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Document And Entity Information - shares	3 Months Ended
Document And Entity Information - shares	May 01, 2020	Jul. 20, 2020
Cover [Abstract]
Entity Registrant Name	Lands' End, Inc.
Document Type	10-Q
Trading Symbol	LE
Current Fiscal Year End Date	--01-29
Entity Common Stock, Shares Outstanding		32,600,590
Amendment Flag	false
Entity Central Index Key	0000799288
Entity Filer Category	Accelerated Filer
Document Period End Date	May 01, 2020
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q1
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Shell Company	false
Entity Small Business	false
Entity Emerging Growth Company	false
Security Exchange Name	NASDAQ
Entity File Number	001-09769
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	36-2512786
Entity Address, Address Line One	1 Lands’ End Lane
Entity Address, City or Town	Dodgeville
Entity Address, State or Province	WI
Entity Address, Postal Zip Code	53595
City Area Code	608
Local Phone Number	935-9341
Document Quarterly Report	true
Document Transition Report	false
Title of 12(b) Security	Common Stock, par value $0.01 per share

Condensed Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	May 01, 2020	May 03, 2019
Income Statement [Abstract]
Net revenue	$ 217,008	$ 262,433
Cost of sales (excluding depreciation and amortization)	122,853	142,559
Gross profit	94,155	119,874
Selling and administrative	105,796	116,844
Depreciation and amortization	8,786	7,618
Other operating expense, net	4,285	148
Operating loss	(24,712)	(4,736)
Interest expense	5,311	7,834
Other income, net	(173)	(867)
Loss before income taxes	(29,850)	(11,703)
Income tax benefit	(9,207)	(4,885)
NET LOSS	$ (20,643)	$ (6,818)
NET LOSS PER COMMON SHARE
Basic:	$ (0.64)	$ (0.21)
Diluted:	$ (0.64)	$ (0.21)
Basic weighted average common shares outstanding	32,448	32,261
Diluted weighted average common shares outstanding	32,448	32,261

Condensed Consolidated Statements of Comprehensive Operations - USD ($) $ in Thousands	3 Months Ended
	May 01, 2020	May 03, 2019
Statement Of Income And Comprehensive Income [Abstract]
NET LOSS	$ (20,643)	$ (6,818)
Other comprehensive loss, net of tax, foreign currency translation adjustments	(1,259)	(234)
COMPREHENSIVE LOSS	$ (21,902)	$ (7,052)

- Definition

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

+ References + Details

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	May 01, 2020	Jan. 31, 2020	May 03, 2019
Current assets
Cash and cash equivalents	$ 59,134	$ 77,148	$ 40,221
Restricted cash	1,953	2,149	1,821
Accounts receivable, net	35,381	50,953	27,510
Inventories, net	383,163	375,670	319,319
Prepaid expenses and other current assets	46,221	39,458	35,304
Total current assets	525,852	545,378	424,175
Property and equipment, net	155,511	157,665	152,405
Operating lease right-of-use asset	38,621	38,665	29,327
Goodwill	106,700	110,000	110,000
Intangible asset, net	257,000	257,000	257,000
Other assets	4,651	4,921	5,473
TOTAL ASSETS	1,088,335	1,113,629	978,380
Current liabilities
Current borrowings on ABL Facility	75,000
Current borrowings on Term Loan	382,858	5,150	5,150
Accounts payable	101,445	158,436	98,623
Lease liability - current	5,867	5,864	8,786
Other current liabilities	82,904	114,116	84,172
Total current liabilities	648,074	283,566	196,731
Long-term debt, net		378,657	381,504
Lease liability - long-term	41,388	39,841	24,772
Deferred tax liabilities	65,446	57,651	56,108
Other liabilities	5,529	5,532	4,060
TOTAL LIABILITIES	760,437	765,247	663,175
Commitments and contingencies
STOCKHOLDERS’ EQUITY
Common stock, par value $0.01 authorized: 480,000 shares; issued and outstanding: 32,596, 32,363 and 32,382, respectively	326	324	324
Additional paid-in capital	362,072	360,656	354,016
Accumulated deficit	(20,253)	390	(25,718)
Accumulated other comprehensive loss	(14,247)	(12,988)	(13,417)
TOTAL STOCKHOLDERS' EQUITY	327,898	348,382	315,205
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$ 1,088,335	$ 1,113,629	$ 978,380

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	May 01, 2020	Jan. 31, 2020	May 03, 2019
Statement Of Financial Position [Abstract]
Common stock, par value	$ 0.01	$ 0.01	$ 0.01
Common stock, shares authorized	480,000,000	480,000,000	480,000,000
Common stock, shares issued	32,596,000	32,382,000	32,363,000
Common stock, shares outstanding	32,596,000	32,382,000	32,363,000

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	May 01, 2020	May 03, 2019
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss	$ (20,643)	$ (6,818)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	8,786	7,618
Amortization of debt issuance costs	429	434
Loss (gain) on property and equipment	842	(55)
Stock-based compensation	1,828	1,974
Deferred income taxes	8,132	(2,501)
Goodwill impairment	3,300
Other	821	(133)
Change in operating assets and liabilities:
Inventories	(8,502)	2,234
Accounts payable	(54,084)	(20,205)
Other operating assets	6,902	10,612
Other operating liabilities	(28,009)	(29,450)
Net cash used in operating activities	(80,198)	(36,290)
CASH FLOWS FROM INVESTING ACTIVITIES
Purchases of property and equipment	(10,789)	(15,042)
Net cash used in investing activities	(10,789)	(15,042)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from borrowings under ABL Facility	75,000
Payments of term-loan	(1,288)	(101,287)
Payments of employee withholding taxes on share-based compensation	(410)	(687)
Net cash provided by (used in) financing activities	73,302	(101,974)
Effects of exchange rate changes on cash, cash equivalents and restricted cash	(525)	(5)
NET DECREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH	(18,210)	(153,311)
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, BEGINNING OF PERIOD	79,297	195,353
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, END OF PERIOD	61,087	42,042
SUPPLEMENTAL CASH FLOW DATA
Unpaid liability to acquire property and equipment	4,707	4,901
Income taxes paid, net of refunds	(1,210)	12
Interest paid	4,667	6,966
Lease liabilities arising from obtaining Operating lease right-of-use assets	$ 3,074	$ 3,731

Condensed Consolidated Statements of Changes in Stockholders' Equity - USD ($) $ in Thousands	Total	Common Stock Issued	Additional Paid-In Capital	Retained Earnings/ (Accumulated Deficit)	Accumulated Other Comprehensive Loss
Balance at Feb. 01, 2019	$ 322,711	$ 320	$ 352,733	$ (17,159)	$ (13,183)
Balance, shares at Feb. 01, 2019		32,220
Net loss	(6,818)			(6,818)
Cumulative translation adjustment, net of tax	(234)				(234)
Change in accounting principle related to lease accounting, net of tax \| Accounting Standards Update 2016-02	(1,741)			(1,741)
Stock-based compensation expense	1,974		1,974
Vesting of restricted shares		$ 4	(4)
Vesting of restricted shares, shares		185
Restricted stock shares surrendered for taxes	(687)		(687)
Restricted stock shares surrendered for taxes, shares		(42)
Balance at May. 03, 2019	315,205	$ 324	354,016	(25,718)	(13,417)
Balance, shares at May. 03, 2019		32,363
Balance at Jan. 31, 2020	348,382	$ 324	360,656	390	(12,988)
Balance, shares at Jan. 31, 2020		32,382
Net loss	(20,643)			(20,643)
Cumulative translation adjustment, net of tax	(1,259)				(1,259)
Stock-based compensation expense	1,828		1,828
Vesting of restricted shares		$ 2	(2)
Vesting of restricted shares, shares		275
Restricted stock shares surrendered for taxes	(410)		(410)
Restricted stock shares surrendered for taxes, shares		(61)
Balance at May. 01, 2020	$ 327,898	$ 326	$ 362,072	$ (20,253)	$ (14,247)
Balance, shares at May. 01, 2020		32,596

Background and Basis of Presentation

3 Months Ended

May 01, 2020

Organization Consolidation And Presentation Of Financial Statements [Abstract]

Background and Basis of Presentation

NOTE 1. BACKGROUND AND BASIS OF PRESENTATION

Description of Business

Lands' End, Inc. ("Lands' End" or the "Company") is a leading uni-channel retailer of casual clothing, accessories, footwear and home products. Lands’ End offers products online at www.landsend.com, on third party online marketplaces and through retail locations.

