0001564590-21-030359 | 10-Q | XBRL Viewer

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Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	May 01, 2021	May 14, 2021
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	May 01, 2021
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q1
Trading Symbol	DXLG
Entity Registrant Name	DESTINATION XL GROUP, INC.
Entity Central Index Key	0000813298
Current Fiscal Year End Date	--01-29
Entity Current Reporting Status	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		63,526,601
Entity File Number	01-34219
Entity Tax Identification Number	04-2623104
Entity Address, Address Line One	555 Turnpike Street
Entity Address, City or Town	Canton
Entity Address, State or Province	MA
Entity Address, Postal Zip Code	02021
City Area Code	781
Local Phone Number	828-9300
Document Quarterly Report	true
Document Transition Report	false
Entity Interactive Data Current	Yes
Security Exchange Name	NONE
Entity Incorporation, State or Country Code	DE

Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	May 01, 2021	Jan. 30, 2021
Current assets:
Cash and cash equivalents	$ 5,843	$ 18,997
Accounts receivable	4,671	6,416
Inventories	88,390	85,028
Prepaid expenses and other current assets	6,381	3,689
Total current assets	105,285	114,130
Non-current assets:
Property and equipment, net of accumulated depreciation and amortization	52,591	56,552
Operating lease right-of-use assets	130,061	134,321
Intangible assets	1,150	1,150
Other assets	598	602
Total assets	289,685	306,755
Current liabilities:
Current portion of long-term debt	74
Accounts payable	31,639	27,091
Accrued expenses and other current liabilities	25,450	24,825
Operating leases, current	38,331	43,598
Borrowings under credit facility	33,371	59,521
Total current liabilities	128,865	155,035
Long-term liabilities:
Long-term debt, net of current portion	16,669	14,869
Operating leases, non-current	129,856	135,819
Other long-term liabilities	4,811	5,109
Total long-term liabilities	151,336	155,797
Commitments and contingencies
Stockholders' equity (deficit):
Preferred stock, $0.01 par value, 1,000,000 shares authorized, none issued
Common stock, $0.01 par value, 100,000,000 shares authorized, 76,212,032 and 64,656,384 shares issued at May 1, 2021 and January 30, 2021, respectively	762	647
Additional paid-in capital	319,443	314,747
Treasury stock at cost, 12,755,873 shares at May 1, 2021 and January 30, 2021	(92,658)	(92,658)
Accumulated deficit	(211,895)	(220,592)
Accumulated other comprehensive loss	(6,168)	(6,221)
Total stockholders' equity (deficit)	9,484	(4,077)
Total liabilities and stockholders' equity (deficit)	$ 289,685	$ 306,755

Consolidated Balance Sheets (Parenthetical) (Unaudited) - $ / shares	May 01, 2021	Jan. 30, 2021
Statement Of Financial Position [Abstract]
Preferred stock, par value	$ 0.01	$ 0.01
Preferred stock, shares authorized	1,000,000	1,000,000
Preferred stock, issued	0	0
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	100,000,000	100,000,000
Common stock, shares issued	76,212,032	64,656,384
Treasury stock, shares	12,755,873	12,755,873

Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands	3 Months Ended
	May 01, 2021	May 02, 2020
Income Statement [Abstract]
Sales	$ 111,494,000	$ 57,227,000
Cost of goods sold including occupancy costs	60,661,000	44,013,000
Gross profit	50,833,000	13,214,000
Expenses:
Selling, general and administrative	37,118,000	32,112,000
Impairment of assets	(652,000)	16,335,000
Depreciation and amortization	4,500,000	5,732,000
Total expenses	40,966,000	54,179,000
Operating income (loss)	9,867,000	(40,965,000)
Interest expense, net	(1,142,000)	(741,000)
Income (loss) before provision for income taxes	8,725,000	(41,706,000)
Provision for income taxes	28,000	20,000
Net income (loss)	$ 8,697,000	$ (41,726,000)
Net income (loss) per share - basic and diluted	$ 0.14	$ (0.82)
Weighted-average number of common shares outstanding:
Basic	62,153	50,758
Diluted	63,000	50,758

Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	May 01, 2021	May 02, 2020
Statement Of Income And Comprehensive Income [Abstract]
Net income (loss)	$ 8,697	$ (41,726)
Other comprehensive income before taxes:
Foreign currency translation	(25)	(34)
Pension plans	78	242
Other comprehensive income before taxes	53	208
Other comprehensive income, net of tax	53	208
Comprehensive income (loss)	$ 8,750	$ (41,518)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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+ Details

- Definition

Amount before tax, after reclassification adjustments of other comprehensive income (loss).

+ References + Details

- Definition

Amount after tax and reclassification adjustments of other comprehensive income (loss).

+ References

+ Details

Consolidated Statements of Changes in Stockholders' Equity (Deficit) (Unaudited) - USD ($) shares in Thousands, $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Treasury Stock	Accumulated Deficit	Accumulated Other Comprehensive Income (Loss)
Beginning Balance at Feb. 01, 2020	$ 58,423	$ 633	$ 312,933	$ (92,658)	$ (156,054)	$ (6,431)
Beginning Balance (in shares) at Feb. 01, 2020		63,297		(12,755)
Board of directors compensation	149	$ 1	148
Board of directors compensation (in shares)		93
Stock compensation expense	452		452
Issuance of common stock, upon RSUs release		$ 4	(4)
Issuance of common stock, upon RSUs release (in shares)		437
Deferred stock vested (in shares)		6
Accumulated other comprehensive income (loss):
Pension plan, net of taxes	242					242
Foreign currency, net of taxes	(34)					(34)
Net income (loss)	(41,726)				(41,726)
Ending Balance at May. 02, 2020	17,506	$ 638	313,529	$ (92,658)	(197,780)	(6,223)
Ending Balance (in shares) at May. 02, 2020		63,833		(12,755)
Beginning Balance at Jan. 30, 2021	(4,077)	$ 647	314,747	$ (92,658)	(220,592)	(6,221)
Beginning Balance (in shares) at Jan. 30, 2021		64,656		(12,755)
Issuance of common stock through private direct offering, net of offering costs	4,375	$ 111	4,264
Issuance of common stock through private direct offering, net of offering costs (in shares)		11,111
Board of directors compensation	109	$ 1	108
Board of directors compensation (in shares)		137
Stock compensation expense	327		327
Issuance of common stock, upon RSUs release		$ 3	(3)
Issuance of common stock, upon RSUs release (in shares)		308
Accumulated other comprehensive income (loss):
Pension plan, net of taxes	78					78
Foreign currency, net of taxes	(25)					(25)
Net income (loss)	8,697				8,697
Ending Balance at May. 01, 2021	$ 9,484	$ 762	$ 319,443	$ (92,658)	$ (211,895)	$ (6,168)
Ending Balance (in shares) at May. 01, 2021		76,212		(12,755)

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	May 01, 2021	May 02, 2020
Cash flows from operating activities:
Net income (loss)	$ 8,697	$ (41,726)
Adjustments to reconcile net income (loss) to net cash provided by (used for) operating activities:
Amortization of deferred debt issuance costs	215	35
Impairment of assets	(652)	16,335
Depreciation and amortization	4,500	5,732
Stock compensation expense	327	452
Board of directors stock compensation	109	149
Changes in operating assets and liabilities:
Accounts receivable	1,745	4,281
Inventories	(3,362)	(5,905)
Prepaid expenses and other current assets	(2,692)	5,920
Other assets	4	606
Accounts payable	4,548	98
Operating leases, net	(6,318)	(1,327)
Accrued expenses and other liabilities	644	(1,461)
Net cash provided by (used for) operating activities	7,765	(16,811)
Cash flows from investing activities:
Additions to property and equipment, net	(803)	(1,590)
Net cash used for investing activities	(803)	(1,590)
Cash flows from financing activities:
Proceeds from issuance of common stock from private direct offering, net of offering costs	4,375
Net borrowings (repayments) under credit facility	(26,173)	40,214
Debt issuance costs	(818)	(4)
Net cash provided by (used for) financing activities	(20,116)	40,210
Net increase (decrease) in cash and cash equivalents	(13,154)	21,809
Cash and cash equivalents:
Beginning of period	18,997	4,338
End of period	5,843	$ 26,147
FILO Loan
Cash flows from financing activities:
Repayment of existing FILO loan	(15,000)
Proceeds from new FILO loan	$ 17,500

Basis of Presentation

3 Months Ended

May 01, 2021

Accounting Policies [Abstract]

Basis of Presentation

1. Basis of Presentation

In the opinion of management of Destination XL Group, Inc., a Delaware corporation (collectively with its subsidiaries, referred to as the “Company”), the accompanying unaudited Consolidated Financial Statements contain all adjustments necessary for a fair presentation of the interim financial statements. These financial statements do not include all disclosures associated with annual financial statements and, accordingly, should be read in conjunction with the notes to the Company’s audited Consolidated Financial Statements for the fiscal year ended January 30, 2021 included in the Company’s Annual Report on Form 10-K, which was filed with the Securities and Exchange Commission on March 19, 2021.

The information set forth in these statements may be subject to normal year-end adjustments. The information reflects all adjustments that, in the opinion of management, are necessary to present fairly the Company’s results of operations, financial position and cash flows for the periods indicated. The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. The Company’s business historically has been seasonal in nature, and the results of the interim periods presented are not necessarily indicative of the results to be expected for the full year.

The Company’s fiscal year is a 52- or 53- week period ending on the Saturday closest to January 31. Fiscal 2021 and fiscal 2020 are 52-week periods ending on January 29, 2022 and January 30, 2021, respectively.

COVID-19 Pandemic and its impact on results and comparability of financial statements

On March 11, 2020, the World Health Organization declared the current outbreak of a novel coronavirus disease (“COVID-19”) as a global pandemic. The COVID-19 pandemic had an adverse effect on the Company’s operations during fiscal 2020. All of the Company’s store locations were closed temporarily on March 17, 2020 and the majority of the Company’s workforce was furloughed in March 2020. The Company began reopening stores in late April and by the end of June 2020 all retail stores had been reopened but the majority with reduced operating hours. In March 2020, as a proactive measure, the Company drew $30.0 million under its revolving facility in order to increase the Company’s cash position and preserve financial flexibility. During the second quarter of fiscal 2020, the Company entered into rent concessions with the majority of its landlords, in the form of rent abatements, rent deferments and, to a lesser extent, lease term extensions. As a result of the impact of the pandemic on our business in fiscal 2020, including the closure of all of our stores in the first quarter of fiscal 2020, results for the first quarter fiscal of 2021 may not be comparable to the results for the first quarter of fiscal 2020.

