Pep Boys 2008 Annual Report Download - page 123
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THE PEP BOYS—MANNY, MOE & JACK AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
Years ended January 31, 2009, February 2, 2008 and February 3, 2007
(dollar amounts in thousands, except share data)
The following details the reserve balances through January 31, 2009. The reserve includes
remaining rent on leases net of sublease income, other contractual obligations associated with leased
properties and employee severance.
Other Costs and
Lease Contractual
Severance Expenses Obligations Total
Balance at January 28, 2006 ............... $ — $ 188 $109 $ 297
Accretion of present value of liabilities ....... — 677 — 677
Change in assumptions about future sublease
income, lease termination, contractual
obligations and severance ............... — 839 — 839
Cash payments ........................ — (1,014) — (1,014)
Balance at February 3, 2007 ............... $ — $ 690 $109 $ 799
Store Closure Charge ................... 155 2,906 — 3,061
Accretion of present value of liabilities ....... — 641 — 641
Change in assumptions about future sublease
income, lease termination, contractual
obligations and severance ............... — (627) — (627)
Cash payments ........................ (97) (36) — (133)
Balance at February 2, 2008 ............... $ 58 $3,574 $ 109 $ 3,741
Store Closure Charge ................... — — — —
Accretion of present value of liabilities ....... — 300 — 300
Change in assumptions about future sublease
income, lease termination, contractual
obligations and severance ............... — 102 (109) (7)
Cash payments ........................ (58) (1,864) — (1,922)
Balance at January 31, 2009 ............... $ — $2,112 $ — $ 2,112
NOTE 8—DISCONTINUED OPERATIONS
In accordance with SFAS No.144, the Company’s discontinued operations reflect the operating
results for 11 of the 31 low-return stores closed as part of the Company’s long term strategic plan
adopted in 2007. The remaining 20 stores’ operating results are reflected in continuing operations, as
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