Employee Benefit Plan
|9 Months Ended|
Nov. 04, 2018
|Retirement Benefits [Abstract]|
|EMPLOYEE BENEFIT PLAN||
Note 9 – Employee Benefit Plan
In February 2017, the Company established The Lovesac Company 401(k) Plan (the “401(k) Plan”) with Elective Deferrals beginning May 1, 2017. The Plan calls for Elective Deferral Contributions, Safe Harbor Matching Contributions and Profit Sharing Contributions. All employees of The Lovesac Company (except for union employees and nonresident aliens) will be eligible to participate in the 401(k) Plan as of the day of the month which is coincident with or next follows the date on which they attain age 21 and complete one month of service. Participants will be able to contribute up to 100% of their eligible compensation to the 401(k) Plan subject to limitations with the IRS. The employer contributions to the 401(k) Plan were $65,566 and $215,790 for the thirteen and thirty-nine weeks ended November 4, 2018, respectively, and $53,319 and $83,974 for the thirteen and thirty-nine weeks ended October 29, 2017.
The entire disclosure for pension and other postretirement benefits.
Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef