BARNES & NOBLE EDUCATION, INC., 10-Q filed on 3/12/2024
Quarterly Report
v3.24.0.1
Document and Entity Information - shares
 9 Months Ended
Jan. 27, 2024
Feb. 23, 2024
Document Information [Line Items]    
Document Type 10-Q  
Amendment Flag false  
Document Fiscal Year Focus 2024  
Document Fiscal Period Focus Q3  
Entity Shell Company false  
Entity Registrant Name BARNES & NOBLE EDUCATION, INC.  
Entity Central Index Key 0001634117  
Current Fiscal Year End Date --04-27  
Entity Filer Category Accelerated Filer  
Entity Emerging Growth Company false  
Entity Small Business false  
Entity Common Stock, Shares Outstanding   53,156,369
Document Quarterly Report true  
Trading Symbol BNED  
Security Exchange Name NYSE  
Title of 12(b) Security Common Stock, $0.01 par value per share  
Document Transition Report false  
Entity File Number 1-37499  
Local Phone Number 991-2665  
City Area Code (908)  
Entity Address, Postal Zip Code 07920  
Entity Incorporation, State or Country Code DE  
Entity Tax Identification Number 46-0599018  
Entity Address, State or Province NJ  
Entity Address, City or Town Basking Ridge,  
Entity Address, Address Line One 120 Mountain View Blvd.,  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Document Period End Date Jan. 27, 2024  
v3.24.0.1
Consolidated Statements of Operations and Comprehensive Loss - USD ($)
shares in Thousands, $ in Thousands
 3 Months Ended 9 Months Ended
Jan. 27, 2024
Jan. 28, 2023
Jan. 27, 2024
Jan. 28, 2023
Sales:        
Product sales and other $ 415,375 $ 393,745 $ 1,237,723 $ 1,204,806
Rental income 41,298   93,490 96,555
Total sales 456,673 438,054 1,331,213 1,301,361
bned_Cost of Product and Other Cost of Sales 332,728 317,833 991,695 957,788
Rental cost of sales 23,909 23,210 52,606 52,416
Cost of Goods and Services Sold 356,637 341,043 1,044,301 1,010,204
Gross profit 100,036 97,011 286,912 291,157
Selling and administrative expenses 79,756 91,841 243,193 281,136
Depreciation and amortization expense 10,148 10,112 30,576 31,264
Restructuring and other charges 3,413 4,127 12,320 4,762
Operating Income (Loss) 921 (15,077) (4,975) (32,013)
Interest expense, net 10,620 6,918 29,538 15,672
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest, Total (9,699) (21,995) (34,513) (47,685)
Income tax expense (benefit) 229 139 532 603
Income (Loss) from Continuing Operations, Net of Tax, Attributable to Parent (9,928) (22,134) (35,045) (48,288)
Net (loss) income $ (9,639) $ (25,049) $ (35,847) $ (55,612)
Income (Loss) from Continuing Operations, Per Diluted Share $ (0.19) $ (0.42) $ (0.66) $ (0.92)
Income (Loss) from Continuing Operations, Per Basic Share (0.19) (0.42) (0.66) (0.92)
Discontinued Operation, Income (Loss) from Discontinued Operation, Net of Tax, Per Basic Share 0.01 (0.06) (0.02) (0.14)
(Loss) Earnings per share of common stock        
Basic (0.18) (0.48) (0.68) (1.06)
Diluted $ (0.18) $ (0.48) $ (0.68) $ (1.06)
Weighted average common shares outstanding        
Diluted 53,153 52,602 52,862 52,404
Basic 53,153 52,602 52,862 52,404
Income (Loss) from Discontinued Operations, Net of Tax, Attributable to Parent $ 289 $ (2,915) $ (802) $ (7,324)
Discontinued Operation, Tax Effect of Discontinued Operation $ 0 $ 128 $ 20 $ 297
Income (Loss) from Discontinued Operations and Disposal of Discontinued Operations, Net of Tax, Per Diluted Share $ 0.01 $ (0.06) $ (0.02) $ (0.14)
Retail Segment [Member]        
Sales:        
Total sales $ 439,446 $ 421,259 $ 1,284,242 $ 1,256,376
Gross profit 89,243 88,926 265,063 272,421
Selling and administrative expenses 71,393 82,753 217,748 251,843
Depreciation and amortization expense 8,817 8,749 26,694 27,147
Restructuring and other charges 0 1,452 555 1,452
Operating Income (Loss) $ 3,235 (10,036) $ 14,268 $ (14,029)
Retail Segment [Member] | Transferred over Time        
Sales:        
Rental income   $ 44,309    
v3.24.0.1
Consolidated Balance Sheets - USD ($)
shares in Thousands, $ in Thousands
Jan. 27, 2024
Apr. 29, 2023
Jan. 28, 2023
Current assets:      
Cash and cash equivalents $ 8,123 $ 14,219 $ 9,423
Receivables, net 315,126 92,512 276,924
Merchandise inventories, net 341,544 322,979 408,924
Textbook rental inventories 44,521 30,349 35,468
Prepaid expenses and other current assets 54,337 49,512 53,316
Disposal Group, Including Discontinued Operation, Assets 0 27,430 29,619
Total current assets 763,651 537,001 813,674
Net property and equipment 57,273 68,153 72,075
Operating Lease, Right-of-Use Asset 220,238 246,972 259,470
Intangible assets, net 97,947 110,632 114,269
Deferred Tax Assets, Tax Deferred Expense 0 132 0
Other noncurrent assets 12,488 17,889 19,875
Total assets 1,151,597 980,779 1,279,363
Current liabilities:      
Accounts payable 343,100 267,923 355,200
Accrued liabilities 156,874 85,759 132,943
Operating Lease, Liability, Current 125,545 99,980 116,051
Short-term Debt 224,067 0 0
Disposal Group, Including Discontinued Operation, Liabilities 0 8,423 5,384
Total current liabilities 849,586 462,085 609,578
Deferred Income Tax Liabilities, Net 2,010 1,970 1,601
Operating Lease, Liability, Noncurrent 155,226 184,754 188,466
Other long-term liabilities 17,451 19,068 19,375
Long-Term Debt 30,191 182,151 283,857
Liabilities 1,054,464 850,028 1,102,877
Commitments and contingencies 0 0 0
Preferred Stock, Value, Issued 0 0 0
Common Stock, Value, Outstanding 558 551 551
Additional Paid in Capital 748,330 745,932 745,417
Retained Earnings (Accumulated Deficit) (629,203) (593,356) (547,106)
Treasury Stock, Value (22,552) (22,376) (22,376)
Total Equity 97,133 130,751 176,486
Total liabilities and Parent Company equity $ 1,151,597 $ 980,779 $ 1,279,363
Preferred Stock, Par or Stated Value Per Share $ 0.01 $ 0.01 $ 0.01
Preferred Stock, Shares Authorized 5,000 5,000 5,000
Preferred Stock, Shares Issued 0 0 0
Preferred Stock, Shares Outstanding 0 0 0
Common Stock, Par or Stated Value Per Share $ 0.01 $ 0.01 $ 0.01
Common Stock, Shares Authorized 200,000 200,000 200,000
Common Stock, Shares, Issued 55,840 55,140 55,140
Common Stock, Shares, Outstanding 53,156 52,604 52,604
v3.24.0.1
Statement of Cash Flows (Statement) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended 12 Months Ended
Jan. 27, 2024
Jan. 28, 2023
Jan. 27, 2024
Jan. 28, 2023
Apr. 29, 2023
Apr. 30, 2022
Statement of Cash Flows [Abstract]            
Net Income (Loss) Attributable to Parent $ (9,639) $ (25,049) $ (35,847) $ (55,612)    
Income (Loss) from Discontinued Operations, Net of Tax, Attributable to Parent 289 (2,915) (802) (7,324)    
