0001628280-24-050199 | 10-Q | XBRL Viewer

EARNINGS (LOSS) PER COMMON SHARE (Details) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Nov. 02, 2024	Oct. 28, 2023	Nov. 02, 2024	Oct. 28, 2023
Earnings Per Share [Abstract]
Net income (loss)	$ 20,080	$ 38,482	$ (49,829)	$ (25,705)
Basic weighted average common shares outstanding (in shares)	12,779	12,548	12,731	12,481
Dilutive effect of stock awards (in shares)	21	71	0	0
Diluted weighted average common shares outstanding (in shares)	12,800	12,619	12,731	12,481
Anti-dilutive shares excluded from diluted earnings (loss) per common share calculation (in shares)	0	0	44	124

- 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

PROPERTY AND EQUIPMENT, NET (Tables)

9 Months Ended

Nov. 02, 2024

Property, Plant and Equipment [Abstract]

Schedule of Property, Plant and Equipment

Property and equipment consisted of the following:


	November 2, 2024		February 3, 2024		October 28, 2023
	(in thousands)
Property and equipment:
Land and land improvements	$	3,403	$	3,403	$	3,403
Building and improvements	36,418		36,187		36,187
Material handling equipment	89,427		90,637		90,362
Leasehold improvements	164,335		162,898		177,203
Store fixtures and equipment	168,414		173,667		199,596
Capitalized software	336,320		333,953		350,318
Construction in progress	3,956		3,386		8,378
	802,273		804,131		865,447
Less: accumulated depreciation and amortization	(696,787)		(679,381)		(730,808)
Property and equipment, net	$	105,486	$	124,750	$	134,639

INCOME TAXES (Details) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
INCOME TAXES (Details) - USD ($) $ in Thousands	Mar. 27, 2020	Nov. 02, 2024	Oct. 28, 2023	Nov. 02, 2024	Oct. 28, 2023	Feb. 03, 2024
Income Tax Disclosure [Abstract]
Effective income tax rate reconciliation, (provision) benefit		(4.70%)	(3.90%)	4.80%	(40.90%)
Income tax provision (benefit)		$ (900)	$ (1,454)	$ 2,293	$ (17,818)
Carryovers and carrybacks to offset	100.00%
Estimated tax loss	$ 150,000
Income taxes receivable		19,100		19,100
Unrecognized tax benefits		$ 6,900	$ 4,800	$ 6,900	$ 4,800	$ 7,000

- Definition

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

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+ Details

LEASES (Tables)

9 Months Ended

Nov. 02, 2024

Leases [Abstract]

Schedule of Lease, Cost

The following components of operating lease expense were recognized in the Company’s Consolidated Statements of Operations:


	Thirteen Weeks Ended				Thirty-nine Weeks Ended
	November 2, 2024		October 28, 2023		November 2, 2024		October 28, 2023
	(in thousands)
Fixed operating lease cost	$	22,684	$	21,457	$	68,326	$	63,844
Variable operating lease cost (1)	5,281		11,030		19,224		40,115
Total operating lease cost	$	27,965	$	32,487	$	87,550	$	103,959

____________________________________________

(1)Includes short term leases with lease periods of less than 12 months.

Schedule of Lessee, Operating Lease, Liability, Maturity

As of November 2, 2024, the maturities of operating lease liabilities were as follows:


	November 2, 2024
	(in thousands)
Remainder of 2024	$	22,526
2025	70,981
2026	41,657
2027	19,495
2028	14,795
Thereafter	41,743
Total operating lease payments	211,197
Less: imputed interest	(37,656)
Present value of operating lease liabilities	$	173,541

DEBT - Narrative (Details) - USD ($)						3 Months Ended		9 Months Ended
DEBT - Narrative (Details) - USD ($)	May 02, 2024	Apr. 18, 2024	Apr. 17, 2024	Apr. 16, 2024	Nov. 16, 2021	Nov. 02, 2024	Oct. 28, 2023	Nov. 02, 2024	Oct. 28, 2023	Mar. 08, 2024	Feb. 29, 2024	Feb. 03, 2024
ABL Credit Facility and Previous ABL Credit Facility
Line of Credit Facility [Line Items]
Outstanding borrowings						$ 362,400,000	$ 358,700,000	$ 362,400,000	$ 358,700,000			$ 226,700,000
Credit Agreement
Line of Credit Facility [Line Items]
Maximum borrowing capacity						50,000,000.0		50,000,000.0
ABL Credit Facility
Line of Credit Facility [Line Items]
Interest expense						7,100,000	7,200,000	19,100,000	18,000,000.0
Initial Mithaq Term Loan
Line of Credit Facility [Line Items]
Maximum borrowing capacity						78,600,000		78,600,000
New Mithaq Term Loan
Line of Credit Facility [Line Items]
Maximum borrowing capacity						90,000,000		90,000,000
Mithaq Credit Facility
Line of Credit Facility [Line Items]
Maximum borrowing capacity	$ 40,000,000
Basis spread on variable rate	5.00%
Outstanding borrowings						0		0
Secured Debt \| 2021 Term Loan
Line of Credit Facility [Line Items]
Interest expense							400,000	1,100,000	2,400,000
Secured Debt \| 2021 Term Loan \| Secured Overnight Financing Rate (SOFR)
Line of Credit Facility [Line Items]
Basis spread on variable rate					2.75%
Secured Debt \| 2021 Term Loan \| Base Rate
Line of Credit Facility [Line Items]
Basis spread on variable rate					2.00%
Term Loan \| Mithaq Term Loan 1
Line of Credit Facility [Line Items]
Maximum borrowing capacity											$ 30,000,000
Term Loan \| Mithaq Term Loan 2
Line of Credit Facility [Line Items]
Maximum borrowing capacity										$ 48,600,000
Term Loan \| New Mithaq Term Loan
Line of Credit Facility [Line Items]
Basis spread on variable rate				4.00%
Interest expense						2,100,000		4,600,000
Unamortized balance of deferred financing costs						2,900,000		2,900,000
Revolving credit facility \| ABL Credit Facility and Previous ABL Credit Facility
Line of Credit Facility [Line Items]
Credit facility availability						433,000,000.0	400,500,000	433,000,000.0	400,500,000			400,500,000
Maximum borrowing capacity						422,900,000	$ 394,700,000	422,900,000	$ 394,700,000			$ 258,400,000
Revolving credit facility \| ABL Credit Facility
Line of Credit Facility [Line Items]
Unamortized balance of deferred financing costs						$ 4,300,000		$ 4,300,000
Revolving credit facility \| ABL Credit Facility \| Minimum
Line of Credit Facility [Line Items]
Unused line fee percentage		0.25%
Revolving credit facility \| ABL Credit Facility \| Maximum
Line of Credit Facility [Line Items]
Unused line fee percentage		0.375%
Revolving credit facility \| Line of Credit \| ABL Credit Facility
Line of Credit Facility [Line Items]
Unused line fee percentage			0.20%
Revolving credit facility \| Line of Credit \| ABL Credit Facility \| Secured Overnight Financing Rate (SOFR) \| Debt Condition One
Line of Credit Facility [Line Items]
Basis spread on variable rate				0.10%
Revolving credit facility \| Line of Credit \| ABL Credit Facility \| Minimum
Line of Credit Facility [Line Items]
Basis spread on variable rate		3.00%
Revolving credit facility \| Line of Credit \| ABL Credit Facility \| Minimum \| Prime Rate
Line of Credit Facility [Line Items]
Basis spread on variable rate		2.00%
Revolving credit facility \| Line of Credit \| ABL Credit Facility \| Minimum \| Prime Rate \| Debt Condition One
Line of Credit Facility [Line Items]
Basis spread on variable rate				1.75%
Revolving credit facility \| Line of Credit \| ABL Credit Facility \| Minimum \| Secured Overnight Financing Rate (SOFR)
Line of Credit Facility [Line Items]
Basis spread on variable rate		0.10%
Revolving credit facility \| Line of Credit \| ABL Credit Facility \| Minimum \| Secured Overnight Financing Rate (SOFR) \| Debt Condition One
Line of Credit Facility [Line Items]
Basis spread on variable rate				2.75%
Revolving credit facility \| Line of Credit \| ABL Credit Facility \| Maximum \| Prime Rate \| Debt Condition One
Line of Credit Facility [Line Items]
Basis spread on variable rate				2.00%
Revolving credit facility \| Line of Credit \| ABL Credit Facility \| Maximum \| Secured Overnight Financing Rate (SOFR) \| Debt Condition One
Line of Credit Facility [Line Items]
Basis spread on variable rate				3.00%
Canadian Credit Facility \| Line of Credit \| ABL Credit Facility
Line of Credit Facility [Line Items]
Maximum borrowing capacity		$ 25,000,000
Standby and Documentary Letters of Credit \| Line of Credit \| ABL Credit Facility
Line of Credit Facility [Line Items]
Maximum borrowing capacity		$ 25,000,000.0
Commercial Letter Of Credit \| Line of Credit \| ABL Credit Facility \| Minimum
Line of Credit Facility [Line Items]
Unused line fee percentage				1.00%
Commercial Letter Of Credit \| Line of Credit \| ABL Credit Facility \| Maximum
Line of Credit Facility [Line Items]
Unused line fee percentage		1.125%
Standby \| Line of Credit \| ABL Credit Facility \| Minimum
Line of Credit Facility [Line Items]
Unused line fee percentage				1.50%
Standby \| Line of Credit \| ABL Credit Facility \| Maximum
Line of Credit Facility [Line Items]
Unused line fee percentage		1.75%

EARNINGS (LOSS) PER COMMON SHARE (Tables)

9 Months Ended

Nov. 02, 2024

Earnings Per Share [Abstract]

Schedule of Basic and Diluted Earnings (Loss) Per Common Share

The following table reconciles net income (loss) and common share amounts utilized to calculate basic and diluted earnings (loss) per common share:


	Thirteen Weeks Ended				Thirty-nine Weeks Ended
	November 2, 2024		October 28, 2023		November 2, 2024		October 28, 2023


	(in thousands)
Net income (loss)	$	20,080	$	38,482	$	(49,829)	$	(25,705)

Basic weighted average common shares outstanding	12,779		12,548		12,731		12,481
Dilutive effect of stock awards	21		71		—		—
Diluted weighted average common shares outstanding	12,800		12,619		12,731		12,481

Anti-dilutive shares excluded from diluted earnings (loss) per common share calculation	—		—		44		124

INCOME TAXES	9 Months Ended
INCOME TAXES	Nov. 02, 2024
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES The Company computes income taxes using the asset and liability method. This method requires recognition of deferred tax assets and liabilities, measured by enacted rates, attributable to temporary differences between the financial statement and income tax basis of assets and liabilities. The Company’s deferred tax assets and liabilities are comprised largely of differences relating to depreciation and amortization, rent expense, inventory, stock-based compensation, net operating loss carryforwards, tax credits, and various accruals and reserves. The Company’s provision (benefit) for income taxes in the Third Quarter 2024 has been calculated by applying an estimate of the annual effective tax rate for Fiscal 2024 to pre-tax income (loss), excluding unusual or infrequently occurring discrete items in the reporting period. This is the method that has historically been followed in interim reporting periods with the exception of the Third Quarter 2023, where the Company computed its provision (benefit) for income taxes based on the actual effective tax rate for Year-To-Date 2023 by applying the discrete method as allowed by Accounting Standards Codification (“ASC”) 740-270-30-18, “Income Taxes-Interim Reporting-Initial Measurement”. The Company’s effective income tax rate for the Third Quarter 2024 was a benefit of (4.7)%, or $(0.9) million, compared to (3.9)%, or $(1.5) million, during the Third Quarter 2023. The change in the effective income tax rate and income tax provision (benefit) for the Third Quarter 2024 compared to the Third Quarter 2023 was primarily driven by the establishment of a valuation allowance against the Company’s net deferred tax assets in Fiscal 2023, partially offset by a favorable shift in the jurisdictional earnings mix in Fiscal 2024. Furthermore, the Company’s provision (benefit) for income taxes in the Third Quarter 2024 has been calculated by applying an estimate of the annual effective tax rate. In the Third Quarter 2023, the Company computed its provision (benefit) for income taxes based on the actual effective tax rate for Year-To-Date 2023 by applying the discrete method. The Company’s effective income tax rate for Year-To-Date 2024 was a provision of (4.8)%, or $2.3 million, compared to a benefit of 40.9%, or $(17.8) million, for Year-To-Date 2023. The change in the effective income tax rate and income tax provision (benefit) for Year-To-Date 2024 compared to Year-To-Date 2023 was primarily driven by the establishment of a valuation allowance against the Company’s net deferred tax assets in Fiscal 2023. On March 27, 2020, the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”) was enacted in response to the COVID-19 pandemic. The CARES Act allows net operating losses (“NOLs”) incurred in taxable years 2018, 2019, and 2020 to be carried back to each of the five preceding taxable years to offset 100% of taxable income and to generate a refund of previously paid income taxes. Pursuant to the CARES Act, the Company carried back the taxable year 2020 tax loss of $150.0 million to prior years. As of November 2, 2024, the remaining income tax receivable of $19.1 million is included within Prepaid expenses and other current assets on the Consolidated Balance Sheets. The Company accrues interest and penalties related to unrecognized tax benefits as part of its provision (benefit) for income taxes. The total amount of unrecognized tax benefits was $6.9 million, $7.0 million, and $4.8 million as of November 2, 2024, February 3, 2024, and October 28, 2023, respectively, and is included within long-term liabilities. Additional interest expense recognized in the Third Quarter 2024 and Third Quarter 2023 related to unrecognized tax benefits was not significant. The Company is subject to tax in the United States and foreign jurisdictions, including Canada and Hong Kong. The Company files a consolidated U.S. income tax return for federal income tax purposes. The Company is no longer subject to income tax examinations by U.S. federal, state and local or foreign tax authorities for tax years 2015 and prior. The Internal Revenue Service is currently conducting an examination of the Company’s tax return for fiscal year 2020 in conjunction with its review of the CARES Act NOL carryback to earlier fiscal years. The Company believes that its reserves for uncertain tax positions are adequate to cover existing risks or exposures. Management believes that an adequate provision has been made for any adjustments that may result from tax examinations. However, the outcome of tax audits cannot be predicted with certainty. If any issues arise as a result of a tax audit, and are resolved in a manner not consistent with management’s expectations, the Company could be required to adjust its provision for income taxes in the period such resolution occurs. During the First Quarter 2024, Mithaq became the controlling shareholder of the Company. This change of control constituted an “ownership change” under the Internal Revenue Code Section 382, subjecting the Company to an annual limitation on its ability to utilize its existing NOLs and tax credits as of the ownership change date to offset future taxable income. The application of such limitation may cause U.S. federal income taxes to be paid by the Company earlier than they otherwise would be paid if such limitation was not in effect, which would adversely affect the Company’s operating results and cash flows if it has taxable income in the future. In addition to the aforementioned federal income tax implications pursuant to Section 382 of the Code, most U.S. states follow the general provision of Section 382 of the Code, either explicitly or implicitly resulting in separate state NOL limitations. This could cause state income taxes to be paid earlier than otherwise would be paid if such limitation was not in effect and could cause such NOLs to expire unused.

