EVINE LIVE INC., 10-Q filed on 6/7/2012
Quarterly Report
Document and Entity Information
3 Months Ended
Apr. 28, 2012
Jun. 4, 2012
Document Information [Line Items]
 
 
Entity Registrant Name
VALUEVISION MEDIA INC 
 
Entity Central Index Key
0000870826 
 
Current Fiscal Year End Date
--02-02 
 
Entity Filer Category
Accelerated Filer 
 
Document Type
10-Q 
 
Document Period End Date
Apr. 28, 2012 
 
Document Fiscal Year Focus
2012 
 
Document Fiscal Period Focus
Q1 
 
Amendment Flag
false 
 
Entity Common Stock, Shares Outstanding
 
48,808,920 
Condensed Consolidated Balance Sheets (USD $)
Apr. 28, 2012
Jan. 28, 2012
Current assets:
 
 
Cash and cash equivalents
$ 42,531,000 
$ 32,957,000 
Restricted cash and investments
2,100,000 
2,100,000 
Accounts receivable, net
71,745,000 
80,274,000 
Inventories
34,815,000 
43,476,000 
Prepaid expenses and other
4,398,000 
4,464,000 
Total current assets
155,589,000 
163,271,000 
Property and equipment, net
27,091,000 
27,992,000 
FCC broadcasting license
23,111,000 
23,111,000 
NBC trademark license agreement, net
174,000 
1,215,000 
Other assets
889,000 
2,871,000 
Total Assets
206,854,000 
218,460,000 
Current liabilities:
 
 
Accounts payable
47,240,000 
53,437,000 
Accrued liabilities
27,202,000 
37,842,000 
Deferred revenue
85,000 
85,000 
Total current liabilities
74,527,000 
91,364,000 
Deferred revenue
485,000 
507,000 
Long-term payable
0 
25,000,000 
Long-term Line of Credit, Noncurrent
38,000,000 
0 
Total liabilities
113,012,000 
116,871,000 
Commitments and Contingencies
   
   
Shareholders' equity:
 
 
Common stock, $.01 per share par value, 100,000,000 shares authorized; 48,472,205 and 37,781,688 shares issued and outstanding
488,000 
486,000 
Warrants to purchase 6,007,372 shares of common stock
567,000 
567,000 
Additional paid-in capital
404,839,000 
403,849,000 
Accumulated deficit
(312,052,000)
(303,313,000)
Total shareholders’ equity
93,842,000 
101,589,000 
Total Liabilities and Equity
$ 206,854,000 
$ 218,460,000 
Consolidated Balance Sheets (Parentheticals) (USD $)
Apr. 28, 2012
Jan. 28, 2012
Stockholders' Equity:
 
 
Common stock, par value
$ 0.01 
$ 0.01 
Common stock, shares authorized
100,000,000 
100,000,000 
Common stock, shares issued
48,804,455 
48,560,205 
Common stock, shares outstanding
48,804,455 
48,560,205 
Warrants, Outstanding
6,007,372 
6,007,372 
Condensed Consolidated Statements of Operations (USD $)
3 Months Ended
Apr. 28, 2012
Apr. 30, 2011
Net sales
$ 136,549,000 
$ 143,533,000 
Cost of sales
85,517,000 
90,141,000 
Gross profit
51,032,000 
53,392,000 
Operating expense:
 
 
Distribution and selling
48,365,000 
46,476,000 
General and administrative
4,667,000 
4,564,000 
Depreciation and amortization
3,428,000 
2,982,000 
Total operating expense
56,460,000 
54,022,000 
Operating loss
(5,428,000)
(630,000)
Other income (expense):
 
 
Interest expense
(2,808,000)
(2,602,000)
Gains (Losses) on Extinguishment of Debt
(500,000)
(25,679,000)
Total other expense
(3,308,000)
(28,281,000)
Loss before income taxes
(8,736,000)
(28,911,000)
Income tax (provision) benefit
(3,000)
(19,000)
Net loss
$ (8,739,000)1
$ (28,930,000)1
Net loss per common share
$ (0.18)
$ (0.71)
Net loss per common share — assuming dilution
$ (0.18)
$ (0.71)
Weighted average number of common shares outstanding:
 
 
Basic
48,638,164 
40,655,177 
Diluted
48,638,164 
40,655,177 
Condensed Consolidated Statement of Shareholders' Equity (USD $)
Total
Common Stock [Member]
Warrant [Member]
Additional Paid-in Capital [Member]
Accumulated Deficit
Total Shareholders' Equity period beginning at Jan. 28, 2012
$ 101,589,000 
$ 486,000 
$ 567,000 
$ 403,849,000 
$ (303,313,000)
Common Stock, Shares, Outstanding period beginning at Jan. 28, 2012
48,560,205 
48,560,205 
 
 
 
Net loss
(8,739,000)1
0 
0 
0 
(8,739,000)
Common stock issuances pursuant to equity compensation plans, Shares
 
244,250 
 
 
 
Common stock issuances pursuant to equity compensation plans, Value
1,000 
2,000 
0 
(1,000)
0 
Share-based compensation
 
0 
 
 
 
Share-based compensation
991,000 
0 
0 
991,000 
0 
Total Shareholders' Equity period end at Apr. 28, 2012
$ 93,842,000 
$ 488,000 
$ 567,000 
$ 404,839,000 
$ (312,052,000)
Common Stock, Shares, Outstanding period end at Apr. 28, 2012
48,804,455 
48,804,455 
 
 
 
Condensed Consolidated Statements of Cash Flows (USD $)
3 Months Ended
Apr. 28, 2012
Apr. 30, 2011
OPERATING ACTIVITIES:
 
 
Net loss
$ (8,739,000)
$ (28,930,000)
Adjustments to reconcile net loss to net cash provided by (used for) operating activities:
 
 
Depreciation and amortization
3,478,000 
3,051,000 
Share-based payment compensation
991,000 
697,000 
Amortization of deferred revenue
(22,000)
(183,000)
Amortization of debt discount
0 
575,000 
Amortization of deferred finance costs
47,000 
152,000 
Asset impairments and write-offs
2,306,000 
0 
Debt extinguishment
500,000 
25,679,000 
Gain on the disposal of equipment
0 
(336,000)
Changes in operating assets and liabilities:
 
 
Accounts receivable, net
8,529,000 
5,006,000 
Inventories, net
8,661,000 
(2,415,000)
Prepaid expenses and other
82,000 
266,000 
Accounts payable and accrued liabilities
(16,675,000)
(14,274,000)
Accrued dividends payable — Series B Preferred Stock
0 
1,069,000 
Net cash provided by (used for) operating activities
(842,000)
(9,643,000)
INVESTING ACTIVITIES:
 
 
Property and equipment additions
(1,655,000)
(2,800,000)
Proceeds from disposal of equipment
0 
336,000 
Net cash used for investing activities
(1,655,000)
(2,464,000)
FINANCING ACTIVITIES:
 
 
Payment for Series B Preferred stock redemption
0 
(40,853,000)
Payment for Series B Preferred stock dividend
0 
(8,915,000)
Payments for deferred issuance costs
(430,000)
(34,000)
Proceeds from Issuance of Long-term Debt
38,215,000 
0 
Repayments of Long-term Debt
(25,715,000)
0 
Proceeds from exercise of stock options
1,000 
262,000 
Procceeds from issuance of common stock, net
0 
55,500,000 
Net cash provided by (used for) financing activities
12,071,000 
5,960,000 
Net increase (decrease) in cash and cash equivalents
9,574,000 
(6,147,000)
BEGINNING CASH AND CASH EQUIVALENTS
32,957,000 
46,471,000 
ENDING CASH AND CASH EQUIVALENTS
42,531,000 
40,324,000 
SUPPLEMENTAL CASH FLOW INFORMATION:
 