Terms that are commonly used in the Company's Notes to Condensed Consolidated Financial Statements are defined as follows:

•

ABL Facility - Asset-based senior secured credit agreements, dated as of November 16, 2017, with Wells Fargo Bank, N.A. and certain other lenders

•

Adjusted EBITDA - Net income (loss) net of Income tax benefit, Other income (expense), net, Interest expense, Depreciation and amortization and certain significant items

•

ASC - FASB Accounting Standards Codification, which serves as the source for authoritative GAAP, as supplemented by rules and interpretive releases by the SEC which are also sources of authoritative GAAP for SEC registrants

•

ASU - FASB Accounting Standards Update

•

CARES Act – The Coronavirus Aid, Relief and Economic Security Act signed into law on March 27, 2020.

•

Debt Facilities - Collectively, the ABL Facility and the Term Loan Facility

•

Deferred Awards - Time vesting stock awards

•

EPS - Earnings per share

•

ESL - ESL Investments, Inc. and its investment affiliates, including Edward S. Lampert

•

FASB - Financial Accounting Standards Board

•

First Quarter 2020 – The 13 weeks ended May 1, 2020

•

First Quarter 2019 - The 13 weeks ended May 3, 2019

•

Fiscal 2018 - The 52 weeks ended February 1, 2019

•

Fiscal 2019 - The 52 weeks ended January 31, 2020

•

GAAP - Accounting principles generally accepted in the United States

•

LIBOR - London inter-bank offered rate

•

Option Awards - Stock option awards

•

Performance Awards - Performance-based stock awards

•

Sears Holdings or Sears Holdings Corporation - Sears Holdings Corporation, a Delaware corporation, and its consolidated subsidiaries

•

Second Quarter 2020 – the 13 weeks ending July 31, 2020

•

Separation - On April 4, 2014 Sears Holdings distributed 100% of the outstanding common stock of Lands' End to its shareholders

•

Term Loan Facility - Term loan credit agreements, dated as of April 4, 2014, with Bank of America, N.A. and certain other lenders

•

Transform Holdco - Transform Holdco LLC, an affiliate of ESL, which on February 11, 2019 acquired from Sears Holdings substantially all of the go-forward retail footprint, and other assets and component businesses of Sears Holdings as a going concern

•

Year-to-Date 2020 - The 13 weeks ended May 1, 2020

•

Year-to-Date 2019 - The 13 weeks ended May 3, 2019

Basis of Presentation

The Condensed Consolidated Financial Statements include the accounts of Lands' End, Inc. and its subsidiaries. All intercompany transactions and balances have been eliminated.

The accompanying unaudited Condensed Consolidated Financial Statements have been prepared in accordance with GAAP for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all material adjustments which are of a normal and recurring nature necessary for a fair presentation of the results for the periods presented have been reflected. Dollar amounts are reported in thousands, except per share data, unless otherwise noted. Interim results are not necessarily indicative of results for a full year. The information included in this Form 10-Q should be read in conjunction with information included in the Lands' End Annual Report on Form 10-K filed with the SEC on March 23, 2020.

Pursuant to ASC 205, Presentation of Financial Statements, the Company is required to and does evaluate at each annual and interim period whether there are conditions or events, considered in the aggregate, that raise substantial doubt about its ability to continue as a going concern within one year after the date that the consolidated financial statements are issued. The Company’s Term Loan Facility matures on April 4, 2021, which is within one year after the date of the Condensed Consolidated Financial Statements issued with this Quarterly Report on Form 10-Q. As of May 1, 2020, the remaining balance outstanding under the Term Loan Facility was $384.1 million. In addition, in the event the Term Loan Facility debt is not extended, repaid or otherwise refinanced at least six months before its maturity date, the Company’s ABL Facility would mature on January 4, 2021. Given the amount currently outstanding under the Term Loan Facility and its maturity date of April 4, 2021, and based on the definitions in the relevant accounting standards, management has determined that this condition raises substantial doubt about the Company’s ability to continue as a going concern. This evaluation does not consider the potential mitigating effect of management’s plans that have not been fully implemented. When substantial doubt is deemed to exist, management may evaluate the mitigating effect of its plans to determine if it is probable that (1) the plans will be effectively implemented within one year after the date the financial statements are issued, and (2) when implemented, the plans will mitigate the relevant conditions or events that raise substantial doubt about the entity’s ability to continue as a going concern.

The Company is in the process of seeking new financing to replace the Term Loan Facility and, to the extent this can be successfully secured, is expected to alleviate the doubt raised by the application of ASC 205. Due to the Company’s recent trends of profitable growth, management believes that it will be able to refinance the Term Loan Facility on acceptable terms despite the challenging financial environment reflecting the COVID-19 pandemic. The Company currently has received non-binding term sheets from multiple investors for transactions which would allow it to refinance the Term Loan Facility debt and is in active discussions and negotiations regarding the refinancing. The Company’s financial forecasts indicate sufficient liquidity for at least the next twelve months under the terms of these proposals. However, as the ability to secure a refinancing is conditional upon the execution of agreements with new or existing investors, which is considered outside of the Company’s control, for an amount that allows the Company to meet its obligations as they become due within a period of at least one year from the date of issuance of its financial statements, the refinancing is not considered probable of occurring until such time as the refinancing is completed. The Condensed Consolidated Financial Statements have been prepared assuming the Company will continue as a going concern. The financial statements do not include any adjustments that might result from the outcome of this uncertainty.

Impact of the COVID-19 Pandemic

COVID-19 surfaced in late 2019 and has spread around the world, including to the United States. In March 2020, the World Health Organization declared COVID-19 a pandemic. During First Quarter 2020 the COVID-19 pandemic had a disruptive impact on the Company’s business operations and an unfavorable impact on the Company’s results of operations.

Health and Safety of Employees and Consumers

From the beginning of the COVID-19 pandemic, the Company’s priority has been the safety of employees and customers. On March 16, 2020, the Company temporarily closed its 26 U.S. stores. These stores remained closed at the end of First Quarter 2020 with a phased reopening in Second Quarter 2020. Additionally, the Company has implemented extra precautions in its office and distribution centers. These precautions were developed in line with guidance from global, federal and state health authorities, including work-from-home policies, social distancing, thermal scanning and partitions in all facilities.

Customer Demand

In the First Quarter 2020, demand across all operating segments decreased. The ultimate timing and impact of demand levels will depend on the duration and scope of the COVID-19 pandemic, overall economic conditions and consumer preferences.

Supply Chain

During First Quarter 2020, the Company did not experience any significant disruption of its supply chain. However, in response to decreased demand, future orders were reduced and some existing product was repurposed. The Company continues to place a priority on business continuity and contingency planning. The Company may experience additional disruptions in the supply chain as the pandemic continues, though the Company cannot reasonably estimate the potential impact or timing of those events, and the Company may not be able to mitigate such impact.

Expense Reduction

Beginning in First Quarter 2020, the Company took the following actions to reduce overall expense as a response to decreased demand due to the COVID-19 pandemic:

•

Temporarily reduced base salaries, including a reduction of 50% in the base salary of its Chief Executive Officer and President, 20% reductions in the base salaries of the Company’s other senior management members and scaled salary reductions throughout the Company.

•

Furlough of approximately 70% of corporate employees and nearly 100% of retail employees beginning on March 28, 2020. Some personnel returned to work beginning on April 13, 2020, however approximately 49% of the workforce remained furloughed at the end of First Quarter 2020.

•

Fiscal 2020 merit increases were eliminated.

•

The Board of Directors compensation was temporarily reduced.

•

The Company's 401(k) match was temporarily suspended.

•

Planned capital expenditures for Fiscal 2020 were reduced by approximately 50%.

•

Other discretionary operating expenses were significantly reduced.

Liquidity and Capital Resources

The Term Loan Facility matures on April 4, 2021. The ABL Facility matures on November 16, 2022, however in the event the Term Loan Facility debt is not extended, repaid or otherwise refinanced at least six months before its maturity date, the ABL Facility would mature on January 4, 2021. During First Quarter 2020, the Company increased capacity under the ABL Facility by $25.0 million so that maximum borrowings are $200.0 million. The Company is in the process of seeking to refinance the Term Loan Facility however the timeline for this process has been increased due to the impact of the COVID-19 pandemic on the financial markets.