- Definition

The entire disclosure for income tax.

+ References

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-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
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+ Details

PROPERTY AND EQUIPMENT, NET - Narrative (Details) - USD ($)	3 Months Ended		9 Months Ended
	Nov. 02, 2024	Oct. 28, 2023	Nov. 02, 2024	Oct. 28, 2023
Property, Plant and Equipment [Abstract]
Impairment of long-lived assets	$ 0	$ 600,000	$ 0	$ 3,100,000

RESTRUCTURING - Restructuring Charges (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Nov. 02, 2024	Oct. 28, 2023	Nov. 02, 2024	Oct. 28, 2023
Restructuring Cost and Reserve [Line Items]
Restructuring charges	$ 0	$ 1,210	$ 2,549	$ 11,776
Non-cash charges to accelerate depreciation			700
Employee-related costs
Restructuring Cost and Reserve [Line Items]
Restructuring charges	0	674	0	6,107
Lease termination costs
Restructuring Cost and Reserve [Line Items]
Restructuring charges	0	454	701	5,401
TODC costs
Restructuring Cost and Reserve [Line Items]
Restructuring charges		0	1,848	0
Non-cash charges to accelerate depreciation			1,100
Professional fees
Restructuring Cost and Reserve [Line Items]
Restructuring charges	$ 0	$ 82	$ 0	$ 268

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

RESTRUCTURING

9 Months Ended

Nov. 02, 2024

Restructuring and Related Activities [Abstract]

RESTRUCTURING

As a result of the strategic actions associated with the voluntary early termination and subsequent renewal of the Company’s corporate office lease, the move of its distribution center operations from Toronto, Canada (“TODC”) to Alabama in the United States, and workforce reductions, the Company incurred $2.5 million in restructuring costs during Year-To-Date 2024, and $1.2 million and $11.8 million in restructuring costs during the Third Quarter 2023 and Year-To-Date 2023, respectively, on a pretax basis, summarized in the following table:


	Thirteen Weeks Ended				Thirty-nine Weeks Ended
	November 2, 2024		October 28, 2023		November 2, 2024		October 28, 2023
	(in thousands)
Employee-related costs	$	—	$	674	$	—	$	6,107
Lease termination costs (1)	—		454		701		5,401
TODC costs (2)	—		—		1,848		—
Professional fees	—		82		—		268
Total restructuring costs (3)	$	—	$	1,210	$	2,549	$	11,776

_______________________________________

(1)Includes non-cash charges related to accelerated depreciation on certain assets in the corporate office over the reduced term, amounting to $0.7 million during Year-To-Date 2024.

(2)Includes non-cash charges related to accelerated depreciation on TODC assets, amounting to $1.1 million during Year-To-Date 2024.

(3)Restructuring costs are recorded within Selling, general, and administrative expenses, except accelerated depreciation charges noted above, which are recorded within Depreciation and amortization. TODC costs are recorded within The Children’s Place International segment. The remaining restructuring costs are primarily recorded within The Children’s Place U.S. segment.

The following table summarizes the restructuring costs that have been settled with cash payments. There is no remaining liability as of November 2, 2024.



	Employee-Related Costs		TODC Costs		Total
	(in thousands)
Balance at February 3, 2024	$	1,666	$	—	$	1,666
Provision	—		751		751
Cash Payments	(1,114)		(247)		(1,361)
Balance at May 4, 2024	552		504		1,056

Cash Payments	(304)		(185)		(489)
Balance at August 3, 2024	248		319		567
Provision	(248)		(319)		(567)

Balance at November 2, 2024	$	—	$	—	$	—



	Employee-Related Costs		Lease Termination Costs		Professional Fees		Total
	(in thousands)
Balance at April 29, 2023	$	—	$	—	$	—	$	—
Provision	5,433		4,040		186		9,659
Cash Payments	(2,602)		(4,040)		—		(6,642)
Balance at July 29, 2023	2,831		—		186		3,017
Provision	674		—		82		756
Cash Payments	(2,652)		—		(268)		(2,920)
Balance at October 28, 2023	853		—		—		853
Provision	1,275		—		—		1,275
Cash Payments	(462)		—		—		(462)
Balance at February 3, 2024	$	1,666	$	—	$	—	$	1,666

BASIS OF PRESENTATION (Details)	9 Months Ended
BASIS OF PRESENTATION (Details)	Nov. 02, 2024 USD ($) digital_storefront store country partner segment	May 02, 2024 USD ($)	Feb. 03, 2024 USD ($)	Oct. 28, 2023 USD ($)
Basis Of Presentation [Line Items]
Number of digital storefronts \| digital_storefront	2
Number of stores (more than) \| store	500
Number of countries for distribution \| country	15
Number of international franchise partners \| partner	6
Number of reportable segments \| segment	2
Accumulated deficit	$ 184,694,000		$ 134,865,000	$ 6,015,000
Working capital deficit	46,300,000
ABL Credit Facility and Previous ABL Credit Facility
Basis Of Presentation [Line Items]
Outstanding borrowings	362,400,000		226,700,000	358,700,000
Availability	48,300,000		$ 24,300,000	$ 28,600,000
Mithaq Credit Facility
Basis Of Presentation [Line Items]
Outstanding borrowings	$ 0
Maximum borrowing capacity		$ 40,000,000

PROPERTY AND EQUIPMENT, NET

9 Months Ended

Nov. 02, 2024

Property, Plant and Equipment [Abstract]

PROPERTY AND EQUIPMENT, NET

Property and equipment consisted of the following:


	November 2, 2024		February 3, 2024		October 28, 2023
	(in thousands)
Property and equipment:
Land and land improvements	$	3,403	$	3,403	$	3,403
Building and improvements	36,418		36,187		36,187
Material handling equipment	89,427		90,637		90,362
Leasehold improvements	164,335		162,898		177,203
Store fixtures and equipment	168,414		173,667		199,596
Capitalized software	336,320		333,953		350,318
Construction in progress	3,956		3,386		8,378
	802,273		804,131		865,447
Less: accumulated depreciation and amortization	(696,787)		(679,381)		(730,808)
Property and equipment, net	$	105,486	$	124,750	$	134,639

At November 2, 2024 and October 28, 2023, the Company reviewed its store related long-lived assets for indicators of impairment, and performed a recoverability test if indicators were identified. Based on the results of the analyses performed, the Company did not record asset impairment charges in the Third Quarter 2024 and Year-To-Date 2024. The Company recorded asset impairment charges in the Third Quarter 2023 and Year-To-Date 2023 of $0.6 million and $3.1 million, respectively, inclusive of right of use (“ROU”) assets.

REVENUES - Disaggregation by Geography (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Nov. 02, 2024	Oct. 28, 2023	Nov. 02, 2024	Oct. 28, 2023
Disaggregation of Revenue [Line Items]
Total net sales	$ 390,173	$ 480,234	$ 977,706	$ 1,147,474
South
Disaggregation of Revenue [Line Items]
Total net sales	127,050	168,623	355,945	416,249
Northeast
Disaggregation of Revenue [Line Items]
Total net sales	78,891	96,052	183,571	220,519
West
Disaggregation of Revenue [Line Items]
Total net sales	42,310	55,567	115,063	144,920
Midwest
Disaggregation of Revenue [Line Items]
Total net sales	42,510	58,331	103,001	131,235
International and other
Disaggregation of Revenue [Line Items]
Total net sales	$ 99,412	$ 101,661	$ 220,126	$ 234,551

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

- 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

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-Topic 280
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+ Details

STOCK-BASED COMPENSATION - Narrative (Details) $ in Millions	9 Months Ended
	Nov. 02, 2024 USD ($)
Performance Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Incremental cost	$ 9.9

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

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+ Details

RESTRUCTURING - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Nov. 02, 2024	Oct. 28, 2023	Nov. 02, 2024	Oct. 28, 2023
Restructuring and Related Activities [Abstract]
Restructuring charges	$ 0	$ 1,210	$ 2,549	$ 11,776

STOCK-BASED COMPENSATION - Schedule of Stock-based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Nov. 02, 2024	Oct. 28, 2023	Nov. 02, 2024	Oct. 28, 2023
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense (benefit)	$ 21	$ (4,746)	$ 11,382	$ (6,424)
Cost of Sales
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense (benefit)	(300)	100	900
Deferred Awards
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense (benefit)	282	1,193	2,110	5,383
Performance Awards
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense (benefit)	$ (261)	$ (5,939)	$ 9,272	$ (11,807)

INTANGIBLE ASSETS

9 Months Ended

Nov. 02, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

INTANGIBLE ASSETS

On April 4, 2019, the Company acquired certain intellectual property and related assets of Gymboree Group, Inc. and related entities, which included the worldwide rights to the names “Gymboree” and “Crazy 8” and other intellectual property, including trademarks, domain names, copyrights, and customer databases. These intangible assets, inclusive of acquisition costs, are recorded in the long-term assets section of the Consolidated Balance Sheets.

The Company recorded an impairment charge on the Gymboree tradename of $29.0 million in Fiscal 2023, which reduced the carrying value to its fair value of $41.0 million. The Company recorded a further impairment charge on the Gymboree tradename of $28.0 million in the Second Quarter 2024, which reduced the carrying value to its fair value of $13.0 million. The Company did not record an impairment charge in the Third Quarter 2024.

The Company’s intangible assets were as follows:


		November 2, 2024
	Useful Life	Gross Amount		Accumulated Amortization		Net Amount
		(in thousands)
Gymboree tradename	Indefinite	$	13,000	$	—	$	13,000


Total intangible assets		$	13,000	$	—	$	13,000


		February 3, 2024
	Useful Life	Gross Amount		Accumulated Amortization		Net Amount
		(in thousands)
Gymboree tradename	Indefinite	$	41,000	$	—	$	41,000
Crazy 8 tradename	5 years	4,000		(3,877)		123
Total intangible assets		$	45,000	$	(3,877)	$	41,123


		October 28, 2023
	Useful Life	Gross Amount		Accumulated Amortization		Net Amount
		(in thousands)
Gymboree tradename	Indefinite	$	69,953	$	—	$	69,953
Crazy 8 tradename	5 years	4,000		(3,662)		338
Total intangible assets		$	73,953	$	(3,662)	$	70,291

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Nov. 02, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

DEBT - Maturity (Details) - Initial and New Mithaq Term Loan $ in Thousands	Nov. 02, 2024 USD ($)
Debt Instrument [Line Items]
Remainder of 2024	$ 0
2025	0
2026	0
2027	168,600
Thereafter	0
Total related party debt	$ 168,600

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Nov. 02, 2024	Oct. 28, 2023	Nov. 02, 2024	Oct. 28, 2023
Income Statement [Abstract]
Net sales	$ 390,173	$ 480,234	$ 977,706	$ 1,147,474
Cost of sales	251,832	318,182	634,830	801,111
Gross profit	138,341	162,052	342,876	346,363
Selling, general, and administrative expenses	99,817	104,770	304,976	329,756
Depreciation and amortization	9,266	11,732	30,406	35,534
Asset impairment charges	0	583	28,000	3,115
Operating income (loss)	29,258	44,967	(20,506)	(22,042)
Interest income	14	17	39	68
Income (loss) before provision (benefit) for income taxes	19,180	37,028	(47,536)	(43,523)
Provision (benefit) for income taxes	(900)	(1,454)	2,293	(17,818)
Net income (loss)	$ 20,080	$ 38,482	$ (49,829)	$ (25,705)
Earnings (loss) per common share
Basic (in usd per share)	$ 1.57	$ 3.07	$ (3.91)	$ (2.06)
Diluted (in usd per share)	$ 1.57	$ 3.05	$ (3.91)	$ (2.06)
Weighted average common shares outstanding
Basic (in shares)	12,779	12,548	12,731	12,481
Diluted (in shares)	12,800	12,619	12,731	12,481
Related party
Income Statement [Abstract]
Interest expense	$ (2,078)	$ 0	$ (4,554)	$ 0
Nonrelated Party
Income Statement [Abstract]
Interest expense	$ (8,014)	$ (7,956)	$ (22,515)	$ (21,549)

REVENUES

9 Months Ended

Nov. 02, 2024

Revenue from Contract with Customer [Abstract]

REVENUES

Revenues are recognized when control of the promised goods or services is transferred to the Company’s customers, in an amount that reflects the consideration the Company expects to be entitled to in exchange for those goods or services.

