|9 Months Ended|
Nov. 02, 2019
|Restructuring Costs [Abstract]|
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:
The liability for restructuring accruals is included in current accrued liabilities within the accompanying condensed consolidated balance sheet.
The entire disclosure for restructuring and related activities. Description of restructuring activities such as exit and disposal activities, include facts and circumstances leading to the plan, the expected plan completion date, the major types of costs associated with the plan activities, total expected costs, the accrual balance at the end of the period, and the periods over which the remaining accrual will be settled.
Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef