Annual report pursuant to Section 13 and 15(d)

ACQUISITIONS

v2.4.0.6
ACQUISITIONS
 12 Months Ended
Feb. 02, 2013
ACQUISITIONS [Abstract]  
ACQUISITION
ACQUISITION
On November 15, 2010, the Company completed its acquisition of 86 Dollar Giant stores, located in the Canadian provinces of British Columbia, Ontario, Alberta and Saskatchewan.  These stores offer a wide assortment of quality general merchandise, contemporary seasonal goods and everyday consumables, all priced at $1.25 (CAD) or less.  This is the Company’s first expansion of its retail operations outside of the United States and provides the Company with a proven management team and distribution network as well as additional potential store growth in a new market.
The Company paid approximately $51.3 million including the assumption of certain liabilities.  The results of Dollar Giant store operations are included in the Company’s financial statements since the aquisition date and did not have a significant impact on the Company’s operating results in 2012, 2011 or 2010.  This acquisition is immaterial to the Company’s operations as a whole and therefore no proforma disclosure of financial information has been presented.  The following table summarizes the final allocation of the purchase price to the fair value of the assets acquired and liabilities assumed based on the exchange rate in effect at the date of purchase.
(in millions)
 
 
 
 
 
Cash
 
$
1.9

Inventory
 
22.8

Other current assets
 
3.4

Property and equipment
 
10.1

Goodwill
 
39.9

Other intangibles
 
3.9

Debt
 
(13.8
)
Accounts payable and
 
 

accrued liabilities
 
(16.9
)
 
 
$
51.3


Goodwill related to this acquisition is presented in the consolidated balance sheet at the exchange rates in effect at February 2, 2013 and January 28, 2012, respectively; however, the opening balance sheet and resulting goodwill and acquired intangible assets were recorded based on the exchange rate in effect at the acquisition date.