The following table presents the Company’s revenues disaggregated by geography:


	Thirteen Weeks Ended				Thirty-nine Weeks Ended
	November 2, 2024		October 28, 2023		November 2, 2024		October 28, 2023
	(in thousands)
Net sales:
South	$	127,050	$	168,623	$	355,945	$	416,249
Northeast	78,891		96,052		183,571		220,519
West	42,310		55,567		115,063		144,920
Midwest	42,510		58,331		103,001		131,235
International and other (1)	99,412		101,661		220,126		234,551
Total net sales	$	390,173	$	480,234	$	977,706	$	1,147,474

____________________________________________

(1)Includes retail and e-commerce sales in Canada and Puerto Rico, wholesale and franchisee sales, and certain amounts earned under the Company’s private label credit card program.

The Company recognizes revenue, including shipping and handling fees billed to customers, upon purchase at the Company’s retail stores or when received by the customer if the product was purchased via e-commerce, net of coupon redemptions and anticipated sales returns. The Company deferred sales of $9.3 million, $3.1 million, and $7.6 million within Accrued expenses and other current liabilities as of November 2, 2024, February 3, 2024, and October 28, 2023, respectively, based upon estimated time of delivery, at which point control passes to the customer. Sales tax collected from customers is excluded from revenue.

For its wholesale business, the Company recognizes revenue, including shipping and handling fees billed to customers, when title of the goods passes to the customer, net of commissions, discounts, operational chargebacks, and cooperative advertising. The allowance for wholesale revenue included within Accounts receivable was $14.1 million, $9.0 million, and $8.6 million as of November 2, 2024, February 3, 2024, and October 28, 2023, respectively.

For the sale of goods to retail customers with a right of return, the Company recognizes revenue for the consideration it expects to be entitled to and calculates an allowance for estimated sales returns based upon the Company’s sales return experience. Adjustments to the allowance for estimated sales returns in subsequent periods have not been material based on historical data, thereby reducing the uncertainty inherent in such estimates. The allowance for estimated sales returns, which is recorded in Accrued expenses and other current liabilities, was $1.9 million, $1.7 million, and $2.5 million as of November 2, 2024, February 3, 2024, and October 28, 2023, respectively.

The Company’s private label credit card is issued to customers for use exclusively at The Children’s Place stores and online at www.childrensplace.com and www.gymboree.com, and credit is extended to such customers by a third-party financial institution on a non-recourse basis to the Company. The private label credit card includes multiple performance obligations for the Company, including marketing and promoting the program on behalf of the bank and the operation of the loyalty rewards program. Included in the agreement with the third-party financial institution was an upfront bonus paid to the Company and an additional bonus to extend the term of the agreement. These bonuses are recognized as revenue and allocated between brand and reward obligations. As the license of the Company’s brand is the predominant item in the performance obligation, the amount allocated to the brand obligation is recognized on a straight-line basis over the term of the agreement. The amount allocated to the reward obligation is recognized on a point-in-time basis as redemptions under the loyalty program occur.

In measuring revenue and determining the consideration the Company is entitled to as part of a contract with a customer, the Company takes into account the related elements of variable consideration, such as additional bonuses, including profit-sharing, over the life of the private label credit card program. Similar to the upfront bonus, the usage-based royalties and bonuses are recognized as revenue and allocated between the brand and reward obligations. The amount allocated to the brand obligation is recognized on a straight-line basis over the initial term. The amount allocated to the reward obligation is recognized on a point-in-time basis as redemptions under the loyalty program occur. In addition, the annual profit-sharing amount is recognized quarterly within an annual period when it can be estimated reliably. The additional bonuses are amortized over the contract term based on anticipated progress against future targets and level of risk associated with achieving the targets.

The Company has a points-based customer loyalty program in which customers earn points based on purchases and other promotional activities. These points can be redeemed for coupons to discount future purchases. A contract liability is estimated based on the standalone selling price of benefits earned by customers through the program and the related redemption experience under the program. The value of each point earned is recorded as deferred revenue and is included within Accrued expenses and other current liabilities. The total contract liabilities related to this program were $3.8 million, $1.7 million, and $2.0 million as of November 2, 2024, February 3, 2024, and October 28, 2023, respectively.

The Company’s policy with respect to gift cards is to record revenue as and when the gift cards are redeemed for merchandise. The Company recognizes gift card breakage income in proportion to the pattern of rights exercised by the customer when the Company expects to be entitled to breakage and the Company determines that it does not have a legal obligation to remit the value of the unredeemed gift card to the relevant jurisdiction as unclaimed or abandoned property. Gift card breakage is recorded within Net sales. Prior to their redemption, gift cards are recorded as a liability within Accrued expenses and other current liabilities. The liability is estimated based on expected breakage that considers historical patterns of redemption. The gift card liability balance as of November 2, 2024, February 3, 2024, and October 28, 2023 was $4.5 million, $6.8 million, and $6.3 million, respectively. During Year-To-Date 2024, the Company recognized Net sales of $4.7 million related to the gift card liability balance that existed at February 3, 2024.

The Company has an international program of territorial agreements with franchisees. The Company generates revenues from the franchisees from the sale of product and, in certain cases, sales royalties. The Company recognizes revenue on the sale of product to franchisees when the franchisee takes ownership of the product. The Company records net sales for royalties when the applicable franchisee sells the product to its customers. Under certain agreements, the Company receives a fee from each franchisee for exclusive territorial rights and based on the opening of new stores. The Company records these territorial fees as deferred revenue and amortizes the fee into Net sales over the life of the territorial agreement.

- 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

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-Paragraph 12
-Subparagraph (e)
-Publisher FASB
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-Topic 606
-Publisher FASB
-URI https://asc.fasb.org/606/tableOfContent

+ Details

Cover Page - shares	9 Months Ended
Cover Page - shares	Nov. 02, 2024	Dec. 02, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Nov. 02, 2024
Document Transition Report	false
Entity File Number	0-23071
Entity Registrant Name	THE CHILDREN’S PLACE, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	31-1241495
Entity Address, Address Line One	500 Plaza Drive
Entity Address, City or Town	Secaucus
Entity Address, State or Province	NJ
Entity Address, Postal Zip Code	07094
City Area Code	201
Local Phone Number	558-2400
Title of 12(b) Security	Common Stock, $0.10 par value
Trading Symbol	PLCE
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		12,776,369
Entity Central Index Key	0001041859
Current Fiscal Year End Date	--02-01
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
Amendment Flag	false

STOCK-BASED COMPENSATION

9 Months Ended

Nov. 02, 2024

Share-Based Payment Arrangement [Abstract]

STOCK-BASED COMPENSATION

The Company generally grants time-vesting stock awards (“Deferred Awards”) and performance-based stock awards (“Performance Awards”) to employees at management levels. The Company also grants Deferred Awards to its non-employee directors.

The following table summarizes the Company’s stock-based compensation expense (benefit):


	Thirteen Weeks Ended				Thirty-nine Weeks Ended
	November 2, 2024		October 28, 2023		November 2, 2024		October 28, 2023
	(in thousands)
Deferred Awards	$	282	$	1,193	$	2,110	$	5,383
Performance Awards	(261)		(5,939)		9,272		(11,807)
Total stock-based compensation expense (benefit) (1)	$	21	$	(4,746)	$	11,382	$	(6,424)

___________________________________________

(1)Stock-based compensation expense (benefit) recorded within Cost of sales amounted to a benefit of $(0.3) million and an expense of $0.1 million in the Third Quarter 2024 and Third Quarter 2023, respectively, and an expense of $0.9 million in Year-To-Date 2024. All other stock-based compensation expense (benefit) is included in Selling, general, and administrative expenses.

During the First Quarter 2024, there was a change of control of the Company, which triggered a conversion of all Performance Awards into service-based Performance Awards in accordance with their terms. As a result, the Fiscal 2023, Fiscal 2022, and fiscal year 2021 Performance Awards will all vest at their target shares on their respective vesting dates without regard to the achievement of any of the performance metrics associated with those awards. The fiscal year 2021 Performance Awards vested during the First Quarter 2024. The incremental expense recorded for Performance Awards during Year-To-Date 2024 due to the change of control was $9.9 million.

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ (DEFICIT) EQUITY (Unaudited) - USD ($) shares in Thousands, $ in Thousands	Total	Common Stock	Additional Paid-In Capital	Deferred Compensation	Retained Earnings (Deficit)	Accumulated Other Comprehensive Loss	Treasury Stock
Beginning balance (in shares) at Jan. 28, 2023		12,292
Beginning balance at Jan. 28, 2023	$ 158,478	$ 1,229	$ 150,956	$ 3,736	$ 22,540	$ (16,247)	$ (3,736)
Beginning balance, treasury stock (in shares) at Jan. 28, 2023							(67)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Vesting of stock awards (in shares)		462
Vesting of stock awards	0	$ 47	(47)
Stock-based compensation expense (benefit)	(6,424)		(6,424)
Purchase and retirement of common stock (in shares)		(205)
Purchase and retirement of common stock	(7,026)	$ (21)	(4,155)		(2,850)
Other comprehensive loss	(1,252)					(1,252)
Distribution of common stock from deferred compensation plan	0			196			$ (196)
Distribution of common stock from deferred compensation (in shares)							(6)
Net income (loss)	$ (25,705)				(25,705)
Ending balance (in shares) at Oct. 28, 2023	12,476	12,549
Ending balance at Oct. 28, 2023	$ 118,071	$ 1,255	140,330	3,932	(6,015)	(17,499)	$ (3,932)
Ending balance, treasury stock (in shares) at Oct. 28, 2023	(73)						(73)
Beginning balance (in shares) at Jul. 29, 2023		12,544
Beginning balance at Jul. 29, 2023	$ 85,930	$ 1,254	145,117	3,884	(44,477)	(15,964)	$ (3,884)
Beginning balance, treasury stock (in shares) at Jul. 29, 2023							(71)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Vesting of stock awards (in shares)		7
Vesting of stock awards	0	$ 1	(1)
Stock-based compensation expense (benefit)	(4,746)		(4,746)
Purchase and retirement of common stock (in shares)		(2)
Purchase and retirement of common stock	(60)		(40)		(20)
Other comprehensive loss	(1,535)					(1,535)
Distribution of common stock from deferred compensation plan	0			48			$ (48)
Distribution of common stock from deferred compensation (in shares)							(2)
Net income (loss)	$ 38,482				38,482
Ending balance (in shares) at Oct. 28, 2023	12,476	12,549
Ending balance at Oct. 28, 2023	$ 118,071	$ 1,255	140,330	3,932	(6,015)	(17,499)	$ (3,932)
Ending balance, treasury stock (in shares) at Oct. 28, 2023	(73)						(73)
Beginning balance (in shares) at Feb. 03, 2024	12,529	12,585
Beginning balance at Feb. 03, 2024	$ (9,019)	$ 1,259	141,083	2,909	(134,865)	(16,496)	$ (2,909)
Beginning balance, treasury stock (in shares) at Feb. 03, 2024	(56)						(56)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Vesting of stock awards (in shares)		265
Vesting of stock awards	$ 0	$ 26	(26)
Stock-based compensation expense (benefit)	11,382		11,382
Purchase and retirement of common stock (in shares)		(71)
Purchase and retirement of common stock	(566)	$ (7)	(559)
Stock issuance costs	(521)		(521)
Other comprehensive loss	(1,021)					(1,021)
Distribution of common stock from deferred compensation plan	0			(2,799)			$ 2,799
Distribution of common stock from deferred compensation (in shares)							53
Net income (loss)	$ (49,829)				(49,829)
Ending balance (in shares) at Nov. 02, 2024	12,776	12,779
Ending balance at Nov. 02, 2024	$ (49,574)	$ 1,278	151,359	110	(184,694)	(17,517)	$ (110)
Ending balance, treasury stock (in shares) at Nov. 02, 2024	(3)						(3)
Beginning balance (in shares) at Aug. 03, 2024		12,779
Beginning balance at Aug. 03, 2024	$ (68,872)	$ 1,278	151,859	2,975	(204,774)	(17,235)	$ (2,975)
Beginning balance, treasury stock (in shares) at Aug. 03, 2024							(61)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation expense (benefit)	21		21
Stock issuance costs	(521)		(521)
Other comprehensive loss	(282)					(282)
Distribution of common stock from deferred compensation plan	0			(2,865)			$ 2,865
Distribution of common stock from deferred compensation (in shares)							58
Net income (loss)	$ 20,080				20,080
Ending balance (in shares) at Nov. 02, 2024	12,776	12,779
Ending balance at Nov. 02, 2024	$ (49,574)	$ 1,278	$ 151,359	$ 110	$ (184,694)	$ (17,517)	$ (110)
Ending balance, treasury stock (in shares) at Nov. 02, 2024	(3)						(3)

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Nov. 02, 2024	Oct. 28, 2023	Nov. 02, 2024	Oct. 28, 2023
Pay vs Performance Disclosure
Net loss	$ 20,080	$ 38,482	$ (49,829)	$ (25,705)

- Definition

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

+ References

+ Details

DEBT (Tables)

9 Months Ended

Nov. 02, 2024

Debt Disclosure [Abstract]

Schedule of Line of Credit Facilities

The tables below present the components of the Company’s ABL Credit Facility:


	November 2, 2024		February 3, 2024		October 28, 2023
	(in millions)
Total borrowing base availability (1)	$	422.9	$	258.4	$	394.7
Credit facility availability (1)	433.0		400.5		400.5
Maximum borrowing availability (2)	422.9		258.4		394.7

Outstanding borrowings	362.4		226.7		358.7

Letters of credit outstanding—standby	12.2		7.4		7.4
Utilization of credit facility at end of period	374.6		234.1		366.1

Availability (3)	$	48.3	$	24.3	$	28.6

Interest rate at end of period	8.1%		8.1%		8.0%

____________________________________________

(1)In Fiscal 2023, the total borrowing base availability and credit facility availability were both calculated net of the excess availability threshold, as prior to the Seventh Amendment, crossing that threshold would have resulted in cash dominion, which would have triggered a fixed charge coverage ratio covenant test and would likely have led to a default under the Credit Agreement. As of the Seventh Amendment, the fixed charge coverage ratio covenant has been removed from the Credit Agreement, and entering into cash dominion by crossing the excess availability threshold no longer poses the same risk of default under the Credit Agreement.

