Quarterly report pursuant to Section 13 or 15(d)

Restructuring Costs

v3.19.3.a.u2
Restructuring Costs
 9 Months Ended
Nov. 02, 2019
Restructuring Costs [Abstract]  
Restructuring Costs
Restructuring Costs
During the second quarter of 2019, the Company implemented and completed a cost optimization initiative, which reduced the Company's organizational structure, closed the New York and Los Angeles offices and cut overhead costs. The initiative included the elimination of 11 senior executive roles and a 20% reduction to the Company's non-variable workforce. During the third quarter of 2019, the Company completed an additional reduction in the Company's organizational structure and cost-saving measures. As a result, the Company recorded restructuring charges of $1,516,000 and $6,681,000 for the three and nine-month periods ended November 2, 2019, which relate primarily to severance and other incremental costs associated with the consolidation and elimination of positions across the Company.
The following table summarizes the significant components and activity under the restructuring program for the nine-month period ended November 2, 2019:
 
 
Balance at
February 2,
2019
 
Charges
 
Cash Payments
 
Balance at
November 2,
2019
Severance
 
$
—

 
$
5,858,000

 
$
(1,760,000
)
 
$
4,098,000

Other incremental costs
 
—

 
823,000

 
(739,000
)
 
84,000

 
 
$
—

 
$
6,681,000

 
$
(2,499,000
)
 
$
4,182,000


The liability for restructuring accruals is included in current accrued liabilities within the accompanying condensed consolidated balance sheet.