Bakers Footwear Group (BKRS)

 

In accordance with Statement of Financial Accounting Standards (SFAS) No. 144, Accounting for the Disposal of Long-Lived Assets, long-lived assets to be “held and used” are reviewed for impairment when events or circumstances exist that indicate the carrying amount of those assets may not be recoverable. The Company regularly analyzes the operating results of its stores and assesses the viability of under-performing stores to determine whether they should be closed or whether their associated assets, including furniture, fixtures, equipment, and leasehold improvements, have been impaired. Asset impairment tests are performed at least annually, on a store-by-store basis. After allowing for an appropriate start-up period, unusual nonrecurring events, and favorable trends, fixed assets of stores indicated to be impaired are written down to fair value. During the years ended February 3, 2007, February 2, 2008 and January 31, 2009, the Company recorded $55,266, $3,131,169, and $2,609,588, respectively, in noncash charges to earnings related to the impairment of furniture, fixtures, and equipment, leasehold improvements, and other assets.

 

 

In accordance with Statement of Financial Accounting Standards
(SFAS) No. 144, Accounting for the Disposal of
Long-Lived Assets, long-lived assets to be “held and
used” are reviewed for impairment when events or
circumstances exist that indicate the carrying amount of those
assets may not be recoverable. The Company regularly analyzes
the operating results of its stores and assesses the viability
of under-performing stores to determine whether they should be
closed or whether their associated assets, including furniture,
fixtures, equipment, and leasehold improvements, have been
impaired. Asset impairment tests are performed at least
annually, on a
store-by-store
basis. After allowing for an appropriate
start-up
period, unusual nonrecurring events, and favorable trends, fixed
assets of stores indicated to be impaired are written down to
fair value. During the years ended February 3, 2007,
February 2, 2008 and January 31, 2009, the Company
recorded $55,266, $3,131,169, and $2,609,588, respectively, in
noncash charges to earnings related to the impairment of
furniture, fixtures, and equipment, leasehold improvements, and
other assets.

 

 

In accordance with Statement of Financial Accounting Standards (SFAS) No. 144, Accounting for the Disposal of Long-Lived Assets, long-lived assets to be “held and used” are reviewed for impairment when events or circumstances exist that indicate the carrying amount of those assets may not be recoverable. We regularly analyze the operating results of our stores and assess the viability of under-performing stores to determine whether they should be closed or whether their associated assets, including furniture, fixtures, equipment, and leasehold improvements, have been impaired. Asset impairment tests are performed at least annually, on a store-by-store basis. After allowing for an appropriate start-up period, unusual nonrecurring events, and favorable trends, fixed assets of stores indicated to be impaired are written down to fair value. During the years ended January 28, 2006, February 3, 2007 and February 2, 2008, we recorded $20,252, $55,266, and $3,131,169, respectively, in noncash charges to earnings related to the impairment of long-lived assets. Impairment expense in fiscal year 2007 related to certain underperforming stores and three prototype stores that we operated and have now determined to no longer be consistent with our strategic focus. The prototype locations will be converted into Wild Pair stores in 2008.

 

 

In accordance with Statement of Financial Accounting Standards
(SFAS) No. 144, Accounting for the Disposal of
Long-Lived Assets, long-lived assets to be “held and
used” are reviewed for impairment when events or
circumstances exist that indicate the carrying amount of those
assets may not be recoverable. We regularly analyze the
operating results of our stores and assess the viability of
under-performing stores to determine whether they should be
closed or whether their associated assets, including furniture,
fixtures, equipment, and leasehold improvements, have been
impaired. Asset impairment tests are performed at least
annually, on a
store-by-store
basis. After allowing for an appropriate
start-up
period, unusual nonrecurring events, and favorable trends, fixed
assets of stores indicated to be impaired are written down to
fair value. During the years ended January 28, 2006,
February 3, 2007 and February 2, 2008, we recorded
$20,252, $55,266, and $3,131,169, respectively, in noncash
charges to earnings related to the impairment of long-lived
assets. Impairment expense in fiscal year 2007 related to
certain underperforming stores and three prototype stores that
we operated and have now determined to no longer be consistent
with our strategic focus. The prototype locations will be
converted into Wild Pair stores in 2008.

 

 

At least annually, management determines on a store-by-store basis whether any property or equipment or any other assets have been impaired based on the criteria established in Statement of Financial Accounting Standards (SFAS) No. 144, Accounting for the Impairment or Disposal of Long-Lived Assets. Based on these criteria, long-lived assets to be “held and used” are reviewed for impairment when events or circumstances exist that indicate the carrying amount of those assets may not be recoverable.

 

The Company determines the fair value of these assets using the present value of the estimated future cash flows over the remaining store lease period. During the year ended January 1, 2005, the four week transition period ended January 29, 2005, and the years ended January 28, 2006 and February 3, 2007, the Company recorded $202,801, $20,494, $20,252, and $55,266 respectively, in noncash charges to earnings related to the impairment of furniture, fixtures, and equipment, leasehold improvements, and other assets.