 
Interest paid
1,025,000 
1,204,000 
Income taxes paid
27,000 
21,000 
SUPPLEMENTAL NON CASH INVESTING AND FINANCING ACTIVITIES:
 
 
Property and equipment purchases included in accounts payable
37,000 
138,000 
Deferred financing costs included in accrued liabilities
$ 9,000 
$ 0 
General
General
General
ValueVision Media, Inc. and its subsidiaries (the “Company”) is a multichannel electronic retailer that markets, sells and distributes products to consumers through TV, telephone, online, mobile and social media. Our principal form of product exposure is our 24-hour television shopping network, ShopNBC, which markets brand name and private label products in the categories of jewelry & watches; home & electronics; beauty, health & fitness; and fashion & accessories. Orders are fulfilled via telephone, online and mobile channels. ShopNBC is distributed into approximately 82 million homes, primarily through cable and satellite affiliation agreements and the purchase of month-to-month full- and part-time lease agreements of cable and broadcast television time. ShopNBC programming is also streamed live on the Internet at www.ShopNBC.com and www.ShopNBC.tv. We also distribute our programming through a company-owned full power television station in Boston, Massachusetts and through leased carriage on a full power television station in Seattle, Washington.

The Company also operates ShopNBC.com, a comprehensive e-commerce platform that sells products appearing on its television shopping channel as well as an extended assortment of online-only merchandise. Its programming and products are also marketed via mobile devices - including smartphones and tablets such as the iPad, and through the leading social media channels.

The Company has an exclusive trademark license from NBCUniversal Media, LLC, formerly known as NBC Universal, Inc. (“NBCU”), for the worldwide use of an NBC-branded name through January 2014. Pursuant to the license, we operate our television home shopping network and our Internet websites, ShopNBC.com and ShopNBC.tv.
Basis of Financial Statement Presentation
Basis of Financial Statement Presentation
Basis of Financial Statement Presentation
Principles of Consolidation
The accompanying unaudited condensed consolidated financial statements have been prepared by the Company pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles (“GAAP”) in the United States of America have been condensed or omitted in accordance with these rules and regulations. The accompanying condensed consolidated balance sheet as of January 28, 2012 has been derived from the Company's audited financial statements for the fiscal year ended January 28, 2012. The information furnished in the interim condensed consolidated financial statements includes normal recurring accruals and reflects all adjustments which, in the opinion of management, are necessary for a fair presentation of these financial statements. Although management believes the disclosures and information presented are adequate, these interim condensed consolidated financial statements should be read in conjunction with the Company’s most recent audited financial statements and notes thereto included in its annual report on Form 10-K for the fiscal year ended January 28, 2012. Operating results for the three-month period ended April 28, 2012 are not necessarily indicative of the results that may be expected for the fiscal year ending February 2, 2013.
The accompanying condensed consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. Intercompany accounts and transactions have been eliminated in consolidation.
Fiscal Year
The Company’s most recently completed fiscal year ended on January 28, 2012 and is designated “fiscal 2011.” The Company’s fiscal year ending February 2, 2013 is designated “fiscal 2012.” The Company reports on a 52/53 week fiscal year which ends on the Saturday nearest to January 31. The 52/53 week fiscal year allows for the weekly and monthly comparability of sales results relating to the Company’s television home-shopping and internet businesses. Fiscal 2012 contains 53 weeks and fiscal 2011 contains 52 weeks.
Fair Value Measurements
Fair Value Disclosures
Fair Value Measurements
GAAP utilizes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value into three broad levels. The fair value hierarchy gives the highest priority to observable quoted prices (unadjusted) in active markets for identical assets and liabilities and the lowest priority to unobservable inputs.
As of April 28, 2012 and January 28, 2012 the Company had $2,100,000 in Level 2 investments in the form of bank certificates of deposit which are used as cash collateral for the issuance of commercial letters of credit. The Company has no Level 3 investments that use significant unobservable inputs.
Intangible Assets
Intangible Assets
Intangible Assets
Intangible assets in the accompanying consolidated balance sheets consisted of the following:
 
 
Weighted
Average
Life
(Years)
 
April 28, 2012
 
January 28, 2012
 
 
 
Gross
Carrying
Amount
 
Accumulated
Amortization
 
Gross
Carrying
Amount
 
Accumulated
Amortization
Finite-lived intangible assets:
 
 
 
 
 
 
 
 
 
 
NBC trademark license agreement
 
1.0
 
$
4,166,000

 
$
(3,992,000
)
 
$
4,166,000

 
$
(2,951,000
)
Indefinite-lived intangible assets:
 
 
 
 
 
 
 
 
 
 
FCC broadcast license
 

 
$
23,111,000

 
 
 
$
23,111,000

 
 

On May 16, 2011, the Company issued 689,655 shares of the Company's common stock as consideration for a one year license agreement renewal with NBCU for the use of the ShopNBC brand name in connection with its television shopping network and its e-commerce websites. Shares issued were valued at $6.04 per share, representing the fair market value of the Company's stock on the date of issuance. On May 11, 2012, subsequent to the balance sheet date, the Company amended its trademark license agreement for the use of the ShopNBC brand name with NBCU, extending the term of the license agreement through January 2014. As consideration for the amendment, the Company paid NBCU $4,000,000 upon execution and will pay an additional $2,830,000 on May 15, 2013. NBCU also has the right to terminate the trademark license agreement if the Company were to be in default on its Credit Agreement, unless waived or cured within 90 days of default, or if unrestricted cash plus credit availability on the facility were to fall below $8 million.
Amortization expense was $1,041,000 for the three-month period ended April 28, 2012 and $807,000 for the three-month period ended April 30, 2011. As a result of the May 11, 2012 trademark license extension, estimated amortization expense for fiscal 2012 will be approximately $4,000,000.

Preferred Stock and Long-Term Payable
Preferred Stock and Long-Term Payables
Preferred Stock and Long-Term Payable