Income (Loss) from Continuing Operations, Net of Tax, Attributable to Parent (9,928) (22,134) (35,045) (48,288) $ (90,140) $ (61,559)
Depreciation and amortization expense 10,148 10,112 30,576 31,264    
Content Amortization     0 26    
Amortization of Debt Issuance Costs 3,974 858 8,380 2,058    
Increase (Decrease) in Deferred Income Taxes     171 171    
Share-based Compensation     2,568 4,275    
Paid-in-Kind Interest     1,750 0    
Increase (Decrease) in Operating Liabilities     19,553 13,196    
Increase (Decrease) in Other Noncurrent Assets and Liabilities, Net     (2,961) 396    
Increase (Decrease) in Receivables     (222,614) (140,922)    
Increase (Decrease) in Inventories     (18,565) (115,070)    
Increase (Decrease) in Rental Inventories     (14,172) (5,856)    
Increase (Decrease) in Prepaid Expense and Other Assets     2,436 14,637    
Accounts payable and accrued liabilities     138,904 216,857    
Increase (Decrease) in Other Current Assets and Liabilities, Net     (114,011) (30,354)    
Net Cash Provided by (Used in) Operating Activities, Continuing Operations     (83,221) (21,248) 90,513 (16,195)
Cash Provided by (Used in) Operating Activities, Discontinued Operations     (3,650) (1,349)    
Net Cash Provided by (Used in) Operating Activities     (86,871) (22,597)    
Payments to Acquire Property, Plant, and Equipment     (11,459) (21,700)    
Increase (Decrease) in Other Noncurrent Assets     78 572    
Net Cash Provided by (Used in) Investing Activities, Continuing Operations     (11,381) (21,128)    
Cash Provided by (Used in) Investing Activities, Discontinued Operations     21,395 (5,198)    
Net Cash Provided by (Used in) Investing Activities     10,014 (26,326)    
Proceeds from Issuance of Secured Debt     454,459 512,000    
Proceeds from (Repayments of) Secured Debt     (384,545) (452,100)    
Payments of Debt Issuance Costs     (9,845) (2,614)    
Payments for Repurchase of Common Stock     (176) (864)    
Net Cash Provided by (Used in) Financing Activities, Continuing Operations     59,893 56,422    
Cash Provided by (Used in) Financing Activities, Discontinued Operations     0 0    
Net Cash Provided by (Used in) Financing Activities     59,893 56,422    
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect     (16,964) 7,499    
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents 15,024 28,535 15,024 28,535 $ 31,988 $ 21,036
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents, Disposal Group, Including Discontinued Operations 0 802 0 802    
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents, Including Disposal Group and Discontinued Operations $ 15,024 $ 27,733 $ 15,024 $ 27,733    
v3.24.0.1
Consolidated Statement of Equity Statement - USD ($)
shares in Thousands, $ in Thousands
Total
Additional Paid-in Capital [Member]
Common Stock [Member]
Retained Earnings
Treasury Stock, Common
Common Stock, Shares, Issued     54,234    
Total Equity $ 228,374 $ 740,838 $ 542 $ (491,494)  
Treasury Stock, Common, Shares         2,188
Treasury Stock, Value (21,512)        
Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures     540    
Stock Issued During Period, Value, Restricted Stock Award, Net of Forfeitures 0 (5) $ 5    
Stock-based compensation expense 1,791 1,791      
CostOfRepurchasedSharesForTaxWittholdingForShareBasedCompensation (612)        
Net Income (Loss) Attributable to Parent (52,707)        
Stock Issued During Period, Value, Treasury Stock Reissued (612)        
Stock Issued During Period, Shares, Treasury Stock Reissued         238
Net Income (Loss) Attributable to Parent (55,612)        
Common Stock, Shares, Issued     54,774    
Total Equity 176,846 742,624 $ 547 (544,201)  
Treasury Stock, Common, Shares         2,426
Treasury Stock, Value (22,124)        
Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures     357    
Stock Issued During Period, Value, Restricted Stock Award, Net of Forfeitures 0 (4) $ 4    
Stock-based compensation expense 1,719 1,719      
CostOfRepurchasedSharesForTaxWittholdingForShareBasedCompensation (245)        
Net Income (Loss) Attributable to Parent 22,144        
Stock Issued During Period, Value, Treasury Stock Reissued (245)        
Stock Issued During Period, Shares, Treasury Stock Reissued         107
Common Stock, Shares, Issued     55,131    
Total Equity 200,464 744,339 $ 551 (522,057)  
Treasury Stock, Common, Shares         2,533
Treasury Stock, Value (22,369)        
Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures     9    
Stock Issued During Period, Value, Restricted Stock Award, Net of Forfeitures 0 0 $ 0    
Stock-based compensation expense 1,078 1,078      
CostOfRepurchasedSharesForTaxWittholdingForShareBasedCompensation (7)        
Net Income (Loss) Attributable to Parent (25,049)        
Stock Issued During Period, Value, Treasury Stock Reissued $ (7)        
Stock Issued During Period, Shares, Treasury Stock Reissued         3
Common Stock, Shares, Issued 55,140        
Total Equity $ 176,486        
Common Stock, Value, Issued 551        
Treasury Stock, Common, Shares         2,536
Treasury Stock, Value $ (22,376)        
Common Stock, Shares, Issued 55,140   55,140    
Total Equity $ 130,751 745,932 $ 551 (593,356)  
Treasury Stock, Common, Shares         2,536
Treasury Stock, Value (22,376)        
Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures     179    
Stock Issued During Period, Value, Restricted Stock Award, Net of Forfeitures 0 (2) $ 2    
Stock-based compensation expense 794 794      
CostOfRepurchasedSharesForTaxWittholdingForShareBasedCompensation (98)        
Net Income (Loss) Attributable to Parent (50,388)        
Stock Issued During Period, Value, Treasury Stock Reissued (98)        
Stock Issued During Period, Shares, Treasury Stock Reissued         78
Net Income (Loss) Attributable to Parent (35,847)        
Common Stock, Shares, Issued     55,319    
Total Equity 81,059 746,724 $ 553 (643,744)  
Treasury Stock, Common, Shares         2,614
Treasury Stock, Value (22,474)        
Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures     499    
Stock Issued During Period, Value, Restricted Stock Award, Net of Forfeitures 0 (5) $ 5    
Stock-based compensation expense 799 799      
CostOfRepurchasedSharesForTaxWittholdingForShareBasedCompensation (74)        
Net Income (Loss) Attributable to Parent 24,180        
Stock Issued During Period, Value, Treasury Stock Reissued (74)        
Stock Issued During Period, Shares, Treasury Stock Reissued         67