Goodwill and Indefinite-Lived Intangible Asset

The duration and severity of the COVID-19 pandemic could result in future impairment charges for goodwill and the trade name indefinite-lived intangible asset. The Company considered the COVID-19 pandemic to be a triggering event in First Quarter 2020 for the Outfitters and Japan eCommerce reporting units and therefore completed an interim test for impairment of goodwill for these reporting units as of May 1, 2020. The interim tests employed the assumption that revenue in the Outfitters and Japan eCommerce reporting units will return to Fiscal 2019 levels by Fiscal 2023 (the 53 weeks ending February 2, 2024). The testing resulted in no impairment of the Outfitters reporting unit and full impairment of the $3.3 million of goodwill allocated to Japan eCommerce reporting unit.

Lease Modifications

In April 2020, the FASB issued guidance indicating that entities may elect not to evaluate whether a concession provided by lessors is a lease modification. Under existing lease guidance, an entity would have to determine if a lease concession was the result of a new arrangement reached with the landlord, which would be accounted for under the lease modification framework, or if the concession was under the enforceable rights and obligations that existed in the original lease, which would be accounted for outside the lease modification framework. The FASB guidance provides entities with the option to elect to account for lease concessions as though the enforceable rights and obligations existed in the original lease. During the First Quarter 2020, the Company did not modify any leases as a result of the COVID-19 pandemic and as a result, the Company has not yet made a policy election with respect to lease modifications.

Recent Accounting Pronouncements

3 Months Ended

May 01, 2020

Organization Consolidation And Presentation Of Financial Statements [Abstract]

Recent Accounting Pronouncements

NOTE 2. RECENT ACCOUNTING PRONOUNCEMENTS

In June 2016, the FASB issued ASU 2016-13, Financial Statements - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, which requires companies to measure credit losses utilizing a methodology that reflects expected credit losses and requires a consideration of a broader range of reasonable and supportable information to inform credit loss estimates relating to trade receivables, loans and other financial instruments. The standard is effective for fiscal years beginning after December 15, 2019. The Company adopted this accounting standard in First Quarter 2020. There was no material impact on the Company's Condensed Consolidated Financial Statements and related disclosures as a result of adoption.

In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes, which is intended to simplify the accounting for income taxes by removing certain exceptions to the general principles in Topic 740 and by clarifying and amending existing guidance to improve consistent application. This ASU is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020. Early adoption is permitted. Certain amendments within this ASU are required to be applied on a retrospective basis, certain other amendments are required to be applied on a modified retrospective basis and all other amendments on a prospective basis. The Company is currently evaluating the impact the adoption of this standard will have on the consolidated financial statements.

Loss Per Share

3 Months Ended

May 01, 2020

Earnings Per Share Basic And Diluted [Abstract]

Loss Per Share

NOTE 3. LOSS PER SHARE

The numerator for both basic and diluted EPS is net loss. The denominator for basic EPS is based upon the number of weighted average shares of Lands’ End common stock outstanding during the reporting periods. The denominator for diluted EPS is based upon the number of weighted average shares of Lands' End common stock and common stock equivalents outstanding during the reporting periods using the treasury stock method in accordance with U.S. GAAP. Potentially dilutive securities for the diluted EPS calculations consist of nonvested equity shares of common stock and in-the-money outstanding options where the current stock price exceeds the option strike price.

The following table summarizes the components of basic and diluted EPS:

	13 Weeks Ended
(in thousands, except per share amounts)	May 1, 2020			May 3, 2019
Net loss	$	(20,643	)	$	(6,818	)

Basic weighted average common shares outstanding		32,448			32,261
Dilutive effect of stock awards		—			—
Diluted weighted average common shares outstanding		32,448			32,261

Basic loss per share	$	(0.64	)	$	(0.21	)
Diluted loss per share	$	(0.64	)	$	(0.21	)

Stock awards are considered anti-dilutive based on the application of the treasury stock method or in the event of a net loss. There were 1,205,821 and 796,269 anti-dilutive shares excluded from the diluted weighted average shares outstanding for First Quarter 2020 and First Quarter 2019, respectively.

Other Comprehensive Loss

3 Months Ended

May 01, 2020

Equity [Abstract]

Other Comprehensive Loss

NOTE 4. OTHER COMPREHENSIVE LOSS

Other comprehensive loss encompasses all changes in equity other than those arising from transactions with stockholders and is comprised solely of foreign currency translation adjustments.

	13 Weeks Ended
(in thousands)	May 1, 2020			May 3, 2019
Beginning balance: Accumulated other comprehensive loss (net of tax of $3,453 and $3,505 respectively)	$	(12,988	)	$	(13,183	)
Other comprehensive loss:
Foreign currency translation adjustments (net of tax benefit of $337 and $61 respectively)		(1,259	)		(234	)
Ending balance: Accumulated other comprehensive loss (net of tax of $3,790 and $3,566 respectively)	$	(14,247	)	$	(13,417	)

No amounts were reclassified out of Accumulated other comprehensive loss during any of the periods presented.

Debt

3 Months Ended

May 01, 2020

Debt Disclosure [Abstract]

Debt

NOTE 5. DEBT

The Company's debt consisted of the following:

	May 1, 2020					May 3, 2019					January 31, 2020
(in thousands)	Amount		Rate			Amount		Rate			Amount		Rate
Term Loan Facility, maturing April 4, 2021	$	384,100		4.25	%	$	389,250		5.75	%	$	385,388		5.05	%
ABL Facility, maturing November 16, 2022		75,000		2.07	%		—	—%				—	—%
		459,100					389,250					385,388
Less: Current maturities in Current liabilities		457,858					5,150					5,150
Less: Unamortized debt issuance costs		1,242					2,596					1,581
Long-term debt, net	$	—				$	381,504				$	378,657

The following table summarizes the Company's borrowing availability under the ABL Facility:

(in thousands)	May 1, 2020		May 3, 2019		January 31, 2020
ABL Facility maximum borrowing	$	200,000	$	175,000	$	175,000
Current borrowings under ABL		75,000		—		—
Outstanding letters of credit		8,656		11,203		23,299
Borrowing availability under ABL	$	116,344	$	163,797	$	151,701

During First Quarter 2020, the Company increased capacity under the ABL Facility by $25.0 million so that maximum borrowings are $200.0 million.

Interest; Fees

The interest rates per annum applicable to the loans under the Debt Facilities are based on a fluctuating rate of interest measured by reference to, at the borrowers’ election, either (i) an adjusted LIBOR rate plus a borrowing margin, or (ii) an alternative base rate plus a borrowing margin. The borrowing margin is fixed for the Term Loan Facility at 3.25% in the case of LIBOR loans and 2.25% in the case of base rate loans. For the Term Loan Facility, LIBOR is subject to a 1% interest rate floor. The borrowing margin for the ABL Facility is subject to adjustment based on the average excess availability under the ABL Facility for the preceding fiscal quarter. LIBOR borrowings will range from 1.25% to 1.75% for the ABL Facility. Base rate borrowings will range from 0.50% to 1.00% for the ABL Facility.

Customary agency fees are payable in respect of the Debt Facilities. The ABL Facility fees also include (i) commitment fees in an amount equal to 0.25% of the daily unused portions of the ABL Facility, and (ii) customary letter of credit fees. As of the end of First Quarter 2020 the Company had borrowings of $75.0 million on the ABL Facility.

Representations and Warranties; Covenants

Subject to specified exceptions, the Debt Facilities contain various representations and warranties, and restrictive covenants that, among other things, restrict the ability of Lands’ End and its subsidiaries to incur indebtedness (including guarantees), grant liens, make investments, make dividends or distributions with respect to capital stock, make prepayments on other indebtedness, engage in mergers or change the nature of their business. In addition, if excess availability under the ABL Facility falls below the greater of 10% of the loan cap amount or $15.0 million, Lands’ End will be required to comply with a minimum fixed charge coverage ratio of 1.0 to 1.0. The Debt Facilities do not otherwise contain financial maintenance covenants. The Company was in compliance with all financial covenants related to the Debt Facilities as of May 1, 2020.