(2)The lower of the credit facility availability and the total borrowing base availability.

(3)The sub-limit availability for letters of credit was $12.8 million at November 2, 2024, and $42.6 million at February 3, 2024 and October 28, 2023.


	Year-To-Date 2024		Fiscal 2023		Year-To-Date 2023
	(in millions)
Average end of day loan balance during the period	$	280.9	$	315.5	$	327.6
Highest end of day loan balance during the period	$	366.9	$	379.4	$	379.4

Average interest rate	9.0%		7.5%		7.0%

Schedule of Contractual Obligation, Fiscal Year Maturity

Maturities of the Company’s principal debt payments on the Mithaq Term Loans as of November 2, 2024 are as follows:


	November 2, 2024
	(in thousands)
Remainder of 2024	$	—
2025	—
2026	—
2027	168,600
Thereafter	—
Total related party debt	$	168,600

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Nov. 02, 2024	Oct. 28, 2023	Nov. 02, 2024	Oct. 28, 2023	Feb. 03, 2024
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$ 20,080	$ 38,482	$ (49,829)	$ (25,705)
Reconciliation of net loss to net cash used in operating activities:
Non-cash portion of operating lease expense			58,738	58,894
Depreciation and amortization	9,266	11,732	30,406	35,534
Non-cash stock-based compensation expense (benefit), net			11,382	(6,424)
Asset impairment charges	0	583	28,000	3,115
Deferred income tax provision			0	1,266
Other non-cash charges, net			1,922	528
Changes in operating assets and liabilities:
Inventories			(130,436)	(16,239)
Accounts receivable and other assets			(29,856)	1,544
Prepaid expenses and other current assets			(14,086)	(4,947)
Income taxes payable, net of prepayments			2,841	(25,293)
Accounts payable and other current liabilities			(90,857)	3,027
Lease liabilities			(56,513)	(64,673)
Other long-term liabilities			(628)	(3,259)
Net cash used in operating activities			(238,916)	(42,632)
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures			(15,924)	(24,369)
Change in deferred compensation plan			0	(173)
Net cash used in investing activities			(15,924)	(24,542)
CASH FLOWS FROM FINANCING ACTIVITIES:
Borrowings under revolving credit facility			1,032,881	464,320
Repayments under revolving credit facility			(897,221)	(392,629)
Purchase and retirement of common stock, including shares surrendered for tax withholdings and transaction costs			(566)	(7,026)
Proceeds from issuance of related party term loans			168,600	0
Repayment of term loan			(50,000)	0
Payment of debt issuance costs			(5,133)	(623)
Payment of stock issuance costs			(521)	0
Net cash provided by financing activities			248,040	64,042
Effect of exchange rate changes on cash and cash equivalents			(1,090)	(35)
Net decrease in cash and cash equivalents			(7,890)	(3,167)
Cash and cash equivalents, beginning of period			13,639	16,689	$ 16,689
Cash and cash equivalents, end of period	$ 5,749	$ 13,522	5,749	13,522	$ 13,639
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Net cash (received) paid for income taxes			(688)	6,008
Cash paid for interest			20,428	20,389
SUPPLEMENTAL DISCLOSURE OF NON-CASH ACTIVITIES:
Purchases of property and equipment not yet paid			$ 2,176	$ 6,196

SEGMENT INFORMATION

9 Months Ended

Nov. 02, 2024

Segment Reporting [Abstract]

SEGMENT INFORMATION

In accordance with FASB ASC 280—Segment Reporting, the Company reports segment data based on geography: The Children’s Place U.S. and The Children’s Place International. Each segment includes an e-commerce business located at www.childrensplace.com and www.gymboree.com. Included in The Children’s Place U.S. segment are the Company’s U.S. and Puerto Rico-based stores and revenue from the Company’s U.S.-based wholesale business. Included in The Children’s Place International segment are the Company’s Canadian-based stores, revenue from the Company’s Canadian-based wholesale business, and revenue from international franchisees. The Company measures its segment profitability based on operating income, defined as income before interest and taxes. Net sales and direct costs are recorded by each segment. Certain inventory procurement functions, such as production and design, as well as corporate overhead, including executive management, finance, real estate, human resources, legal, and information technology services, are managed by The Children’s Place U.S. segment. Expenses related to these functions, including depreciation and amortization, are allocated to The Children’s Place International segment based primarily on net sales. The assets related to these functions are not allocated. The Company periodically reviews these allocations and adjusts them based upon changes in business circumstances. Net sales to external customers are derived from merchandise sales, and the Company has one U.S. wholesale customer that individually accounted for more than 10% of its net sales, amounting to $57.3 million and $118.3 million for the Third Quarter 2024 and Year-To-Date 2024, respectively, and accounts for a majority of the Company’s accounts receivable, amounting to $45.1 million as of November 2, 2024. As of November 2, 2024, The Children’s Place U.S. had 449 stores and The Children’s Place International had 61 stores. As of October 28, 2023, The Children’s Place U.S. had 520 stores and The Children’s Place International had 71 stores.

The following table provides segment level financial information:


	Thirteen Weeks Ended				Thirty-nine Weeks Ended
	November 2, 2024		October 28, 2023		November 2, 2024		October 28, 2023
	(in thousands)
Net sales:
The Children’s Place U.S.	$	356,163	$	441,865	$	894,744	$	1,048,568
The Children’s Place International (1)	34,010		38,369		82,962		98,906
Total net sales	$	390,173	$	480,234	$	977,706	$	1,147,474








Operating income (loss):
The Children’s Place U.S.	$	28,120	$	38,551	$	(15,531)	$	(26,216)
The Children’s Place International (1)	1,138		6,416		(4,975)		4,174
Total operating income (loss)	$	29,258	$	44,967	$	(20,506)	$	(22,042)
Operating income (loss) as a percentage of net sales:
The Children’s Place U.S.	7.9%		8.7%		(1.7%)		(2.5)%
The Children’s Place International (1)	3.3%		16.7%		(6.0%)		4.2%
Total operating income (loss) as a percentage of net sales	7.5%		9.4%		(2.1%)		(1.9)%
Depreciation and amortization:
The Children’s Place U.S.	$	8,613	$	10,868	$	27,102	$	32,852
The Children’s Place International	653		864		3,304		2,682
Total depreciation and amortization	$	9,266	$	11,732	$	30,406	$	35,534
Capital expenditures:
The Children’s Place U.S.	$	2,949	$	6,217	$	15,347	$	24,359
The Children’s Place International	497		—		577		10
Total capital expenditures	$	3,446	$	6,217	$	15,924	$	24,369

____________________________________________

(1)The Company’s foreign subsidiaries, primarily in Canada, have operating results based in foreign currencies and are thus subject to the fluctuations of the corresponding translation rates into U.S. dollars.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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+ Details

COMMITMENTS AND CONTINGENCIES	9 Months Ended
COMMITMENTS AND CONTINGENCIES	Nov. 02, 2024
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES The Company is a defendant in Rael v. The Children’s Place, Inc., a purported class action, pending in the U.S. District Court, Southern District of California. In the initial complaint filed in February 2016, the plaintiff alleged that the Company falsely advertised discount prices in violation of California’s Unfair Competition Law, False Advertising Law, and Consumer Legal Remedies Act. The plaintiff filed an amended complaint in April 2016, adding allegations of violations of other state consumer protection laws. In August 2016, the plaintiff filed a second amended complaint, adding an additional plaintiff and removing the other state law claims. The plaintiffs’ second amended complaint sought to represent a class of California purchasers and sought, among other items, injunctive relief, damages, and attorneys’ fees and costs. The Company engaged in mediation proceedings with the plaintiffs in December 2016 and April 2017. The parties reached an agreement in principle in April 2017, and signed a definitive settlement agreement in November 2017, to settle the matter on a class basis with all individuals in the U.S. who made a qualifying purchase at The Children’s Place from February 11, 2012 through January 28, 2020, the date of preliminary approval by the court of the settlement. The Company submitted its memorandum in support of final approval of the class settlement on March 2, 2021. On March 29, 2021, the court granted final approval of the class settlement and denied plaintiff’s motion for attorney’s fees, with the amount of attorney’s fees to be decided after the class recovery amount has been determined. The settlement provides merchandise vouchers for qualified class members who submit valid claims, as well as payment of legal fees and expenses and claims administration expenses. Vouchers were distributed to class members on November 15, 2021 and they were eligible for redemption in multiple rounds through November 2023. On February 23, 2024, a hearing on motion for preliminary injunction and permanent injunction and to enforce judgement and settlement agreement was held. Pending receipt of the court’s ruling, upon the court’s order, the plaintiff filed a renewed motion for attorneys’ fees, costs and incentive awards on March 4, 2024, to which the Company filed a statement of non-opposition on April 1, 2024. Because the plaintiff was seeking less than the maximum amount agreed to in the settlement, the Company requested that such difference in amount be distributed as vouchers to authorized class members, pursuant to the settlement agreement. The hearing for the motion for attorneys’ fees, costs, and incentive awards resulted in the court granting the plaintiff’s counsel approximately $0.3 million in fees, costs and incentive awards. The balance of funds initially reserved for the plaintiff counsel’s fees and costs will now be issued as a single, final round of merchandise vouchers for qualified class members. In connection with the settlement, the Company recorded a reserve for $5.0 million in its consolidated financial statements in the first quarter of 2017. Following the court’s recent decision(s), the Company released $2.3 million from its previously established reserve during the First Quarter 2024. Similar to the Rael case above, the Company is also a defendant in Gabriela Gonzalez v. The Children’s Place, Inc., a purported class action, pending in the U.S. District Court, Central District of California. The plaintiff alleged that the Company had falsely advertised discounts that do not exist, in violation of California’s Unfair Competition Laws, False Advertising Law and the California Consumer Legal Remedies Act. The Company filed a motion to compel arbitration, which the plaintiff did not oppose, and the court granted the motion on August 17, 2022—staying the case pending the outcome of the arbitration. The demand for arbitration was filed on October 4, 2022, in connection with the individual claim of the plaintiff. A mass arbitration firm associated with plaintiff’s counsel then conducted an advertising campaign for claimants to conduct a mass arbitration. In part, to avoid the mass arbitration, the parties stipulated to return the original plaintiff’s claim to court to proceed as a class action. Accordingly, the arbitration would not be proceeding and the Company’s response to the original plaintiff’s complaint in court was filed on July 20, 2023. On August 16, 2023, however, the Company began to receive notices regarding an initial tranche of approximately 1,300 individual demands that were filed with Judicial Arbitration and Mediation Services, Inc. (“JAMS”) as part of a related mass arbitration claim. The parties participated in mediation proceedings on November 15, 2023 and February 9, 2024. The parties agreed to further discuss settlement options in May 2024, which occurred without resolution. In late May, due to the judge’s retirement, the Gonzalez action was transferred and reassigned to a different judge. Deadlines were therefore reset, including the Company’s motion to dismiss. On June 10, 2024, JAMS advised that it would be pausing its administration of the claims until the parties resolve their dispute over which set of arbitration terms apply to the case. The Company’s motion to dismiss was denied in November 2024. As of February 2024, the Company was also a defendant in Randeep Singh Khalsa v. The Children’s Place, Inc. et al., a purported class action, pending in the United States District Court of New Jersey. The complaint purported to assert claims under the federal securities laws, alleging that between March 16, 2023, and February 8, 2024, the Company made materially false and/or misleading statements, and failed to disclose material adverse facts to its investors, which the complaint alleged led to a drop in the price of the Company’s common stock. As of November 20, 2024, this case has been dismissed in its entirety, with prejudice. The Company is also involved in various legal proceedings arising in the normal course of business. In the opinion of management, any ultimate liability arising out of these proceedings is not expected to have a material adverse effect on the Company’s financial position, results of operations, or cash flows.