In February 2011, the Company made a $2.5 million payment to GE Capital Equity Investments, Inc. ("GE Equity"), in connection with obtaining a consent for the execution of a common stock equity offering in December 2010, reducing the outstanding accrued dividends payable on the Series B Preferred Stock and recorded a $1.2 million charge to income related to the early preferred stock debt extinguishment. In April 2011, the Company redeemed all of its outstanding Series B Preferred Stock for $40.9 million, paid accrued Series B Preferred dividends of $6.4 million and recorded a $24.5 million charge related to the early preferred stock debt extinguishment.
In the third quarter of fiscal 2009, the Company entered into a long-term agreement with one of its larger service providers to defer a material portion of its monthly contractual cash payment obligation for services over the next three fiscal years. All services under this arrangement are being recognized as expense ratably over the term of the agreement. As of January 28, 2012, the total deferred amount was $12,347,000, and is included in accrued liabilities in the accompanying January 28, 2012 balance sheet. In February 2011, the Company made an $11,926,000 required payment under this agreement. In connection with securing a new $40 million credit facility on February 9, 2012, the Company made an additional $12,365,000 payment, paying off all remaining deferred obligations under the agreement. In connection with this deferral agreement, the Company granted a security interest in its Eden Prairie, Minnesota headquarters facility and its Boston television station to the service provider until January 2013.
Credit Agreements
Credit Agreements
Credit Agreements
On November 17, 2010, the Company entered into a credit agreement with Crystal Financial LLC, ("Crystal") as agent for the lending group, which provided for a term loan of $25 million (the “Credit Agreement”). The Credit Agreement had a five-year maturity and bore interest on the outstanding principal amount based on fixed interest rates and floating interest rates based on LIBOR plus variable margins. The term loan was subject to a minimum borrowing base of $25 million which was based on eligible accounts receivable, eligible inventory, certain real estate and certain eligible cash and was secured by substantially all of the Company's personal property, as well as the Company's real property located in Bowling Green, Kentucky. Interest paid under the credit agreement for the three-month period ended April 28, 2012 was $283,000. Costs incurred to obtain the Credit Agreement totaling approximately $3,037,000 were capitalized and were being expensed as additional interest over the original five-year term of the Credit Agreement.
On February 9, 2012, the Company retired its $25 million term loan with Crystal and entered into a new $40 million credit and security agreement (the “Credit Facility”) with PNC Bank, N.A. (“PNC”), a member of The PNC Financial Services Group, Inc., as lender and agent. The Credit Facility has a three-year maturity and bears interest at LIBOR plus 3% per annum. In addition to retiring the Crystal term loan, the initial net proceeds of borrowing of approximately $38.2 million were used to pay a $12.4 million deferred payment obligation to a television distribution provider. Subject to certain conditions, the Credit Facility also provides for the issuance of letters of credit in an aggregate amount up to $6 million which, upon issuance, would be deemed advances under the Credit Facility. Remaining capacity under the Credit Facility, currently $2.0 million, provides liquidity for working capital and general corporate purposes.
Maximum borrowings under the Credit Facility are equal to the lesser of $40 million or a calculated borrowing base comprised of eligible accounts receivable and eligible inventory. The Credit Facility is secured by substantially all of the Company’s personal property, as well as the Company’s real property located in Bowling Green, Kentucky. Under certain circumstances, the borrowing base may be adjusted if there were to be a significant deterioration in value of the Company’s accounts receivable and inventory. The Credit Facility is subject to mandatory prepayment in certain circumstances. In addition, if the total Credit Facility is terminated prior to maturity, the Company would be required to pay an early termination fee of 2% of the total Credit Facility if terminated in year one; 0.5% if terminated in year two; and no fee if terminated in year three. Borrowings under the Credit Facility mature and are payable in February 2015. Interest paid under the Credit Facility for the three-months ended April 28, 2012 was $256,000.
The Credit Facility contains customary covenants and conditions, including, among other things, maintaining a minimum of unrestricted cash plus facility availability of $6 million at all times and limiting annual capital expenditures. Certain financial covenants including minimum EBITDA levels (as defined in the Credit Facility agreement) and minimum fixed charge coverage ratio become applicable only if unrestricted cash plus facility availability falls below $12 million or upon an event of default. In addition, the Credit Facility places restrictions on the Company’s ability to incur additional indebtedness or prepay existing indebtedness, to create liens or other encumbrances, to sell or otherwise dispose of assets, to merge or consolidate with other entities, and to make certain restricted payments, including payments of dividends to common shareholders. As of April 28, 2012, the Company was in compliance with the applicable covenants of the facility. Costs incurred to obtain the Credit Facility totaling approximately $675,000 have been capitalized and are being expensed as additional interest over the three-year term of the Credit Facility. In connection with the Crystal term loan refinancing, the Company was required to pay an early termination fee of $500,000 to Crystal which was recorded as a loss on debt extinguishment in the accompanying statement of operations for the the three-month period ending April 28, 2012. Additionally, the Company recorded an additional non-cash interest charge totaling $2.3 million in the first quarter of fiscal 2012 relating to the writeoff of unamortized term loan financing costs.
Stock Based Compensation
Stock-Based Compensation
Share-Based Compensation - Stock Option Awards
Compensation is recognized for all share-based compensation arrangements by the Company. Share-based compensation expense for the first quarter of fiscal 2012 and 2011 related to stock option awards was $326,000 and $542,000, respectively. The Company has not recorded any income tax benefit from the exercise of stock options due to the uncertainty of realizing income tax benefits in the future.
As of April 28, 2012, the Company had two omnibus stock plans for which stock awards can be currently granted: the 2011 Omnibus Incentive Plan that provides for the issuance of up to 3,000,000 shares of the Company's stock and the 2004 Omnibus Stock Plan (as amended and restated in fiscal 2006) that provides for the issuance of up to 4,000,000 shares of the Company's common stock. The 2001 Omnibus Stock Plan expired on June 21, 2011. These plans are administered by the human resources and compensation committee of the board of directors and provide for awards for employees, directors and consultants. All employees and directors of the Company and its affiliates are eligible to receive awards under the plans. The types of awards that may be granted under these plans include restricted and unrestricted stock, incentive and nonstatutory stock options, stock appreciation rights, performance units, and other stock-based awards. Incentive stock options may be granted to employees at such exercise prices as the human resources and compensation committee may determine but not less than 100% of the fair market value of the underlying stock as of the date of grant. No incentive stock option may be granted more than ten years after the effective date of the respective plan's inception or be exercisable more than ten years after the date of grant. Options granted to outside directors are nonstatutory stock options with an exercise price equal to 100% of the fair market value of the underlying stock as of the date of grant. Options granted generally vest over three years in the case of employee stock options and vest immediately on the date of grant in the case of director options, and have contractual terms of ten years from the date of grant.
The fair value of each option award is estimated on the date of grant using the Black-Scholes option pricing model that uses assumptions noted in the following table. Expected volatilities are based on the historical volatility of the Company's stock. Expected term is calculated using the simplified method taking into consideration the option's contractual life and vesting terms. The Company uses the simplified method in estimating its expected option term because it believes that historical exercise data cannot be accurately relied upon at this time to provide a reasonable basis for estimating an expected term due to the extreme volatility of its stock price and the resulting unpredictability of its stock option exercises. The risk-free interest rate for periods within the contractual life of the option is based on the U.S. Treasury yield curve in effect at the time of grant. Expected dividend yields were not used in the fair value computations as the Company has never declared or paid dividends on its common stock and currently intends to retain earnings for use in operations. There were no stock options granted during the first quarter of fiscal 2012.
 
Fiscal 2012
 
Fiscal 2011
Expected volatility
—
 
88%
Expected term (in years)
—
 
6 years
Risk-free interest rate
—
 
2.9%


A summary of the status of the Company’s stock option activity as of April 28, 2012 and changes during the three-months then ended is as follows:
 
 
2011
Incentive
Stock
Option
Plan
 
Weighted
Average
Exercise
Price
 
2004
Incentive
Stock
Option
Plan
 
Weighted
Average
Exercise
Price
 
2001
Incentive
Stock
Option
Plan
 
Weighted
Average
Exercise
Price
 
Other Non-
Qualified
Stock
Options
 
Weighted
Average
Exercise
Price
Balance outstanding, January 28, 2012
 
160,000

 
$
2.25

 
2,345,000

 
$
6.03

 
1,226,000

 
$
6.15

 
650,000

 
$
4.30

Granted
 
—

 
$
—

 
—

 
$
—

 
—

 
$
—

 
—

 
$
—

Exercised
 
—

 
$
—

 
(1,000
)
 
$
1.48

 
—

 
$
—

 
—

 
$
—

Forfeited or canceled
 
—

 
$
—

 
(23,000
)
 
$
5.25

 
(4,000
)
 
$
16.23

 
(50,000
)
 
$
6.68

Balance outstanding, April 28, 2012
 
160,000

 
$
2.25

 
2,321,000

 
$
6.04

 
1,222,000

 
$
6.11

 
600,000

 
$
4.10

Options exercisable at April 28, 2012
 
—

 
$
—

 
2,046,000

 
$
6.06

 
1,025,000

 
$
6.37

 
262,000

 
$
3.78



The following table summarizes information regarding stock options outstanding at April 28, 2012:
Option Type
 