The Debt Facilities contain certain affirmative covenants, including reporting requirements such as delivery of financial statements, certificates and notices of certain events, maintaining insurance, and providing additional guarantees and collateral in certain circumstances.

Events of Default and Maturity

The Debt Facilities include customary events of default including non-payment of principal, interest or fees, violation of covenants, inaccuracy of representations or warranties, cross defaults related to certain other material indebtedness, bankruptcy and insolvency events, invalidity or impairment of guarantees or security interests, and material judgments and change of control. The Term Loan Facility will mature on April 4, 2021. The ABL Facility matures on November 16, 2022, however in the event the Term Loan Facility debt is not extended, repaid or otherwise refinanced at least six months before its maturity date, the ABL Facility would mature on January 4, 2021.

Pursuant to ASC 205, Presentation of Financial Statements, the Company is required to and does evaluate at each annual and interim period whether there are conditions or events, considered in the aggregate, that raise substantial doubt about its ability to continue as a going concern within one year after the date that the consolidated financial statements are issued. The Company’s Term Loan Facility matures on April 4, 2021, which is within one year after the date of the Condensed Consolidated Financial Statements issued with this Quarterly Report on Form 10-Q. As of May 1, 2020, the remaining balance outstanding under the Term Loan Facility was $384.1 million. Given the amount currently outstanding under the Term Loan Facility and its maturity date of April 4, 2021, and based on the definitions in the relevant accounting standards, management has determined that this condition raises substantial doubt about the Company’s ability to continue as a going concern. This evaluation does not consider the potential mitigating effect of management’s plans that have not been fully implemented. When substantial doubt is deemed to exist, management may evaluate the mitigating effect of its plans to determine if it is probable that (1) the plans will be effectively implemented within one year after the date the financial statements are issued, and (2) when implemented, the plans will mitigate the relevant conditions or events that raise substantial doubt about the entity’s ability to continue as a going concern.

Stock-Based Compensation

3 Months Ended

May 01, 2020

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Stock-Based Compensation

NOTE 6. STOCK-BASED COMPENSATION

The Company expenses the fair value of all stock awards over their respective vesting periods, ensuring that, the amount of cumulative compensation cost recognized at any date is at least equal to the portion of the grant-date fair value of the award that is vested at that date. The Company has elected to adjust compensation expense for an estimated forfeiture rate for those shares not expected to vest and to recognize compensation cost on a straight-line basis for awards that only have a service requirement with multiple vest dates.

The Company has granted the following types of stock awards to employees at management levels and above:

Time vesting stock awards ("Deferred Awards") are in the form of restricted stock units and only require each recipient to complete a service period for the award to be earned. Deferred Awards generally vest over three years. The fair value of Deferred Awards is based on the closing price of the Company's common stock on the grant date and is reduced for estimated forfeitures of those awards not expected to vest due to employee turnover.

ii.

Performance-based stock awards ("Performance Awards") are in the form of restricted stock units and have, in addition to a service requirement, performance criteria that must be achieved for the awards to be earned. For Performance Awards granted in Fiscal 2018 and after, the Target Shares earned can range from 50% to 200% once minimum thresholds have been reached, and depend on the achievement of Adjusted EBITDA and revenue performance measures for the cumulative three-fiscal year performance period beginning in the fiscal year of the grant date. The applicable percentage of the Target Shares, as determined by performance, vest after the completion of the applicable three-year performance period, and unearned Target Shares are forfeited. The fair value of the Performance Awards granted in Fiscal 2018 and after are based on the closing price of the Company’s common stock on the grant date. Stock based compensation expense is recognized ratably over the related service period, reduced for estimated forfeitures of those awards not expected to vest due to employee turnover, and adjusted based on the Company's estimate of the percentage of the aggregate Target Shares expected to be earned.

iii.

Stock option awards ("Option Awards") provide the recipient with the option to purchase a set number of shares at a stated exercise price over the term of the contract, which is ten years for all Option Awards currently outstanding. Options are granted with a strike price equal to the stock price on the date of grant and vest ratably over a four-year period. The fair value of each Option Award is estimated on the grant date using the Black-Scholes option pricing model.

The following table provides a summary of the Company's stock-based compensation expense, which is included in Selling and administrative expense in the Condensed Consolidated Statements of Operations:

	13 Weeks Ended
(in thousands)	May 1, 2020		May 3, 2019
Deferred Awards	$	1,641	$	1,365
Performance Awards		—		422
Option Awards		187		187
Total stock-based compensation expense	$	1,828	$	1,974

The following table provides a summary of the Deferred Awards activity for Year-to-Date 2020:

	Deferred Awards
(in thousands, except per share amounts)	Number of Shares			Weighted Average Grant Date Fair Value per Share
Unvested as of January 31, 2020		745		$	18.49
Granted		753			6.85
Vested		(275	)		19.87
Forfeited or expired		(17	)		17.21
Unvested as of May 1, 2020		1,206			10.91

Total unrecognized stock-based compensation expense related to unvested Deferred Awards was approximately $9.7 million as of May 1, 2020, which is expected to be recognized ratably over a weighted average period of 2.1 years. Deferred Awards granted to employees during Fiscal 2020 vest ratably over a period of three years.

The following table provides a summary of the Performance Awards activity for Year-to-Date 2020:

	Performance Awards
(in thousands, except per share amounts)	Number of Shares		Weighted Average Grant Date Fair Value per Share
Unvested as of January 31, 2020		412	$	18.15
Granted		—		—
Vested		—		—
Forfeited or expired		—		—
Unvested as of May 1, 2020		412		18.15

Total unrecognized stock-based compensation expense related to unvested Performance Awards was approximately $3.2 million as of May 1, 2020, which is expected to be recognized ratably over a weighted average period of 1.6 years. Performance Awards granted to employees during Fiscal 2019 and Fiscal 2018 vest, if earned, after completion of the applicable three-year performance period.

The following table provides a summary of the Options Award activity for Year-to-Date 2020:

	Option Awards
(in thousands, except per share amounts)	Number of Shares			Weighted Average Grant Date Fair Value per Share
Unvested as of January 31, 2020		171		$	8.73
Granted		—			—
Vested		(74	)		8.49
Forfeited or expired		—			—
Unvested as of May 1, 2020		97			8.92

Total unrecognized stock-based compensation expense related to unvested Option Awards was approximately $0.7 million as of May 1, 2020, which is expected to be recognized ratably over a weighted average period of 0.9 years. The Option Awards have a life of ten years and vest ratably over the first four years. As of May 1, 2020, 245,098 shares related to Option Awards were exercisable. No options have been exercised as of May 1, 2020.

Fair Value Measurements of Financial Assets and Liabilities

3 Months Ended

May 01, 2020

Fair Value Disclosures [Abstract]

Fair Value Measurements of Financial Assets and Liabilities

NOTE 7. FAIR VALUE MEASUREMENTS OF FINANCIAL ASSETS AND LIABILITIES

Restricted cash is reflected on the Condensed Consolidated Balance Sheets at fair value. The fair value of restricted cash was $2.0 million, $1.8 million and $2.1 million as of May 1, 2020, May 3, 2019 and January 31, 2020, respectively based on Level 1 inputs. Restricted cash amounts are valued based upon statements received from financial institutions.

The carrying amount of the Company's Cash and cash equivalents, Accounts receivable, net, Accounts payable, Current borrowings on ABL Facility, and Other current liabilities approximate their fair value as recorded due to the short-term maturity of these instruments.

Carrying values and fair values of long-term debt, including the short-term portion, in the Condensed Consolidated Balance Sheets are as follows:

May 1, 2020*

May 3, 2019

January 31, 2020

(in thousands)

Carrying

Amount

Fair

Value

Carrying

Amount

Fair

Value

Carrying

Amount

Fair

Value

Long-term debt, including short-term portion

384,100

299,118

389,250

381,952

385,388

378,643

* At the end of First Quarter 2020 all debt is short- term.