Common Stock, Shares, Issued     55,818    
Total Equity 105,964 747,518 $ 558 (619,564)  
Treasury Stock, Common, Shares         2,681
Treasury Stock, Value (22,548)        
Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures     22    
Stock Issued During Period, Value, Restricted Stock Award, Net of Forfeitures 0 0 $ 0    
Stock-based compensation expense 812 812      
CostOfRepurchasedSharesForTaxWittholdingForShareBasedCompensation (4)        
Net Income (Loss) Attributable to Parent (9,639)        
Stock Issued During Period, Value, Treasury Stock Reissued $ (4)        
Stock Issued During Period, Shares, Treasury Stock Reissued         3
Common Stock, Shares, Issued 55,840   55,840    
Total Equity $ 97,133 $ 748,330 $ 558 $ (629,203)  
Treasury Stock, Common, Shares         2,684
Treasury Stock, Value $ (22,552)        
v3.24.0.1
Organization
 9 Months Ended
Jan. 27, 2024
Organization
Note 1. Organization
Description of Business
Barnes & Noble Education, Inc. (“BNED”) is one of the largest contract operators of physical and virtual bookstores for college and university campuses and K-12 institutions across the United States. We are also one of the largest textbook wholesalers, inventory management hardware and software providers. We operate 1,272 physical, virtual, and custom bookstores and serve more than 5.8 million students, delivering essential educational content, tools and general merchandise within a dynamic omnichannel retail environment.
The strengths of our business include our ability to compete by developing new products and solutions to meet market needs, our large operating footprint with direct access to students and faculty, our well-established, deep relationships with academic partners and stable, long-term contracts and our well-recognized brands. We provide product and service offerings designed to address the most pressing issues in higher education, including equitable access, enhanced convenience and improved affordability through innovative course material delivery models designed to drive improved student experiences and outcomes. We offer our BNC First Day® equitable and inclusive access programs, consisting of First Day Complete and First Day, which provide faculty required course materials on or before the first day of class at below market rates, as compared to the total retail price for the same course materials if purchased separately (a la carte) and students are billed the below market price directly by the institution as a course charge or included in tuition. During the 13 weeks ended January 27, 2024, BNC First Day total revenue increased by $63,371, or 53%, to $184,073 compared to $120,702 during the prior year period. During the 39 weeks ended January 27, 2024, BNC First Day total revenue increased by $136,055, or 44%, to $445,094 compared to $309,039 during the prior year period. These programs have allowed us to reverse historical long-term trends in course materials revenue declines as the growth of our BNC First Day programs offsets declines in a la carte courseware sales and closed store sales.
We expect to continue to introduce scalable and advanced solutions focused largely on the student and customer experience, expand our e-commerce capabilities and accelerate such capabilities through our merchandising and e-commerce service provider agreement with Fanatics Retail Group Fulfillment, LLC, Inc. (“Fanatics”) and Fanatics Lids College, Inc. D/B/A "Lids" (“Lids”) (collectively referred to herein as the “F/L Relationship”), win new accounts, and expand our revenue opportunities through strategic relationships. We expect gross comparable store general merchandise sales to increase over the long term, as our product assortments continue to emphasize and reflect changing consumer trends, and we evolve our presentation concepts and merchandising of products in stores and online, which we expect to be further enhanced and accelerated through the F/L Relationship. Through this relationship, Fanatics and Lids provide unparalleled product assortment, e-commerce capabilities and powerful digital marketing tools on our behalf to drive increased value for customers and accelerate growth of our logo general merchandise business.
The Barnes & Noble brand (licensed from our former parent) along with our subsidiary brands, BNC and MBS, are synonymous with innovation in bookselling and campus retailing, and are widely recognized and respected brands in the United States. Our large college footprint, reputation, and credibility in the marketplace not only support our marketing efforts to universities, students, and faculty, but are also important to our relationship with leading publishers who rely on us as one of their primary distribution channels.
During the fourth quarter of Fiscal 2023, assets related to our DSS Segment met the criteria for classification as Assets Held for Sale and Discontinued Operations and is no longer a reportable segment. On May 31, 2023, we completed the sale of
these assets related to our DSS Segment. We have two reportable segments: Retail and Wholesale. For additional information related to our strategies, operations and segments, see Part I - Item 1. Business in our Annual Report on Form 10-K for the fiscal year ended April 29, 2023.
BNC First Day Equitable and Inclusive Access Programs
We provide product and service offerings designed to address the most pressing issues in higher education, including equitable access, enhanced convenience and improved affordability through innovative course material delivery models designed to drive improved student experiences and outcomes. We offer our BNC First Day® equitable and inclusive access programs, consisting of First Day Complete and First Day, which provide faculty required course materials on or before the first day of class at below market rates, as compared to the total retail price for the same course materials if purchased separately (a la carte) and students are billed the below market rate, directly by the institution as a course charge or included in tuition.
•First Day Complete is adopted by an institution and includes the majority of undergraduate classes (and on occasion graduate classes), providing students both physical and digital materials. The First Day Complete model drives substantially greater unit sales and sell-through for the bookstore.
•First Day is adopted by a faculty member for a single course, and students receive primarily digital course materials through their school's learning management system ("LMS").
Offering course materials through our equitable and inclusive access First Day Complete and First Day models is a key, and increasingly important strategic initiative of ours to meet the market demands of substantially reduced pricing to students, as well as the opportunity to improve student outcomes, while, at the same time, increasing our market share, revenue and relative gross profits of course material sales given the higher volumes of units sold in such models as compared to historical sales models that rely on individual student marketing and sales. These programs have allowed us to reverse historical long-term trends in course materials revenue declines, which have been observed at those schools where such programs have been adopted, and improve predictability of our future results. The growth of our BNC First Day programs offsets declines in a la carte courseware sales. We are moving quickly and decisively to accelerate our First Day Complete strategy. We have seen many institutions adopt First Day Complete in Fiscal 2024 and plan to continue to scale the number of schools adopting First Day Complete in Fiscal 2025 and beyond.
In the Spring of 2024, 160 campus stores are utilizing First Day® Complete representing enrollment of nearly 805,000 undergraduate and post graduate students (as reported by National Center for Education Statistics), an increase of approximately 39% compared to Spring of 2023. During the 13 weeks ended January 27, 2024, First Day Complete sales increased by $42,629, or 64%, to $109,531 as compared to $66,902 in the prior year period. During the 13 weeks ended January 27, 2024, First Day sales increased by $20,742, or 39%, to $74,542 as compared to $53,800 in the prior year period. During the 39 weeks ended January 27, 2024, First Day Complete sales increased by $98,084, or 57%, to $271,465 as compared to $173,381 in the prior year period. During the 39 weeks ended January 27, 2024, First Day sales increased by $37,971, or 28%, to $173,629 as compared to $135,658 in the prior year period.
Relationship with Fanatics and Lids
In December 2020, we entered into the F/L Relationship. Under the related service provider agreements, we receive unparalleled product assortment, e-commerce capabilities and powerful digital marketing tools to drive increased value for customers and accelerate growth of our general merchandise business. Fanatics, operates as our service provider, including processing consumer personal information on our behalf, using their cutting-edge e-commerce and technology expertise to offer our campus store websites expanded product selection, a world-class online and mobile experience, and a progressive direct-to-consumer platform. Coupled with Lids, the leading standalone brick and mortar retailer focused exclusively on licensed fan and alumni products, our campus stores have improved access to trend and sales performance data on licensees, product styles, and design treatments.
We maintain our relationships with campus partners and remain responsible for staffing and managing the day-to-day operations of our campus bookstores. We also work closely with our campus partners to ensure that each campus store maintains unique aspects of in-store merchandising, including localized product assortments and specific styles and designs that reflect each campus’s brand. As our service provider, we leverage Fanatics’ e-commerce technology and expertise on our behalf for the operational management of the emblematic merchandise and gift sections of our campus store websites. Lids manages in-store assortment planning and merchandising of emblematic apparel, headwear, and gift products for our partner campus
stores, and Lids owns the inventory it manages, relieving us of the obligation to finance inventory purchases from working capital.
v3.24.0.1
Employees Benefit Plan
 9 Months Ended
Jan. 27, 2024
Employees' Defined Contribution Plan
Note 11. Employee Benefit Plans
We sponsor defined contribution plans for the benefit of substantially all of the employees of BNC. MBS maintains a profit sharing plan covering substantially all full-time employees of MBS. For all plans, we are responsible to fund the employer contributions directly. Total employee benefit expense for these plans was $0 and $1,101 during the 13 weeks ended January 27, 2024 and January 28, 2023, respectively. Total employee benefit expense for these plans was $1,687 and $3,386 during the 39 weeks ended January 27, 2024 and January 28, 2023, respectively.
Commencing in September 2023, we revised the 401(k)-retirement savings plan to an annual end of plan year discretionary match, in lieu of the current pay period match.
v3.24.0.1
Organization - Additional Information
Person in Thousands, $ in Thousands
 3 Months Ended 9 Months Ended
Jan. 27, 2024
USD ($)
Store
Jan. 28, 2023
USD ($)
Jan. 27, 2024
USD ($)
segment
Person
Store
Jan. 28, 2023
USD ($)
Organization Consolidation And Presentation Of Financial Statements [Line Items]        
Number of Stores | Store 1,272   1,272  
Number of students covered to build relationships and derive sales | Person     5,800  
Number of Reportable Segments | segment     2  
First Day Complete Revenue description [Abstract]        
Revenues $ 456,673 $ 438,054 $ 1,331,213 $ 1,301,361
First Day Complete        
First Day Complete Revenue description [Abstract]        
Revenues 109,531 66,902 271,465 173,381
Revenue Change [Abstract]        
Revenue Variance $ 42,629   $ 98,084  
Revenue Change Percent 64.00%   57.00%  
BNC First Day        
First Day Complete Revenue description [Abstract]        
Revenues $ 184,073 120,702 $ 445,094 309,039
Revenue Change [Abstract]        
Revenue Variance $ 63,371   $ 136,055  
Revenue Change Percent 53.00%   44.00%  
First Day        
First Day Complete Revenue description [Abstract]        
Revenues $ 74,542 $ 53,800 $ 173,629 $ 135,658
Revenue Change [Abstract]        
Revenue Variance $ 20,742   $ 37,971  
Revenue Change Percent 39.00%   28.00%  
v3.24.0.1
Employees Benefit Plans - Additional Information - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Jan. 27, 2024
Jan. 28, 2023
Jan. 27, 2024
Jan. 28, 2023
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]        
Company contributions, employee benefit expenses $ 0 $ 1,101 $ 1,687 $ 3,386
v3.24.0.1
Summary of Significant Accounting Policies (Notes)
 9 Months Ended
Jan. 27, 2024
Summary of Significant Accounting Policies
Note 2. Summary of Significant Accounting Policies
Basis of Presentation and Consolidation
Our condensed consolidated financial statements reflect our condensed consolidated financial position, results of operations and cash flows in conformity with accounting principles generally accepted in the United States (“GAAP”). Net income (loss) is equal to comprehensive income (loss) on our condensed consolidated statement of operations. In the opinion of the Company’s management, the accompanying unaudited condensed consolidated financial statements of the Company contain all adjustments (consisting of only normal recurring adjustments) necessary to present fairly its consolidated financial position and the results of its operations and cash flows for the periods reported. These consolidated financial statements are condensed and therefore do not include all of the information and footnotes required by GAAP. All material intercompany accounts and transactions have been eliminated in consolidation.
Our fiscal year is comprised of 52 or 53 weeks, ending on the Saturday closest to the last day of April. Due to the seasonal nature of the business, the results of operations for the 13 and 39 weeks ended January 27, 2024 are not indicative of the results expected for the 52 weeks ending April 27, 2024 ("Fiscal 2024").
Liquidity and Going Concern
The accompanying condensed consolidated financial statements are prepared in accordance with U.S. GAAP applicable to a going concern. This presentation contemplates the realization of assets and the satisfaction of liabilities in the normal course of business and does not include any adjustments relating to the recoverability and classification of recorded asset amounts or the amounts and classification of liabilities that might result from the outcome of the uncertainties described below.
