Subsequent Events (Notes)
|12 Months Ended|
Jan. 28, 2017
|Subsequent Events [Abstract]|
|Subsequent Events [Text Block]||
On March 17, 2017, the Company finalized its announced plans to close a distribution facility and 138 stores and to relocate and sell a distribution facility in 2017. These strategic decisions will help align the Company's brick-and-mortar presence with its omnichannel network, thereby redirecting capital resources to invest in locations and initiatives that offer the greatest revenue potential. As a result of the store actions, the Company will close a distribution center located in Lakeland, Florida in early June, at which time operations will transfer to the Company's logistics facility in Atlanta as part of a strategic effort to streamline store support services. Also, on March 10, 2017, the Company entered into a contract to sell its supply chain facility in Buena Park, California for approximately $130 million with plans to close on the sale on or before March 31, 2017. In connection with the store closings, the Company expects to incur charges primarily related to lease termination obligation expenses, non-cash asset impairments and transition costs as the store closings are executed in 2017.
The Company also initiated a Voluntary Early Retirement Program (VERP) for approximately 6,000 eligible associates. Eligibility for the VERP will generally include home office, stores and supply chain personnel who met certain criteria related to age and years of service as of January 31, 2017. The consideration period for eligible associates to accept the VERP will end on March 31, 2017. Based on the number of eligible associates that irrevocably accept the VERP, the Company will record the related charges in the first quarter of 2017.
The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business.
No definition available.