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v2.4.0.6
EXIT AND DISPOSAL ACTIVITIES
9 Months Ended
Oct. 27, 2012
Discontinued Operations and Disposal Groups [Abstract]  
Disposal Groups Including Discontinued Operations Disclosure [Text Block]

NOTE 5: EXIT AND DISPOSAL ACTIVITIES

 

Lease Termination

 

A lease obligation still exists for some store closures that occurred in 2008. We record the estimated future liability associated with the rental obligation on the cease use date (when the stores were closed). The lease obligations are established at the cease use date for the present value of any remaining operating lease obligations, net of estimated sublease income, and at the communication date for severance and other exit costs, as prescribed by FASB ASC 420, “Exit or Disposal Cost Obligations”. Key assumptions in calculating the liability include the timeframe expected to terminate lease agreements, estimates related to the sublease potential of closed locations, and estimates of other related exit costs. If actual timing and potential termination costs or realization of sublease income differ from our estimates, the resulting liabilities could vary from recorded amounts. These liabilities are reviewed periodically and adjusted when necessary.

 

During the first three quarters of fiscal 2012, we incurred an additional $0.1 million in rent expense related to the revision of the estimated amount of the remaining lease liability for the fiscal 2008 store closures. We also utilized $0.2 million, leaving $0.2 million in the reserve at October 27, 2012.

 

The following table illustrates the exit and disposal activity related to the store closures discussed in the previous paragraph (in millions):

    Balance at
January 28, 2012
    Additions     Utilization     Ending Balance
October 27, 2012
 
                               
Lease contract termination liability   $ 0.3     $ 0.1     $ (0.2 )   $ 0.2