Options
Outstanding
 
Weighted
Average
Exercise
Price
 
Weighted
Average
Remaining
Contractual Life
(Years)
 
Aggregate
Intrinsic
Value
 
Vested or
Expected to
Vest
 
Weighted
Average
Exercise
Price
 
Weighted
Average
Remaining
Contractual Life
(Years)
 
Aggregate
Intrinsic
Value
2011 Incentive:
 
160,000

 
$
2.25

 
9.7
 
$
6,000

 
144,000

 
$
2.25

 
9.7
 
$
5,000

2004 Incentive:
 
2,321,000

 
$
6.04

 
6.5
 
$
243,000

 
2,293,000

 
$
6.04

 
6.4
 
$
240,000

2001 Incentive:
 
1,222,000

 
$
6.11

 
6.2
 
$
1,000

 
1,202,000

 
$
6.15

 
6.1
 
$
—

Non-Qualified:
 
600,000

 
$
4.10

 
8.2
 
$
1,000

 
566,000

 
$
4.09

 
8.2
 
$
1,000


The weighted average grant-date fair value of options granted in the first three months of fiscal 2012 and 2011 was $0 and $4.99, respectively. The total intrinsic value of options exercised during the first three months of fiscal 2012 and 2011 was $1,000 and $377,000, respectively. As of April 28, 2012, total unrecognized compensation cost related to stock options was $1,767,000 and is expected to be recognized over a weighted average period of approximately 1.0 year.
Restricted Stock
Restricted Stock
Restricted Stock
Compensation expense recorded in the first three months of fiscal 2012 and fiscal 2011 relating to restricted stock grants was $665,000 and $155,000, respectively. As of April 28, 2012, there was $1,264,000 of total unrecognized compensation cost related to non-vested restricted stock granted. That cost is expected to be recognized over a weighted average period of 1 year. The total fair value of restricted stock vested during the first three months of fiscal 2012 and 2011 was $513,000 and $0, respectively.
On November 18, 2011, the Company granted a total of 453,000 shares of restricted stock to employees. The restricted stock vests in two equal annual installments beginning November 18, 2012 and ending November 18, 2013. The aggregate market value of the restricted stock at the date of the award was $816,000 and is being amortized as compensation expense over the one and two-year vesting periods. On June 15, 2011, the Company granted a total of 50,000 shares of restricted stock to seven non-management board members as part of the Company's annual director compensation program. The restricted stock vests on the day immediately preceding the next annual meeting of shareholders following the date of grant. The aggregate market value of the restricted stock at the date of the award was $377,000 and is being amortized as director compensation expense over the twelve-month vesting period. On March 31, 2011, the Company granted a total of 522,000 shares of restricted stock to employees in lieu of an annual cash bonus for fiscal 2010. The restricted stock vests in two equal annual installments beginning March 31, 2012 and ending March 31, 2013. The aggregate market value of the restricted stock at the date of the award was $3,323,000 and is being amortized as compensation expense over the one and two-year vesting periods.
A summary of the status of the Company’s non-vested restricted stock activity as of April 28, 2012 and changes during the three-month period then ended is as follows:
 
 
Shares
 
Weighted
Average
Grant Date
Fair Value
Non-vested outstanding, January 28, 2012
 
982,000

 
$
4.39

Granted
 
—

 
$
—

Vested
 
(248,000
)
 
$
6.36

Forfeited
 
(28,000
)
 
$
2.57

Non-vested outstanding, April 28, 2012
 
706,000

 
$
3.78

Equity Offering
Equity Offering
Equity Offering
On March 30, 2011, the Company completed a public equity offering of 9,487,500 common shares at a price to the public of $6.25 per share. Net proceeds from the offering were approximately $55.5 million  after deducting the underwriting discount and other offering expenses.
Net Loss Per Common Share
Earnings Per Share
Net Loss Per Common Share
Basic earnings (loss) per share is computed by dividing reported earnings by the weighted average number of common shares outstanding for the reported period. Diluted earnings (loss) per share reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock of the Company during reported periods.
A reconciliation of earnings (loss) per share calculations and the number of shares used in the calculation of basic loss per share and diluted loss per share is as follows:
 
 
Three-Month Periods Ended
 
 
April 28,
2012
 
April 30,
2011
Net loss (a)
 
$
(8,739,000
)
 
$
(28,930,000
)
Weighted average number of common shares outstanding — Basic
 
48,638,164

 
40,655,177

Dilutive effect of stock options, non-vested shares and warrants (b)
 
—

 
—

Weighted average number of common shares outstanding — Diluted
 
48,638,164

 
40,655,177

Net loss per common share
 
$
(0.18
)
 
$
(0.71
)
Net loss per common share — assuming dilution
 
$
(0.18
)
 
$
(0.71
)

(a) The net loss for the three-month periods ended April 28, 2012 and April 30, 2011 include charges totaling $500,000 and $25.7 million, respectively, related to losses on debt extinguishment made during the first quarters of fiscal 2012 and fiscal 2011.
(b) For the three-month periods ended April 28, 2012 and April 30, 2011, approximately 3,642,000 and 6,367,000, respectively, incremental in-the-money potentially dilutive common share stock options and warrants have been excluded from the computation of diluted earnings per share, as the effect of their inclusion would be antidilutive.
Sales by Product Group
Business Segments Sales by Product Group
Business Segments and Sales by Product Group

The Company has only one reporting segment, which encompasses multichannel electronic retailing. The Company markets, sells and distributes its products to consumers primarily through television and online via its ShopNBC website. The Chief Operating Decision Maker is the Chief Executive Officer of the Company.
Information on net sales by significant product groups are as follows (in thousands):
 
 
Three-Month Periods Ended
 
 
April 28,
2012
 
April 30,
2011
Jewelry & Watches
 
$
71,571

 
$
67,557

Home & Electronics
 
27,603

 
43,158

Beauty, Health & Fitness
 
18,059

 
14,878

Fashion & Accessories
 
10,128

 
6,303

All other
 
9,188

 
11,637

Total
 
$
136,549

 
$
143,533

Income Taxes
Income Taxes
Income Taxes
At January 28, 2012, the Company had federal net operating loss carryforwards (NOLs) of approximately $285 million, and state NOL's of approximately $120 million which are available to offset future taxable income.  The Company's federal NOLs expire in varying amounts each year from 2023 through 2031 in accordance with applicable federal tax regulations and the timing of when the NOLs were incurred.  During the quarter ended April 30, 2011, the Company had a change in ownership (as defined in Section 382 of the Internal Revenue Code) as a result of the issuance of common stock coupled with the redemption of all the Series B Preferred Stock held by GE Equity.  Sections 382 and 383 limit the annual utilization of certain tax attributes, including NOL carryforwards, incurred prior to a change in ownership. The limitations imposed by Sections 382 and 383 are not expected to impair the Company's ability to fully realize its NOLs; however, the annual usage of NOLs incurred prior to the change in ownership will be limited.  The Company currently has recorded a full valuation allowance for its net deferred tax assets.  The ultimate realization of these deferred tax assets and related limitations depend on the ability of the Company to generate sufficient taxable income in the future, as well as the timing of such income.
Litigation
Litigation
Litigation
The Company is involved from time to time in various claims and lawsuits in the ordinary course of business. In the opinion of management, the claims and suits individually and in the aggregate will not have a material adverse effect on the Company’s operations or consolidated financial statements.
In the third quarter of fiscal 2009, the U.S. Customs and Border Protection agency commenced an investigation into an undervaluation and corresponding underpayment of the customs duty owed by a vendor relating to a particular shipment of goods to the United States. The Company notified the vendor and has withheld certain funds from the vendor under contractual indemnification obligations to cover any potential costs, penalties or fees that may result from the investigation. The Company made a formal request for indemnification from the vendor but the request was refused. As a result, in December 2009, through the U.S. District Court of Minnesota, the Company commenced litigation in federal court against the vendor for breach of contract. The vendor filed counterclaims for payments they claimed were owed by the Company. The case has been stayed by the district court pending the outcome of the U.S. Customs investigation. The Company believes that the funds it is withholding from the vendor will be sufficient to cover any costs or possible liabilities against us that may result from the investigation.
Related Party Transactions
Related Party Transactions
Related Party Transactions
The Company entered into marketing agreements with Creative Commerce and its subsidiary, International Commerce Agency, LLC (“International Commerce”), under which Creative Commerce and International Commerce agreed to provide vendor sourcing and retailing consulting services to the Company. One of the Company's directors, Edwin Garrubbo, is the majority owner of both Creative Commerce and International Commerce. The Company has made payments totaling approximately $229,000 and $469,000 for the three-month periods ending April 28, 2012 and April 30, 2011, respectively relating to these services. Mr. Garrubbo will not be standing for re-election as a director at the 2012 annual meeting.

