Annual report [Section 13 and 15(d), not S-K Item 405]

Property and Equipment, net

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Property and Equipment, net
 12 Months Ended
Feb. 01, 2026
Property, Plant and Equipment, Net [Abstract]  
Property and Equipment, net Property and Equipment, net
Property and equipment, net as of February 1, 2026 and February 2, 2025 consists of (in thousands):
Estimated Life February 1, 2026 February 2, 2025
Office and store furniture, and equipment 5 Years $ 16,553  $ 15,410 
Software 5 Years 1,778  3,006 
Leasehold improvements Shorter of estimated useful life or lease term 115,913  97,874 
Computers 3 Years 4,634  5,747 
Tools, Dies, Molds
Shorter of 5 years or purchase agreement term
 3,426  1,525 
Vehicles 5 Years 496  497 
Construction in process NA 1,913  6,442 
Total 144,713  130,501 
Accumulated depreciation and amortization (58,313) (52,511)
Property and equipment, net $ 86,400  $ 77,990 
Depreciation and amortization expense was $14.9 million, $14.3 million, and $12.2 million in fiscal 2026, 2025, and 2024, respectively.

In June 2025, the Company initiated a cost-reduction plan that included the termination of its partnership with Best Buy. As part of this plan, the Company executed the wind down of its Best Buy shop-in-shop locations (the "Exit"), with closures and related workforce reductions. This process was completed during the fourth quarter of fiscal 2026. As a result of the Exit, the Company assessed the recoverability of long-lived assets associated with the affected locations. For fiscal 2026, the Company recorded an impairment charge of $1.5 million related to property and equipment at the shop-in-shop locations.

The impairment was determined by comparing the carrying amount of the assets to the estimated undiscounted future cash flows. As the carrying amounts were not recoverable, the assets were written down to their estimated fair values, which were determined using a discounted cash flow model based on historical performance and expected future profitability. These impairment charges are included within selling, general and administrative expense in the Statements of Operations.

As part of the Exit, the Company incurred severance and other one-time employee termination benefits, as well as costs associated with decommissioning the Best Buy shop-in-shop locations. These costs did not have a material impact on the financial statements.