Pursuant to ASC 205-40, Presentation of Financial Statements — Going Concern (“ASC 205-40”), management must evaluate whether there are conditions and events, considered in aggregate, that raise substantial doubt about the Company’s ability to continue as a going concern for one year after the date that these condensed consolidated financial statements are issued. In accordance with ASC 205-40, management’s analysis can only include the potential mitigating impact of management’s plans that have not been fully implemented as of the issuance date of these condensed consolidated financial statements if (a) it is probable that management’s plans will be effectively implemented on a timely basis, and (b) it is probable that the plans, when implemented, will alleviate the relevant conditions or events that raise substantial doubt about the Company’s ability to continue as a going concern.
Our primary sources of cash are net cash flows from operating activities, funds available under our Credit Agreement, Term Loan Agreement, and short-term vendor financing. Our liquidity is highly dependent on the seasonal nature of our business, particularly with respect to course material sales, as sales are generally highest in the second and third fiscal quarters, when college students generally purchase textbooks for the upcoming Fall and Spring semesters, respectively. As of January 27, 2024, we had $15,024 of cash on hand, including $6,901 of restricted cash primarily related to segregated funds for commission due to Lids for logo merchandise sales as per the merchandising service provider agreement.
Our business was significantly negatively impacted by the COVID-19 pandemic during the years ended April 30, 2022 and May 1, 2021, as many schools adjusted their learning models and on-campus activities. Although most academic institutions have since reopened after the COVID-19 pandemic, the lingering impacts of the pandemic have resulted in changes in customer behaviors, lower enrollments, and an evolving educational landscape, including increased competition and disintermediation, which continued to impact our financial results during the year ended April 29, 2023. Some institutions are still providing alternatives to traditional in-person instruction, including online and hybrid learning options and significantly reduced classroom sizes. The impact of COVID-19 store closings, as well as lower earnings during the year ended April 29, 2023, resulted in the loss of cash flows and increased borrowings that we would not otherwise have expected to incur.
We recognized Net Loss from Continuing Operations of $(9,928) and $(22,134) for the 13 weeks ended January 27, 2024 and January 28, 2023, respectively, and a Net Loss from Continuing Operations of $(35,045) and $(48,288) for the 39 weeks ended January 27, 2024 and January 28, 2023, respectively, and we incurred a Net Loss from Continuing Operations of $(90,140), $(61,559), and $(133,569) for the years ended April 29, 2023, April 30, 2022, and May 1, 2021, respectively. Our Cash Flow (Used In) Provided by Operating Activities from Continuing Operations were $(83,221) and $(21,248) for the 39 weeks ended January 27, 2024 and January 28, 2023, respectively, and were $90,513, $(16,195), and $27,049, for the years ended April 29, 2023, April 30, 2022, and May 1, 2021, respectively. The tightening of our available credit commitments,
including the elimination and repayment of our FILO Facility in fiscal year 2023 of $40,000, had a significant impact on our liquidity during fiscal year 2023 and fiscal year 2024, including our ability to make timely vendor payments and school commission payments.
Our losses and projected cash needs, combined with our current liquidity levels and the maturity of our Credit Facility, which becomes due on December 28, 2024, raises substantial doubt about our ability to continue as a going concern. The Company's ability to continue as a going concern is contingent upon the successful execution of management's plan to improve the Company’s liquidity, including (1) raising additional liquidity and (2) continuing to take additional operational restructuring actions to achieve the required levels of liquidity to support the operations of the business.
Pursuant to the July 28, 2023 Credit Agreement amendment, the Board established a committee consisting of three independent directors to explore, consider, solicit expressions of interest or proposals for, respond to any communications, inquiries or proposals regarding, and advise as to all strategic alternatives to effect a “Specified Liquidity Transaction” (as defined in the Credit Agreement). The Board continues its ongoing review of a broad range of strategic alternatives available to the Company, including but not limited to potential capital raises, asset divestitures, a sale of the business, and pursuit of standalone growth plans. The Board has not set a timetable for the conclusion of this review, nor has it made any decisions related to any further actions at this time. There can be no assurance that the review will result in any transaction or other strategic change or outcome.
Debt amendments
On July 28, 2023, we amended our existing Credit Agreement to (i) extend the maturity date of the Credit Agreement to December 28, 2024, (ii) reduce advance rates with respect to the borrowing base by 1000 basis points on September 2, 2024 (in lieu of the reductions previously contemplated for September 2023), (iii) subject to the conditions set forth in such amendment, add a CARES Act tax refund claim to the borrowing base, from April 1, 2024 through July 31, 2024, (iv) amend the financial maintenance covenant to require Availability (as defined in the Credit Agreement) at all times greater than the greater of (x) 10% of the Aggregate Loan Cap (as defined in the Credit Agreement) and (y) (A) $32,500 minus, subject to the conditions set forth in such amendment, (B) (a) $7,500 for the period of April 1, 2024 through and including April 30, 2024, (b) $2,500 for the period of May 1, 2024 through and including May 31, 2024 and (c) $0 at all other times, (v) add a minimum Consolidated EBITDA (as defined in the Credit Agreement) financial maintenance covenant, and (vi) amend certain negative and affirmative covenants and add certain additional covenants, all as more particularly set forth in such amendment. The amendment also requires that we appoint a Chief Restructuring Officer and that, by August 11, 2023, we (i) appoint two independent members to the board of directors of the Company from prospective candidates that have been previously disclosed to the Administrative Agent and the Lenders and (ii) appoint a committee of the board of directors of the Company to consist of three board members (two of whom will be the new independent directors), and as of the date of this filing, we have satisfied such requirements. The committee’s responsibilities will include, among other things, to explore, consider, solicit expressions of interest or proposals for, respond to any communications, inquiries or proposals regarding, and advise as to all strategic alternatives to effect a “Specified Liquidity Transaction” (as defined in the Credit Agreement). There can be no guarantee or assurances that any such transaction or transactions be consummated. We must pay (i) a fee of 0.50% of the outstanding principal amount of the commitments under the Credit Agreement March 2023 amendment (as defined in the Credit Agreement) on the closing date (in lieu of the deferred fee previously contemplated in connection with the March 2023 amendment (as defined in the Credit Agreement)) and (ii) a fee of 1.00% of the outstanding principal amount of the commitments under the Credit Agreement as of the closing date on the earlier to occur of September 2, 2024 and an Event of Default (as defined in the Credit Agreement).
On July 28, 2023, we amended our Term Loan Agreement to (i) extend the maturity date of the Term Loan Agreement to April 7, 2025, (ii) allow for interest to be paid in kind until September 2, 2024, (iii) amend the 1.50% anniversary fee to recur on June 7 of each year that the Term Loan Agreement remains outstanding, with 2024 fee deferred to the earlier of September 2, 2024 and the Termination Date (as defined in the Term Loan Agreement) and (iv) amend certain negative covenants and affirmative and add certain additional covenants. We must pay a fee of $50,000 to the lenders under the Term Loan Agreement on the earlier of September 2, 2024 and the Termination Date (as defined in the Term Loan Agreement).
On October 10, 2023, we amended our existing Credit Agreement to revise certain reporting requirements to the administrative agent and lenders under the Credit Agreement. The amendment introduced a Specified Liquidity Transaction Fee of $3,800 that would become due and payable at the earlier to occur of (1) January 31, 2024, to the extent a Specified Liquidity Transaction (as defined in the Credit Agreement) has not been consummated prior to such date (or such later date that is up to thirty days thereafter to the extent agreed to in writing by the Administrative Agent in its sole discretion) or (b) an Event of Default under the Credit Agreement.
On December 12, 2023, we amended our existing Credit Agreement to, among other things: (i) amend the financial maintenance covenant to require Availability (as defined in the Credit Agreement) at all times to be greater than the greater of (x) 10% of the Aggregate Loan Cap (as defined in the Credit Agreement) and (y) (A) $32,500 or, subject to the satisfaction of certain conditions relating to the repayment of the Credit Agreement in full, (B) (a) $20,000 for the period of December 8, 2023 through January 12, 2024, (b) $25,000 for the period from January 26, 2024 through February 9, 2024, (c) $25,000 for the period of April 1, 2024 through April 30, 2024 and (d) $30,000 for the period of May 1, 2024 through May 31, 2024, and (ii) revise certain reporting requirements under the Credit Agreement. The amendment also revised the Specified Liquidity Transaction Fee introduced in the October 2023 Credit Agreement Amendment such that the $3,800 became due and was paid on January 31, 2024.
On March 12, 2024, we amended our existing Credit Agreement to, among other things, (i) revise certain reporting requirements under the Credit Agreement and (ii) set certain milestones for liquidity and refinancing contingency plans, with respect to which we must execute a binding commitment no later than April 3, 2024 (as may be extended by the administrative agent to April 10, 2024).
Operational restructuring plans
During Fiscal 2023, we implemented a significant cost reduction program designed to streamline our operations, maximize productivity and drive profitability. We reduced our workforce, eliminated duplicate administrative headcounts at all levels, implemented improved system development processes to reduce maintenance costs, reduced capital expenditures, and evaluated operating contractual obligations for cost savings. Over the course of Fiscal 2024, we have achieved annualized savings of approximately $30,000 to $35,000 from the Fiscal 2023 cost savings initiatives. Additionally, during Fiscal 2024, Management's plan to implement further cost savings measures, including reduction of gross capital expenditures, amounting to approximately $25,000, of which approximately $18,000 has been achieved during the 39 weeks ended January 27, 2024. Management believes that these plans are within its control and will be focused on implementing these cost savings measures.
During the 13 weeks ended January 27, 2024, Net Loss from Continuing Operations improved by $12,206, or 55%, compared to the prior year period. Net Loss from Continuing Operations, excluding interest expense, impairment loss (non-cash) and restructuring and other charges, improved by $14,984 during the 13 weeks ended January 27, 2024 compared to the prior year period. During the 39 weeks ended January 27, 2024, Net Loss from Continuing Operations improved by $13,243, or 27%, compared to the prior year period. Net Loss from Continuing Operations, excluding interest expense, impairment loss (non-cash) and restructuring and other charges, improved by $34,457 during the 39 weeks ended January 27, 2024 compared to the prior year period. The improvements in Net Loss from Continuing Operations during the 13 and 39 weeks are primarily due to operational improvements, including successful implementation of our BNC First Day programs, and cost savings initiatives.
 13 weeks ended39 weeks ended
Dollars in thousands
January 27, 2024January 28, 2023Var $Var %January 27, 2024January 28, 2023Var $Var %
Net loss from continuing operations
$(9,928)$(22,134)$12,206 55%$(35,045)$(48,288)$13,243 27%
Reconciling items:
Interest Expense (a)
$10,620 $6,918 $3,702 54%$29,538 $15,672 $13,866 88%
Impairment loss (non-cash)
5,798 6,008 (210)(3)%5,798 6,008 (210)(3)%
Restructuring and other charges
3,413 4,127 (714)(17)%12,320 4,762 7,558 159%
Total Reconciling items
$19,831 $17,053 $2,778 16%$47,656 $26,442 $21,214 80%
Net Income (Loss) from Continuing Operations Excluding Interest Expense, Impairment Loss and Restructuring and Other Charges
$9,903 $(5,081)$14,984 295%$12,611 $(21,846)$34,457 158%
(a)     Interest expense increased by $13.9 million compared to the prior year period, comprised of $7.2 million resulting from higher borrowings and higher interest rates and $6.3 million resulting from increased amortization of deferred financing costs. For additional information, see Note 7. Debt - Deferred Financing Costs and Note 7. Debt - Interest Expense.
Seasonality
Our business is highly seasonal. For example, our retail business is seasonal, particularly with respect to textbook sales and rentals, with the major portion of sales and operating profit realized during the second and third fiscal quarters when college students generally purchase and rent textbooks for the upcoming semesters and lowest in the first and fourth fiscal quarters. Our quarterly results also may fluctuate depending on the timing of the start of the various schools’ semesters, the revenue impact of accounting principles with respect to the recognition of revenue associated with our equitable and inclusive access programs, the ability to secure inventory on a timely basis, as well as shifts in our fiscal calendar dates. These shifts in timing may affect the comparability of our results across periods. Sales attributable to our wholesale business are generally highest in our first, second and third quarters, as it sells textbooks and other course materials for retail distribution. See Revenue Recognition and Deferred Revenue discussion below.
Use of Estimates
In preparing financial statements in conformity with GAAP, we are required to make estimates and assumptions that affect the reported amounts in the condensed consolidated financial statements and accompanying notes. Actual results could differ from those estimates.
Discontinued Operations
During the fourth quarter of Fiscal 2023, assets related to our Digital Student Solutions ("DSS") Segment met the criteria for classification as Assets Held for Sale and Discontinued Operations and is no longer a reportable segment. Certain assets and liabilities associated with the DSS Segment are presented in our condensed consolidated balance sheets as "Assets Held for Sale" and "Liabilities Held for Sale". The results of operations related to the DSS Segment are included in the condensed consolidated statements of operations as "Loss from discontinued operations, net of tax." The cash flows of the DSS Segment are also presented separately in our condensed consolidated statements of cash flows. All corresponding prior year periods presented in our financial statements and related information in the accompanying notes have been reclassified to reflect the Asset Held for Sale and Discontinued Operations presentation.
On May 31, 2023, we completed the sale of these assets related to our DSS Segment for cash proceeds of $20,000, net of certain transaction fees, severance costs, escrow, and other considerations. During the 39 weeks ended January 27, 2024, we recorded a Gain on Sale of Business of $3,545 in Loss from Discontinued Operations, Net, related to the sale. Net cash proceeds from the sale were used for debt repayment and provided additional funds for working capital needs under our Credit Facility. The following table summarizes the operating results of the discontinued operations for the periods indicated:
13 weeks ended39 weeks ended
Dollars in thousandsJanuary 27, 2024January 28, 2023January 27, 2024January 28, 2023
Total sales$— $9,010 $2,784 $26,659 
Cost of sales (a)
— 1,811 76 5,283 
Gross profit (a)
— 7,199 2,708 21,376 
Selling and administrative expenses177 7,632 3,101 23,909 
Depreciation and amortization— 506 3 2,646 
Gain on sale of business(477)— (3,545)— 
Impairment loss (non-cash) (b)
— — 610 — 
Restructuring costs (c)
11 1,848 3,308 1,848 
Transaction costs— — 13 — 
Operating loss289 (2,787)(782)(7,027)
Income tax expense— 128 20 297 
Loss from discontinued operations, net of tax$289 $(2,915)$(802)$(7,324)
(a) Cost of sales and gross profit for the DSS Segment includes amortization expense (non-cash) related to content development costs of $1,686 and $4,855 for the 13 and 39 weeks ended January 28, 2023, respectively.
(b)    During the 39 weeks ended January 27, 2024, we recognized an impairment loss (non-cash) of $610 (both pre-tax and after-tax),
comprised of $119 and $491 of property and equipment and operating lease right-of-use assets, respectively, on the condensed consolidated statement of operations as part of discontinued operations.
(c)    During the 39 weeks ended January 27, 2024 and January 28, 2023, we recognized restructuring and other charges of $3,308 and $1,848, respectively, comprised of severance and other employee termination costs.

The following table summarizes the assets and liabilities of the Assets Held for Sale included in the condensed consolidated balance sheets:
As of
April 29, 2023January 28, 2023
Cash and cash equivalents$1,057 $802 
Receivables, net480 589 
Prepaid expenses and other current assets901 2,412 
Property and equipment, net19,523 20,150 
Intangible assets, net402 678 
Goodwill4,700 4,700 
Deferred tax assets, net130 — 
Other noncurrent assets237 288 
Assets held for sale$27,430 $29,619 
Accounts payable$211 $148 
Accrued liabilities8,212 5,236 
Liabilities held for sale$8,423 $5,384 
Restricted Cash
As of January 27, 2024, January 28, 2023, and April 29, 2023, we had restricted cash of $6,901, $18,309, and $16,712, respectively, comprised of $5,948, $17,397, and $15,790, respectively, in prepaid and other current assets in the condensed consolidated balance sheet related to segregated funds for commission due to Lids for logo merchandise sales as per the Lids service provider merchandising agreement, and $953, $912, and $922, respectively, in other noncurrent assets in the condensed consolidated balance sheet related to amounts held in trust for future distributions related to employee benefit plans.
Merchandise Inventories
Merchandise inventories, which consist of finished goods, are stated at the lower of cost or market. Market value of our inventory, which is all purchased finished goods, is determined based on its estimated net realizable value, which is generally the selling price less normally predictable costs of disposal and transportation. Reserves for non-returnable inventory are based on our history of liquidating non-returnable inventory, which includes certain significant assumptions, including markdowns, sales below cost, inventory aging and expected demand.
Cost is determined primarily by the retail inventory method for our Retail segment. Our textbook and trade book inventories, for Retail and Wholesale, are valued using the LIFO method and the related reserve was not material to the recorded amount of our inventories. There were no LIFO adjustments in Fiscal 2023, Fiscal 2022 and Fiscal 2021.
For our physical bookstores, we also estimate and accrue shortage for the period between the last physical count of inventory and the balance sheet date. Shortage rates are estimated and accrued based on historical rates and can be affected by changes in merchandise mix and changes in actual shortage trends.
The Retail Segment fulfillment order is directed first to our wholesale business before other sources of inventory are utilized. The products that we sell originate from a wide variety of domestic and international vendors. After internal sourcing, the bookstore purchases textbooks from outside suppliers and publishers.
Textbook Rental Inventories
Physical textbooks out on rent are categorized as textbook rental inventories. At the time a rental transaction is consummated, the book is removed from merchandise inventories and moved to textbook rental inventories at cost. The cost of the book is amortized down to its estimated residual value over the rental period. The related amortization expense is included in cost of goods sold. At the end of the rental period, upon return, the book is removed from textbook rental inventories and recorded in merchandise inventories at its amortized cost.
Leases
We recognize lease assets and lease liabilities on the condensed consolidated balance sheet for all operating lease arrangements based on the present value of future lease payments as required by Accounting Standards Codification ("ASC") Topic 842, Leases. We do not recognize lease assets or lease liabilities for short-term leases (i.e., those with a term of twelve months or less). We recognize lease expense on a straight-line basis over the lease term for contracts with fixed lease payments, including those with fixed annual minimums, or over a rolling twelve-month period for leases where the annual guarantee resets at the start of each contract year, in order to best reflect the pattern of usage of the underlying leased asset. We recognize lease expense related to our college and university contracts as cost of sales in our condensed consolidated statement of operations and we recognize lease expense related to our various office spaces as selling and administrative expenses in our condensed consolidated statement of operations. For additional information, see Note 8. Leases.
Revenue Recognition and Deferred Revenue
Product sales and rentals
The majority of our revenue is derived from the sale of products through our bookstore locations, including virtual bookstores, and our bookstore affiliated e-commerce websites, and contains a single performance obligation. Revenue from sales of our products is recognized at the point in time when control of the products is transferred to our customers in an amount that reflects the consideration we expect to be entitled to in exchange for the products. For additional information, see Note 3. Revenue.
Retail product revenue is recognized when the customer takes physical possession of our products, which occurs either at the point of sale for products purchased at physical locations or upon receipt of our products by our customers for products ordered through our websites and virtual bookstores. Wholesale product revenue is recognized upon shipment of physical textbooks at which point title passes and risk of loss is transferred to the customer. Additional revenue is recognized for shipping charges billed to customers and shipping costs are accounted for as fulfillment costs within cost of goods sold.