While vaccines are being widely distributed and many areas where our stores are located are beginning to re-open with limited or no restrictions, the duration of the COVID-19 pandemic and its variants remain uncertain and could continue to have a material adverse impact on the Company’s results of operations, financial condition and cash flows.

Segment Information

The Company has three principal operating segments: its stores, direct and wholesale businesses. The Company considers its stores and direct operating segments to be similar in terms of economic characteristics, production processes and operations, and has therefore aggregated them into one reportable segment, retail segment, consistent with its omni-channel business approach. Due to the immateriality of the wholesale segment’s revenues, profits and assets, its operating results are aggregated with the retail segment for both periods.

Intangibles

In fiscal 2018, the Company purchased the rights to the domain name “dxl.com.” The domain name has a carrying value of $1.2 million and is considered an indefinite-lived asset. During the first three months ended May 1, 2021, no event or circumstance occurred which would cause a reduction in the fair value of this intangible asset.

Fair Value of Financial Instruments

ASC Topic 825, Financial Instruments, requires disclosure of the fair value of certain financial instruments. ASC Topic 820, “Fair Value Measurements and Disclosures,” defines fair value, establishes a framework for measuring fair value and enhances disclosures about fair value measurements.

The valuation techniques utilized are based upon observable and unobservable inputs. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect internal market assumptions. These two types of inputs create the following fair value hierarchy:

Level 1 – Quoted prices in active markets for identical assets or liabilities.

Level 2 – Observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the related assets or liabilities.

Level 3 – Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of assets or liabilities.

The Company utilizes observable market inputs (quoted market prices) when measuring fair value whenever possible.

The fair value of long-term debt is classified within Level 2 of the valuation hierarchy. At May 1, 2021, the fair value approximated the carrying amount based upon terms available to the Company for borrowings with similar arrangements and remaining maturities.

The fair value of the “dxl.com” domain name, an indefinite-lived asset, is measured on a non-recurring basis in connection with the Company’s annual impairment test and is classified within Level 3 of the valuation hierarchy. See Intangibles above.

The carrying amounts of cash and cash equivalents, accounts receivable, accounts payable, accrued expenses and short-term borrowings approximate fair value because of the short maturity of these instruments.

Accumulated Other Comprehensive Income (Loss) - (“AOCI”)

Other comprehensive income (loss) includes amounts related to foreign currency and pension plans and is reported in the Consolidated Statements of Comprehensive Income (Loss). Other comprehensive income (loss) and reclassifications from AOCI for the three months ended May 1, 2021 and May 2, 2020, respectively, were as follows:

	May 1, 2021									May 2, 2020
For the three months ended:	(in thousands)
	Pension Plans			Foreign Currency			Total			Pension Plans			Foreign Currency			Total
Balance at beginning of the quarter	$	(6,224	)	$	3		$	(6,221	)	$	(6,478	)	$	47		$	(6,431	)

Other comprehensive income (loss) before reclassifications, net of taxes		90			(25	)		65			77			(34	)		43

Amounts reclassified from accumulated other comprehensive income, net of taxes ⁽¹⁾		(12	)		—			(12	)		165			—			165

Other comprehensive income (loss) for the period		78			(25	)		53			242			(34	)		208

Balance at end of quarter	$	(6,146	)	$	(22	)	$	(6,168	)	$	(6,236	)	$	13		$	(6,223	)

(1)

Includes the amortization of the unrecognized loss on pension plans, which was charged to “Selling, General and Administrative” Expense on the Consolidated Statements of Operations for all periods presented. The amortization of the unrecognized loss, before tax, was $165,000 for the three-month period ended May 2, 2020. For the three months ended May 1, 2021, the Company recognized income of $12,000 as a result of a change in amortization from average remaining future service to average remaining lifetime. There was no related tax effect for either period.

Stock-based Compensation

All share-based payments, including grants of employee stock options and restricted stock, are recognized as an expense in the Consolidated Statements of Operations based on their fair values and vesting periods. The fair value of stock options is determined using the Black-Scholes valuation model and requires the input of subjective assumptions. These assumptions include estimating the length of time employees will retain their vested stock options before exercising them (the “expected term”), the estimated volatility of the Company’s common stock price over the expected term and the number of options that will ultimately not complete their vesting requirements (“forfeitures”). The Company reviews its valuation assumptions at each grant date and, as a result, is likely to change its valuation assumptions used to value employee stock-based awards granted in future periods. The values derived from using the Black-Scholes model are recognized as an expense over the vesting period, net of estimated forfeitures. The estimation of stock-based awards that will ultimately vest requires judgment. Actual results and future changes in estimates may differ from the Company’s current estimates.

The fair value of each stock option grant is estimated on the date of grant using the Black-Scholes option-pricing model based on the assumptions in the table below as it relates to stock options granted during the first three months of fiscal 2021. There were no grants of stock options during the first three months of fiscal 2020.

		May 1, 2021
Expected volatility		97.4% - 104.9%
Risk-free interest rate		0.31% - 0.60%
Expected life		3.0 - 4.0
Dividend rate		-
Weighted average fair value of options granted		$0.47

The Company has outstanding performance stock units (PSUs) with a market condition. The respective grant-date fair value and derived service periods assigned to the PSUs were determined using a Monte Carlo model. The valuation included assumptions with respect to the Company’s historical volatility, risk-free rate and cost of equity.

Impairment of Long-Lived Assets

The Company reviews its long-lived assets for events or changes in circumstances that might indicate the carrying amount of the assets may not be recoverable. The Company assesses the recoverability of the assets by determining whether the carrying value of such assets over their respective remaining lives can be recovered through projected undiscounted future cash flows. The model for undiscounted future cash flows includes assumptions, at the individual store level, with respect to expectations for future sales and gross margin rates as well as an estimate for occupancy costs used to estimate the fair value of the respective store’s operating lease right-of-use asset. The amount of impairment, if any, is measured based on projected discounted future cash flows using a discount rate reflecting the Company’s average cost of funds.

For the first quarter of fiscal 2021, the Company recognized a non-cash gain of $0.8 million, related to the Company’s decision to close certain retail stores, which resulted in a revaluation of the existing lease liabilities. To the extent that such gain related to previously recorded impairment charges against the operating lease right-of-use asset, $0.7 million of the gain was included as an offset to asset impairment charges with the remaining $0.1 million of the gain included as a reduction in store occupancy costs.

In the first quarter of fiscal 2020, as a result of the significant impact of the COVID-19 pandemic on the Company’s business and the continued uncertainty at that time, the Company recorded an impairment charge of $16.3 million in the first quarter of fiscal 2020. The impairment charge included approximately $12.5 million for the write-down of certain right-of-use assets and $3.8 million for the write-down of property and equipment, related to stores where the carrying value exceeded fair value.

Leases

The Company adopted ASU 2016-02, “Leases (Topic 842)” in fiscal 2019. Under ASC 842, the Company determines if an arrangement contains a lease at the inception of a contract. Right-of-use assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. Right-of-use assets and lease liabilities are recognized at the commencement date based on the present value of the remaining future minimum lease payments, initial direct costs and any lease incentives are included in the value of those right-of use assets. As the interest rate implicit in the Company’s leases is not readily determinable, the Company utilizes its incremental borrowing rate, based on information available at the lease measurement date to determine the present value of future payments. The Company elected the lessee non-lease component separation practical expedient, which permits the Company to not separate non-lease components from the lease components to which they relate. The Company also made an accounting policy election that the recognition requirement of ASC 842 will not be applied to certain, if any, non-store leases, with a term of 12 months or less, recognizing those lease payments on a straight-line basis over the lease term. At May 1, 2021, the Company had no short-term leases.

The Company’s store leases typically contain options that permit renewals for additional periods of up to five years each. In general, for store leases with an initial term of 10 years or more, the options to extend are not considered reasonably certain at lease commencement. For stores leases with an initial term of 5 years, the Company evaluates each lease independently and, only when the Company considers it reasonably certain that it will exercise an option to extend, will the associated payment of that option be included in the measurement of the right-of-use asset and lease liability. Renewal options are not included in the lease term for automobile and equipment leases because they are not considered reasonably certain of being exercised at lease commencement. Renewal options were not considered for the Company’s corporate headquarters and distribution center lease, which was entered into in 2006 and was for an initial 20-year term. At the end of the initial term, the Company will have the opportunity to extend this lease for six additional successive periods of five years.

For store leases, the Company accounts for lease components and non-lease components as a single lease component. Certain store leases may require additional payments based on sales volume, as well as reimbursement for real estate taxes, common area maintenance and insurance, and are expensed as incurred as variable lease costs. Other store leases contain one periodic fixed lease payment that includes real estate taxes, common area maintenance and insurance. These fixed payments are considered part of the lease payment and included in the right-of-use assets and lease liabilities. Tenant allowances are included as an offset to the right-of-use asset and amortized as reductions to rent expense over the associated lease term.

See Note 4 ‘‘Leases’’ for additional information.

Recently Issued Accounting Pronouncements

No new accounting pronouncements, issued or effective during the first three months of fiscal 2021, have had or are expected to have a significant impact on the Company’s Consolidated Financial Statements.

Revenue Recognition

3 Months Ended

May 01, 2021

Revenue From Contract With Customer [Abstract]

Revenue Recognition

2. Revenue Recognition

The Company operates as a retailer of big and tall men’s clothing, which includes stores, direct and wholesale. Revenue is recognized by the operating segment that initiates a customer’s order. Store sales are defined as sales that originate and are fulfilled directly at the store level. Direct sales are defined as sales that originate online, including those initiated online at the store level, on its website or on third-party marketplaces. Wholesale sales are defined as sales made to wholesale customers pursuant to the terms of each customer’s contract with the Company. Generally, all revenues are recognized when control of the promised goods is transferred to customers, in an amount that reflects the consideration in exchange for those goods. Sales tax collected from customers and remitted to taxing authorities is excluded from revenue and is included as part of accrued expenses on the Consolidated Balance Sheets.

Revenue from the Company’s store operations is recorded upon purchase of merchandise by customers, net of an allowance for sales returns, which is estimated based upon historical experience.