Relationship with GE Equity and NBCU
In January 2011, General Electric Company (“GE”) consummated a transaction with Comcast Corporation (“Comcast”) pursuant to which GE contributed all of its holdings in NBCU to NBCUniversal, LLC, a newly formed entity beneficially owned 51% by Comcast and 49% by GE. As a result of that transaction, NBCU is now a wholly owned subsidiary of NBCUniversal, LLC. As of April 28, 2012, the direct equity ownership of GE Equity in the Company consists of warrants to purchase up to 6,000,000 shares of common stock and the direct ownership of NBCU in the Company consists of 7,141,849 shares of common stock and warrants to purchase 7,372 shares of common stock. The Company has a significant cable distribution agreement with Comcast and believes that the terms of this agreement are comparable to those with other cable system operators.
In connection with the transfer of its ownership in NBCU, GE also agreed with Comcast that, for so long as GE Equity is entitled to appoint two members of our board of directors, NBCU will be entitled to retain a board seat provided that NBCU beneficially owns at least 5% of our adjusted outstanding common stock. Furthermore, GE agreed to obtain the consent of NBCU prior to consenting to our adoption of any shareholders rights plan or certain other actions that would impede or restrict the ability of NBCU to acquire or dispose of shares of our voting stock or taking any action that would result in NBCU being deemed to be in violation of the Federal Communications Commission multiple ownership regulations.
Basis of Financial Statement Presentation Basis of Financial Statement Presentation (Policies)
Principles of Consolidation 
Principles of Consolidation
The accompanying unaudited condensed consolidated financial statements have been prepared by the Company pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles (“GAAP”) in the United States of America have been condensed or omitted in accordance with these rules and regulations. The accompanying condensed consolidated balance sheet as of January 28, 2012 has been derived from the Company's audited financial statements for the fiscal year ended January 28, 2012. The information furnished in the interim condensed consolidated financial statements includes normal recurring accruals and reflects all adjustments which, in the opinion of management, are necessary for a fair presentation of these financial statements. Although management believes the disclosures and information presented are adequate, these interim condensed consolidated financial statements should be read in conjunction with the Company’s most recent audited financial statements and notes thereto included in its annual report on Form 10-K for the fiscal year ended January 28, 2012. Operating results for the three-month period ended April 28, 2012 are not necessarily indicative of the results that may be expected for the fiscal year ending February 2, 2013.
The accompanying condensed consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. Intercompany accounts and transactions have been eliminated in consolidation.
Fiscal Year 
Fiscal Year
The Company’s most recently completed fiscal year ended on January 28, 2012 and is designated “fiscal 2011.” The Company’s fiscal year ending February 2, 2013 is designated “fiscal 2012.” The Company reports on a 52/53 week fiscal year which ends on the Saturday nearest to January 31. The 52/53 week fiscal year allows for the weekly and monthly comparability of sales results relating to the Company’s television home-shopping and internet businesses. Fiscal 2012 contains 53 weeks and fiscal 2011 contains 52 weeks.
Intangible Assets (Tables)
Schedule of Finite-lived and Infinite-lived Intangible Asset [Table Text Block]
Intangible assets in the accompanying consolidated balance sheets consisted of the following:
 
 
Weighted
Average
Life
(Years)
 
April 28, 2012
 
January 28, 2012
 
 
 
Gross
Carrying
Amount
 
Accumulated
Amortization
 
Gross
Carrying
Amount
 
Accumulated
Amortization
Finite-lived intangible assets:
 
 
 
 
 
 
 
 
 
 
NBC trademark license agreement
 
1.0
 
$
4,166,000

 
$
(3,992,000
)
 
$
4,166,000

 
$
(2,951,000
)
Indefinite-lived intangible assets:
 
 
 
 
 
 
 
 
 
 
FCC broadcast license
 

 
$
23,111,000

 
 
 
$
23,111,000

 
 
Stock Based Compensation (Tables)
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] 
There were no stock options granted during the first quarter of fiscal 2012.
 
Fiscal 2012
 
Fiscal 2011
Expected volatility
—
 
88%
Expected term (in years)
—
 
6 years
Risk-free interest rate
—
 
2.9%
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] 
A summary of the status of the Company’s stock option activity as of April 28, 2012 and changes during the three-months then ended is as follows:
 
 
2011
Incentive
Stock
Option
Plan
 
Weighted
Average
Exercise
Price
 
2004
Incentive
Stock
Option
Plan
 
Weighted
Average
Exercise
Price
 
2001
Incentive
Stock
Option
Plan
 
Weighted
Average
Exercise
Price
 
Other Non-
Qualified
Stock
Options
 
Weighted
Average
Exercise
Price
Balance outstanding, January 28, 2012
 
160,000

 
$
2.25

 
2,345,000

 
$
6.03

 
1,226,000

 
$
6.15

 
650,000

 
$
4.30

Granted
 
—

 
$
—

 
—

 
$
—

 
—

 
$
—

 
—

 
$
—

Exercised
 
—

 
$
—

 
(1,000
)
 
$
1.48

 
—

 
$
—

 
—

 
$
—

Forfeited or canceled
 
—

 
$
—

 
(23,000
)
 
$
5.25

 
(4,000
)
 
$
16.23

 
(50,000
)
 
$
6.68

Balance outstanding, April 28, 2012
 
160,000

 
$
2.25

 
2,321,000

 
$
6.04

 
1,222,000

 
$
6.11

 
600,000

 
$
4.10

Options exercisable at April 28, 2012
 
—

 
$
—

 
2,046,000

 
$
6.06

 
1,025,000

 
$
6.37

 
262,000

 
$
3.78

Schedule of Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding [Table Text Block] 
The following table summarizes information regarding stock options outstanding at April 28, 2012:
Option Type
 
Options
Outstanding
 
Weighted
Average
Exercise
Price
 
Weighted
Average
Remaining
Contractual Life
(Years)
 
Aggregate
Intrinsic
Value
 
Vested or
Expected to
Vest
 
Weighted
Average
Exercise
Price
 
Weighted
Average
Remaining
Contractual Life
(Years)
 
Aggregate
Intrinsic
Value
2011 Incentive:
 