STOCKHOLDERS’ (DEFICIT) EQUITY (Tables)

9 Months Ended

Nov. 02, 2024

Stockholders' Equity Note [Abstract]

Schedule of Shares Repurchases

The following table summarizes the Company’s share repurchases:


	Thirty-nine Weeks Ended
	November 2, 2024			October 28, 2023
	Shares	Amount		Shares	Amount
	(in thousands)
Share repurchases related to:
Share repurchase program	65	$	566	205	$	7,026
Shares acquired and held in treasury	5	$	66	6	$	196

DEBT - Components (Details) - USD ($) $ in Millions	9 Months Ended		12 Months Ended
DEBT - Components (Details) - USD ($) $ in Millions	Nov. 02, 2024	Oct. 28, 2023	Feb. 03, 2024
Line of Credit Facility [Line Items]
Average end of day loan balance during the period	$ 280.9	$ 327.6	$ 315.5
Highest end of day loan balance during the period	$ 366.9	$ 379.4	$ 379.4
Average interest rate	9.00%	7.00%	7.50%
ABL Credit Facility and Previous ABL Credit Facility
Line of Credit Facility [Line Items]
Outstanding borrowings	$ 362.4	$ 358.7	$ 226.7
Utilization of credit facility at end of period	374.6	366.1	234.1
Availability	$ 48.3	$ 28.6	$ 24.3
Interest rate at end of period	8.10%	8.00%	8.10%
Revolving credit facility \| ABL Credit Facility and Previous ABL Credit Facility
Line of Credit Facility [Line Items]
Total borrowing base availability	$ 422.9	$ 394.7	$ 258.4
Credit facility availability	433.0	400.5	400.5
Maximum borrowing capacity	422.9	394.7	258.4
Standby \| ABL Credit Facility and Previous ABL Credit Facility
Line of Credit Facility [Line Items]
Letters of credit outstanding—standby	12.2	7.4	7.4
Sublimit Letter Of Credit \| ABL Credit Facility
Line of Credit Facility [Line Items]
Availability	$ 12.8	$ 42.6	$ 42.6

CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - $ / shares	Nov. 02, 2024	Feb. 03, 2024	Oct. 28, 2023
Statement of Financial Position [Abstract]
Preferred stock, par value (in usd per share)	$ 1.00	$ 1.00	$ 1.00
Preferred stock, shares authorized (in shares)	1,000,000	1,000,000	1,000,000
Preferred stock, shares issued (in shares)	0	0	0
Preferred stock, shares outstanding (in shares)	0	0	0
Common stock, par value (in usd per share)	$ 0.10	$ 0.10	$ 0.10
Common stock, shares authorized (in shares)	100,000,000	100,000,000	100,000,000
Common stock, shares issued (in shares)	12,779,000	12,585,000	12,549,000
Common stock, shares outstanding (in shares)	12,776,000	12,529,000	12,476,000
Treasury stock (in shares)	3,000	56,000	73,000

CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands	Nov. 02, 2024	Feb. 03, 2024	Oct. 28, 2023
Current assets:
Cash and cash equivalents	$ 5,749	$ 13,639	$ 13,522
Accounts receivable	62,214	33,219	51,712
Inventories	491,619	362,099	462,411
Prepaid expenses and other current assets	43,109	43,169	69,710
Total current assets	602,691	452,126	597,355
Long-term assets:
Property and equipment, net	105,486	124,750	134,639
Right-of-use assets	159,374	175,351	127,863
Tradenames, net	13,000	41,123	70,291
Deferred income taxes	0	0	35,237
Other assets	8,242	6,958	7,996
Total assets	888,793	800,308	973,381
Current liabilities:
Revolving loan	362,375	226,715	358,679
Accounts payable	125,912	225,549	182,594
Current portion of operating lease liabilities	65,151	69,235	66,216
Income taxes payable	2,413	5,297	2,167
Accrued expenses and other current liabilities	93,142	89,608	96,086
Total current liabilities	648,993	616,404	705,742
Long-term liabilities:
Long-term portion of operating lease liabilities	108,390	118,073	76,641
Income taxes payable	0	9,486	9,611
Other tax liabilities	5,061	4,664	3,529
Other long-term liabilities	10,259	10,882	9,986
Total liabilities	938,367	809,327	855,310
Commitments and contingencies (see Note 8)
Stockholders’ (deficit) equity:
Preferred stock, $1.00 par value, 1,000 shares authorized, 0 shares issued and outstanding	0	0	0
Common stock, $0.10 par value, 100,000 shares authorized; 12,779, 12,585, and 12,549 issued; 12,776, 12,529, and 12,476 outstanding	1,278	1,259	1,255
Additional paid-in capital	151,359	141,083	140,330
Treasury stock, at cost (3, 56, and 73 shares)	(110)	(2,909)	(3,932)
Deferred compensation	110	2,909	3,932
Accumulated other comprehensive loss	(17,517)	(16,496)	(17,499)
Accumulated deficit	(184,694)	(134,865)	(6,015)
Total stockholders’ (deficit) equity	(49,574)	(9,019)	118,071
Total liabilities and stockholders’ (deficit) equity	888,793	800,308	973,381
Nonrelated Party
Long-term liabilities:
Long-term debt	0	49,818	49,801
Related party
Long-term liabilities:
Long-term debt	$ 165,664	$ 0	$ 0

EARNINGS (LOSS) PER COMMON SHARE

9 Months Ended

Nov. 02, 2024

Earnings Per Share [Abstract]

EARNINGS (LOSS) PER COMMON SHARE

The following table reconciles net income (loss) and common share amounts utilized to calculate basic and diluted earnings (loss) per common share:


	Thirteen Weeks Ended				Thirty-nine Weeks Ended
	November 2, 2024		October 28, 2023		November 2, 2024		October 28, 2023


	(in thousands)
Net income (loss)	$	20,080	$	38,482	$	(49,829)	$	(25,705)

Basic weighted average common shares outstanding	12,779		12,548		12,731		12,481
Dilutive effect of stock awards	21		71		—		—
Diluted weighted average common shares outstanding	12,800		12,619		12,731		12,481

Anti-dilutive shares excluded from diluted earnings (loss) per common share calculation	—		—		44		124

STOCKHOLDERS’ (DEFICIT) EQUITY - Narrative (Details) - 2018 Share Repurchase Program - USD ($)	Nov. 02, 2024	Nov. 30, 2021
Equity, Class of Treasury Stock [Line Items]
Stock repurchase program, authorized amount		$ 250,000,000
Stock repurchase program, remaining authorized repurchase amount	$ 156,700,000

INTANGIBLE ASSETS (Tables)

9 Months Ended

Nov. 02, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Intangible Assets and Goodwill

The Company’s intangible assets were as follows:


		November 2, 2024
	Useful Life	Gross Amount		Accumulated Amortization		Net Amount
		(in thousands)
Gymboree tradename	Indefinite	$	13,000	$	—	$	13,000


Total intangible assets		$	13,000	$	—	$	13,000


		February 3, 2024
	Useful Life	Gross Amount		Accumulated Amortization		Net Amount
		(in thousands)
Gymboree tradename	Indefinite	$	41,000	$	—	$	41,000
Crazy 8 tradename	5 years	4,000		(3,877)		123
Total intangible assets		$	45,000	$	(3,877)	$	41,123


		October 28, 2023
	Useful Life	Gross Amount		Accumulated Amortization		Net Amount
		(in thousands)
Gymboree tradename	Indefinite	$	69,953	$	—	$	69,953
Crazy 8 tradename	5 years	4,000		(3,662)		338
Total intangible assets		$	73,953	$	(3,662)	$	70,291

INTANGIBLE ASSETS - Narrative (Details) - USD ($)	3 Months Ended		12 Months Ended
INTANGIBLE ASSETS - Narrative (Details) - USD ($)	Nov. 02, 2024	Aug. 03, 2024	Feb. 03, 2024	Oct. 28, 2023
Indefinite-lived Intangible Assets [Line Items]
Impairment of intangible assets	$ 0	$ 28,000,000
Impairment, Intangible Asset, Indefinite-Lived (Excluding Goodwill), Statement of Income or Comprehensive Income [Extensible Enumeration]			Asset impairment charges
Gymboree tradename
Indefinite-lived Intangible Assets [Line Items]
Impairment of intangible assets			$ 29,000,000
Indefinite-lived intangible assets	$ 13,000,000	$ 13,000,000	$ 41,000,000	$ 69,953,000

REVENUES (Tables)

9 Months Ended

Nov. 02, 2024

Revenue from Contract with Customer [Abstract]

Schedule of Disaggregation of Revenue

The following table presents the Company’s revenues disaggregated by geography:


	Thirteen Weeks Ended				Thirty-nine Weeks Ended
	November 2, 2024		October 28, 2023		November 2, 2024		October 28, 2023
	(in thousands)
Net sales:
South	$	127,050	$	168,623	$	355,945	$	416,249
Northeast	78,891		96,052		183,571		220,519
West	42,310		55,567		115,063		144,920
Midwest	42,510		58,331		103,001		131,235
International and other (1)	99,412		101,661		220,126		234,551
Total net sales	$	390,173	$	480,234	$	977,706	$	1,147,474

____________________________________________

(1)Includes retail and e-commerce sales in Canada and Puerto Rico, wholesale and franchisee sales, and certain amounts earned under the Company’s private label credit card program.

STOCKHOLDERS’ (DEFICIT) EQUITY - Share Repurchases (Details) - USD ($) shares in Thousands, $ in Thousands	9 Months Ended
	Nov. 02, 2024	Oct. 28, 2023
Stockholders' Equity Note [Abstract]
Share repurchase program (in shares)	65	205
Share repurchase program	$ 566	$ 7,026
Shares acquired and held in treasury (in shares)	5	6
Shares acquired and held in treasury	$ 66	$ 196

FAIR VALUE MEASUREMENT - Narrative (Details) - USD ($)	3 Months Ended			9 Months Ended		12 Months Ended
FAIR VALUE MEASUREMENT - Narrative (Details) - USD ($)	Nov. 02, 2024	Aug. 03, 2024	Oct. 28, 2023	Nov. 02, 2024	Oct. 28, 2023	Feb. 03, 2024
Indefinite-lived Intangible Assets [Line Items]
Impairment of long-lived assets	$ 0		$ 600,000	$ 0	$ 3,100,000
Asset impairment charges	0		583,000	28,000,000	3,115,000
Impairment charges, 10% decrease in forecasted revenue	1,000,000			1,000,000
Initial Mithaq Term Loan
Indefinite-lived Intangible Assets [Line Items]
Maximum borrowing capacity	78,600,000			78,600,000
Debt fair value	57,600,000			57,600,000
New Mithaq Term Loan
Indefinite-lived Intangible Assets [Line Items]
Maximum borrowing capacity	90,000,000			90,000,000
Debt fair value	79,800,000			79,800,000
Gymboree tradename
Indefinite-lived Intangible Assets [Line Items]
Asset impairment charges	0	$ 28,000,000				$ 29,000,000
Indefinite-lived intangible assets	$ 13,000,000	$ 13,000,000	$ 69,953,000	$ 13,000,000	$ 69,953,000	$ 41,000,000

FAIR VALUE MEASUREMENT	9 Months Ended
FAIR VALUE MEASUREMENT	Nov. 02, 2024
Fair Value Disclosures [Abstract]
FAIR VALUE MEASUREMENT	FAIR VALUE MEASUREMENT The Company’s cash and cash equivalents, accounts receivable, investments in the rabbi trust, accounts payable, and revolving loan are all short-term in nature. As such, their carrying amounts approximate fair value. The Company’s deferred compensation plan assets and liabilities fall within Level 1 of the fair value hierarchy. The Company stock included in the deferred compensation plan is not subject to fair value measurement. The fair value of the Company’s Initial Mithaq Term Loan with a carrying value (gross of debt issuance costs) of $78.6 million at November 2, 2024, was approximately $57.6 million. The fair value of the Company’s New Mithaq Term Loan with a carrying value (gross of debt issuance costs) of $90.0 million at November 2, 2024, was approximately $79.8 million. The fair value of debt was estimated using a market approach, which considers the Company’s credit risk and market related conditions, and is therefore within Level 2 of the fair value hierarchy. The Company’s non-financial assets measured at fair value on a nonrecurring basis include long-lived assets, such as intangible assets, fixed assets, and ROU assets. The Company reviews the carrying amounts of such assets when events indicate that their carrying amounts may not be recoverable. Any resulting asset impairment would require that the asset be recorded at its fair value. The resulting fair value measurements of the assets are considered to fall within Level 3 of the fair value hierarchy. Impairment of Long-Lived Assets The fair value of the Company’s long-lived assets is primarily calculated using a discounted cash-flow model directly associated with those assets, which consist principally of property and equipment and ROU assets. These assets are tested for impairment when events indicate that their carrying value may not be recoverable. The Company performed periodic quantitative impairment assessments of its long-lived assets and did not record an impairment charge in the Third Quarter 2024 and Year-To-Date 2024. The Company recorded asset impairment charges in the Third Quarter 2023 and Year-To-Date 2023 of $0.6 million and $3.1 million, respectively, inclusive of ROU assets. Impairment of Indefinite-Lived Intangible Assets The Company estimates the fair value of its indefinite-lived Gymboree tradename based on an income approach using the relief-from-royalty method. Estimating fair value using this method requires management to estimate future revenues, royalty rates, discount rates, long-term growth rates, and other factors in order to project future cash flows. The Company performs an annual impairment assessment of the Gymboree tradename at the end of December or whenever circumstances indicate that a decline in value may have occurred, in accordance with FASB ASC 350—Intangibles – Goodwill and Other. Based on this assessment, the Company recorded an impairment charge of $29.0 million in Fiscal 2023, and a further impairment charge of $28.0 million in the Second Quarter 2024, which reduced the carrying value to its fair value of $13.0 million. There were no impairment charges recorded in the Third Quarter 2024. Unfavorable changes in certain of the Company’s key assumptions may affect future testing results. For example, keeping all other assumptions constant, a 100-basis point increase in the discount rate or a 10% decrease in forecasted revenue would result in further impairment charges of approximately $1.0 million.