Revenue from the Company’s direct operations is recognized at the time a customer order is delivered, net of an allowance for sales returns, which is estimated based upon historical experience.

Revenue from the Company’s wholesale operations is recognized at the time the wholesale customer takes physical receipt of the merchandise, net of any identified discounts in accordance with each individual order. For the first three months of fiscal 2021 and fiscal 2020, chargebacks were immaterial.

Unredeemed Gift Cards, Gift Certificates, and Credit Vouchers. Upon issuance of a gift card, gift certificate, or credit voucher, a liability is established for its cash value. The liability is relieved and net sales are recorded upon redemption by the customer. Based on historical redemption patterns, the Company can reasonably estimate the amount of gift cards, gift certificates, and credit vouchers for which redemption is remote, which is referred to as “breakage”. Breakage is recognized over two years in proportion to historical redemption trends and is recorded as sales in the Consolidated Statements of Operations. The gift card liability, net of breakage, was $2.2 million and $2.8 million at May 1, 2021 and January 30, 2021, respectively.

Unredeemed Loyalty Coupons. The Company offers a free loyalty program to its customers for which points accumulate based on the purchase of merchandise. Over 90% of the Company’s customers participate in the loyalty program. Under ASC 606, Revenue from Contracts with Customers, these loyalty points provide the customer with a material right and a distinct performance obligation with revenue deferred and recognized when the points are expected to redeem or expire. The cycle of earning and redeeming loyalty points is generally under one year in duration. The loyalty accrual, net of breakage, was $1.0 million and $1.0 million at May 1, 2021 and January 30, 2021, respectively.

Shipping. Shipping and handling costs are accounted for as fulfillment costs and are included in cost of sales for all periods presented. Amounts related to shipping and handling that are billed to customers are recorded in sales, and the related costs are recorded in cost of goods sold, including occupancy costs, in the Consolidated Statements of Operations.

Disaggregation of Revenue

As noted above under Segment Information in Note 1, the Company’s business consists of one reportable segment, its retail segment. Substantially all of the Company’s revenue is generated from its stores and direct businesses. The operating results from the

wholesale segment, which were immaterial, have been aggregated with this reportable segment, but the revenues are separately reported below. Accordingly, the Company has determined that the following sales channels depict the nature, amount, timing, and uncertainty of how revenue and cash flows are affected by economic factors:

	For the three months ended
(in thousands)	May 1, 2021				May 2, 2020
Store sales	$	74,880	69.1	%	$	32,327	58.6	%
Direct sales		33,542	30.9	%		22,882	41.4	%
Retail segment	$	108,422			$	55,209
Wholesale segment		3,072				2,018
Total Sales	$	111,494			$	57,227

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-URI http://asc.fasb.org/topic&trid=49130388

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130551-203045

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130556-203045

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 9
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130550-203045

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (e)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 15
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130558-203045

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

+ Details

Debt

3 Months Ended

May 01, 2021

Debt Disclosure [Abstract]

Debt

3. Debt

Credit Agreement with Bank of America, N.A.

On May 24, 2018, the Company entered into the Seventh Amended and Restated Credit Agreement, as amended, with Bank of America, N.A., as agent, providing for a secured $125.0 million revolver facility and a $15.0 million “first-in, last-out” (FILO) term facility (the “existing FILO loan”). On March 16, 2021, the Company entered into the Fourth Amendment to the Seventh Amended and Restated Credit Facility, as amended (the “Fourth Amendment”) to allow for the refinancing of the “existing FILO loan”, which is discussed further under “Long-Term Debt” (as amended, the “Credit Facility”). The Fourth Amendment did not impact the terms to the Company’s $125.0 million revolver facility.

The Credit Facility provides maximum committed borrowings of $125.0 million in revolver loans, with the ability, pursuant to an accordion feature, to increase the Credit Facility by an additional $50.0 million upon the request of the Company and the agreement of the lender(s) participating in the increase (the “Revolving Facility”). The Revolving Facility provides for a sublimit of $20.0 million for commercial and standby letters of credit and up to $15.0 million for swingline loans. The Company’s ability to borrow under the Revolving Facility (the “Loan Cap”) is determined using an availability formula based on eligible assets. Pursuant to the Third Amendment, the excess availability under the Credit Facility cannot be less than the greater of (i) 10% of the Revolving Loan Cap (calculated without giving effect to the FILO (first-in, last-out) Push Down Reserve) or (ii) $10.0 million. The maturity date of the Credit Facility is May 24, 2023. The Company’s obligations under the Credit Facility are secured by a lien on substantially all of its assets.

At May 1, 2021, the Company had outstanding borrowings under the Revolving Facility of $33.6 million, before unamortized debt issuance costs of $0.2 million. At May 1, 2021, outstanding standby letters of credit were $2.7 million and there were no outstanding documentary letters. Unused excess availability was $51.1 million at May 1, 2021. Average monthly borrowings outstanding under the Revolving Facility during the first three months of fiscal 2021 were $51.2 million, resulting in an average unused excess availability of approximately $24.3 million. The Company’s ability to borrow under the Revolving Facility was determined using an availability formula based on eligible assets, with increased advance rates based on seasonality.

Borrowings made pursuant to the Revolving Facility bear interest, calculated under either the Federal Funds rate or the LIBOR rate, at a rate equal to the following: (a) the Federal Funds rate plus a varying percentage based on the Company’s excess availability, of either 1.75% or 2.00%, or (b) the LIBOR rate (the Company being able to select interest periods of 1 week, 1 month, 2 months, 3 months or 6 months) plus a varying percentage based on the Company’s excess availability, of either 2.75% or 3.00%. The Company was also subject to an unused line fee of 0.25%. At May 1, 2021, the Company’s prime-based interest rate was 5.25%. At May 1, 2021, the Company had approximately $28.0 million of its outstanding borrowings in LIBOR-based contracts with an interest rate of 4.00%. The LIBOR-based contracts expired on May 3, 2021. When a LIBOR-based borrowing expires, the borrowings revert back to prime-based borrowings unless the Company enters into a new LIBOR-based borrowing arrangement.

Borrowings and repayments under the Revolving Facility for the three months ended May 1, 2021 and May 2, 2020 were as follows:

	For the three months ended
(in thousands)	May 1, 2021			May 2, 2020
Borrowings	$	15,136		$	52,560
Repayments		(41,309	)		(12,346	)
Net borrowings (repayments)	$	(26,173	)	$	40,214

The fair value of the amount outstanding under the Revolving Facility at May 1, 2021 approximated the carrying value.

Long-Term Debt

Long-term debt at May 1, 2021 and January 30, 2021 is as follows:

(in thousands)	May 1, 2021			January 30, 2021
FILO Loan –existing		—		$	15,000
FILO Loan – new	$	17,500			—
Less: unamortized debt issuance costs		(757	)		(131	)
Total long-term debt		16,743			14,869
Less: current portion of long-term debt, net of debt issuance costs		(74	)		—
Long-term debt, net of current portion	$	16,669		$	14,869

On March 16, 2021, the Company refinanced its existing $15.0 million FILO loan and entered into a new $17.5 million FILO loan (the “new FILO loan”). The total borrowing capacity under the new FILO loan is based on a borrowing base, generally defined as a specified percentage of the value of eligible accounts (including certain trade names) that step down over time, plus a specified percentage of the value of eligible inventory that steps down over time.

The new FILO loan will be subject to quarterly principal repayments of $218,750 beginning December 31, 2021. The new FILO loan is subject to a prepayment penalty, if any portion of the principal for the new FILO Loan is prepaid during the initial two-year period, equal to the greater of (i) the incremental interest that would have been incurred with respect to that principal repayment during the two year period and (ii) 3% of the principal prepayment, unless the prepayment occurs after March 16, 2022 in connection with the Company’s renegotiation of its Credit Agreement in which case the prepayment premium would be equal to 1% of the principal prepayment. The new FILO loan expires on May 24, 2023, but may be automatically extended in connection with any extension of the revolving facility under the Credit Agreement, but no later than March 16, 2026, without approval from the FILO lender.

Borrowings made under the new FILO loan will bear interest, at the LIBOR rate (with a LIBOR floor of 1.0%) plus an applicable margin rate of 7.50% through September 16, 2021. Thereafter, the applicable margin rate will be 7.50% for so long as the Company’s 12-month trailing consolidated EBITDA (as defined in the Credit Facility, as amended) measured as of the end of each month is less than $18.0 million, or 7.00% when the 12-month trailing consolidated EBITDA is equal to or greater than $18.0 million. Accordingly, the interest rate at May 1, 2021 was 8.5%.

The Company paid interest and fees totaling $1.1 million and $0.7 million for the three months ended May 1, 2021 and May 2, 2020, respectively.

Leases

3 Months Ended

May 01, 2021

Leases [Abstract]

Leases

4. Leases

The Company leases all of its store locations and its corporate headquarters, which also includes its distribution center, under operating leases. The store leases typically have initial terms of 5 years to 10 years, with options that usually permit renewal for additional five-year periods. The initial term of the lease for the corporate headquarter was for 20 years, with the opportunity to extend for six additional successive periods of five years, beginning in fiscal 2026. The Company also leases certain equipment and other assets under operating leases, typically with initial terms of 3 to 5 years. The Company is generally obligated for the cost of property taxes, insurance and common area maintenance fees relating to its leases, which are considered variable lease costs and are expensed as incurred.

ASC 842 requires the assessment of any lease modification to determine if the modification should be treated as a separate lease and if not, modification accounting would be applied. Lease modification accounting requires the recalculation of the ROU asset, lease liability and lease expense over the respective lease term. In April 2020, the FASB issued guidance allowing entities to make a policy election to account for lease concessions related to the COVID-19 pandemic as though enforceable rights and obligations for those concessions existed. The election applies to any lessor-provided lease concession related to the impact of the COVID-19 pandemic, provided the concession does not result in a substantial increase in the rights of the lessor or in the obligations of the lessee. The Company has opted not to elect this practical expedient and instead account for these rent concessions as lease modifications in accordance with ASC 842. As of May 1, 2021, the Company’s operating leases liabilities represent the present value of the remaining future minimum lease payments updated based on concessions and lease modifications.