160,000

 
$
2.25

 
9.7
 
$
6,000

 
144,000

 
$
2.25

 
9.7
 
$
5,000

2004 Incentive:
 
2,321,000

 
$
6.04

 
6.5
 
$
243,000

 
2,293,000

 
$
6.04

 
6.4
 
$
240,000

2001 Incentive:
 
1,222,000

 
$
6.11

 
6.2
 
$
1,000

 
1,202,000

 
$
6.15

 
6.1
 
$
—

Non-Qualified:
 
600,000

 
$
4.10

 
8.2
 
$
1,000

 
566,000

 
$
4.09

 
8.2
 
$
1,000

Restricted Stock (Tables)
Schedule of Non-vested Restricted Stock Activity [Table Text Block]
A summary of the status of the Company’s non-vested restricted stock activity as of April 28, 2012 and changes during the three-month period then ended is as follows:
 
 
Shares
 
Weighted
Average
Grant Date
Fair Value
Non-vested outstanding, January 28, 2012
 
982,000

 
$
4.39

Granted
 
—

 
$
—

Vested
 
(248,000
)
 
$
6.36

Forfeited
 
(28,000
)
 
$
2.57

Non-vested outstanding, April 28, 2012
 
706,000

 
$
3.78

Net Loss Per Common Share (Tables)
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]
A reconciliation of earnings (loss) per share calculations and the number of shares used in the calculation of basic loss per share and diluted loss per share is as follows:
 
 
Three-Month Periods Ended
 
 
April 28,
2012
 
April 30,
2011
Net loss (a)
 
$
(8,739,000
)
 
$
(28,930,000
)
Weighted average number of common shares outstanding — Basic
 
48,638,164

 
40,655,177

Dilutive effect of stock options, non-vested shares and warrants (b)
 
—

 
—

Weighted average number of common shares outstanding — Diluted
 
48,638,164

 
40,655,177

Net loss per common share
 
$
(0.18
)
 
$
(0.71
)
Net loss per common share — assuming dilution
 
$
(0.18
)
 
$
(0.71
)

Sales by Product Group (Tables)
Revenue from External Customers by Products and Services [Table Text Block]
Information on net sales by significant product groups are as follows (in thousands):
 
 
Three-Month Periods Ended
 
 
April 28,
2012
 
April 30,
2011
Jewelry & Watches
 
$
71,571

 
$
67,557

Home & Electronics
 
27,603

 
43,158

Beauty, Health & Fitness
 
18,059

 
14,878

Fashion & Accessories
 
10,128

 
6,303

All other
 
9,188

 
11,637

Total
 
$
136,549

 
$
143,533

General (Details)
3 Months Ended
Apr. 28, 2012
Households
General [Abstract]
 
Household Broadcast Penetration, Number of Households
82,000,000 
Basis of Financial Statement Presentation (Details)
3 Months Ended 12 Months Ended
Apr. 28, 2012
Feb. 2, 2013
Jan. 28, 2012
Basis of Financial Statement Presentation [Abstract]
 
 
 
Document Period End Date
Apr. 28, 2012 
 
 
Current Fiscal Year End Date
--02-02 
 
 
Number Of Days In Fiscal Period
 
371 days 
364 days 
Number of Days in Fiscal Year, Minimum
364 days 
 
 
Number of Days in Fiscal Year, Maximum
371 days 
 
 
Fair Value Measurements (Details) (USD $)
Apr. 28, 2012
Jan. 28, 2012
Fair Value, Option, Quantitative Disclosures [Line Items]
 
 
Restricted Cash and Investments, Current
$ 2,100,000 
$ 2,100,000 
Intangible Assets (Details) (USD $)
3 Months Ended 12 Months Ended
Aug. 3, 2013
Jul. 28, 2012
Apr. 28, 2012
Jul. 30, 2011
Apr. 30, 2011
Feb. 2, 2013
Jan. 28, 2012
Finite-Lived Intangible Assets [Line Items]
 
 
 
 
 
 
 
Indefinite-Lived License Agreements
 
 
$ 23,111,000 
 
 
 
$ 23,111,000 
Stock Issued - Noncash
 
 
 
689,655 
 
 
 
Finite-Lived Intangible Assets, Useful Life, Maximum
 
 
 
1 
 
 
 
Fair Market Value of Shares Issued
 
 
 
$ 6.04 
 
 
 
License Costs
2,830,000 
4,000,000 
 
 
 
 
 
License Agreement Covenant, Minimum Unrestricted Cash Plus Available Credit
 
8,000,000 
 
 
 
 
 
Amortization of Intangible Assets
 
 
1,041,000 
 
807,000 
 
 
Document Period End Date
 
 
Apr. 28, 2012 
 
 
 
 
Future Amortization Expense, Remainder of Fiscal Year
 
 
 
 
 
4,000,000 
 
Operating and Broadcast Rights [Member]
 
 
 
 
 
 
 
Finite-Lived Intangible Assets [Line Items]
 
 
 
 
 
 
 
Indefinite-Lived License Agreements
 
 
23,111,000 
 
 
 
23,111,000 
Renewal of Licensing Agreements [Member]
 
 
 
 
 
 
 
Finite-Lived Intangible Assets [Line Items]
 
 
 
 
 
 
 
Finite-Lived Intangible Assets, Weighted-Average Useful Life
 
 
1.0 
 
 
 
 
Finite-Lived Intangible Assets, Gross
 
 
4,166,000 
 
 
 
4,166,000 
Finite-Lived Intangible Assets, Accumulated Amortization
 
 
$ (3,992,000)
 
 
 
$ (2,951,000)
Preferred Stock and Long-Term Payable (Details) (USD $)
3 Months Ended 1 Months Ended 3 Months Ended 1 Months Ended
Apr. 28, 2012
Apr. 30, 2011
Feb. 28, 2011
Series B Preferred Stock [Member]
Apr. 30, 2011
Series B Preferred Stock [Member]
Apr. 28, 2012
Deferred Contractural Payment Agreement [Member]
Apr. 30, 2011
Deferred Contractural Payment Agreement [Member]
Oct. 31, 2009
Deferred Contractural Payment Agreement [Member]
Jan. 28, 2012
Deferred Contractural Payment Agreement [Member]
Feb. 25, 2012
2012 Line Of Credit Agreement - PNC Bank, N.A. [Member]
Feb. 9, 2012
2012 Line Of Credit Agreement - PNC Bank, N.A. [Member]
Debt Instrument [Line Items]
 
 
 
 
 
 
 
 
 
 
Payments of Dividends, Preferred Stock and Preference Stock
$ 0 
$ 8,915,000 
$ 2,500,000 
$ 6,400,000 
 
 
 
 
 
 
Payments for Repurchase of Preferred Stock and Preference Stock
0 
40,853,000 
 
 
 
 
 
 
 
 
Preferred Stock Redemption Premium
 
 
1,200,000 
24,500,000 
 
 
 
 
 
 
Debt Instrument, Maturity Date Range, End
 
 
 
 
 
 
3 
 
3 
 
Secured Debt, Current
 
 
 
 
 
 
 
12,347,000 
 
 
Repayments of Secured Debt
12,400,000 
 
 
 
12,365,000 
11,926,000 
 
 
 
 
Line of Credit Facility, Maximum Borrowing Capacity
 
 
 
 
 
 
 
 
 
