|
Notes Payable
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6 Months Ended |
|---|---|
|
Jul. 30, 2011
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| Notes Payable [Abstract] | |
| Notes payable |
4. Notes payable
The Company’s credit facility is with Wells Fargo Bank, National Association, as Administrative
Agent, Collateral Agent and a Lender thereunder, JPMorgan Chase Bank, N.A. as a Lender, and PNC
Bank, National Association, as a Lender. The facility provides maximum credit of $200,000 through
May 31, 2013 and is available for working capital and general corporate purposes. The facility
provides maximum borrowings equal to the lesser of $200,000 or a percentage of eligible owned
inventory, and contains a $10,000 subfacility for letters of credit. The credit facility agreement
contains a restrictive financial covenant requiring the Company to maintain tangible net worth of
not less than $200,000. The Company’s tangible net worth was $478,032 at July 30, 2011.
Substantially all of the Company’s assets are pledged as collateral for outstanding borrowings
under the facility. Outstanding borrowings will bear interest at the prime rate or Libor plus 2.00%
and the unused line fee is 0.25%.
As of July 30, 2011 and January 29, 2011, the Company had no borrowings outstanding under the
credit facility.
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