Long-term debt, including short-term portion was valued utilizing Level 2 valuation techniques based on the closing inactive market bid price on May 1, 2020, May 3, 2019, and January 31, 2020. There were no nonfinancial assets or nonfinancial liabilities recognized at fair value on a nonrecurring basis as of May 1, 2020, May 3, 2019, and January 31, 2020.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Income Taxes

3 Months Ended

May 01, 2020

Income Tax Disclosure [Abstract]

Income Taxes

NOTE 8. INCOME TAXES

Provision for Income Taxes

At the end of each quarter, the Company estimates its effective income tax rate pursuant to ASC 740. The rate for the period consists of the tax rate expected to be applied for the full year to ordinary income adjusted for any discrete items recorded in the period.

The Company recorded a tax benefit at an overall effective tax rate of 30.8% and 41.7% for First Quarter 2020 and First Quarter 2019, respectively. The First Quarter 2020 rate reflects the estimated tax benefits as a result of the CARES Act. The First Quarter 2019 rate reflects the tax benefits resulting from the change in status of various foreign jurisdictions.

The CARES Act, among other things, includes provisions related to refundable payroll tax credits, deferment of employer side social security payments, net operating loss utilization and carryback periods, modifications to the net interest deduction limitations, increased limitations on qualified charitable contributions, and technical corrections to tax depreciation methods for qualified improvement property.

Discrete items that were recognized during the three months ended May 1, 2020 included the vesting of certain share-based compensation awards and the technical corrections aspect of the CARES Act related to carryback of net operating losses (“NOLs”) in years beginning in 2017. The effective income tax rate for the full year is determined by the level and composition of income (loss) before income taxes, excluding discrete items as discussed above, which is subject to federal, state, local and foreign income taxes.

Commitments and Contingencies

3 Months Ended

May 01, 2020

Commitments And Contingencies Disclosure [Abstract]

Commitments and Contingencies

NOTE 9. COMMITMENTS AND CONTINGENCIES

Legal Proceedings

The Company is party to various claims, legal proceedings and investigations arising in the ordinary course of business. Some of these actions involve complex factual and legal issues and are subject to uncertainties. At this time, the Company is not able to either predict the outcome of these legal proceedings or reasonably estimate a potential range of loss with respect to the proceedings. While it is not feasible to predict the outcome of such pending claims, proceedings and investigations with certainty, management is of the opinion that their ultimate resolution should not have a material adverse effect on results of operations, cash flows or financial position.

As disclosed in the Company’s Annual Report on Form 10-K for the year ended January 1, 2020, the Company is the defendant in three separate lawsuits, each of which seeks class certification and allege adverse health events and personal property damage as a result of wearing uniforms manufactured by Lands’ End: (1) Gilbert et al. v. Lands' End, Inc., United States District Court for the Western District of Wisconsin, Civil Action No. 3:19-cv-00823-JDP, complaint filed October 3, 2019; (2) Andrews et al. v. Lands' End, Inc., United States District Court for the Western District of Wisconsin, Civil Action No. 3:19-cv-01066-JDP, complaint filed on December 31, 2019, on behalf of 521 named plaintiffs, later amended to include 1,089 named plaintiffs; and (3) Davis et al. v. Lands' End, Inc. and Lands' End Business Outfitters, Inc., United States District Court for the Western District of Wisconsin, Case No. 3:20-cv-00195, complaint filed on March 4, 2020. Plaintiffs in Gilbert, Andrews, and Davis seek nationwide class certification on behalf of similarly situated Delta employees.

By order dated April 20, 2020, the Court consolidated the Gilbert and Andrews cases (the “Consolidated Wisconsin Action”), stayed the Davis case and denied Lands’ End’s motion to strike class allegations. A fourth case, DeCrescentis et al., v. Lands' End, Inc., United States District Court for the Southern District of New York, Civil Action No. l 9-cv- 4717-LJL, complaint filed May 22, 2019, was voluntarily dismissed, without prejudice, on May 15, 2020. The Consolidated Wisconsin Action is in discovery.

The Company is vigorously defending the Consolidated Wisconsin Action and believes it is without merit.

Related Party Transactions

3 Months Ended

May 01, 2020

Related Party Transactions

NOTE 10. RELATED PARTY TRANSACTIONS

According to statements on Schedule 13D filed with the SEC by ESL, ESL beneficially owns significant portions of both the Company's and Sears Holdings Corporation's outstanding shares of common stock. Therefore, Sears Holdings Corporation, the Company's former parent company, is considered a related party.

On February 11, 2019 Transform Holdco acquired from Sears Holdings substantially all of the go-forward retail footprint, and other assets and component businesses of Sears Holdings as a going concern. The Company believes that ESL holds a significant portion of the membership interest of Transform Holdco and therefore considers that entity to be a related party as well.

Sourcing

The Company is party to a contract with a subsidiary of Sears Holdings to provide agreed upon buying agency services, on a non-exclusive basis, in foreign territories from where the Company purchases merchandise. These services, primarily based upon quantities purchased, include quality-control functions, regulatory compliance, product claims management and new vendor selection and setup assistance. Total expense from these services in First Quarter 2020 was $1.4 million compared to $1.7 million in First Quarter 2019. These amounts are capitalized into inventory and are expensed through cost of goods sold over the course of inventory turns and included in Cost of sales in the Condensed Consolidated Statements of Operations.

The Company’s contract for these services expires on June 30, 2020 and services rendered to the Company under this contract ceased on April 20, 2020.

Segment Reporting

3 Months Ended

May 01, 2020

Segment Reporting [Abstract]

Segment Reporting

NOTE 11. SEGMENT REPORTING

The Company’s operating segments consist of U.S. eCommerce, Outfitters, Europe eCommerce, Japan eCommerce and Retail. The Company determined that each of the operating segments have similar economic and other qualitative characteristics thus the results of the operating segments are aggregated into one reportable external segment, consistent with the Company’s multi-channel business approach.

Net revenue is presented by product channel in the following table:

	13 Weeks Ended
(in thousands)	May 1, 2020		May 3, 2019
Net revenue:
eCommerce	$	181,541	$	208,902
Outfitters		31,799		43,083
Retail		3,668		10,448
Total net revenue	$	217,008	$	262,433

Revenue

3 Months Ended

May 01, 2020

Revenue From Contract With Customer [Abstract]

Revenue

NOTE 12. REVENUE

Revenue includes sales of merchandise and delivery revenue related to merchandise sold. Substantially all of the Company's revenue is recognized when control of product passes to customers, which for the eCommerce and Outfitters channels is when the merchandise is expected to be received by the customer and for the Retail channel is at the time of sale in the store. The Company recognizes revenue, including shipping and handling fees billed to customers, in the amount expected to be received when control of the Company's products transfers to customers, and is presented net of various forms of promotions, which range from contractually-fixed percentage price reductions to sales returns, discounts, and other incentives that may vary in amount. Variable amounts are estimated based on an analysis of historical experience and adjusted as better estimates become available.

The Company's revenue is disaggregated by product channel and geographic location. Revenue by product channel is presented in Note 11, Segment Reporting. Revenue by geographic location was:

	13 Weeks Ended
(in thousands)	May 1, 2020		May 3, 2019
Net revenue:
United States	$	172,746	$	216,873
Europe		30,376		30,826
Asia		11,348		11,844
Other		2,538		2,890
Total Net revenue	$	217,008	$	262,433

Contract Liabilities

Contract liabilities consist of payments received in advance of the transfer of control to the customer. As products are delivered and control transfers, the Company recognizes the deferred revenue in Net revenue in the Condensed Consolidated Statements of Operations. The following table summarizes the deferred revenue associated with payments received in advance of the transfer of control to the customer, which is reported in Other current liabilities in the Condensed Consolidated Balance Sheets, as well as amounts recognized through Net revenue for each period presented. The remainder of deferred revenue as of May 1, 2020 is expected to be recognized in Net revenue in the fiscal quarter ending July 31, 2020, as products are delivered to customers.

	13 Weeks Ended
(in thousands)	May 1, 2020			May 3, 2019
Deferred Revenue Beginning of Period	$	8,096		$	9,051
Deferred Revenue Recognized in Period		(8,096	)		(9,051	)
Revenue Deferred in Period		15,896			10,199
Deferred Revenue End of Period	$	15,896		$	10,199

Revenue from gift cards is recognized when (i) the gift card is redeemed by the customer for merchandise, or (ii) as gift card breakage, an estimate of gift cards which will not be redeemed where the Company does not have a legal obligation to remit the value of the unredeemed gift cards to the relevant jurisdictions. Gift card breakage is recorded within Net revenue in the Condensed Consolidated Statements of Operations. Prior to their redemption, gift cards are recorded as a liability, included within Other current liabilities in the Condensed Consolidated Balance Sheets. The liability is estimated based on expected breakage that considers historical patterns of redemption. The following table provides the reconciliation of the contract liability related to gift cards:

	13 Weeks Ended
(in thousands)	May 1, 2020			May 3, 2019
Balance as of Beginning of Period	$	22,592		$	18,191
Gift cards sold		8,831			15,117
Gift cards redeemed		(8,127	)		(13,033	)
Gift card breakage		(94	)		(265	)
Balance as of End of Period	$	23,202		$	20,010

Refund Liabilities

Refund liabilities, primarily associated with product sales returns and retrospective volume rebates, represent variable consideration and are estimated and recorded as a reduction to Net revenue based on historical experience. As of May 1, 2020, May 3, 2019 and January 31, 2020, $16.7 million, $17.3 million and $21.6 million, respectively, of refund liabilities, primarily associated with product returns, were reported in Other current liabilities in the Condensed Consolidated Balance Sheets. An asset for product returns is recorded in Prepaid expenses and other current assets in the Condensed Consolidated Balance Sheets.

Recent Accounting Pronouncements (Policies)

3 Months Ended

May 01, 2020

Organization Consolidation And Presentation Of Financial Statements [Abstract]

New Accounting Pronouncements

Loss Per Share (Tables)

3 Months Ended

May 01, 2020

Earnings Per Share Basic And Diluted [Abstract]

Schedule of Components of Basic and Diluted EPS

The following table summarizes the components of basic and diluted EPS:

	13 Weeks Ended
(in thousands, except per share amounts)	May 1, 2020			May 3, 2019
Net loss	$	(20,643	)	$	(6,818	)

Basic weighted average common shares outstanding		32,448			32,261
Dilutive effect of stock awards		—			—
Diluted weighted average common shares outstanding		32,448			32,261

Basic loss per share	$	(0.64	)	$	(0.21	)
Diluted loss per share	$	(0.64	)	$	(0.21	)

Other Comprehensive Loss (Tables)

3 Months Ended

May 01, 2020

Equity [Abstract]

Schedule of Other Comprehensive Loss

Other comprehensive loss encompasses all changes in equity other than those arising from transactions with stockholders and is comprised solely of foreign currency translation adjustments.

	13 Weeks Ended
(in thousands)	May 1, 2020			May 3, 2019
Beginning balance: Accumulated other comprehensive loss (net of tax of $3,453 and $3,505 respectively)	$	(12,988	)	$	(13,183	)
Other comprehensive loss:
Foreign currency translation adjustments (net of tax benefit of $337 and $61 respectively)		(1,259	)		(234	)
Ending balance: Accumulated other comprehensive loss (net of tax of $3,790 and $3,566 respectively)	$	(14,247	)	$	(13,417	)

Debt (Tables)

3 Months Ended

May 01, 2020

Debt Disclosure [Abstract]

Schedule of Company's Debt

The Company's debt consisted of the following:

	May 1, 2020					May 3, 2019					January 31, 2020
(in thousands)	Amount		Rate			Amount		Rate			Amount		Rate
Term Loan Facility, maturing April 4, 2021	$	384,100		4.25	%	$	389,250		5.75	%	$	385,388		5.05	%
ABL Facility, maturing November 16, 2022		75,000		2.07	%		—	—%				—	—%
		459,100					389,250					385,388
Less: Current maturities in Current liabilities		457,858					5,150					5,150
Less: Unamortized debt issuance costs		1,242					2,596					1,581
Long-term debt, net	$	—				$	381,504				$	378,657

Summary of Company's Borrowing Availability Under ABL Facility

The following table summarizes the Company's borrowing availability under the ABL Facility:

(in thousands)	May 1, 2020		May 3, 2019		January 31, 2020
ABL Facility maximum borrowing	$	200,000	$	175,000	$	175,000
Current borrowings under ABL		75,000		—		—
Outstanding letters of credit		8,656		11,203		23,299
Borrowing availability under ABL	$	116,344	$	163,797	$	151,701

Stock-Based Compensation (Tables)

3 Months Ended

May 01, 2020

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Summary of Stock-Based Compensation Expense

	13 Weeks Ended
(in thousands)	May 1, 2020		May 3, 2019
Deferred Awards	$	1,641	$	1,365
Performance Awards		—		422
Option Awards		187		187
Total stock-based compensation expense	$	1,828	$	1,974

Summary of Deferred Awards Activity

The following table provides a summary of the Deferred Awards activity for Year-to-Date 2020:

	Deferred Awards
(in thousands, except per share amounts)	Number of Shares			Weighted Average Grant Date Fair Value per Share
Unvested as of January 31, 2020		745		$	18.49
Granted		753			6.85
Vested		(275	)		19.87
Forfeited or expired		(17	)		17.21
Unvested as of May 1, 2020		1,206			10.91

Summary of Performance Awards Activity

The following table provides a summary of the Performance Awards activity for Year-to-Date 2020:

	Performance Awards
(in thousands, except per share amounts)	Number of Shares		Weighted Average Grant Date Fair Value per Share
Unvested as of January 31, 2020		412	$	18.15
Granted		—		—
Vested		—		—
Forfeited or expired		—		—
Unvested as of May 1, 2020		412		18.15

Summary of Options Award Activity

The following table provides a summary of the Options Award activity for Year-to-Date 2020:

	Option Awards
(in thousands, except per share amounts)	Number of Shares			Weighted Average Grant Date Fair Value per Share
Unvested as of January 31, 2020		171		$	8.73
Granted		—			—
Vested		(74	)		8.49
Forfeited or expired		—			—
Unvested as of May 1, 2020		97			8.92

Fair Value Measurements of Financial Assets and Liabilities (Tables)

3 Months Ended

May 01, 2020

Fair Value Disclosures [Abstract]

Schedule of Carrying Value and Fair Value of Long-term Debt

Carrying values and fair values of long-term debt, including the short-term portion, in the Condensed Consolidated Balance Sheets are as follows:

May 1, 2020*

May 3, 2019

January 31, 2020

(in thousands)

Carrying

Amount

Fair

Value

Carrying

Amount

Fair

Value

Carrying

Amount

Fair

Value

Long-term debt, including short-term portion

384,100

299,118

389,250

381,952

385,388

378,643

* At the end of First Quarter 2020 all debt is short- term.

Segment Reporting (Tables)

3 Months Ended

May 01, 2020

Segment Reporting [Abstract]

Summary of Net Revenue by Product Channel

Net revenue is presented by product channel in the following table:

	13 Weeks Ended
(in thousands)	May 1, 2020		May 3, 2019
Net revenue:
eCommerce	$	181,541	$	208,902
Outfitters		31,799		43,083
Retail		3,668		10,448
Total net revenue	$	217,008	$	262,433

Revenue (Tables)

3 Months Ended

May 01, 2020

Revenue From Contract With Customer [Abstract]

Disaggregated of Revenue by Geographic Location

The Company's revenue is disaggregated by product channel and geographic location. Revenue by product channel is presented in Note 11, Segment Reporting. Revenue by geographic location was:

	13 Weeks Ended
(in thousands)	May 1, 2020		May 3, 2019
Net revenue:
United States	$	172,746	$	216,873
Europe		30,376		30,826
Asia		11,348		11,844
Other		2,538		2,890
Total Net revenue	$	217,008	$	262,433

Summary of Deferred Revenue

The following table summarizes the deferred revenue associated with payments received in advance of the transfer of control to the customer, which is reported in Other current liabilities in the Condensed Consolidated Balance Sheets, as well as amounts recognized through Net revenue for each period presented. The remainder of deferred revenue as of May 1, 2020 is expected to be recognized in Net revenue in the fiscal quarter ending July 31, 2020, as products are delivered to customers.

	13 Weeks Ended
(in thousands)	May 1, 2020			May 3, 2019
Deferred Revenue Beginning of Period	$	8,096		$	9,051
Deferred Revenue Recognized in Period		(8,096	)		(9,051	)
Revenue Deferred in Period		15,896			10,199
Deferred Revenue End of Period	$	15,896		$	10,199

Reconciliation of Gift Card Contract Liability

The following table provides the reconciliation of the contract liability related to gift cards:

	13 Weeks Ended
(in thousands)	May 1, 2020			May 3, 2019
Balance as of Beginning of Period	$	22,592		$	18,191
Gift cards sold		8,831			15,117
Gift cards redeemed		(8,127	)		(13,033	)
Gift card breakage		(94	)		(265	)
Balance as of End of Period	$	23,202		$	20,010

Background and Basis of Presentation - Additional Information (Details)			3 Months Ended
	Mar. 28, 2020	Mar. 16, 2020 Store	May 01, 2020 USD ($)	Jan. 31, 2020 USD ($)	May 03, 2019 USD ($)
Unusual Risk Or Uncertainty [Line Items]
Impairment of goodwill			$ 3,300,000
COVID-19
Unusual Risk Or Uncertainty [Line Items]
Approximately percentage of furlough of corporate employees	70.00%
Approximately percentage of furlough of retail employees	100.00%
Approximately percentage of workforce remained furloughed			49.00%
Approximately percentage of planned capital expenditures reduced			50.00%
Impairment outfitters reporting unit			$ 0
Impairment of goodwill			$ 3,300,000
Chief Executive Officer \| COVID-19
Unusual Risk Or Uncertainty [Line Items]
Temporarily base salary reduction percentage			50.00%
President \| COVID-19
Unusual Risk Or Uncertainty [Line Items]
Temporarily base salary reduction percentage			20.00%
United States \| Novel Coronavirus
Unusual Risk Or Uncertainty [Line Items]
Number of stores temporarily closed \| Store		26
Term Loan Facility
Unusual Risk Or Uncertainty [Line Items]
Secured debt, remaining balance outstanding			$ 384,100,000	$ 385,388,000	$ 389,250,000
Debt instrument, maturity date			Apr. 04, 2021
ABL Facility
Unusual Risk Or Uncertainty [Line Items]
Debt instrument, maturity date			Nov. 16, 2022
Increase in borrowing capacity			$ 25,000,000
Line of credit facility, maximum borrowing capacity			$ 200,000,000	$ 175,000,000	$ 175,000,000

Loss Per Share - Schedule of Components of Basic and Diluted EPS (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	May 01, 2020	May 03, 2019
Earnings Per Share Basic And Diluted [Abstract]
Net loss	$ (20,643)	$ (6,818)
Basic weighted average common shares outstanding	32,448	32,261
Diluted weighted average common shares outstanding	32,448	32,261
Basic loss per share	$ (0.64)	$ (0.21)
Diluted loss per share	$ (0.64)	$ (0.21)

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/exampleRef
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-Name Accounting Standards Codification
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-SubTopic 10
-Section 45
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+ Details

- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
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+ Details

- Definition

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

+ References + Details

Loss Per Share - Additional Information (Details) - shares	3 Months Ended
	May 01, 2020	May 03, 2019
Earnings Per Share Basic And Diluted [Abstract]
Antidilutive shares excluded from diluted weighted average shares outstanding	1,205,821	796,269

Other Comprehensive Loss - Schedule of Other Comprehensive Loss (Parenthetical) (Details) - USD ($) $ in Thousands	3 Months Ended
	May 01, 2020	May 03, 2019	Jan. 31, 2020	Feb. 01, 2019
Equity [Abstract]
Accumulated other comprehensive loss, tax	$ 3,790	$ 3,566	$ 3,453	$ 3,505
Foreign currency translations adjustment, tax	$ 337	$ 61

Other Comprehensive Loss - Schedule of Other Comprehensive Loss (Details) - USD ($) $ in Thousands	3 Months Ended
	May 01, 2020	May 03, 2019
Accumulated Other Comprehensive Income Loss [Line Items]
Balance	$ 348,382	$ 322,711
Balance	327,898	315,205
Accumulated Other Comprehensive Loss
Accumulated Other Comprehensive Income Loss [Line Items]
Balance	(12,988)	(13,183)
Balance	(14,247)	(13,417)
Foreign Currency Translation Adjustment
Accumulated Other Comprehensive Income Loss [Line Items]
Foreign currency translation adjustments (net of tax benefit of $337 and $61 respectively)	$ (1,259)	$ (234)

Other Comprehensive Loss - Additional Information (Details) - USD ($)	3 Months Ended
	May 01, 2020	May 03, 2019
Equity [Abstract]
Amounts reclassified from accumulated other comprehensive loss	$ 0	$ 0

Debt - Schedule of Company's Debt (Details) - USD ($) $ in Thousands	May 01, 2020	Jan. 31, 2020	May 03, 2019
Line Of Credit Facility [Line Items]
Long-term debt	$ 459,100	$ 385,388	$ 389,250
Less: Current maturities in Current liabilities	457,858	5,150	5,150
Less: Unamortized debt issuance costs	1,242	1,581	2,596
Long-term debt, net		378,657	381,504
Term Loan Facility
Line Of Credit Facility [Line Items]
Secured debt	$ 384,100	$ 385,388	$ 389,250
Debt instrument, interest rate, stated percentage	4.25%	5.05%	5.75%
ABL Facility
Line Of Credit Facility [Line Items]
Long-term Line of Credit	$ 75,000
Debt instrument, interest rate, stated percentage	2.07%

Debt - Summary of Company's Borrowing Availability Under ABL Facility (Details) - ABL Facility - USD ($)	May 01, 2020	Jan. 31, 2020	May 03, 2019
Line Of Credit Facility [Line Items]
ABL Facility maximum borrowing	$ 200,000,000	$ 175,000,000	$ 175,000,000
Current borrowings under ABL	75,000,000
Outstanding letters of credit	8,656,000	23,299,000	11,203,000
Borrowing availability under ABL	$ 116,344,000	$ 151,701,000	$ 163,797,000

Debt - Additional Information (Details)	3 Months Ended
Debt - Additional Information (Details)	May 01, 2020 USD ($)	Jan. 31, 2020 USD ($)	May 03, 2019 USD ($)
ABL Facility
Line Of Credit Facility [Line Items]
Increase in borrowing capacity	$ 25,000,000
Line of credit facility, maximum borrowing capacity	$ 200,000,000	$ 175,000,000	$ 175,000,000
Debt instrument, maturity date	Nov. 16, 2022
ABL Facility \| Secured debt
Line Of Credit Facility [Line Items]
Line of credit facility, unused commitment fee percentage	0.25%
Borrowing under facility	$ 75,000,000
Line of credit facility, covenant terms, minimum percentage of loan cap amount	10.00%
Line of credit facility, covenant terms, minimum excess credit availability	$ 15,000,000
Line of credit facility, covenant terms, minimum fixed charge coverage ratio	1.0
ABL Facility \| LIBOR \| Secured debt \| Minimum
Line Of Credit Facility [Line Items]
Spread on variable rate	1.25%
ABL Facility \| LIBOR \| Secured debt \| Maximum
Line Of Credit Facility [Line Items]
Spread on variable rate	1.75%
ABL Facility \| Base rate \| Secured debt \| Minimum
Line Of Credit Facility [Line Items]
Spread on variable rate	0.50%
ABL Facility \| Base rate \| Secured debt \| Maximum
Line Of Credit Facility [Line Items]
Spread on variable rate	1.00%
Term Loan Facility
Line Of Credit Facility [Line Items]
Interest rate floor	.01
Debt instrument, maturity date	Apr. 04, 2021
Secured debt, remaining balance outstanding	$ 384,100,000	$ 385,388,000	$ 389,250,000
Term Loan Facility \| LIBOR \| Secured debt
Line Of Credit Facility [Line Items]
Spread on variable rate	3.25%
Term Loan Facility \| Base rate \| Secured debt
Line Of Credit Facility [Line Items]
Spread on variable rate	2.25%

Stock-Based Compensation - Additional Information (Details) $ in Millions	3 Months Ended
	May 01, 2020 USD ($) shares
Minimum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Target shares earned	50.00%
Maximum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Target shares earned	200.00%
Deferred Awards
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting period	3 years
Compensation expense not yet recognized	$ 9.7
Compensation expense not yet recognized, recognition period	2 years 1 month 6 days
Performance Awards
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting period	3 years
Compensation expense not yet recognized	$ 3.2
Compensation expense not yet recognized, recognition period	1 year 7 months 6 days
Performance awards period considered	3 years
Option Awards
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting period	4 years
Options awards expiration period	10 years
Compensation expense not yet recognized, recognition period	10 months 24 days
Compensation expense not yet recognized	$ 0.7
Options awards exercisable \| shares	245,098
Options exercised \| shares	0