$ 40,000,000 
Credit Agreements (Details) (USD $)
3 Months Ended 1 Months Ended 3 Months Ended 1 Months Ended 3 Months Ended 3 Months Ended
Apr. 28, 2012
Apr. 30, 2011
Feb. 25, 2012
2012 Line Of Credit Agreement - PNC Bank, N.A. [Member]
Apr. 28, 2012
2012 Line Of Credit Agreement - PNC Bank, N.A. [Member]
Feb. 9, 2012
2012 Line Of Credit Agreement - PNC Bank, N.A. [Member]
Feb. 25, 2012
2010 Credit Agreement - Crystal Financial, LLC [Member]
Nov. 27, 2010
2010 Credit Agreement - Crystal Financial, LLC [Member]
Apr. 28, 2012
2010 Credit Agreement - Crystal Financial, LLC [Member]
Nov. 17, 2010
2010 Credit Agreement - Crystal Financial, LLC [Member]
Feb. 9, 2012
LIBOR [Member]
2012 Line Of Credit Agreement - PNC Bank, N.A. [Member]
Apr. 28, 2012
Year One [Member]
2012 Line Of Credit Agreement - PNC Bank, N.A. [Member]
Apr. 28, 2012
Year Two [Member]
2012 Line Of Credit Agreement - PNC Bank, N.A. [Member]
Apr. 28, 2012
Year Three [Member]
2012 Line Of Credit Agreement - PNC Bank, N.A. [Member]
Debt Instrument [Line Items]
 
 
 
 
 
 
 
 
 
 
 
 
 
Debt Instrument, Face Amount
 
 
 
 
 
 
 
 
$ 25,000,000 
 
 
 
 
Document Period End Date
Apr. 28, 2012 
 
 
 
 
 
 
 
 
 
 
 
 
Debt Instrument, Maturity Date Range, End
 
 
3 
 
 
 
5 
 
 
 
 
 
 
Repayments of Long-term Debt
25,715,000 
0 
 
 
 
25,000,000 
 
 
 
 
 
 
 
Interest Paid
1,025,000 
1,204,000 
 
256,000 
 
 
 
283,000 
 
 
 
 
 
Debt Instrument, Basis Spread on Variable Rate
 
 
 
 
 
 
 
 
 
3.00% 
 
 
 
Proceeds from Long-term Lines of Credit
 
 
38,200,000 
 
 
 
 
 
 
 
 
 
 
Repayments of Secured Debt
12,400,000 
 
 
 
 
 
 
 
 
 
 
 
 
Line of Credit Facility, Capacity Available for Trade Purchases
 
 
 
 
6,000,000 
 
 
 
 
 
 
 
 
Debt Instrument, Covenant Compliance, Minimum Unrestricted Cash Requirement
 
 
 
6,000,000 
 
 
 
 
 
 
 
 
 
Debt Instrument, Covenant Compliance, Minimum Unrestricted Cash Threshold for Additional Covenants
 
 
 
12,000,000 
 
 
 
 
 
 
 
 
 
Deferred Finance Costs, Noncurrent, Net
 
 
 
675,000 
 
 
 
 
3,037,000 
 
 
 
 
Line of Credit Facility, Maximum Borrowing Capacity
 
 
 
 
40,000,000 
 
 
 
 
 
 
 
 
Debt Early Termination Fee
 
 
 
 
 
 
 
 
 
 
2.00% 
0.50% 
0.00% 
Line of Credit Facility, Remaining Borrowing Capacity
 
 
 
2,000,000 
 
 
 
 
 
 
 
 
 
Gains (Losses) on Extinguishment of Debt
(500,000)
(25,679,000)
 
 
 
 
 
500,000 
 
 
 
 
 
Write off of Deferred Debt Issuance Cost
 
 
 
 
 
 
 
$ 2,300,000 
 
 
 
 
 
Stock Based Compensation Stock Grant Volatility (Details)
3 Months Ended
Apr. 28, 2012
Y
Apr. 30, 2011
Y
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
 
 
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate, Minimum
0.00% 
88.00% 
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate, Maximum
0.00% 
88.00% 
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate, Minimum
0.00% 
2.90% 
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate, Maximum
0.00% 
2.90% 
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term
0 
6 
Share Based Compensation Arrangement by Share Based Payment Award Options Grant Term Limit
10 years 
 
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period
3 years 
 
Share Based Compensation Arrangement by Share Based Payment Award Options Exercise Term Limit
10 years 
 
Stock Based Compensation (Details) (USD $)
3 Months Ended
Apr. 28, 2012
Apr. 30, 2011
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
 
 
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value
$ 0 
$ 4.99 
2011 Omnibus Incentive Plan [Member]
 
 
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
 
 
Share-based Compensation Arrangement, Options, Grants in Period, Gross
0 
 
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number
160,000 
 
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price
$ 2.25 
 
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value
$ 0.00 
 
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period
0 
 
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Weighted Average Exercise Price
$ 0.00 
 
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period
0 
 
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period, Weighted Average Grant Date Fair Value
$ 0.00 
 
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number
160,000 
 
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price
$ 2.25 
 
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number
0 
 
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Exercise Price
$ 0.00 
 
2004 Omnibus Incentive Stock Plan [Member]
 
 
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
 
 
Share-based Compensation Arrangement, Options, Grants in Period, Gross
0 
 
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number
2,345,000 
 
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price
$ 6.03 
 
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value
$ 0.00 
 
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period
(1,000)
 
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Weighted Average Exercise Price
$ 1.48 
 
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period
(23,000)
 
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period, Weighted Average Grant Date Fair Value
$ 5.25 
 
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number
2,321,000 
 
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price
$ 6.04 
 
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number
2,046,000 
 
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Exercise Price
$ 6.06 
 
2001 Omnibus Stock Plan [Member]
 
 
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
 
 
Share-based Compensation Arrangement, Options, Grants in Period, Gross
0 
 
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number
1,226,000 
 
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price
$ 6.15 
 
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value
$ 0.00 
 
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period
0 
 
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Weighted Average Exercise Price
$ 0.00 
 
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period
(4,000)
 
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period, Weighted Average Grant Date Fair Value
$ 16.23 
 
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number
1,222,000 
 
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price
$ 6.11 
 
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number
1,025,000 
 
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Exercise Price
$ 6.37 
 
Stock Option [Member]
 
 
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
 
 
Share-based Compensation Arrangement, Options, Grants in Period, Gross
0 
 
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number
650,000 
 
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price
$ 4.30 
 
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value
$ 0.00 
 
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period
0 
 
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Weighted Average Exercise Price
$ 0.00 
 
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period
(50,000)
 
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period, Weighted Average Grant Date Fair Value
$ 6.68 
 
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number
600,000 
 
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price
$ 4.10 
 
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number
262,000 
 
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Exercise Price
$ 3.78 
 
Stock Based Compensation Outstanding Stock Options (Details) (USD $)
Apr. 28, 2012
Y
Jan. 28, 2012
2011 Omnibus Incentive Plan [Member]
 
 
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
 
 
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number
160,000 
160,000 
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price
$ 2.25 
$ 2.25 
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term
9.7 
 
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value
$ 6,000 
 
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Number
144,000 
 
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Weighted Average Exercise Price
$ 2.25 
 
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Exercisable Options, Weighted Average Remaining Contractual Term
9.7 
 
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Aggregate Intrinsic Value
5,000 
 
2004 Omnibus Incentive Stock Plan [Member]
 
 
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
 
 
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number
2,321,000 
2,345,000 
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price
$ 6.04 
$ 6.03 
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term
6.5 
 
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value
243,000 
 
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Number
2,293,000 
 
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Weighted Average Exercise Price
$ 6.04 
 
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Exercisable Options, Weighted Average Remaining Contractual Term
6.4 
 
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Aggregate Intrinsic Value
240,000 
 
2001 Omnibus Stock Plan [Member]
 
 
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
 
 
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number
1,222,000 
1,226,000 
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price
$ 6.11 
$ 6.15 
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term
6.2 
 