- 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.

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+ Details

LEASES - Lease Cost (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
LEASES - Lease Cost (Details) - USD ($) $ in Thousands	Nov. 02, 2024	Oct. 28, 2023	Nov. 02, 2024	Oct. 28, 2023
Leases [Abstract]
Fixed operating lease cost	$ 22,684	$ 21,457	$ 68,326	$ 63,844
Variable operating lease cost	5,281	11,030	19,224	40,115
Total operating lease cost	$ 27,965	$ 32,487	$ 87,550	$ 103,959

SEGMENT INFORMATION - Narrative (Details) $ in Thousands	3 Months Ended	9 Months Ended
SEGMENT INFORMATION - Narrative (Details) $ in Thousands	Nov. 02, 2024 USD ($) store	Nov. 02, 2024 USD ($) store	Feb. 03, 2024 USD ($)	Oct. 28, 2023 USD ($) store
Segment Reporting Information [Line Items]
Accounts receivable \| $	$ 62,214	$ 62,214	$ 33,219	$ 51,712
Number of Stores \| store	500	500
Revenue, Segment Benchmark \| Customer Concentration Risk
Segment Reporting Information [Line Items]
Net sales \| $	$ 57,300	$ 118,300
Accounts Receivable \| Customer Concentration Risk
Segment Reporting Information [Line Items]
Accounts receivable \| $	$ 45,100	$ 45,100
The Children’s Place U.S.
Segment Reporting Information [Line Items]
Number of Stores \| store	449	449		520
The Children’s Place International
Segment Reporting Information [Line Items]
Number of Stores \| store	61	61		71

- Definition

Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss).

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+ Details

RESTRUCTURING (Tables)

9 Months Ended

Nov. 02, 2024

Restructuring and Related Activities [Abstract]

Schedule of Restructuring and Related Costs


	Thirteen Weeks Ended				Thirty-nine Weeks Ended
	November 2, 2024		October 28, 2023		November 2, 2024		October 28, 2023
	(in thousands)
Employee-related costs	$	—	$	674	$	—	$	6,107
Lease termination costs (1)	—		454		701		5,401
TODC costs (2)	—		—		1,848		—
Professional fees	—		82		—		268
Total restructuring costs (3)	$	—	$	1,210	$	2,549	$	11,776

_______________________________________

(1)Includes non-cash charges related to accelerated depreciation on certain assets in the corporate office over the reduced term, amounting to $0.7 million during Year-To-Date 2024.

(2)Includes non-cash charges related to accelerated depreciation on TODC assets, amounting to $1.1 million during Year-To-Date 2024.

Schedule of Restructuring Reserve by Type of Cost

The following table summarizes the restructuring costs that have been settled with cash payments. There is no remaining liability as of November 2, 2024.



	Employee-Related Costs		TODC Costs		Total
	(in thousands)
Balance at February 3, 2024	$	1,666	$	—	$	1,666
Provision	—		751		751
Cash Payments	(1,114)		(247)		(1,361)
Balance at May 4, 2024	552		504		1,056

Cash Payments	(304)		(185)		(489)
Balance at August 3, 2024	248		319		567
Provision	(248)		(319)		(567)

Balance at November 2, 2024	$	—	$	—	$	—



	Employee-Related Costs		Lease Termination Costs		Professional Fees		Total
	(in thousands)
Balance at April 29, 2023	$	—	$	—	$	—	$	—
Provision	5,433		4,040		186		9,659
Cash Payments	(2,602)		(4,040)		—		(6,642)
Balance at July 29, 2023	2,831		—		186		3,017
Provision	674		—		82		756
Cash Payments	(2,652)		—		(268)		(2,920)
Balance at October 28, 2023	853		—		—		853
Provision	1,275		—		—		1,275
Cash Payments	(462)		—		—		(462)
Balance at February 3, 2024	$	1,666	$	—	$	—	$	1,666

LEASES - Lease Liability Maturity (Details) $ in Thousands	Nov. 02, 2024 USD ($)
Leases [Abstract]
Remainder of 2024	$ 22,526
2025	70,981
2026	41,657
2027	19,495
2028	14,795
Thereafter	41,743
Total operating lease payments	211,197
Less: imputed interest	(37,656)
Present value of operating lease liabilities	$ 173,541

STOCK-BASED COMPENSATION (Tables)

9 Months Ended

Nov. 02, 2024

Share-Based Payment Arrangement [Abstract]

Schedule of Company’s Stock-Based Compensation Expense

The following table summarizes the Company’s stock-based compensation expense (benefit):


	Thirteen Weeks Ended				Thirty-nine Weeks Ended
	November 2, 2024		October 28, 2023		November 2, 2024		October 28, 2023
	(in thousands)
Deferred Awards	$	282	$	1,193	$	2,110	$	5,383
Performance Awards	(261)		(5,939)		9,272		(11,807)
Total stock-based compensation expense (benefit) (1)	$	21	$	(4,746)	$	11,382	$	(6,424)

___________________________________________

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Nov. 02, 2024	Oct. 28, 2023	Nov. 02, 2024	Oct. 28, 2023
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract]
Net income (loss)	$ 20,080	$ 38,482	$ (49,829)	$ (25,705)
Other comprehensive loss:
Foreign currency translation adjustment	(282)	(1,535)	(1,021)	(1,252)
Total comprehensive income (loss)	$ 19,798	$ 36,947	$ (50,850)	$ (26,957)

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income, attributable to parent entity. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

- Definition

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

+ References

+ Details

INTANGIBLE ASSETS - Schedule of Intangible Assets (Details) - USD ($) $ in Thousands	Nov. 02, 2024	Aug. 03, 2024	Feb. 03, 2024	Oct. 28, 2023
Finite-Lived Intangible Assets [Line Items]
Accumulated Amortization	$ 0		$ (3,877)	$ (3,662)
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Total intangibles, net, Gross amount	13,000		45,000	73,953
Total intangibles, net, Accumulated amortization	0		(3,877)	(3,662)
Total intangible assets	13,000		41,123	70,291
Crazy 8 tradename
Indefinite-lived Intangible Assets [Line Items]
Indefinite-lived intangible assets	$ 13,000	$ 13,000	$ 41,000	$ 69,953
Crazy 8 tradename
Finite-Lived Intangible Assets [Line Items]
Useful Life			5 years	5 years
Gross Amount			$ 4,000	$ 4,000
Accumulated Amortization			(3,877)	(3,662)
Net Amount			123	338
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Total intangibles, net, Accumulated amortization			$ (3,877)	$ (3,662)

SEGMENT INFORMATION - Segment Reporting (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Nov. 02, 2024	Oct. 28, 2023	Nov. 02, 2024	Oct. 28, 2023
Segment Reporting Information [Line Items]
Net sales	$ 390,173	$ 480,234	$ 977,706	$ 1,147,474
Operating income (loss)	$ 29,258	$ 44,967	$ (20,506)	$ (22,042)
Operating income (loss) as a percentage of net sales:	7.50%	9.40%	(2.10%)	(1.90%)
Depreciation and amortization	$ 9,266	$ 11,732	$ 30,406	$ 35,534
Capital expenditures:	3,446	6,217	15,924	24,369
Operating Segments \| The Children’s Place U.S. \| U.S.
Segment Reporting Information [Line Items]
Net sales	356,163	441,865	894,744	1,048,568
Operating income (loss)	$ 28,120	$ 38,551	$ (15,531)	$ (26,216)
Operating income (loss) as a percentage of net sales:	7.90%	8.70%	(1.70%)	(2.50%)
Depreciation and amortization	$ 8,613	$ 10,868	$ 27,102	$ 32,852
Capital expenditures:	2,949	6,217	15,347	24,359
Operating Segments \| The Children’s Place International \| International
Segment Reporting Information [Line Items]
Net sales	34,010	38,369	82,962	98,906
Operating income (loss)	$ 1,138	$ 6,416	$ (4,975)	$ 4,174
Operating income (loss) as a percentage of net sales:	3.30%	16.70%	(6.00%)	4.20%
Depreciation and amortization	$ 653	$ 864	$ 3,304	$ 2,682
Capital expenditures:	$ 497	$ 0	$ 577	$ 10

RESTRUCTURING - Restructuring Reserves (Details) - USD ($) $ in Thousands	3 Months Ended
	Nov. 02, 2024	Aug. 03, 2024	May 04, 2024	Feb. 03, 2024	Oct. 28, 2023	Jul. 29, 2023
Restructuring Reserve [Roll Forward]
Beginning balance	$ 567	$ 1,056	$ 1,666	$ 853	$ 3,017	$ 0
Provision	(567)		751	1,275	756	9,659
Cash Payments		(489)	(1,361)	(462)	(2,920)	(6,642)
Ending balance	0	567	1,056	1,666	853	3,017
Employee-related costs
Restructuring Reserve [Roll Forward]
Beginning balance	248	552	1,666	853	2,831	0
Provision	(248)		0	1,275	674	5,433
Cash Payments		(304)	(1,114)	(462)	(2,652)	(2,602)
Ending balance	0	248	552	1,666	853	2,831
TODC costs
Restructuring Reserve [Roll Forward]
Beginning balance	319	504	0
Provision	(319)		751
Cash Payments		(185)	(247)
Ending balance	$ 0	$ 319	504	0
Lease termination costs
Restructuring Reserve [Roll Forward]
Beginning balance			0	0	0	0
Provision				0	0	4,040
Cash Payments				0	0	(4,040)
Ending balance				0	0	0
Professional fees
Restructuring Reserve [Roll Forward]
Beginning balance			$ 0	0	186	0
Provision				0	82	186
Cash Payments				0	(268)	0
Ending balance				$ 0	$ 0	$ 186

SEGMENT INFORMATION (Tables)

9 Months Ended

Nov. 02, 2024

Segment Reporting [Abstract]

Schedule of Segment Reporting

The following table provides segment level financial information:


	Thirteen Weeks Ended				Thirty-nine Weeks Ended
	November 2, 2024		October 28, 2023		November 2, 2024		October 28, 2023
	(in thousands)
Net sales:
The Children’s Place U.S.	$	356,163	$	441,865	$	894,744	$	1,048,568
The Children’s Place International (1)	34,010		38,369		82,962		98,906
Total net sales	$	390,173	$	480,234	$	977,706	$	1,147,474








Operating income (loss):
The Children’s Place U.S.	$	28,120	$	38,551	$	(15,531)	$	(26,216)
The Children’s Place International (1)	1,138		6,416		(4,975)		4,174
Total operating income (loss)	$	29,258	$	44,967	$	(20,506)	$	(22,042)
Operating income (loss) as a percentage of net sales:
The Children’s Place U.S.	7.9%		8.7%		(1.7%)		(2.5)%
The Children’s Place International (1)	3.3%		16.7%		(6.0%)		4.2%
Total operating income (loss) as a percentage of net sales	7.5%		9.4%		(2.1%)		(1.9)%
Depreciation and amortization:
The Children’s Place U.S.	$	8,613	$	10,868	$	27,102	$	32,852
The Children’s Place International	653		864		3,304		2,682
Total depreciation and amortization	$	9,266	$	11,732	$	30,406	$	35,534
Capital expenditures:
The Children’s Place U.S.	$	2,949	$	6,217	$	15,347	$	24,359
The Children’s Place International	497		—		577		10
Total capital expenditures	$	3,446	$	6,217	$	15,924	$	24,369

____________________________________________

LEASES - Narrative (Details) $ in Millions	9 Months Ended
LEASES - Narrative (Details) $ in Millions	Nov. 02, 2024 USD ($)
Lessee, Lease, Description [Line Items]
Option to extend lease	5 years
Operating lease, weighted average remaining lease term	4 years 4 months 24 days
Operating lease, weighted average discount rate	8.00%
Operating lease, payments	$ 59.8
Right-of-use asset obtained in exchange for operating lease liability	$ 51.1
Minimum
Lessee, Lease, Description [Line Items]
Lessee, operating lease, remaining lease term	1 year
Maximum
Lessee, Lease, Description [Line Items]
Lessee, operating lease, remaining lease term	13 years

COMMITMENTS AND CONTINGENCIES (Details) $ in Millions		3 Months Ended
COMMITMENTS AND CONTINGENCIES (Details) $ in Millions	Mar. 04, 2024 USD ($)	May 04, 2024 USD ($)	Aug. 16, 2023 demand	Apr. 29, 2017 USD ($)
Rael v. The Children’s Place, Inc.
Loss Contingencies [Line Items]
Litigation settlement awarded to plaintiff	$ 0.3
Loss contingency, estimate of possible loss				$ 5.0
Loss contingency accrual decrease		$ 2.3
Gabriela Gonzalez v. The Children’s Place, Inc.
Loss Contingencies [Line Items]
Individual demands filed received \| demand			1,300

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

LEASES

9 Months Ended

Nov. 02, 2024

Leases [Abstract]

LEASES

The Company has operating leases for retail stores, corporate offices, distribution facilities, and certain equipment. The Company’s leases have remaining lease terms ranging from less than one year up to thirteen years, some of which include options to extend the leases for up to five years, and some of which include options to terminate the lease early. The Company records all occupancy costs in Cost of sales, except costs for administrative office buildings, which are recorded in Selling, general, and administrative expenses. As of the periods presented, the Company’s finance leases were not material to the Consolidated Balance Sheets, Consolidated Statements of Operations, or Consolidated Statements of Cash Flows.