Stock-Based Compensation - Summary of Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	May 01, 2020	May 03, 2019
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share-based compensation	$ 1,828	$ 1,974
Deferred Awards
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share-based compensation	1,641	1,365
Performance Awards
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share-based compensation		422
Option Awards
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share-based compensation	$ 187	$ 187

Stock-Based Compensation - Summary of Deferred Awards Activity (Details) - Deferred Awards	3 Months Ended
	May 01, 2020 $ / shares shares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of Shares, Unvested awards at beginning of year \| shares	745,000
Number of Shares, Granted \| shares	753,000
Number of Shares, Vested \| shares	(275,000)
Number of Shares, Forfeited \| shares	(17,000)
Number of Shares, Unvested awards at end of year \| shares	1,206,000
Weighted Average Grant Date Fair Value, Unvested awards at beginning of year \| $ / shares	$ 18.49
Weighted Average Grant Date Fair Value, Granted \| $ / shares	6.85
Weighted Average Grant Date Fair Value, Vested \| $ / shares	19.87
Weighted Average Grant Date Fair Value, Forfeited \| $ / shares	17.21
Weighted Average Grant Date Fair Value, Unvested awards at end of year \| $ / shares	$ 10.91

Stock-Based Compensation - Summary of Performance Awards Activity (Details) - Performance Awards	3 Months Ended
	May 01, 2020 $ / shares shares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of Shares, Unvested awards at beginning of year \| shares	412,000
Number of Shares, Granted \| shares	0
Number of Shares, Vested \| shares	0
Number of Shares, Forfeited \| shares	0
Number of Shares, Unvested awards at end of year \| shares	412,000
Weighted Average Grant Date Fair Value, Unvested awards at beginning of year \| $ / shares	$ 18.15
Weighted Average Grant Date Fair Value, Granted \| $ / shares	0
Weighted Average Grant Date Fair Value, Vested \| $ / shares	0
Weighted Average Grant Date Fair Value, Forfeited \| $ / shares	0
Weighted Average Grant Date Fair Value, Unvested awards at end of year \| $ / shares	$ 18.15

Stock-Based Compensation - Summary of Options Award Activity (Details) - Option Awards	3 Months Ended
	May 01, 2020 $ / shares shares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of Shares, Unvested option awards at beginning of year \| shares	171,000
Number of Shares, Granted \| shares	0
Number of Shares, Vested \| shares	(74,000)
Number of Shares, Forfeited \| shares	0
Number of Shares, Unvested option awards at end of year \| shares	97,000
Weighted Average Grant Date Fair Value, Unvested option awards at beginning of year \| $ / shares	$ 8.73
Weighted Average Grant Date Fair Value, Granted \| $ / shares	0
Weighted Average Grant Date Fair Value, Vested \| $ / shares	8.49
Weighted Average Grant Date Fair Value, Forfeited \| $ / shares	0
Weighted Average Grant Date Fair Value, Unvested option awards at end of year \| $ / shares	$ 8.92

Fair Value Measurements of Financial Assets and Liabilities - Additional Information (Details) - USD ($)	May 01, 2020	Jan. 31, 2020	May 03, 2019
Nonrecurring
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Nonfinancial assets fair value disclosure	$ 0	$ 0	$ 0
Nonfinancial liabilities fair value disclosure	0	0	0
Fair Value \| Level 1
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Restricted cash fair value	$ 2,000,000	$ 2,100,000	$ 1,800,000

Fair Value Measurements of Financial Assets and Liabilities - Schedule of Carrying Value and Fair Value of Long-term Debt (Details) - USD ($) $ in Thousands	May 01, 2020	Jan. 31, 2020	May 03, 2019
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Current borrowings on ABL Facility	$ 75,000
Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Current borrowings on ABL Facility	384,100
Long-term debt, including short-term portion		$ 385,388	$ 389,250
Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Current borrowings on ABL Facility	$ 299,118
Fair Value \| Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, including short-term portion		$ 378,643	$ 381,952

Income Taxes - Additional Information (Details)	3 Months Ended
Income Taxes - Additional Information (Details)	May 01, 2020	May 03, 2019
Income Tax Disclosure [Abstract]
Effective income tax expense (benefit), percentage	(30.80%)	(41.70%)

Related Party Transactions - Additional Information (Details) - Sears Holdings Corporation - Sourcing - USD ($) $ in Millions	3 Months Ended
	May 01, 2020	May 03, 2019
Related Party Transaction [Line Items]
Related party expenses	$ 1.4	$ 1.7
Related party transaction, expiry date	Jun. 30, 2020

Segment Reporting - Additional Information (Details)	3 Months Ended
Segment Reporting - Additional Information (Details)	May 01, 2020 Segment
Segment Reporting [Abstract]
Number of reportable segments	1

Segment Reporting - Summary of Net Revenue by Product Channel (Details) - USD ($) $ in Thousands	3 Months Ended
	May 01, 2020	May 03, 2019
Segment Reporting Information [Line Items]
Net revenue	$ 217,008	$ 262,433
eCommerce
Segment Reporting Information [Line Items]
Net revenue	181,541	208,902
Outfitters
Segment Reporting Information [Line Items]
Net revenue	31,799	43,083
Retail
Segment Reporting Information [Line Items]
Net revenue	$ 3,668	$ 10,448

Revenue - Disaggregated of Revenue by Geographic Location (Details) - USD ($) $ in Thousands	3 Months Ended
	May 01, 2020	May 03, 2019
Disaggregation of Revenue [Line Items]
Net revenue	$ 217,008	$ 262,433
United States
Disaggregation of Revenue [Line Items]
Net revenue	172,746	216,873
Europe
Disaggregation of Revenue [Line Items]
Net revenue	30,376	30,826
Asia
Disaggregation of Revenue [Line Items]
Net revenue	11,348	11,844
Other Geographical Location
Disaggregation of Revenue [Line Items]
Net revenue	$ 2,538	$ 2,890

Revenue - Summary of Deferred Revenue (Details) - USD ($) $ in Thousands	3 Months Ended
	May 01, 2020	May 03, 2019
Revenue From Contract With Customer [Abstract]
Deferred Revenue Beginning of Period	$ 8,096	$ 9,051
Deferred Revenue Recognized in Period	(8,096)	(9,051)
Revenue Deferred in Period	15,896	10,199
Deferred Revenue End of Period	$ 15,896	$ 10,199

Revenue - Reconciliation of Gift Card Contract Liability (Details) - USD ($) $ in Thousands	3 Months Ended
	May 01, 2020	May 03, 2019
Revenue From Contract With Customer [Abstract]
Balance as of Beginning of Period	$ 22,592	$ 18,191
Gift cards sold	8,831	15,117
Gift cards redeemed	(8,127)	(13,033)
Gift card breakage	(94)	(265)
Balance as of End of Period	$ 23,202	$ 20,010

Revenue - Additional Information (Details) - USD ($) $ in Millions	May 01, 2020	Jan. 31, 2020	May 03, 2019
Other Current Liabilities
Deferred Revenue Arrangement [Line Items]
Refund liability	$ 16.7	$ 21.6	$ 17.3

Stock-Based Compensation - Summary of Performance Awards Activity (Details) - Performance Awards	3 Months Ended
	May 01, 2020 $ / shares shares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of Shares, Unvested awards at beginning of year \| shares	412,000
Number of Shares, Granted \| shares	0
Number of Shares, Vested \| shares	0
Number of Shares, Forfeited \| shares	0
Number of Shares, Unvested awards at end of year \| shares	412,000
Weighted Average Grant Date Fair Value, Unvested awards at beginning of year \| $ / shares	$ 18.15
Weighted Average Grant Date Fair Value, Granted \| $ / shares	0
Weighted Average Grant Date Fair Value, Vested \| $ / shares	0
Weighted Average Grant Date Fair Value, Forfeited \| $ / shares	0
Weighted Average Grant Date Fair Value, Unvested awards at end of year \| $ / shares	$ 18.15