RETIREMENT AND SAVINGS PLANS |
12 Months Ended |
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Feb. 01, 2025 | |
| Retirement Benefits [Abstract] | |
| RETIREMENT AND SAVINGS PLANS | RETIREMENT AND SAVINGS PLANS 401(k) Plan The Company has adopted The Children’s Place 401(k) Savings Plan (the “401(k) Plan”), which qualifies under Section 401(k) of the Internal Revenue Code of 1986, as amended (the “Code”). The 401(k) Plan is a defined contribution plan established to provide retirement benefits for employees. The 401(k) Plan is employee funded up to an elective annual deferral amount and also provides for Company matching contributions up to a certain percentage of the employee’s salary. The 401(k) Plan is available for all U.S. employees of the Company. The Company matches the first 3% of the participant’s contributions and 50% of the next 2% of the participant’s contributions, and the Company’s matching contribution vests immediately. The Company’s matching contributions were $3.4 million in Fiscal 2024, $4.0 million in Fiscal 2023, and $4.5 million in Fiscal 2022. Deferred Compensation Plan The Deferred Compensation Plan liability, excluding Company stock, was $1.1 million and $1.2 million at February 1, 2025 and February 3, 2024, respectively. The value of the assets held in the rabbi trust was $1.1 million and $1.2 million at February 1, 2025 and February 3, 2024, respectively. The cost of the Company’s stock repurchased was $0.1 million and $2.9 million at February 1, 2025 and February 3, 2024, respectively. Other Plans Under statutory requirements, the Company contributes to retirement plans for its operations in Canada, Puerto Rico, and Asia. Contributions under these plans were $0.5 million, $0.6 million, and $0.6 million in Fiscal 2024, Fiscal 2023, and Fiscal 2022, respectively.
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