The following components of operating lease expense were recognized in the Company’s Consolidated Statements of Operations:


	Thirteen Weeks Ended				Thirty-nine Weeks Ended
	November 2, 2024		October 28, 2023		November 2, 2024		October 28, 2023
	(in thousands)
Fixed operating lease cost	$	22,684	$	21,457	$	68,326	$	63,844
Variable operating lease cost (1)	5,281		11,030		19,224		40,115
Total operating lease cost	$	27,965	$	32,487	$	87,550	$	103,959

____________________________________________

(1)Includes short term leases with lease periods of less than 12 months.

As of November 2, 2024, the weighted-average remaining operating lease term was 4.4 years, and the weighted-average discount rate for operating leases was 8.0%. Cash paid for amounts included in the measurement of operating lease liabilities during Year-To-Date 2024 was $59.8 million. ROU assets obtained in exchange for new operating lease liabilities were $51.1 million during Year-To-Date 2024.

As of November 2, 2024, the maturities of operating lease liabilities were as follows:


	November 2, 2024
	(in thousands)
Remainder of 2024	$	22,526
2025	70,981
2026	41,657
2027	19,495
2028	14,795
Thereafter	41,743
Total operating lease payments	211,197
Less: imputed interest	(37,656)
Present value of operating lease liabilities	$	173,541

STOCKHOLDERS’ (DEFICIT) EQUITY

9 Months Ended

Nov. 02, 2024

Stockholders' Equity Note [Abstract]

STOCKHOLDERS’ (DEFICIT) EQUITY

Share Repurchase Program

In November 2021, the Company’s Board of Directors authorized a $250.0 million share repurchase program (the “Share Repurchase Program”). Under this program, the Company may repurchase shares on the open market at current market prices at the time of purchase or in privately negotiated transactions. The timing and actual number of shares repurchased under the program will depend on a variety of factors, including price, corporate and regulatory requirements, and other market and business conditions. The Company may suspend or discontinue the program at any time and may thereafter reinstitute purchases, all without prior announcement. Currently, given the terms of the Company’s Credit Agreement as amended by its Seventh Amendment described above, the Company is not expecting to repurchase any shares in Fiscal 2024, except as described below, pursuant to our practice as a result of our insider trading policy. As of November 2, 2024, there was $156.7 million remaining availability under the Share Repurchase Program.

Pursuant to the Company’s practice, including due to restrictions imposed by the Company’s insider trading policy during black-out periods, the Company withholds and repurchases shares of vesting stock awards and makes payments to taxing authorities as required by law to satisfy the withholding tax requirements of all equity award recipients. The Company’s payment of the withholding taxes in exchange for the surrendered shares constitutes a repurchase of its common stock. The Company also acquires shares of its common stock in conjunction with liabilities owed under the Company’s deferred compensation plan, which are held in treasury.

The following table summarizes the Company’s share repurchases:


	Thirty-nine Weeks Ended
	November 2, 2024			October 28, 2023
	Shares	Amount		Shares	Amount
	(in thousands)
Share repurchases related to:
Share repurchase program	65	$	566	205	$	7,026
Shares acquired and held in treasury	5	$	66	6	$	196

In accordance with the FASB ASC 505—Equity, the par value of the shares retired is charged against Common stock and the remaining purchase price is allocated between Additional paid-in capital and Accumulated deficit. The portion charged against Additional paid-in capital is determined using a pro-rata allocation based on total shares outstanding.

Dividends

Future declarations of quarterly dividends and the establishment of future record and payment dates are subject to approval by the Company’s Board of Directors based on a number of factors, including business and market conditions, the Company’s financial performance, and other investment priorities. Currently, given the terms of the Credit Agreement as amended by the Seventh Amendment as described above, the Company is not expecting to pay any cash dividends in Fiscal 2024.

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 505
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478448/946-505-50-6

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480237/815-40-50-6

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480008/505-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(e)(1))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-Name Accounting Standards Codification
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-URI https://asc.fasb.org/505/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (i)
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-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Section 50
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-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-16

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

+ Details

DEBT

9 Months Ended

Nov. 02, 2024

Debt Disclosure [Abstract]

DEBT

ABL Credit Facility and 2021 Term Loan

The Company and certain of its subsidiaries maintain the $433.0 million ABL Credit Facility and, before it was fully repaid, maintained a $50.0 million term loan (the “2021 Term Loan”) under its Credit Agreement with Wells Fargo Bank, National Association (“Wells Fargo”), Truist Bank, Bank of America, N.A., HSBC Business Credit (USA) Inc., JPMorgan Chase Bank, N.A., and PNC Bank, National Association, as the lenders party thereto (collectively, the “Credit Agreement Lenders”) and Wells Fargo, as Administrative Agent, Collateral Agent, Swing Line Lender and, before the 2021 Term Loan was fully repaid, Term Agent. The ABL Credit Facility will mature and, before it was fully repaid, the 2021 Term Loan would have matured, in November 2026.

As of April 18, 2024, which is the effective date of the seventh amendment to the Credit Agreement (the “Seventh Amendment”), the ABL Credit Facility includes a $25.0 million Canadian sublimit and a $25.0 million sublimit for standby and documentary letters of credit.

Under the ABL Credit Facility, borrowings outstanding bear interest, at the Company’s option, at:

(i)the prime rate per annum, plus a margin of 2.000%; or

(ii)the Secured Overnight Financing Rate (“SOFR”) per annum, plus 0.100%, plus a margin of 3.000%.

Prior to April 18, 2024, the Company was charged a fee of 0.200% on the unused portion of the commitments. As of April 18, 2024, based on the size of the unused portion of the commitments, the Company is charged a fee ranging from 0.250% to 0.375%. Letter of credit fees are at 1.125% for commercial letters of credit and 1.750% for standby letters of credit. The amount available for loans and letters of credit under the ABL Credit Facility is determined by a borrowing base consisting of certain credit card receivables, certain trade receivables, certain inventory, and the fair market value of certain real estate, subject to certain reserves and an availability block.

From and after February 4, 2025 and on the first day of each fiscal quarter thereafter, based on the amount of the Company’s average daily excess availability under the facility, borrowings outstanding under the ABL Credit Facility will bear interest, at the Company’s option, at:

(i)the prime rate per annum, plus a margin of 1.750% or 2.000%; or

(ii)the SOFR per annum, plus 0.100%, plus a margin of 2.750% or 3.000%.

Letter of credit fees will range from 1.000% to 1.125% for commercial letters of credit and will range from 1.500% to 1.750% for standby letters of credit. Letter of credit fees will be determined based on the amount of the Company’s average daily excess availability under the facility.

For the Third Quarter 2024 and Year-To-Date 2024, the Company recognized $7.1 million and $19.1 million, respectively, in interest expense related to the ABL Credit Facility. For the Third Quarter 2023 and Year-To-Date 2023, the Company recognized $7.2 million and $18.0 million, respectively, in interest expense related to the ABL Credit Facility.

Prior to April 18, 2024, when the 2021 Term Loan was fully repaid, credit extended under the ABL Credit Facility was secured by a first priority security interest in substantially all of the Company’s U.S. and Canadian assets other than intellectual property, certain furniture, fixtures, equipment, and pledges of subsidiary capital stock, and a second priority security interest in the Company’s intellectual property, certain furniture, fixtures, equipment, and pledges of subsidiary capital stock. As of April 18, 2024, the ABL Credit Facility is secured on a first priority basis by all of the foregoing collateral.

The outstanding obligations under the ABL Credit Facility may be accelerated upon the occurrence of certain customary events of default, as described below. The Company is not subject to any early termination fees.

The ABL Credit Facility contains covenants, which include conditions on stock buybacks and the payment of cash dividends or similar payments. These covenants also limit the ability of the Company and its subsidiaries to incur certain liens, to incur certain indebtedness, to make certain investments, acquisitions, or dispositions or to change the nature of its business. Pursuant to the Seventh Amendment, the requisite payment condition thresholds for some of these covenants have been heightened, resulting in certain actions such as the repurchase of shares and payment of cash dividends becoming more difficult to perform. Additionally, if the Company is unable to maintain a certain amount of excess availability for borrowings (the “excess availability threshold”), the Company may be subject to cash dominion.

The ABL Credit Facility contains customary events of default, which include (subject in certain cases to customary grace and cure periods) nonpayment of principal or interest, breach of covenants, failure to pay certain other indebtedness, and certain events of bankruptcy, insolvency or reorganization, such as a change of control.

The tables below present the components of the Company’s ABL Credit Facility:


	November 2, 2024		February 3, 2024		October 28, 2023
	(in millions)
Total borrowing base availability (1)	$	422.9	$	258.4	$	394.7
Credit facility availability (1)	433.0		400.5		400.5
Maximum borrowing availability (2)	422.9		258.4		394.7

Outstanding borrowings	362.4		226.7		358.7

Letters of credit outstanding—standby	12.2		7.4		7.4
Utilization of credit facility at end of period	374.6		234.1		366.1

Availability (3)	$	48.3	$	24.3	$	28.6

Interest rate at end of period	8.1%		8.1%		8.0%

____________________________________________

(2)The lower of the credit facility availability and the total borrowing base availability.

(3)The sub-limit availability for letters of credit was $12.8 million at November 2, 2024, and $42.6 million at February 3, 2024 and October 28, 2023.


	Year-To-Date 2024		Fiscal 2023		Year-To-Date 2023
	(in millions)
Average end of day loan balance during the period	$	280.9	$	315.5	$	327.6
Highest end of day loan balance during the period	$	366.9	$	379.4	$	379.4

Average interest rate	9.0%		7.5%		7.0%

The 2021 Term Loan bore interest, payable monthly, at (a) the SOFR per annum plus 2.750% for any portion that was a SOFR loan, or (b) the base rate per annum plus 2.000% for any portion that was a base rate loan. The 2021 Term Loan was pre-payable at any time without penalty, and did not require amortization. The Company recognized $1.1 million in interest expense related to the 2021 Term Loan during Year-To-Date 2024. For the Third Quarter 2023 and Year-To-Date 2023, the Company recognized $0.4 million and $2.4 million, respectively, in interest expense related to the 2021 Term Loan.

As of April 18, 2024, the 2021 Term Loan was fully repaid.

As of November 2, 2024, unamortized deferred financing costs amounted to $4.3 million related to the Company’s ABL Credit Facility.

Mithaq Term Loans

The Company and certain of its subsidiaries maintain an interest-free, unsecured and subordinated promissory note with Mithaq for a $78.6 million term loan (the “Initial Mithaq Term Loan”), consisting of (a) a first tranche in an aggregate principal amount of $30.0 million (the “First Tranche”) and (b) a second tranche in an aggregate principal amount of $48.6 million (the “Second Tranche”). The Company received the First Tranche on February 29, 2024 and the Second Tranche on March 8, 2024.

The Initial Mithaq Term Loan matures on February 15, 2027. The Initial Mithaq Term Loan is guaranteed by each of the Company’s subsidiaries that guarantee the Company’s ABL Credit Facility.

The Company and certain of its subsidiaries also maintain an unsecured and subordinated $90.0 million term loan with Mithaq (the “New Mithaq Term Loan”; and together with the Initial Mithaq Term Loan, collectively, the “Mithaq Term Loans”).

The New Mithaq Term Loan matures on April 16, 2027, and requires monthly payments equivalent to interest charged at the SOFR plus 4.000% per annum, with such monthly payments to Mithaq deferred until April 30, 2025. The New Mithaq Term Loan is guaranteed by each of the Company’s subsidiaries that guarantee the Company’s ABL Credit Facility. For the Third Quarter 2024 and Year-To-Date 2024, the Company recognized $2.1 million and $4.6 million, respectively, in deferred interest-equivalent expense related to the New Mithaq Term Loan.

The Mithaq Term Loans are subject to an amended and restated subordination agreement (as amended from time to time, the “Subordination Agreement”), dated as of April 16, 2024, by and among the Company and certain of its subsidiaries, Wells Fargo and Mithaq, pursuant to which the Mithaq Term Loans are subordinated in payment priority to the obligations of the Company and its subsidiaries under the Credit Agreement. Subject to such subordination terms, the Mithaq Term Loans are prepayable at any time and from time to time without penalty and do not require any mandatory prepayments.

The Mithaq Term Loans contain customary affirmative and negative covenants substantially similar to a subset of the covenants set forth in the Credit Agreement, including limits on the ability of the Company and its subsidiaries to incur certain liens, to incur certain indebtedness, to make certain investments, acquisitions, dispositions or restricted payments, or to change the nature of its business. The Mithaq Term Loans, however, do not provide for any closing, prepayment or exit fees, or other fees typical for transactions of this nature, do not impose additional reserves on borrowings under the Credit Agreement, and do not contain certain other restrictive covenants.