The following table is a summary of the Company’s components of net lease cost for the first quarter ended May 1, 2021 and May 2, 2020:

	For the three months ended
	May 1, 2021		May 2, 2020
(in thousands)
Operating lease cost	$	11,126	$	12,640
Variable lease costs⁽¹⁾		3,774		3,800
Total lease costs	$	14,900	$	16,440

(1)

Variable lease costs include the cost of property taxes, insurance and common area maintenance fees related to its leases.

Supplemental cash flow and balance sheet information related to leases for the three months ended May 1, 2021 and May 2, 2020 is as follows:


(dollars in thousands)	For the three months ended
Cash paid for amounts included in the measurement of lease liabilities:	May 1, 2021		May 2, 2020
Operating cash flows for operating leases⁽¹⁾	$	17,112	$	9,805
Non-cash operating activities:
Right-of-use assets obtained in exchange for operating lease liabilities	$	2,137	$	559

Weighted average remaining lease term	4.4 yrs.		5.2 yrs.
Weighted average discount rate	6.72%		7.08%

(1)

The cash paid for the first quarter of fiscal 2021 includes prepaid rent for May 2021 of $3.8 million. There was no unpaid rent at May 1, 2021. Due to store closures in the first quarter of fiscal 2020, the Company did not make scheduled rent payments, due April 1, 2020, of $4.2 million. This amount was included in the Accounts Payable at May 2, 2020. The Company also did not prepay May rent in the first quarter of fiscal 2020.

The table below reconciles the undiscounted cash flows for each of the first five years and total of the remaining years to the operating lease liabilities recorded on the Consolidated Balance Sheet as of May 1, 2021:

(in thousands)
2021 (remaining)	$	35,609
2022		48,389
2023		40,987
2024		31,691
2025		23,102
Thereafter		15,787
Total minimum lease payments	$	195,565
Less: amount of lease payments representing interest		27,378
Present value of future minimum lease payments	$	168,187
Less: current obligations under leases		38,331
Long-term lease obligations	$	129,856

Long-Term Incentive Plans

3 Months Ended

May 01, 2021

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Long-Term Incentive Plans

5. Long-Term Incentive Plans

The following is a summary of the Company’s Long-Term Incentive Plan (“LTIP”). All equity awards granted under long-term incentive plans are issued from the Company’s stockholder-approved 2016 Incentive Compensation Plan. See Note 6, Stock-Based Compensation.

At May 1, 2021, the Company has three active LTIPs: 2019-2021 LTIP, 2020-2022 LTIP and the 2021-2023 LTIP. Each participant in the plan participates based on that participant’s “Target Cash Value” which is defined as the participant’s annual base salary (on the participant’s effective date) multiplied by his or her LTIP percentage. Under each LTIP, 50% of each participant’s Target Cash Value is subject to time-based vesting and 50% is subject to performance-based vesting. The time-based awards under the 2019-2021 LTIP were granted in a combination of 50% RSUs and 50% cash. For the 2020-2022 LTIP, the time-based awards were granted in a combination of 50% stock options and 50% cash, and for the 2021-2023 LTIP the time-based awards were granted in a combination of 25% stock options and 75% cash.

Performance targets for the 2019-2021 LTIP, 2020-2022 LTIP and 2021-2023 LTIP were established and approved by the Compensation Committee on August 7, 2019, June 11, 2020, and March 8, 2021, respectively. The performance period for each LTIP is three years. Awards for any achievement of performance targets will not be granted until the performance targets are achieved and then will be subject to additional vesting through August 31, 2022, August 31, 2023 and August, 31, 2024, respectively. The time-based awards under the 2019-2021 LTIP, 2020-2022 LTIP and 2021-2023 LTIP vest in four equal installments through April 1, 2023, April 1, 2024 and April 1, 2025, respectively. Assuming that the Company achieves the performance targets at target levels and all time-based awards vest, the compensation expense associated with the 2019-2021 LTIP, 2020-2022 LTIP and 2021-2023 LTIP is estimated to be approximately $3.8 million, $3.8 million and $4.0 million, respectively. Approximately half of the compensation expense for each LTIP relates to the time-based awards, which are being expensed straight-line over 44 months, 46 months and 49 months, respectively.

At May 1, 2021, the performance targets under the 2019-2021 LTIP was not deemed probable and, therefore, no accrual related to performance awards has been recorded. The Company has accrued $0.3 million under the 2020-2022 LTIP and $0.1 million under the 2021-2023 LTIP for the performance awards.

Stock-Based Compensation

3 Months Ended

May 01, 2021

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Stock-Based Compensation

6. Stock-Based Compensation

The Company has one active stock-based compensation plan: the 2016 Incentive Compensation Plan (the “2016 Plan”). The initial share reserve under the 2016 Plan was 5,725,538 shares of common stock. A grant of a stock option award or stock appreciation right will reduce the outstanding reserve on a one-for-one basis, meaning one share for every share granted. A grant of a full-value award, including, but not limited to, restricted stock, restricted stock units and deferred stock, will reduce the outstanding reserve by a fixed ratio of 1.9 shares for every share granted. The Company’s shareholders approved amendments to increase the share reserve by 2,800,000 shares on August 8, 2019 and by an additional 1,740,000 shares on August 12, 2020. At May 1, 2021, the Company had 22,901 shares available under the 2016 Plan.

In accordance with the terms of the 2016 Plan, any shares outstanding under the previous 2006 Incentive Compensation Plan (the “2006 Plan”) at August 4, 2016 that subsequently terminate, expire or are cancelled for any reason without having been exercised or paid are added back and become available for issuance under the 2016 Plan, with stock options being added back on a one-for-one basis and full-value awards being added back on a 1 to 1.9 basis. At May 1, 2021, 412,826 stock options remained outstanding under the 2006 Plan.

The 2016 Plan is administered by the Compensation Committee. The Compensation Committee is authorized to make all determinations with respect to amounts and conditions covering awards. Options are not granted at a price less than fair value on the date of the grant. Except with respect to 5% of the shares available for awards under the 2016 Plan, no award will become exercisable unless such award has been outstanding for a minimum period of one year from its date of grant.

The following tables summarize the share activity and stock option activity for the first three months of fiscal 2021:

	RSUs ⁽¹⁾			Deferred shares ⁽²⁾		Performance Share Units ⁽³⁾		Total number of shares			Weighted-average grant-date fair value
Shares
Outstanding non-vested shares at beginning of year		815,292			435,568		720,000		1,970,860		$	1.69
Shares granted		8,054			—		—		8,054		$	0.66
Shares vested/issued		(308,055	)		—		—		(308,055	)	$	2.22
Shares canceled		—			—		—		—			—
Outstanding non-vested shares at end of quarter		515,291			435,568		720,000		1,670,859		$	1.58

(1)

During the first three months of fiscal 2021, the vesting of RSUs was primarily related to the time-based awards under the Company’s LTIP plans, see Note 5, Long-Term Incentive Plans.

(2)

Represents compensation to certain directors in lieu of cash, in accordance with their irrevocable elections. Beginning in fiscal 2021, all equity issued to directors for compensation, in lieu of cash, is issued only from the Non-Employee Director Compensation Plan. The outstanding deferred shares will vest upon the director’s separation from service.

(3)

The 720,000 shares of performance stock units (“PSUs”), with a fair value of $1.0 million, represent a sign-on grant to Mr. Kanter. The PSUs vest in installments when the following milestones are met: one-third of the PSUs vest when the trailing 90-day volume-weighted average closing stock price (“VWAP”) is $4.00, one-third of the PSUs vest when the VWAP is $6.00 and one-third when the VWAP is $8.00. All PSUs will expire on April 1, 2023 if no performance metric is achieved. The $1.0 million is being expensed over the respective derived service periods of each tranche of 16 months, 25 months and 30 months, respectively. The respective fair value and derived service periods assigned to the PSUs were determined using a Monte Carlo model based on: the Company’s historical volatility of 55.9%, a term of 4.1 years, stock price on the date of grant of $2.50 per share, a risk-free rate of 2.5% and a cost of equity of 9.5%.

	Number of shares			Weighted-average exercise price per option		Weighted-average remaining contractual term		Aggregate intrinsic value
Stock Options
Outstanding options at beginning of year		3,647,581		$	1.09	8.5 years		$	810,596
Options granted ⁽¹⁾		1,518,154		$	0.71		—		—
Options expired and canceled		(22,542	)	$	4.19		—		—
Options exercised		—			—		—		—
Outstanding options at end of quarter		5,143,193		$	0.96	8.8 years		$	4,434,327
Options exercisable at end of quarter		439,497		$	4.87	2.6 years		$	—

(1)

Primarily represents the grant of stock options to purchase an aggregate of 1,078,913 shares of the Company’s common stock, at an exercise price of $0.69 per share, in connection with the time-based grant of awards under its 2021-2023 LTIP, see Note 5, Long-Term Incentive Plans. In the first quarter of fiscal 2021, the Company also granted to active participants of the LTIP, a discretionary grant of stock options to purchase an aggregate 414,337 shares of the Company’s common stock, at an exercise price of $0.75 per share, which will vest ratably over 3 years

For the first three months of fiscal 2021, the Company granted stock options to purchase an aggregate of 1,518,154 shares of common stock and 8,054 restricted stock units. For the first three months of fiscal 2020, the Company granted 45,714 shares of deferred stock.

Non-Employee Director Compensation Plan

The Company granted 136,482 shares of common stock, with a fair value of approximately $109,186, to certain of its non-employee directors as compensation in lieu of cash in the first three months of fiscal 2021.

Stock Compensation Expense

The Company recognized total stock-based compensation expense of $0.3 million and $0.5 million for the first three months of fiscal 2021 and fiscal 2020, respectively. The total compensation cost related to time-vested stock options, RSU and PSU awards not yet recognized as of May 1, 2021 was approximately $2.5 million, net of estimated forfeitures, which will be expensed over a weighted average remaining life of 30 months.

Earnings per Share

3 Months Ended

May 01, 2021

Earnings Per Share [Abstract]

Earnings per Share

7. Earnings per Share

The following table provides a reconciliation of the number of shares outstanding for basic and diluted earnings per share:

	For the three months ended
	May 1, 2021		May 2, 2020
(in thousands)
Common stock outstanding:
Basic weighted average common shares outstanding		62,153		50,758
Common stock equivalents – stock options, restricted stock units and deferred stock ⁽¹⁾		847		—
Diluted weighted average common shares outstanding		63,000		50,758

(1)

Common stock equivalents of 261 shares for the three months ended May 2, 2020 were excluded due to the net loss.

