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Organization and Basis of Presentation | 3 Months Ended
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May 04, 2013
Organization and Basis of Presentation | NOTE 1. Organization and Basis of Presentation Description of Business We are a mall and web-based specialty retailer of apparel, accessories, music and gift items for young men and women whose lifestyles reflect a passion for music, fashion and pop culture. We primarily operate under two concepts: Hot Topic and Torrid. We launched a new test retail concept, Blackheart, during the fourth quarter of fiscal 2012. Music and pop culture are the overriding inspirations at Hot Topic, and Torrid is focused on providing the best in fashion to young plus-size women. At our Hot Topic stores and our website hottopic.com, we sell a selection of licensed and non-licensed apparel, accessories and gift items that are influenced by popular music artists and pop culture trends, designed to appeal to young men and women. We also sell a limited assortment of music CDs/vinyl LPs and DVDs at Hot Topic. At our Torrid stores and on our website torrid.com, we sell on-trend fashion apparel, lingerie and accessories inspired by and designed to fit the young, voluptuous woman who wears a size 12 and up. We generate revenues primarily through our retail stores in the United States of America, Puerto Rico and Canada, and online through our websites. We were incorporated in California in 1988 and opened our first Hot Topic store the following year in fiscal 1989. We opened our first Torrid store in fiscal 2001. References to Hot Topic, Inc. Throughout this report, the terms “we,” “us,” “our,” “company” and similar references refer to Hot Topic, Inc. and its wholly-owned subsidiaries. Merger On March 6, 2013, we entered into an Agreement and Plan of Merger, or the Merger Agreement, providing for our acquisition by an affiliate of Sycamore Partners Management, L.L.C., or Sycamore. Under the terms of the Merger Agreement, which was unanimously approved by our Board of Directors, or the Board, Sycamore will acquire all of the outstanding shares of our common stock for $14.00 per share in cash. The transaction, which is structured as a one-step merger with the company as the surviving corporation, or the Merger, is subject to customary closing conditions, including receipt of regulatory approvals and the approval of the holders of a majority of our outstanding shares. If the Merger is approved and is consummated, we will no longer be a publicly-traded company, and our shares will cease to be traded on NASDAQ. We will account for the merger by applying the acquisition method as described in ASC 805, Business Combinations. For more information, see our Current Report on Form 8-K filed with the Securities and Exchange Commission, or the SEC, on March 8, 2013. Fiscal Year Our fiscal year ends on the Saturday nearest to January 31. References to the first quarter of fiscal 2013 and 2012 refer to the thirteen week periods ended May 4, 2013 and April 28, 2012, respectively. References to fiscal 2014 and 2013 refer to the 52-week periods ending January 31, 2015 and February 1, 2014, respectively. References to fiscal 2012 refer to the 53-week period ended February 2, 2013. References to fiscal 2011 and 2010 refer to the 52-week periods ended January 28, 2012 and January 29, 2011, respectively. Segment Information We currently have one reportable segment given the similarities of the economic characteristics among the Hot Topic and Torrid concepts and the relatively immaterial business operations of our Blackheart test concept. Interim Financial Information The information set forth in these condensed consolidated financial statements is unaudited except for the February 2, 2013 consolidated balance sheet data. These statements have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information, the instructions to Form 10-Q, and Rule 10-01 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by accounting principles generally accepted in the United States of America for complete financial statements. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and accompanying notes included in our Annual Report on Form 10-K filed on March 22, 2013. In the opinion of management, all adjustments necessary for a fair presentation have been included in these condensed consolidated financial statements.

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