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value
1,000 
 
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Number
1,202,000 
 
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Weighted Average Exercise Price
$ 6.15 
 
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Exercisable Options, Weighted Average Remaining Contractual Term
6.1 
 
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Aggregate Intrinsic Value
0 
 
Stock Option [Member]
 
 
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
 
 
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number
600,000 
650,000 
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price
$ 4.10 
$ 4.30 
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term
8.2 
 
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value
1,000 
 
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Number
566,000 
 
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Weighted Average Exercise Price
$ 4.09 
 
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Exercisable Options, Weighted Average Remaining Contractual Term
8.2 
 
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Aggregate Intrinsic Value
$ 1,000 
 
Stock Based Compensation Narrative (Details) (USD $)
3 Months Ended
Apr. 28, 2012
Y
Number
Apr. 30, 2011
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
 
 
Allocated Share-based Compensation Expense
$ 326,000 
$ 542,000 
Number of Omnibus Stock Plans
2 
 
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value
$ 0 
$ 4.99 
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Total Intrinsic Value
1,000 
377,000 
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized
$ 1,767,000 
 
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Period for Recognition
1 
 
Minimum [Member]
 
 
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
 
 
Share based Compensation Arrangement by Share-based Payment Award, Purchase Price of Common Stock, Percent
100.00% 
 
2011 Omnibus Incentive Plan [Member]
 
 
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
 
 
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized
3,000,000 
 
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value
$ 0.00 
 
2004 Omnibus Incentive Stock Plan [Member]
 
 
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
 
 
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized
4,000,000 
 
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value
$ 0.00 
 
Restricted Stock (Details) (USD $)
0 Months Ended 1 Months Ended 3 Months Ended 12 Months Ended
Nov. 30, 2011
Jun. 30, 2011
Apr. 30, 2011
Y
Apr. 28, 2012
Y
Apr. 30, 2011
Nov. 18, 2012
Y
Nov. 18, 2011
Jun. 15, 2011
Employees
Mar. 30, 2011
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
 
 
 
 
 
 
 
 
 
Share-based Compensation
 
 
 
$ 991,000 
$ 697,000 
 
 
 
 
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized
 
 
 
1,767,000 
 
 
 
 
 
Restricted Stock [Member]
 
 
 
 
 
 
 
 
 
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
 
 
 
 
 
 
 
 
 
Share-based Compensation
 
 
 
665,000 
155,000 
 
 
 
 
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized
 
 
 
1,264,000 
 
 
 
 
 
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term
 
 
 
1 
 
 
 
 
 
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Total Fair Value
 
 
 
513,000 
0 
 
 
 
 
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period
453,000 
50,000 
522,000 
0 
 
 
 
 
 
Share Based Compensation Arrangement by Share Based Payment Award Equity Intstrument Other than Options Aggregate Value
 
 
 
 
 
 
$ 816,000 
$ 377,000 
$ 3,323,000 
Share Based Compensation Arrangement by Share Based Payment Award Number of Non Management Board Members Granted Shares
 
 
 
 
 
 
 
7 
 
Share Based Compensation Arrangement by Share Based Payment Award, Equity Instruments Other than Options, Number of Equal Annual Vesting Installments
 
 
1 
 
 
2 
 
 
 
Restricted Stock Non-Vested Restricted Stock Table (Details) (Restricted Stock [Member], USD $)
0 Months Ended 1 Months Ended 3 Months Ended
Nov. 30, 2011
Jun. 30, 2011
Apr. 30, 2011
Apr. 28, 2012
Restricted Stock [Member]
 
 
 
 
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested [Roll Forward]
 
 
 
 
Non-vested outstanding, January 28, 2012
 
 
 
982,000 
Granted
453,000 
50,000 
522,000 
0 
Vested
 
 
 
(248,000)
Forfeited
 
 
 
(28,000)
Non-vested outstanding, April 28, 2012
 
 
 
706,000 
Share-based Compensation Arrangement by Share based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward]
 
 
 
 
Non-vested outstanding, Weighted Average Grant Date Fair Value, January 28, 2012
 
 
 
$ 4.39 
Granted, Weighted Average Grant Date Fair Value
 
 
 
$ 0.00 
Vested, Weighted Average Grant Date Fair Value
 
 
 
$ 6.36 
Forfeited, Weighted Average Grant Date Fair Value
 
 
 
$ 2.57 
Non-vested outstanding, Weighted Average Grant Date Fair Value, April 28, 2012
 
 
 
$ 3.78 
Equity Offering (Details) (USD $)
In Millions, except Share data, unless otherwise specified
0 Months Ended
Mar. 30, 2011
Equity Offering [Abstract]
 
Sale of Stock, Number of Shares Issued in Transaction
9,487,500 
Sale of Stock, Price Per Share
$ 6.25 
Sale of Stock, Consideration Received on Transaction
$ 55.5 
Net Loss Per Common Share (Details) (USD $)
3 Months Ended
Apr. 28, 2012
Apr. 30, 2011
Net Loss Per Common Share [Abstract]
 
 
Net loss (a)
$ (8,739,000)1
$ (28,930,000)1
Weighted average number of common shares outstanding — Basic
48,638,164 
40,655,177 
Dilutive effect of stock options, non-vested shares and warrants (b)
0 2
0 2
Weighted average number of common shares outstanding — Diluted
48,638,164 
40,655,177 
Net loss per common share
$ (0.18)
$ (0.71)
Net loss per common share — assuming dilution
$ (0.18)
$ (0.71)
Gains (Losses) on Extinguishment of Debt
$ 500,000 
$ 25,679,000 
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount
3,642,000 
6,367,000 
Sales by Product Group (Details) (USD $)
In Thousands, unless otherwise specified
3 Months Ended
Apr. 28, 2012
Apr. 30, 2011
Revenue from External Customer [Line Items]
 
 
Jewelry & Watches
$ 71,571 
$ 67,557 
Home & Electronics
27,603 
43,158 
Beauty, Health & Fitness
18,059 
14,878 
Fashion (apparel, outerwear & accessories)
10,128 
6,303 
All other
9,188 
11,637 
Total
$ 136,549 
$ 143,533 
Income Taxes (Details) (USD $)
In Millions, unless otherwise specified
Jan. 28, 2012
Operating Loss Carryforwards [Line Items]
 
Operating Loss Carryforwards
$ 285 
Related Party Transactions (Details) (USD $)
3 Months Ended 3 Months Ended 3 Months Ended
Apr. 28, 2012
Number
Jan. 28, 2012
Apr. 28, 2012
Edwin Garrubbo [Member]
Apr. 30, 2011
Edwin Garrubbo [Member]
Jan. 2, 2011
Comcast [Member]
Apr. 28, 2012
GE [Member]
Jan. 2, 2011
GE [Member]
Apr. 28, 2012
NBCU [Member]
Related Party Transaction [Line Items]
 
 
 
 
 
 
 
 
Related Party Transaction, Expenses from Transactions with Related Party
 
 
$ 229,000 
$ 469,000 
 
 
 
 
Document Period End Date
Apr. 28, 2012 
 
 
 
 
 
 
 
Equity Method Investment, Ownership Percentage in NBCU
 
 
 
 
51.00% 
 
49.00% 
 
Warrants, Outstanding
6,007,372 
6,007,372 
 
 
 
6,000,000 
 
7,372 
Common Stock Shares Held in Subsidiary
 
 
 
 
 
 
 
7,141,849 
Number of Members Related Party Entitled to Appoint to Board of Directors
2 
 
 
 
 
 
 
 
Minimum Beneficial Ownership to Retain Board Seat
 
 
 
 
 
 
 
5.00%