The following potential common stock equivalents were excluded from the computation of diluted earnings per share in each period, because the exercise price of such options was greater than the average market price per share of common stock for the respective periods or because the unearned compensation associated with stock options, restricted stock units, or deferred stock had an anti-dilutive effect.

	For the three months ended
	May 1, 2021		May 2, 2020
(in thousands, except exercise prices)
Stock options		1,933		538
Restricted stock units		506		963
Deferred stock		102		160
Range of exercise prices of such options	$0.69 - $5.50		$1.85 - $7.02

The above options, which were outstanding at May 1, 2021, expire from January 31, 2023 to March 9, 2031.

Excluded from the computation of basic and diluted earnings per share for both periods were 720,000 shares of unvested performance stock units. These performance-based awards will be included in the computation of basic and diluted earnings per share if, and when, the respective performance targets are achieved. In addition, 435,568 shares and 335,073 shares of deferred stock at May 1, 2021 and May 2, 2020, respectively, were excluded from basic earnings per share. Outstanding shares of deferred stock are not considered issued and outstanding until the vesting date of the deferral period.

Registered Direct Offering -Common Stock

3 Months Ended

May 01, 2021

Equity [Abstract]

Registered Direct Offering -Common Stock

8. Registered Direct Offering – Common Stock

On February 5, 2021, the Company sold, pursuant to a stock purchase agreement and through a registered direct offering, an aggregate of 11,111,111 shares of its common stock, for a gross purchase price of $5.0 million, before payment of offering costs of $0.6 million. The Company intends to use the net proceeds from the offering for working capital and other general corporate purposes.

Income Taxes

3 Months Ended

May 01, 2021

Income Tax Disclosure [Abstract]

Income Taxes

9. Income Taxes

During the first quarter of fiscal 2021 and fiscal 2020, the Company recorded income tax expense of $28,000 and $20,000, respectively, related primarily to state margin tax. The Company’s effective tax rate will generally differ from the U.S. federal statutory rate of 21% primarily due to the change in full valuation allowance recorded against its deferred tax assets, permanent items, and state taxes.

Since the end of fiscal 2014, the Company has maintained a full valuation allowance against its deferred tax assets. While the Company has projected it will return to profitability, generate taxable income and ultimately emerge from a three-year cumulative loss, the Company believes that a full valuation allowance remains appropriate at this time, based on the Company’s forecast for fiscal 2021. Realization of the Company’s deferred tax assets is dependent on generating sufficient taxable income in the near term.

For federal income tax purposes, at the end of fiscal 2020, the Company had net operating loss carryforwards of approximately $158.2 million, which will expire from fiscal 2022 through fiscal 2037, and net operating loss carryforwards of $43.1 million, that are not subject to expiration, available in the U.S. to reduce future taxable income. For state purposes, at the end of fiscal 2020, the Company had $111.3 million of net operating losses that are available to offset future taxable income, the majority of which will expire from fiscal 2021 through fiscal 2041.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References + Details

Basis of Presentation (Policies)

3 Months Ended

May 01, 2021

Accounting Policies [Abstract]

COVID-19 Pandemic and Its Impact on Results and Comparability of Financial Statements

COVID-19 Pandemic and its impact on results and comparability of financial statements

Segment Information

Intangibles

Fair Value of Financial Instruments

Level 1 – Quoted prices in active markets for identical assets or liabilities.

Level 3 – Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of assets or liabilities.

The Company utilizes observable market inputs (quoted market prices) when measuring fair value whenever possible.

Accumulated Other Comprehensive Income (Loss) - ("AOCI")

Accumulated Other Comprehensive Income (Loss) - (“AOCI”)

	May 1, 2021									May 2, 2020
For the three months ended:	(in thousands)
	Pension Plans			Foreign Currency			Total			Pension Plans			Foreign Currency			Total
Balance at beginning of the quarter	$	(6,224	)	$	3		$	(6,221	)	$	(6,478	)	$	47		$	(6,431	)

Other comprehensive income (loss) before reclassifications, net of taxes		90			(25	)		65			77			(34	)		43

Amounts reclassified from accumulated other comprehensive income, net of taxes ⁽¹⁾		(12	)		—			(12	)		165			—			165

Other comprehensive income (loss) for the period		78			(25	)		53			242			(34	)		208

Balance at end of quarter	$	(6,146	)	$	(22	)	$	(6,168	)	$	(6,236	)	$	13		$	(6,223	)

(1)

Stock-based Compensation

		May 1, 2021
Expected volatility		97.4% - 104.9%
Risk-free interest rate		0.31% - 0.60%
Expected life		3.0 - 4.0
Dividend rate		-
Weighted average fair value of options granted		$0.47

Impairment of Long-Lived Assets

Leases

See Note 4 ‘‘Leases’’ for additional information.

Recently Issued Accounting Pronouncements

Basis of Presentation (Tables)

3 Months Ended

May 01, 2021

Accounting Policies [Abstract]

Other Comprehensive Income (Loss) and Reclassifications from AOCI

	May 1, 2021									May 2, 2020
For the three months ended:	(in thousands)
	Pension Plans			Foreign Currency			Total			Pension Plans			Foreign Currency			Total
Balance at beginning of the quarter	$	(6,224	)	$	3		$	(6,221	)	$	(6,478	)	$	47		$	(6,431	)

Other comprehensive income (loss) before reclassifications, net of taxes		90			(25	)		65			77			(34	)		43

Amounts reclassified from accumulated other comprehensive income, net of taxes ⁽¹⁾		(12	)		—			(12	)		165			—			165

Other comprehensive income (loss) for the period		78			(25	)		53			242			(34	)		208

Balance at end of quarter	$	(6,146	)	$	(22	)	$	(6,168	)	$	(6,236	)	$	13		$	(6,223	)

(1)

Valuation Assumptions for Stock Options

		May 1, 2021
Expected volatility		97.4% - 104.9%
Risk-free interest rate		0.31% - 0.60%
Expected life		3.0 - 4.0
Dividend rate		-
Weighted average fair value of options granted		$0.47

Revenue Recognition (Tables)

3 Months Ended

May 01, 2021

Revenue From Contract With Customer [Abstract]

Schedule of Disaggregation of Revenue

	For the three months ended
(in thousands)	May 1, 2021				May 2, 2020
Store sales	$	74,880	69.1	%	$	32,327	58.6	%
Direct sales		33,542	30.9	%		22,882	41.4	%
Retail segment	$	108,422			$	55,209
Wholesale segment		3,072				2,018
Total Sales	$	111,494			$	57,227

Debt (Tables)

3 Months Ended

May 01, 2021

Debt Disclosure [Abstract]

Schedule of Borrowings and Repayments under Revolving Facility

Borrowings and repayments under the Revolving Facility for the three months ended May 1, 2021 and May 2, 2020 were as follows:

	For the three months ended
(in thousands)	May 1, 2021			May 2, 2020
Borrowings	$	15,136		$	52,560
Repayments		(41,309	)		(12,346	)
Net borrowings (repayments)	$	(26,173	)	$	40,214

Components of Long-Term Debt

Long-term debt at May 1, 2021 and January 30, 2021 is as follows:

(in thousands)	May 1, 2021			January 30, 2021
FILO Loan –existing		—		$	15,000
FILO Loan – new	$	17,500			—
Less: unamortized debt issuance costs		(757	)		(131	)
Total long-term debt		16,743			14,869
Less: current portion of long-term debt, net of debt issuance costs		(74	)		—
Long-term debt, net of current portion	$	16,669		$	14,869

Leases (Tables)

3 Months Ended

May 01, 2021

Leases [Abstract]

Summary of Components of Net Lease Cost

The following table is a summary of the Company’s components of net lease cost for the first quarter ended May 1, 2021 and May 2, 2020:

	For the three months ended
	May 1, 2021		May 2, 2020
(in thousands)
Operating lease cost	$	11,126	$	12,640
Variable lease costs⁽¹⁾		3,774		3,800
Total lease costs	$	14,900	$	16,440

(1)

Variable lease costs include the cost of property taxes, insurance and common area maintenance fees related to its leases.

Supplemental Cash Flow Information Related to Leases

Supplemental cash flow and balance sheet information related to leases for the three months ended May 1, 2021 and May 2, 2020 is as follows:


(dollars in thousands)	For the three months ended
Cash paid for amounts included in the measurement of lease liabilities:	May 1, 2021		May 2, 2020
Operating cash flows for operating leases⁽¹⁾	$	17,112	$	9,805
Non-cash operating activities:
Right-of-use assets obtained in exchange for operating lease liabilities	$	2,137	$	559

Weighted average remaining lease term	4.4 yrs.		5.2 yrs.
Weighted average discount rate	6.72%		7.08%

(1)

Schedule of Reconciliation of Undiscounted Cash Flows Related to Operating Lease Liabilities

(in thousands)
2021 (remaining)	$	35,609
2022		48,389
2023		40,987
2024		31,691
2025		23,102
Thereafter		15,787
Total minimum lease payments	$	195,565
Less: amount of lease payments representing interest		27,378
Present value of future minimum lease payments	$	168,187
Less: current obligations under leases		38,331
Long-term lease obligations	$	129,856

Stock-Based Compensation (Tables)

3 Months Ended

May 01, 2021

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Summary of Restricted Stock Activity

The following tables summarize the share activity and stock option activity for the first three months of fiscal 2021:

	RSUs ⁽¹⁾			Deferred shares ⁽²⁾		Performance Share Units ⁽³⁾		Total number of shares			Weighted-average grant-date fair value
Shares
Outstanding non-vested shares at beginning of year		815,292			435,568		720,000		1,970,860		$	1.69
Shares granted		8,054			—		—		8,054		$	0.66
Shares vested/issued		(308,055	)		—		—		(308,055	)	$	2.22
Shares canceled		—			—		—		—			—
Outstanding non-vested shares at end of quarter		515,291			435,568		720,000		1,670,859		$	1.58

(1)

During the first three months of fiscal 2021, the vesting of RSUs was primarily related to the time-based awards under the Company’s LTIP plans, see Note 5, Long-Term Incentive Plans.

(2)

(3)

Stock Option Activity

	Number of shares			Weighted-average exercise price per option		Weighted-average remaining contractual term		Aggregate intrinsic value
Stock Options
Outstanding options at beginning of year		3,647,581		$	1.09	8.5 years		$	810,596
Options granted ⁽¹⁾		1,518,154		$	0.71		—		—
Options expired and canceled		(22,542	)	$	4.19		—		—
Options exercised		—			—		—		—
Outstanding options at end of quarter		5,143,193		$	0.96	8.8 years		$	4,434,327
Options exercisable at end of quarter		439,497		$	4.87	2.6 years		$	—

(1)

Earnings per Share (Tables)

3 Months Ended

May 01, 2021

Earnings Per Share [Abstract]

Reconciliation of Number of Shares Outstanding for Basic and Diluted Earnings Per Share

The following table provides a reconciliation of the number of shares outstanding for basic and diluted earnings per share:

	For the three months ended
	May 1, 2021		May 2, 2020
(in thousands)
Common stock outstanding:
Basic weighted average common shares outstanding		62,153		50,758
Common stock equivalents – stock options, restricted stock units and deferred stock ⁽¹⁾		847		—
Diluted weighted average common shares outstanding		63,000		50,758

(1)

Common stock equivalents of 261 shares for the three months ended May 2, 2020 were excluded due to the net loss.

Potential Common Stock Equivalents Excluded from Computation of Diluted Earnings Per Share

	For the three months ended
	May 1, 2021		May 2, 2020
(in thousands, except exercise prices)
Stock options		1,933		538
Restricted stock units		506		963
Deferred stock		102		160
Range of exercise prices of such options	$0.69 - $5.50		$1.85 - $7.02

Basis of Presentation - Additional Information (Details)	1 Months Ended	3 Months Ended
	Mar. 31, 2020 USD ($)	May 01, 2021 USD ($) Segment RenewalOption	May 02, 2020 USD ($)
Accounting Policies [Line Items]
Number of reportable segments \| Segment		1
Number of operating segments \| Segment		3
Non-cash gain on closing of retail stores		$ 800,000
Operating lease right-of-use asset impairment charge offset amount		700,000
Store occupancy cost offset amount		100,000
Impairment of long-lived assets			$ 16,300,000
Impairment of right-of-use asset			12,500,000
Short term leases		$ 0
Operating lease, option to extend		Renewal options are not included in the lease term for automobile and equipment leases because they are not considered reasonably certain of being exercised at lease commencement. Renewal options were not considered for the Company’s corporate headquarters and distribution center lease, which was entered into in 2006 and was for an initial 20-year term
Store
Accounting Policies [Line Items]
Operating lease, option to extend		The Company’s store leases typically contain options that permit renewals for additional periods of up to five years each. In general, for store leases with an initial term of 10 years or more, the options to extend are not considered reasonably certain at lease commencement. For stores leases with an initial term of 5 years, the Company evaluates each lease independently and, only when the Company considers it reasonably certain that it will exercise an option to extend, will the associated payment of that option be included in the measurement of the right-of-use asset and lease liability.
Operating lease renewal term		5 years
Store \| Maximum
Accounting Policies [Line Items]
Operating lease renewal term		5 years
Operating lease initial term		10 years
Store \| Minimum
Accounting Policies [Line Items]
Operating lease initial term		5 years
Corporate Headquarter
Accounting Policies [Line Items]
Operating lease renewal term		5 years
Operating lease initial term		20 years
Number of renewal options \| RenewalOption		6
Property and Equipment
Accounting Policies [Line Items]
Impairment of long-lived assets			3,800,000
Domain Name (dxl.com)
Accounting Policies [Line Items]
Indefinite-lived intangible assets, carrying value		$ 1,200,000
Revolving Credit Facility
Accounting Policies [Line Items]
Proceeds from credit facility		$ 15,136,000	$ 52,560,000
Impact of COVID-19 \| Revolving Credit Facility
Accounting Policies [Line Items]
Proceeds from credit facility	$ 30,000,000.0

Basis of Presentation - Other Comprehensive Income (Loss) and Reclassifications from AOCI (Details) - USD ($)
$ in Thousands

3 Months Ended

May 01, 2021

May 02, 2020

Accumulated Other Comprehensive Income (Loss) [Line Items]

Beginning Balance

$ (4,077)

$ 58,423

Other comprehensive income, net of tax

208

Ending Balance

9,484

17,506

Pension Plans

Accumulated Other Comprehensive Income (Loss) [Line Items]

Beginning Balance

(6,224)

(6,478)

Other comprehensive income (loss) before reclassifications, net of taxes

Amounts reclassified from accumulated other comprehensive income, net of taxes

^[1]

(12)

165

Other comprehensive income, net of tax

242

Ending Balance

(6,146)

(6,236)

Foreign Currency

Accumulated Other Comprehensive Income (Loss) [Line Items]

Beginning Balance

Other comprehensive income (loss) before reclassifications, net of taxes

(25)

(34)

Other comprehensive income, net of tax

(25)

(34)

Ending Balance

(22)

Accumulated Other Comprehensive Income (Loss)

Accumulated Other Comprehensive Income (Loss) [Line Items]

Beginning Balance

(6,221)

(6,431)

Other comprehensive income (loss) before reclassifications, net of taxes

Amounts reclassified from accumulated other comprehensive income, net of taxes

^[1]

(12)

165

Other comprehensive income, net of tax

208

Ending Balance

$ (6,168)

$ (6,223)

[1]

- Definition

Amount after tax and reclassification adjustments of other comprehensive income (loss).

+ References

+ Details

- Definition

Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which are attributable to the parent. The amount of the economic entity's stockholders' equity attributable to the parent excludes the amount of stockholders' equity which is allocable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This excludes temporary equity and is sometimes called permanent equity.

+ References + Details

Basis of Presentation - Other Comprehensive Income (Loss) and Reclassifications from AOCI (Parenthetical) (Details) - USD ($)	3 Months Ended
	May 01, 2021	May 02, 2020
Accumulated Other Comprehensive Income (Loss) [Line Items]
Selling, general and administrative	$ 37,118,000	$ 32,112,000
Tax provision	28,000	20,000
Reclassification out of Accumulated Other Comprehensive Income \| Pension Plans
Accumulated Other Comprehensive Income (Loss) [Line Items]
Selling, general and administrative		165,000
Income recognized due to change in amortization	12,000
Tax provision	$ 0	$ 0

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

Basis of Presentation - Valuation Assumptions for Stock Options (Details)	3 Months Ended
	May 01, 2021 $ / shares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expected volatility, minimum	97.40%
Expected volatility, maximum	104.90%
Risk-free interest rate, minimum	0.31%
Risk-free interest rate, maximum	0.60%
Weighted average fair value of options granted	$ 0.47
Minimum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expected life	3 years
Maximum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expected life	4 years

Revenue Recognition - Additional Information (Details) $ in Millions	3 Months Ended
	May 01, 2021 USD ($) Segment	Jan. 30, 2021 USD ($)
Revenue From Contract With Customer [Abstract]
Gift card liability, net of breakage	$ 2.2	$ 2.8
Percentage of customers participate in loyalty program	90.00%
Loyalty accrual, net of breakage	$ 1.0	$ 1.0
Number of reportable segments \| Segment	1

Revenue Recognition - Additional Information (Details1)	May 01, 2021
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2021-05-02
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items]
Cycle of earning and redeeming loyalty points period	1 year

Revenue Recognition - Schedule of Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended
	May 01, 2021	May 02, 2020
Disaggregation Of Revenue [Line Items]
Total Sales	$ 111,494	$ 57,227
Retail Segment
Disaggregation Of Revenue [Line Items]
Total Sales	108,422	55,209
Retail Segment \| Store Sales
Disaggregation Of Revenue [Line Items]
Total Sales	$ 74,880	$ 32,327
Retail Segment \| Store Sales \| Sales Revenue Net \| Product Concentration Risk
Disaggregation Of Revenue [Line Items]
Total Sales, percentage	69.10%	58.60%
Retail Segment \| Direct Sales
Disaggregation Of Revenue [Line Items]
Total Sales	$ 33,542	$ 22,882
Retail Segment \| Direct Sales \| Sales Revenue Net \| Product Concentration Risk
Disaggregation Of Revenue [Line Items]
Total Sales, percentage	30.90%	41.40%
Wholesale Segment
Disaggregation Of Revenue [Line Items]
Total Sales	$ 3,072	$ 2,018

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8906-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 40
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9031-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 41
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9038-108599

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 4
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130543-203045

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8736-108599

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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-Section 50
-Paragraph 22
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8736-108599

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 42
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9054-108599

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130545-203045

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 924
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
-URI http://asc.fasb.org/extlink&oid=6472922&loc=d3e499488-122856