The Mithaq Term Loans contain certain customary events of default, which include (subject in certain cases to customary grace periods), nonpayment of principal, breach of other covenants of the Mithaq Term Loans, inaccuracy in representations or warranties, acceleration of certain other indebtedness (including under the Credit Agreement), certain events of bankruptcy, insolvency or reorganization, such as a change of control, and invalidity of any part of the Mithaq Term Loans.

As of November 2, 2024 unamortized deferred financing costs amounted to $2.9 million related to the Mithaq Term Loans.

Maturities of the Company’s principal debt payments on the Mithaq Term Loans as of November 2, 2024 are as follows:


	November 2, 2024
	(in thousands)
Remainder of 2024	$	—
2025	—
2026	—
2027	168,600
Thereafter	—
Total related party debt	$	168,600

Mithaq Commitment Letter

On May 2, 2024, the Company entered into a commitment letter (“the Commitment Letter”) with Mithaq for a $40.0 million Mithaq Credit Facility. Under the Mithaq Credit Facility, the Company had the ability to request for advances at any time prior to July 1, 2025. On September 10, 2024, the Company and Mithaq entered into an Amendment No. 1 to the Commitment Letter, that extended the deadline for requesting advances until July 1, 2026.

If any debt is incurred under the Mithaq Credit Facility, it shall require monthly payments equivalent to interest charged at the SOFR plus 5.000% per annum. Such debt shall be unsecured and shall be guaranteed by each of the Company’s subsidiaries that guarantee the Company’s ABL Credit Facility. Similar to the Mithaq Term Loans, such debt shall also be subject to the Subordination Agreement, contain customary affirmative and negative covenants substantially similar to a subset of the covenants set forth in the Credit Agreement, and contain certain customary events of default. Additionally, such debt shall require no mandatory prepayments and shall mature no earlier than July 1, 2026. As of November 2, 2024, no debt had been incurred under the Mithaq Credit Facility.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(1)
-Publisher FASB
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 470
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/470/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482925/835-30-45-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Section 50
-Paragraph 1B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1E

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

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-Topic 470
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-Section 50
-Paragraph 1I
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

+ Details

REVENUES - Narrative (Details) - USD ($) $ in Millions	9 Months Ended
REVENUES - Narrative (Details) - USD ($) $ in Millions	Nov. 02, 2024	Feb. 03, 2024	Oct. 28, 2023
Disaggregation of Revenue [Line Items]
Accounts receivable reserve	$ 14.1	$ 9.0	$ 8.6
Allowance for credit loss	1.9	1.7	2.5
Contract liability	3.8	1.7	2.0
Gift Cards
Disaggregation of Revenue [Line Items]
Gift card liability	4.5	6.8	6.3
Net sales	4.7
Accrued Expenses and Other Current Liabilities
Disaggregation of Revenue [Line Items]
Contract with customer, liability, current	$ 9.3	$ 3.1	$ 7.6

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

PROPERTY AND EQUIPMENT, NET - Schedule of Property and Equipment, Net (Details) - USD ($) $ in Thousands	Nov. 02, 2024	Feb. 03, 2024	Oct. 28, 2023
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 802,273	$ 804,131	$ 865,447
Less: accumulated depreciation and amortization	(696,787)	(679,381)	(730,808)
Property and equipment, net	105,486	124,750	134,639
Land and land improvements
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	3,403	3,403	3,403
Building and improvements
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	36,418	36,187	36,187
Material handling equipment
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	89,427	90,637	90,362
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	164,335	162,898	177,203
Store fixtures and equipment
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	168,414	173,667	199,596
Capitalized software
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	336,320	333,953	350,318
Construction in progress
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 3,956	$ 3,386	$ 8,378

BASIS OF PRESENTATION (Policies)	9 Months Ended
BASIS OF PRESENTATION (Policies)	Nov. 02, 2024
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The unaudited consolidated financial statements and accompanying notes to consolidated financial statements are prepared in accordance with U.S. GAAP for interim financial information and the rules and regulations of the SEC. Accordingly, certain information and footnote disclosures normally included in the annual consolidated financial statements prepared in accordance with U.S. GAAP have been condensed or omitted. The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. Intercompany balances and transactions have been eliminated. As of November 2, 2024, February 3, 2024 and October 28, 2023, the Company did not have any investments in unconsolidated affiliates. FASB ASC 810—Consolidation is considered when determining whether an entity is subject to consolidation. In the opinion of management, the accompanying unaudited consolidated financial statements contain all normal recurring adjustments necessary for a fair statement of the consolidated financial position of the Company as of November 2, 2024 and October 28, 2023, the results of its consolidated operations, consolidated comprehensive income (loss), and consolidated changes in stockholders’ (deficit) equity for the thirteen weeks and thirty-nine weeks ended November 2, 2024 and October 28, 2023, and consolidated cash flows for the thirty-nine weeks ended November 2, 2024 and October 28, 2023. The consolidated balance sheet as of February 3, 2024 was derived from audited financial statements. Due to the seasonal nature of the Company’s business, the results of operations for the thirteen weeks and thirty-nine weeks ended November 2, 2024 and October 28, 2023 are not necessarily indicative of operating results for a full fiscal year. These consolidated financial statements should be read in conjunction with the consolidated financial statements included in the Company’s Annual Report on Form 10-K for the fiscal year ended February 3, 2024.
Fiscal Year	Fiscal Year The Company’s fiscal year is a fifty-two week or fifty-three week period ending on the Saturday on or nearest to January 31.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and amounts of revenues and expenses reported during the period. Actual results could differ from the assumptions used and estimates made by management, which could have a material impact on the Company’s financial position or results of operations. Critical accounting estimates inherent in the preparation of the consolidated financial statements include impairment of long-lived assets, impairment of indefinite-lived intangible assets, income taxes, stock-based compensation, and inventory valuation.
Recent Accounting Standards Updates	Recent Accounting Standards Updates In November 2023, the FASB issued Accounting Standards Update No. 2023-07 “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures,” (“ASU 2023-07”). The amendments in ASU 2023-07 are designed to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses during interim and annuals periods. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. The Company expects the adoption of ASU 2023-07 to expand its disclosures, but does not expect it to have a material impact on its consolidated financial statements. In December 2023, the FASB issued Accounting Standards Update No. 2023-09 “Income Taxes (Topic 740): Improvements to Income Tax Disclosures,” (“ASU 2023-09”). The amendments in ASU 2023-09 are designed to enhance the transparency of income tax disclosures by requiring consistent categories and greater disaggregation of information in the rate reconciliation, and income taxes paid disaggregated by jurisdiction. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024, with early adoption permitted. The Company is currently evaluating the impact of this update on its consolidated financial statements.

BASIS OF PRESENTATION	9 Months Ended
BASIS OF PRESENTATION	Nov. 02, 2024
Accounting Policies [Abstract]
BASIS OF PRESENTATION	BASIS OF PRESENTATION Description of Business The Children’s Place, Inc. and its subsidiaries (collectively, the “Company”) operate an omni-channel children’s specialty portfolio of brands. Its global retail and wholesale network includes two digital storefronts, more than 500 stores in North America, wholesale marketplaces and distribution in 15 countries through six international franchise partners. The Company designs, contracts to manufacture, and sells fashionable, high-quality apparel, accessories and footwear predominantly at value prices, primarily under the Company’s proprietary brands: “The Children’s Place”, “Gymboree”, “Sugar & Jade”, and “PJ Place”. The Company classifies its business into two segments: The Children’s Place U.S. and The Children’s Place International. Included in The Children’s Place U.S. segment are the Company’s U.S. and Puerto Rico-based stores and revenue from its U.S.-based wholesale business. Included in The Children’s Place International segment are its Canadian-based stores, revenue from the Company’s Canadian-based wholesale business, as well as revenue from international franchisees. Each segment includes an e-commerce business located at www.childrensplace.com and www.gymboree.com. The Company also has social media channels on Instagram, Facebook, X, formerly known as Twitter, YouTube and Pinterest. Terms that are commonly used in the notes to the Company’s consolidated financial statements are defined as follows: •Third Quarter 2024 — The thirteen weeks ended November 2, 2024 •Third Quarter 2023 — The thirteen weeks ended October 28, 2023 •Second Quarter 2024 — The thirteen weeks ended August 3, 2024 •First Quarter 2024 — The thirteen weeks ended May 4, 2024 •Year-To-Date 2024 — The thirty-nine weeks ended November 2, 2024 •Year-To-Date 2023 — The thirty-nine weeks ended October 28, 2023 •Fiscal 2024 — The fifty-two weeks ending February 1, 2025 •Fiscal 2023 — The fifty-three weeks ended February 3, 2024 •Fiscal 2022 — The fifty-two weeks ended January 28, 2023 •SEC — U.S. Securities and Exchange Commission •U.S. GAAP — Generally Accepted Accounting Principles in the United States •FASB — Financial Accounting Standards Board •FASB ASC — FASB Accounting Standards Codification, which serves as the source for authoritative U.S. GAAP, except that rules and interpretive releases by the SEC are also sources of authoritative U.S. GAAP for SEC registrants Basis of Presentation The unaudited consolidated financial statements and accompanying notes to consolidated financial statements are prepared in accordance with U.S. GAAP for interim financial information and the rules and regulations of the SEC. Accordingly, certain information and footnote disclosures normally included in the annual consolidated financial statements prepared in accordance with U.S. GAAP have been condensed or omitted. The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. Intercompany balances and transactions have been eliminated. As of November 2, 2024, February 3, 2024 and October 28, 2023, the Company did not have any investments in unconsolidated affiliates. FASB ASC 810—Consolidation is considered when determining whether an entity is subject to consolidation. In the opinion of management, the accompanying unaudited consolidated financial statements contain all normal recurring adjustments necessary for a fair statement of the consolidated financial position of the Company as of November 2, 2024 and October 28, 2023, the results of its consolidated operations, consolidated comprehensive income (loss), and consolidated changes in stockholders’ (deficit) equity for the thirteen weeks and thirty-nine weeks ended November 2, 2024 and October 28, 2023, and consolidated cash flows for the thirty-nine weeks ended November 2, 2024 and October 28, 2023. The consolidated balance sheet as of February 3, 2024 was derived from audited financial statements. Due to the seasonal nature of the Company’s business, the results of operations for the thirteen weeks and thirty-nine weeks ended November 2, 2024 and October 28, 2023 are not necessarily indicative of operating results for a full fiscal year. These consolidated financial statements should be read in conjunction with the consolidated financial statements included in the Company’s Annual Report on Form 10-K for the fiscal year ended February 3, 2024. Liquidity The Company incurred net losses during Year-To-Date 2024, and in Fiscal 2023 and Fiscal 2022. As of November 2, 2024, the Company had an Accumulated deficit of $184.7 million and a working capital deficit of $46.3 million, which included borrowings of $362.4 million under its asset-based revolving credit facility (the “ABL Credit Facility”), which will mature in November 2026, pursuant to its credit agreement, dated as of May 9, 2019, (as amended from time to time, the “Credit Agreement”), by and among the Company, certain of its subsidiaries and the lenders party thereto. As of November 2, 2024, the Company had availability under its ABL Credit Facility of $48.3 million. The Company also has access to a senior unsecured credit facility of up to $40.0 million (the “Mithaq Credit Facility”), pursuant to a commitment letter, dated as of May 2, 2024, entered into between the Company and its majority shareholder, Mithaq Capital SPC, a Cayman segregated portfolio company (“Mithaq”), as amended on September 10, 2024. The Mithaq Credit Facility will be available to draw on at any time prior to July 1, 2026 to augment the Company’s liquidity position, if needed. The Company plans to address its ongoing liquidity needs with additional financing as necessary, including but not limited to the rights offering that the Company is currently contemplating, and for which a preliminary prospectus has been filed with the SEC on Form S-1 on October 15, 2024. The Company has determined that its existing cash on hand, expected cash generated from operations, and availability under its ABL Credit Facility and the Mithaq Credit Facility, will be sufficient to fund its capital and other cash requirements for at least the next twelve months from the date that the Company’s consolidated financial statements for the Third Quarter 2024 were issued. For more information about the ABL Credit Facility and the Mithaq Credit Facility, see “Note 7. Debt” of the consolidated financial statements. Fiscal Year The Company’s fiscal year is a fifty-two week or fifty-three week period ending on the Saturday on or nearest to January 31. Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and amounts of revenues and expenses reported during the period. Actual results could differ from the assumptions used and estimates made by management, which could have a material impact on the Company’s financial position or results of operations. Critical accounting estimates inherent in the preparation of the consolidated financial statements include impairment of long-lived assets, impairment of indefinite-lived intangible assets, income taxes, stock-based compensation, and inventory valuation. Recent Accounting Standards Updates In November 2023, the FASB issued Accounting Standards Update No. 2023-07 “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures,” (“ASU 2023-07”). The amendments in ASU 2023-07 are designed to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses during interim and annuals periods. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. The Company expects the adoption of ASU 2023-07 to expand its disclosures, but does not expect it to have a material impact on its consolidated financial statements. In December 2023, the FASB issued Accounting Standards Update No. 2023-09 “Income Taxes (Topic 740): Improvements to Income Tax Disclosures,” (“ASU 2023-09”). The amendments in ASU 2023-09 are designed to enhance the transparency of income tax disclosures by requiring consistent categories and greater disaggregation of information in the rate reconciliation, and income taxes paid disaggregated by jurisdiction. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024, with early adoption permitted. The Company is currently evaluating the impact of this update on its consolidated financial statements.