) |  |  | $ | (3,478 | )
Schedule of Reconciliation of Federal Statutory Income Tax Rate to Effective Tax Rate | A reconciliation of the federal statutory income tax rate to the effective tax rate is as follows:
| Fiscal Year |
| 2024 |  |  |  | 2023 |
Statutory federal rate |  | 21.0 | % |  |  |  |  | 21.0 | %
State taxes, net of federal benefit |  | (80.4 | )% |  |  |  | 12.0 | %
NOL Adjustments |  | (267.3 | )% |  |  |  | 6.7 | %
Sale of Rebecca Taylor |  | 40.7 | % |  |  |  | 0.0 | %
Release of uncertain tax provision |  | 2.2 | % |  |  |  | 0.0 | %
Cancellation of Debt Income |  | (6.1 | )% |  |  |  | 0.0 | %
Deferred Adjustments |  | (2.9 | )% |  |  |  | 3.6 | %
Valuation allowance |  | 310.2 | % |  |  |  | (61.3 | )%
Return to provision adjustment |  | (1.1 | )% |  |  |  | 0.2 | %
Transaction Costs |  | (0.6 | )% |  |  |  | 0.0 | %
Non-deductible Officers Compensation |  | 0.0 | % |  |  |  | 0.3 | %
Rate Differential on Foreign Income |  | 0.0 | % |  |  |  | 0.4 | %
Other |  | (0.1 | )% |  |  |  | 0.1 | %
Total |  | 15.6 | % |  |  |  | (17.0 | )%
Schedule of Deferred Income Tax Assets and Liabilities | Deferred income tax assets and liabilities consisted of the following:
| February 1, |  |  | February 3, |
(in thousands) | 2025 |  |  | 2024 |
Deferred tax assets: |  |  |  |  |
Depreciation and amortization | $ | 2,221 |  |  | $ | 2,706 |
Employee related costs |  | 1,495 |  |  |  | 426 |
Allowance for asset valuations |  | 1,670 |  |  |  | 1,664 |
Accrued expenses |  | 213 |  |  |  | 317 |
Lease liability |  | 27,140 |  |  |  | 22,601 |
Net operating losses |  | 44,450 |  |  |  | 122,382 |
Tax credits |  | 92 |  |  |  | 92 |
Interest expense |  | 5,110 |  |  |  | 5,428 |
Other |  | 322 |  |  |  | 288 |
Total deferred tax assets |  | 82,713 |  |  |  | 155,904 |
Less: valuation allowances |  | (53,394 | ) |  |  | (125,913 | )
Net deferred tax assets |  | 29,319 |  |  |  | 29,991 |
Deferred tax liabilities: |  |  |  |  |
Indefinite lived intangibles |  | — |  |  |  | (8,584 | )
ROU assets |  | (23,869 | ) |  |  | (19,548 | )
Equity method investment |  | (6,081 | ) |  |  | (6,772 | )
Total deferred tax liabilities |  | (29,950 | ) |  |  | (34,904 | )
Net deferred tax (liability) asset | $ | (631 | ) |  | $ | (4,913 | )
Included in: |  |  |  |  |
Deferred income tax asset | $ | — |  |  | $ | — |
Deferred income tax liability |  | (631 | ) |  |  | (4,913 | )
Net deferred tax liability | $ | (631 | ) |  | $ | (4,913 | )
Reconciliation of Beginning and Ending Amount of Gross Unrecognized Tax Benefits, Excluding Interest and Penalties | A reconciliation of the beginning and ending amount of gross unrecognized tax benefits, excluding interest and penalties, is as follows:
| Fiscal Year |
(in thousands) | 2024 |  |  | 2023 |
Beginning balance | $ | 556 |  |  | $ | 556 |
Decreases for tax positions in prior years |  | (556 | ) |  |  | — |
Ending balance | $ | — |  |  | $ | 556 |

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