+ Details

Debt - Additional Information (Details) - USD ($)			3 Months Ended
Debt - Additional Information (Details) - USD ($)	Mar. 16, 2021	May 24, 2018	May 01, 2021	May 02, 2020	Jan. 30, 2021
Debt Instrument [Line Items]
Unamortized debt issuance costs			$ 757,000		$ 131,000
FILO Loan - Existing
Debt Instrument [Line Items]
Line of credit facility, amount outstanding		$ 15,000,000.0
Long-term debt		15,000,000.0			$ 15,000,000
Revolver Facility
Debt Instrument [Line Items]
Line of credit facility, amount outstanding		125,000,000.0
Credit Facility
Debt Instrument [Line Items]
Line of credit facility, amount outstanding			$ 33,600,000
Line of credit facility, maximum borrowing capacity		125,000,000.0
Line of credit facility, potential maximum borrowing capacity		$ 50,000,000.0
Minimum loan cap percentage		10.00%
Line of credit facility		$ 10,000,000.0
Line of credit facility, maturity date			May 24, 2023
Unamortized debt issuance costs			$ 200,000
Line of credit facility, remaining borrowing capacity			51,100,000
Line of credit facility, average monthly outstanding amount			51,200,000
Line of credit facility, average unused excess availability			$ 24,300,000
Unused line fee			0.25%
Credit Facility \| LIBOR-based Borrowings
Debt Instrument [Line Items]
Line of credit facility, amount outstanding			$ 28,000,000.0
Line of credit facility interest rate			4.00%
LIBOR contract, expiration date			May 03, 2021
Credit Facility \| Prime-based Borrowings
Debt Instrument [Line Items]
Line of credit facility interest rate			5.25%
Credit Facility \| Minimum \| Federal Funds Rate
Debt Instrument [Line Items]
Line of credit facility, basis spread on variable rate			1.75%
Credit Facility \| Minimum \| LIBOR-based Borrowings
Debt Instrument [Line Items]
Line of credit facility, basis spread on variable rate			2.75%
Credit Facility \| Maximum \| Federal Funds Rate
Debt Instrument [Line Items]
Line of credit facility, basis spread on variable rate			2.00%
Credit Facility \| Maximum \| LIBOR-based Borrowings
Debt Instrument [Line Items]
Line of credit facility, basis spread on variable rate			3.00%
Credit Facility \| Commercial And Standby Letter Of Credits
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity		20,000,000.0
Credit Facility \| Swingline Loans
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity		$ 15,000,000.0
Credit Facility \| Standby Letters of Credit
Debt Instrument [Line Items]
Letters of credit outstanding, amount			$ 2,700,000
Credit Facility \| Documentary Letters of Credit
Debt Instrument [Line Items]
Letters of credit outstanding, amount			$ 0
New FILO Loan
Debt Instrument [Line Items]
Line of credit facility, maturity date			May 24, 2023
Long-term debt			$ 17,500,000
Debt instrument, face amount	$ 17,500,000
Principal repayments	$ 218,750
Initial prepayment loan period	2 years
Debt instrument, date of first required payment	Dec. 31, 2021
Percentage of principal prepayment premium	3.00%
Percentage of principal prepayment premium after renegotiation	1.00%
Debt instrument, payment terms			The new FILO loan is subject to a prepayment penalty, if any portion of the principal for the new FILO Loan is prepaid during the initial two-year period, equal to the greater of (i) the incremental interest that would have been incurred with respect to that principal repayment during the two year period and (ii) 3% of the principal prepayment, unless the prepayment occurs after March 16, 2022 in connection with the Company’s renegotiation of its Credit Agreement in which case the prepayment premium would be equal to 1% of the principal prepayment.
Consolidated EBITDA			$ 18,000,000.0
Interest rate during period			8.50%
Interest and fees paid			$ 1,100,000	$ 700,000
Debt instrument, interest rate terms			Borrowings made under the new FILO loan will bear interest, at the LIBOR rate (with a LIBOR floor of 1.0%) plus an applicable margin rate of 7.50% through September 16, 2021. Thereafter, the applicable margin rate will be 7.50% for so long as the Company’s 12-month trailing consolidated EBITDA (as defined in the Credit Facility, as amended) measured as of the end of each month is less than $18.0 million, or 7.00% when the 12-month trailing consolidated EBITDA is equal to or greater than $18.0 million.
New FILO Loan \| LIBOR-based Borrowings
Debt Instrument [Line Items]
Line of credit facility, basis spread on variable rate			7.50%
Debt instrument, interest rate			1.00%
Line of credit facility, basis spread on variable rate, EBITDA is less			7.50%
Line of credit facility, basis spread on variable rate, EBITDA is more			7.00%

Debt - Schedule of Borrowings and Repayments under Revolving Facility (Details) - USD ($) $ in Thousands	3 Months Ended
	May 01, 2021	May 02, 2020
Line Of Credit Facility [Line Items]
Net borrowings (repayments)	$ (26,173)	$ 40,214
Revolving Credit Facility
Line Of Credit Facility [Line Items]
Borrowings	15,136	52,560
Repayments	(41,309)	(12,346)
Net borrowings (repayments)	$ (26,173)	$ 40,214

Debt - Components of Long-Term Debt (Details) - USD ($) $ in Thousands	May 01, 2021	Jan. 30, 2021	May 24, 2018
Debt Instrument [Line Items]
Less: unamortized debt issuance costs	$ (757)	$ (131)
Total long-term debt	16,743	14,869
Less: current portion of long-term debt, net of debt issuance costs	(74)
Long-term debt, net of current portion	16,669	14,869
FILO Loan - Existing
Debt Instrument [Line Items]
Long-term debt		$ 15,000	$ 15,000
FILO Loan - New
Debt Instrument [Line Items]
Long-term debt	$ 17,500

Leases - Additional Information (Details)	3 Months Ended
Leases - Additional Information (Details)	May 01, 2021 RenewalOption
Lessee Lease Description [Line Items]
Operating lease renewal option beginning year	2026
Store
Lessee Lease Description [Line Items]
Operating lease option to extend	5 years
Store \| Minimum
Lessee Lease Description [Line Items]
Operating lease initial term	5 years
Store \| Maximum
Lessee Lease Description [Line Items]
Operating lease initial term	10 years
Operating lease option to extend	5 years
Corporate Headquarter
Lessee Lease Description [Line Items]
Operating lease initial term	20 years
Operating lease option to extend	5 years
Number of renewal options	6
Equipment and Other Assets \| Minimum
Lessee Lease Description [Line Items]
Operating lease initial term	3 years
Equipment and Other Assets \| Maximum
Lessee Lease Description [Line Items]
Operating lease initial term	5 years

Leases - Summary of Components of Net Lease Cost (Details) - USD ($)
$ in Thousands

3 Months Ended

May 01, 2021

May 02, 2020

Leases [Abstract]

Operating lease cost

$ 11,126

$ 12,640

Variable lease costs

^[1]

3,774

3,800

Total lease costs

$ 14,900

$ 16,440

[1]	Variable lease costs include the cost of property taxes, insurance and common area maintenance fees related to its leases.

Leases - Supplemental Cash Flow Information Related to Leases (Details) - USD ($)
$ in Thousands

3 Months Ended

May 01, 2021

May 02, 2020

Cash paid for amounts included in the measurement of lease liabilities:

Operating cash flows for operating leases

^[1]

$ 17,112

$ 9,805

Non-cash operating activities:

Right-of-use assets obtained in exchange for operating lease liabilities

$ 2,137

$ 559

Weighted average remaining lease term

4 years 4 months 24 days

5 years 2 months 12 days

Weighted average discount rate

6.72%

7.08%

[1]

Leases - Supplemental Cash Flow Information Related to Leases (Parenthetical) (Details) - USD ($)	May 01, 2021	May 02, 2020	Apr. 01, 2020
Leases [Abstract]
Prepaid rent	$ 3,800,000	$ 0	$ 4,200,000
Unpaid rent	$ 0

Leases - Schedule of Reconciliation of Undiscounted Cash Flows Related to Operating Lease Liabilities (Details) - USD ($) $ in Thousands	May 01, 2021	Jan. 30, 2021
Leases [Abstract]
2021 (remaining)	$ 35,609
2022	48,389
2023	40,987
2024	31,691
2025	23,102
Thereafter	15,787
Total minimum lease payments	195,565
Less: amount of lease payments representing interest	27,378
Present value of future minimum lease payments	168,187
Less: current obligations under leases	38,331	$ 43,598
Long-term lease obligations	$ 129,856	$ 135,819

Long-Term Incentive Plans - Additional Information (Details)	3 Months Ended
	May 01, 2021 USD ($)
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Incentive plan performance targets covering period	3 years
Vesting terms	The performance period for each LTIP is three years. Awards for any achievement of performance targets will not be granted until the performance targets are achieved and then will be subject to additional vesting through August 31, 2022, August 31, 2023 and August, 31, 2024, respectively. The time-based awards under the 2019-2021 LTIP, 2020-2022 LTIP and 2021-2023 LTIP vest in four equal installments through April 1, 2023, April 1, 2024 and April 1, 2025, respectively.
Time Based Vesting Schedule
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting percentage	50.00%
Time Based Vesting Schedule \| 2019-2021 LTIP
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock compensation cost incurred	$ 3,800,000
Stock compensation cost, period	44 months
Time Based Vesting Schedule \| 2020-2022 LTIP
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock compensation cost incurred	$ 3,800,000
Stock compensation cost, period	46 months
Time Based Vesting Schedule \| 2021-2023 LTIP
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock compensation cost incurred	$ 4,000,000.0
Stock compensation cost, period	49 months
Performance Based Vesting Schedule
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting percentage	50.00%
Performance Based Vesting Schedule \| 2019-2021 LTIP
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Accrued compensation expense	$ 0
Performance Based Vesting Schedule \| 2020-2022 LTIP
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Accrued compensation expense	300,000
Performance Based Vesting Schedule \| 2021-2023 LTIP
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Accrued compensation expense	$ 100,000
RSUs \| 2019-2021 LTIP
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting percentage	50.00%
Stock Options \| 2020-2022 LTIP
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting percentage	50.00%
Stock Options \| 2021-2023 LTIP
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting percentage	25.00%
Cash \| 2019-2021 LTIP
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting percentage	50.00%
Cash \| 2020-2022 LTIP
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting percentage	50.00%
Cash \| 2021-2023 LTIP
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting percentage	75.00%

Stock-Based Compensation - Additional Information (Details) - USD ($)

3 Months Ended

Aug. 12, 2020

Aug. 08, 2019

Aug. 04, 2016

May 01, 2021

May 02, 2020

Jan. 30, 2021

Share Based Compensation Arrangement By Share Based Payment Award [Line Items]

Stock options granted

1,518,154

Stock compensation expense

$ 327,000

$ 452,000

Non Employee Directors

Share Based Compensation Arrangement By Share Based Payment Award [Line Items]

Number of shares of common stock issued

136,482

Fair value of common stock issued

$ 109,186

RSUs

Share Based Compensation Arrangement By Share Based Payment Award [Line Items]

Shares granted

8,054

Deferred stock

Share Based Compensation Arrangement By Share Based Payment Award [Line Items]

Shares granted

45,714

Time Vested Stock Options, RSU and PSU Awards

Share Based Compensation Arrangement By Share Based Payment Award [Line Items]

Unrecognized stock compensation cost

$ 2,500,000

Unrecognized stock compensation cost weighted average recognition period

30 months

2016 Plan

Share Based Compensation Arrangement By Share Based Payment Award [Line Items]

Common stock reserve, shares

5,725,538

Reduction in outstanding reserve for share granted

1.00%

Reduction in outstanding reserve for share granted, full-value award

1.90%

Shares available for grant

22,901

Number of additional shares authorized to increase share reserve

1,740,000

2,800,000

Share-based compensation arrangement by share-based payment award, description

Stock option outstanding

5,143,193

3,647,581

Percent of shares available for awards

5.00%

Share-based compensation description

Except with respect to 5% of the shares available for awards under the 2016 Plan, no award will become exercisable unless such award has been outstanding for a minimum period of one year from its date of grant.

