RELATED PARTY TRANSACTIONS
|9 Months Ended|
Oct. 31, 2020
|RELATED PARTY TRANSACTIONS|
|RELATED PARTY TRANSACTIONS||
10. RELATED PARTY TRANSACTIONS
On October 1, 2020, affiliates of, or funds advised by, The Blackstone Group, Inc. (“The Blackstone Group”) sold common stock of the Company, reducing their ownership to less than 10% of our outstanding common stock. Due to the sale of the Company’s common stock, The Blackstone Group is no longer considered to be a related party effective October 1, 2020. Payments made to The Blackstone Group through October 1, 2020 were not material to the consolidated financial statements. The Blackstone Group owned approximately 14% of our outstanding common stock as of November 2, 2019.
The Blackstone Group owns a majority equity position in ShopCore Properties, LP, Blackstone Real Estate DDR Retail Holdings III, LLC and Blackstone Real Estate RC Retail Holdings, LLC and has significant influence over Edens Limited Partnership, all of which are vendors we utilize to lease certain properties. Payments associated with these vendors during the third quarter of fiscal 2019 were $2.5 million. Payments made during the nine months ended November 2, 2019 were $7.5 million. These expenses are included in cost of sales and occupancy expense in the consolidated statements of comprehensive income.
The Blackstone Group has significant influence over Blue Yonder, Inc. (formerly known as JDA Software Group, Inc.), a vendor we utilize for transportation and supply chain software. Payments associated with this vendor during the third quarter of fiscal 2019 were $0.7 million. Payments made during the nine months ended November 2, 2019 were $2.3 million. These expenses are included in selling, general and administrative in the consolidated statements of comprehensive income.
The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.
Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef