v3.20.4

Voluntary Reorganization (Tables) | 3 Months Ended
--- | ---
Oct. 31, 2020
Voluntary Reorganization [Abstract] |
Liabilities Subject to Compromise Components | The components of Liabilities subject to compromise are presented below:
|  | October 31, 2020 |  | August 1, 2020
Liabilities subject to compromise: |  | (millions)
Accounts payable |  | $ | 375.6 |  |  | $ | 395.3 |
Accrued expenses and other current liabilities |  | 13.8 |  |  | 114.8 |
Current portion of long-term debt (a) |  | 1,090.2 |  |  | 1,252.6 |
Current portion of lease liabilities |  | 92.7 |  |  | 146.4 |
Lease-related liabilities |  | 419.7 |  |  | 614.5 |
Other non-current liabilities |  | 105.6 |  |  | 106.0 |
Liabilities subject to compromise |  | $ | 2,097.6 |  |  | $ | 2,629.6 |
____________ (a) See Note 11 for more details of the prepetition debt reported as Liabilities subject to compromise.
Reorganization Items | The following table summarizes the components of the Reorganization items in the accompanying consolidated statement of operations:
|  | Three Months Ended
|  | October 31, 2020
|  | (millions)
Non-cash terminations of lease liabilities |  | $ | 196.1 |
Professional fees |  | (17.2) |
Write-off of deferred financing fees |  | (1.9) |
Other |  | 0.4 |
Total reorganization items, net |  | $ | 177.4 |
Condensed Balance Sheet |
CONDENSED BALANCE SHEET
|  | October 31, 2020 |  | August 1, 2020
|  | (millions)
ASSETS
Current assets: |  |  |  |
Cash and cash equivalents |  | $ | 368.2 |  |  | $ | 548.2 |
Inventories |  | 384.8 |  |  | 326.7 |
Prepaid expenses, and other current assets |  | 185.3 |  |  | 143.2 |
Current assets related to discontinued operations |  | 10.4 |  |  | 30.9 |
Total current assets |  | 948.7 |  |  | 1,049.0 |
Property and equipment, net |  | 404.1 |  |  | 453.8 |
Operating lease right-of-use assets |  | 340.5 |  |  | 376.4 |
Goodwill |  | 164.6 |  |  | 164.6 |
Other intangible assets, net |  | 20.2 |  |  | 20.2 |
Equity method investment |  | 52.4 |  |  | 45.2 |
Other assets |  | 50.5 |  |  | 52.0 |
Non-current assets related to discontinued operations |  | — |  |  | 1.1 |
Investment in non-debtor subsidiaries |  | 177.3 |  |  | 177.3 |
Total assets |  | $ | 2,158.3 |  |  | $ | 2,339.6 |
LIABILITIES AND EQUITY
Current liabilities: |  |  |  |
Accounts payable |  | $ | 260.9 |  |  | $ | 125.7 |
Accrued expenses and other current liabilities |  | 170.2 |  |  | 57.9 |
Deferred income |  | 108.4 |  |  | 111.7 |
Current portion of long-term debt |  | — |  |  | 227.9 |
Current liabilities related to discontinued operations |  | 38.4 |  |  | 75.7 |
Total current liabilities |  | 577.9 |  |  | 598.9 |
Long-term debt |  | 292.4 |  |  | — |
Other non-current liabilities |  | 26.7 |  |  | 28.7 |
Non-current liabilities related to discontinued operations |  | 13.4 |  |  | 21.2 |
Amounts due to non-debtor subsidiaries |  | 105.3 |  |  | 99.9 |
Liabilities subject to compromise |  | 2,097.6 |  |  | 2,629.6 |
Total liabilities |  | 3,113.3 |  |  | 3,378.3 |
Total shareholders' deficit |  | (955.0) |  |  | (1,038.7) |
Total liabilities and shareholders' deficit |  | $ | 2,158.3 |  |  | $ | 2,339.6 |
Condensed Income Statement |
CONDENSED STATEMENT OF OPERATIONS |
| Three Months Ended |
| October 31, 2020 |
| (millions) |
Net sales | $ | 572.9 |  |
Cost of goods sold | (321.1) |  |
Gross margin | 251.8 |  |
Other operating expenses: |  |
Buying, distribution and occupancy expenses | (150.8) |  |
Selling, general and administrative expenses | (225.6) |  |
Restructuring and other related charges | (1.0) |  |
Depreciation and amortization expenses | (46.9) |  |
Equity in losses of non-debtor subsidiaries | (4.1) |  |
Total other operating expenses | (428.4) |  |
Operating loss | (176.6) |  |
Interest expense | (8.1) |  |
Interest and other income, net | 0.4 |  |
Reorganization items, net | 177.4 |  |
Loss from continuing operations before provision for income taxes and income from equity method investment | (6.9) |  |
Provision for income taxes from continuing operations | (2.9) |  |
Income from equity method investment | 7.2 |  |
Loss from continuing operations | (2.6) |  |
Income from discontinued operations, net of taxes | 40.0 |  |
Gain on disposal of discontinued operations, net of taxes | 38.9 |  |
Net income | $ | 76.3 |  |
Condensed Cash Flow Statement |
CONDENSED STATEMENT OF CASH FLOWS
| Three Months Ended
| October 31, 2020
| (millions)
Cash flows provided by operating activities | $ | (122.2) |
Cash flows from investing activities: |
Capital expenditures | (2.9) |
Proceeds from the sale of intangible assets | 40.8 |
Cash flows used in investing activities | 37.9 |
Cash flows from financing activities: |
New term loan | 312.3 |
Redemptions and repayments of term loan | (162.3) |
Repayments of revolver borrowings | (230.0) |
Payments of deferred financing fees | (20.6) |
Cash flows provided by financing activities | (100.6) |
Increase in cash and cash equivalents | (184.9) |
Cash and cash equivalents, beginning of period | 554.7 |
Cash and cash equivalents, end of period (a) | $ | 369.8 |
____________ (a) Difference of $1.6 million to the Cash and cash equivalents balance on the debtor-in-possession balance sheet above represents restricted cash included in other assets and cash included in discontinued operations.

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