Stock options granted

^[1]

1,518,154

Shares granted

8,054

2016 Plan | RSUs

Share Based Compensation Arrangement By Share Based Payment Award [Line Items]

Shares granted

^[2]

8,054

2006 Plan

Share Based Compensation Arrangement By Share Based Payment Award [Line Items]

Stock option outstanding

412,826

[1]

[2]

During the first three months of fiscal 2021, the vesting of RSUs was primarily related to the time-based awards under the Company’s LTIP plans, see Note 5, Long-Term Incentive Plans.

Stock-Based Compensation - Summary of Share Activity and Stock Option Activity (Details) - $ / shares

3 Months Ended

May 01, 2021

May 02, 2020

RSUs

Total number of shares

Shares granted

8,054

Deferred stock

Total number of shares

Shares granted

45,714

Performance Share Units

Total number of shares

Outstanding non-vested shares at end of quarter

720,000

2016 Plan

Total number of shares

Outstanding non-vested shares at beginning of year

1,970,860

Shares granted

8,054

Shares vested/issued

(308,055)

Outstanding non-vested shares at end of quarter

1,670,859

Weighted-average Grant-Date Fair value

Outstanding non-vested shares at beginning of year

$ 1.69

Shares granted

0.66

Shares vested/issued

2.22

Outstanding non-vested shares at end of quarter

$ 1.58

2016 Plan | RSUs

Total number of shares

Outstanding non-vested shares at beginning of year

^[1]

815,292

Shares granted

^[1]

8,054

Shares vested/issued

^[1]

(308,055)

Outstanding non-vested shares at end of quarter

^[1]

515,291

2016 Plan | Deferred stock

Total number of shares

Outstanding non-vested shares at beginning of year

^[2]

435,568

Outstanding non-vested shares at end of quarter

^[2]

435,568

2016 Plan | Performance Share Units

Total number of shares

Outstanding non-vested shares at beginning of year

^[3]

720,000

Outstanding non-vested shares at end of quarter

^[3]

720,000

[1]	During the first three months of fiscal 2021, the vesting of RSUs was primarily related to the time-based awards under the Company’s LTIP plans, see Note 5, Long-Term Incentive Plans.
[2]	Represents compensation to certain directors in lieu of cash, in accordance with their irrevocable elections. Beginning in fiscal 2021, all equity issued to directors for compensation, in lieu of cash, is issued only from the Non-Employee Director Compensation Plan. The outstanding deferred shares will vest upon the director’s separation from service
[3]	The 720,000 shares of performance stock units (“PSUs”), with a fair value of $1.0 million, represent a sign-on grant to Mr. Kanter. The PSUs vest in installments when the following milestones are met: one-third of the PSUs vest when the trailing 90-day volume-weighted average closing stock price (“VWAP”) is $4.00, one-third of the PSUs vest when the VWAP is $6.00 and one-third when the VWAP is $8.00. All PSUs will expire on April 1, 2023 if no performance metric is achieved. The $1.0 million is being expensed over the respective derived service periods of each tranche of 16 months, 25 months and 30 months, respectively. The respective fair value and derived service periods assigned to the PSUs were determined using a Monte Carlo model based on: the Company’s historical volatility of 55.9%, a term of 4.1 years, stock price on the date of grant of $2.50 per share, a risk-free rate of 2.5% and a cost of equity of 9.5%.

Stock-Based Compensation - Summary of Share Activity and Stock Option Activity (Parenthetical) (Details)	3 Months Ended
	May 01, 2021 USD ($) $ / shares shares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares granted, vesting terms	The performance period for each LTIP is three years. Awards for any achievement of performance targets will not be granted until the performance targets are achieved and then will be subject to additional vesting through August 31, 2022, August 31, 2023 and August, 31, 2024, respectively. The time-based awards under the 2019-2021 LTIP, 2020-2022 LTIP and 2021-2023 LTIP vest in four equal installments through April 1, 2023, April 1, 2024 and April 1, 2025, respectively.
Performance stock units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of shares outstanding \| shares	720,000
Shares granted, vesting terms	The PSUs vest in installments when the following milestones are met: one-third of the PSUs vest when the trailing 90-day volume-weighted average closing stock price (“VWAP”) is $4.00, one-third of the PSUs vest when the VWAP is $6.00 and one-third when the VWAP is $8.00. All PSUs will expire on April 1, 2023 if no performance metric is achieved.
Share based expensed over the respective derived service periods \| $	$ 1,000,000.0
Expiration date	Apr. 01, 2023
Share based compensation fair value assumptions historical volatility	55.90%
Share based compensation fair value assumptions, term	4 years 1 month 6 days
Share based compensation fair value assumptions, share price	$ 2.50
Share based compensation fair value assumptions risk free rate	2.50%
Share based compensation fair value assumptions cost of equity	9.50%
Performance stock units \| Chief Executive Officer
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares granted during the period, fair value \| $	$ 1,000,000.0
Performance stock units \| When VWAP is $4.00
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Volume-weighted average closing stock price	$ 4.00
Service period	16 months
Performance stock units \| When VWAP is $6.00
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Volume-weighted average closing stock price	$ 6.00
Service period	25 months
Performance stock units \| When VWAP is $8.00
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Volume-weighted average closing stock price	$ 8.00
Service period	30 months

Stock-Based Compensation - Stock Option Activity (Details) - USD ($)

3 Months Ended

12 Months Ended

May 01, 2021

Jan. 30, 2021

1,518,154

Outstanding options at beginning of year

3,647,581

Options granted

^[1]

1,518,154

Options expired and canceled

(22,542)

Outstanding options at end of quarter

5,143,193

3,647,581

Options exercisable at end of quarter

439,497

2006 Plan

Number of shares

Outstanding options at end of quarter

412,826

Weighted-average exercise price per option

Outstanding options at beginning of year

$ 1.09

Options granted

^[1]

0.71

Options expired and canceled

4.19

Outstanding options at end of quarter

0.96

$ 1.09

Options exercisable at end of quarter

$ 4.87

Weighted-average remaining contractual term

Outstanding options

8 years 9 months 18 days

8 years 6 months

Options exercisable at end of quarter

2 years 7 months 6 days

Aggregate Intrinsic Value

Outstanding options at beginning of year

$ 810,596

Outstanding options at end of quarter

$ 4,434,327

$ 810,596

[1]

Stock-Based Compensation - Stock Option Activity (Parenthetical) (Details)	3 Months Ended
	May 01, 2021 $ / shares shares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Options granted to purchase shares of common stock	1,518,154
2021-2023 LTIP
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Options granted to purchase shares of common stock	414,337
Options granted, exercise price \| $ / shares	$ 0.75
Options granted, vesting period	3 years
Time Based Vesting Schedule \| 2021-2023 LTIP
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Options granted to purchase shares of common stock	1,078,913
Options granted, exercise price \| $ / shares	$ 0.69

Earnings per Share - Reconciliation of Number of Shares Outstanding for Basic and Diluted Earning Per Share (Details) - shares
shares in Thousands

3 Months Ended

May 01, 2021

May 02, 2020

Common stock outstanding:

Basic weighted average common shares outstanding

62,153

50,758

Common stock equivalents – stock options, restricted stock units and deferred stock

^[1]

847

Diluted weighted average common shares outstanding

63,000

50,758

[1]	Common stock equivalents of 261 shares for the three months ended May 2, 2020 were excluded due to the net loss.

Earnings per Share - Reconciliation of Number of Shares Outstanding for Basic and Diluted Earning Per Share (Parenthetical) (Details) shares in Thousands	3 Months Ended
	May 02, 2020 shares
Earnings Per Share [Abstract]
Common stock equivalents	261

Earnings per Share - Potential Common Stock Equivalents Excluded From Computation of Diluted Earning Per Share (Details) - $ / shares shares in Thousands	3 Months Ended
	May 01, 2021	May 02, 2020
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti dilutive shares		261
Stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti dilutive shares	1,933	538
Range of exercise prices of such options, minimum	$ 0.69	$ 1.85
Range of exercise prices of such options, maximum	$ 5.50	$ 7.02
Restricted stock units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti dilutive shares	506	963
Deferred stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti dilutive shares	102	160

Earnings per Share - Additional Information (Details) - shares	3 Months Ended
	May 01, 2021	May 02, 2020
Earnings Per Share [Line Items]
Shares excluded from computation of basic and diluted earnings per share		261,000
Deferred Stock
Earnings Per Share [Line Items]
Shares excluded from computation of basic and diluted earnings per share	435,568	335,073
Stock Options
Earnings Per Share [Line Items]
Shares excluded from computation of basic and diluted earnings per share	1,933,000	538,000
Stock Options \| Minimum
Earnings Per Share [Line Items]
Share-based compensation arrangement, expiration date	Jan. 31, 2023
Stock Options \| Maximum
Earnings Per Share [Line Items]
Share-based compensation arrangement, expiration date	Mar. 09, 2031
Performance Stock Units
Earnings Per Share [Line Items]
Shares excluded from computation of basic and diluted earnings per share	720,000	720,000

Registered Direct Offering -Common Stock - Additional Information (Details) - USD ($) $ in Thousands		3 Months Ended
	Feb. 05, 2021	May 01, 2021
Equity [Abstract]
Number of shares sold	11,111,111
Gross purchase price before payment of offering costs	$ 5,000	$ 4,375
Payment of offering costs	$ 600

Income Taxes - Additional Information (Details) - USD ($)	3 Months Ended		12 Months Ended
	May 01, 2021	May 02, 2020	Jan. 30, 2021
Income Taxes [Line Items]
Provision for income taxes	$ 28,000	$ 20,000
U.S. federal corporate tax rate	21.00%
Federal net operating loss carry forwards expiration period minimum			2022
Federal net operating loss carry forwards expiration period maximum			2037
Federal
Income Taxes [Line Items]
Net operating loss carryforwards subject to expiration			$ 158,200,000
Net operating loss carryforwards not subject to expiration			43,100,000
State and Local Jurisdiction
Income Taxes [Line Items]
Net operating loss carryforwards			$ 111,300,000
State and Local Jurisdiction \| Minimum
Income Taxes [Line Items]
Net operating loss carryforwards expiration year			2021
State and Local Jurisdiction \| Maximum
Income Taxes [Line Items]
Net operating loss carryforwards expiration year			2041