Revenue from the sale of digital textbooks, which contains a single performance obligation, is recognized at the point of sale as product revenue in our condensed consolidated financial statements. A software feature is embedded within the content of our digital textbooks, such that upon expiration of the term the customer is no longer able to access the content. While the sale of the digital textbook allows the customer to access digital content for a fixed period of time, once the digital content is delivered to the customer, our performance obligation is complete.
Revenue from the rental of physical textbooks is deferred and recognized over the rental period based on the passage of time commencing at the point of sale, when control of the product transfers to the customer and is recognized as rental income in our condensed consolidated financial statements. Rental periods are typically for a single semester and are always less than one year in duration. We offer a buyout option to allow the purchase of a rented physical textbook at the end of the rental period if the customer desires to do so. We record the buyout purchase when the customer exercises and pays the buyout option price which is determined at the time of the buyout. In these instances, we accelerate any remaining deferred rental revenue at the point of sale.
Revenue recognized for our BNC First Day offerings is consistent with our policies outlined above for product, digital and rental sales, net of an anticipated opt-out or return provision. Given the growth of BNC First Day programs, the timing of cash collection from our school partners may shift to periods subsequent to when the revenue is recognized. When a school adopts our BNC First Day equitable and inclusive access offerings, cash collection from the school generally occurs after the institution's drop/add dates, which is later in the working capital cycle, particularly in our third quarter given the timing of the Spring Term and our quarterly reporting period, as compared to direct-to-student point-of-sale transactions where cash is generally collected during the point-of-sale transaction or within a few days from the credit card processor.
We estimate returns based on an analysis of historical experience. A provision for anticipated merchandise returns is
provided through a reduction of sales and cost of goods sold in the period that the related sales are recorded.
For sales and rentals involving third-party products, we evaluate whether we are acting as a principal or an agent. Our determination is based on our evaluation of whether we control the specified goods or services prior to transferring them to the customer. There are significant judgments involved in determining whether we control the specified goods or services prior to transferring them to the customer including whether we have the ability to direct the use of the good or service and obtain substantially all of the remaining benefits from the good or service. For those transactions where we are the principal, we record revenue on a gross basis, and for those transactions where we are an agent to a third-party, we record revenue on a net basis.
As contemplated by the F/L Relationship related merchandising agreement and e-commerce agreement, logo general merchandise sales are fulfilled by Lids and Fanatics on our behalf and we recognize commission revenue earned for these sales on a net basis in our condensed consolidated financial statements.
We do not have gift card or customer loyalty programs. We do not treat any promotional offers as expenses. Sales tax collected from our customers is excluded from reported revenues. Our payment terms are generally 30 days and do not extend beyond one year.
Service and other revenue
Service and other revenue is primarily derived from brand partnership marketing services which includes promotional activities and advertisements within our physical bookstores and web properties performed on behalf of third-party customers, shipping and handling, and revenue from other programs.
Brand partnership marketing agreements often include multiple performance obligations which are individually negotiated with our customers. For these arrangements that contain distinct performance obligations, we allocate the transaction price based on the relative standalone selling price method by comparing the standalone selling price (“SSP”) of each distinct performance obligation to the total value of the contract. The revenue is recognized as each performance obligation is satisfied, typically at a point in time for brand partnership marketing service and overtime for advertising efforts as measured based upon the passage of time for contracts that are based on a stated period of time or the number of impressions delivered for contracts with a fixed number of impressions.
Cost of Sales
Our cost of sales primarily includes costs such as merchandise costs, textbook rental amortization, content development cost amortization, warehouse costs related to inventory management and order fulfillment, insurance, certain payroll costs, and management service agreement costs, including rent expense, related to our college and university contracts and other facility related expenses.
Selling and Administrative Expenses
Our selling and administrative expenses consist primarily of store payroll and store operating expenses. Selling and administrative expenses also include long-term incentive plan compensation expense and general office expenses, such as merchandising, procurement, field support, finance and accounting. Shared-service costs such as human resources, legal, treasury, information technology, and various other corporate level expenses and other governance functions, are not allocated to a specific reporting segment and are recorded in Corporate Services.
Evaluation of Long-Lived Assets
During the fourth quarter of Fiscal 2023, assets related to our DSS Segment met the criteria for classification as Assets Held for Sale and Discontinued Operations and is no longer a reportable segment. Goodwill on our condensed consolidated balance sheet as of January 28, 2023 related to our DSS reporting unit has been classified as Assets Held for Sale. On May 31, 2023, we completed the sale of these assets related to our DSS Segment.
We review our long-lived assets for impairment whenever events or changes in circumstances, including but not limited to contractual changes, renewals or amendments are made to agreements with our college, university, or K-12 schools, indicate that the carrying amount of an asset may not be recoverable in accordance with ASC 360-10, Accounting for the Impairment or Disposal of Long-Lived Assets. As of January 27, 2024, our other long-lived assets include property and equipment, operating lease right-of-use assets, amortizable intangibles, and other noncurrent assets of $57,273, $220,238, $97,947, and $12,488, respectively, on our condensed consolidated balance sheet.
Although most academic institutions have since reopened since the COVID-19 pandemic, some are providing alternatives to traditional in-person instruction, including online and hybrid learning options and significantly reduced classroom sizes. Enrollment trends have been negatively impacted at physical campuses. While many athletic conferences resumed their sport activities, other events, such as parent and alumni weekends and prospective student campus tour activities, some may still be curtailed or offer a virtual option. These combined events, as well as increased competition and disintermediation, continue to impact the Company’s course materials and general merchandise business.
During the 13 weeks ended January 27, 2024, we evaluated certain of our store-level long-lived assets in the Retail segment for impairment. Based on the results of the impairment tests, we recognized an impairment loss (non-cash) of $5,798 (both pre-tax and after-tax), comprised of $364, $2,726, and $2,708 of property and equipment, operating lease right-of-use assets, and amortizable intangibles, respectively, on the condensed consolidated statements of operations.
During the 13 weeks ended January 28, 2023, we evaluated certain of our store-level long-lived assets in the Retail segment for impairment. Based on the results of the impairment tests, we recognized an impairment loss (non-cash) of $6,008 (both pre-tax and after-tax), comprised of $708, $1,697, $3,599 and $4 of property and equipment, operating lease right-of-use assets, amortizable intangibles, and other noncurrent assets, respectively, on the condensed consolidated statements of operations.
The fair value of the impaired long-lived assets were determined using an income approach (Level 3 input), using the Company’s best estimates of the amount and timing of future discounted cash flows, based on historical experience, market conditions, current trends and performance expectations. For additional information, see Note 6. Fair Value Measurements.
Income Taxes
The provision for income taxes includes federal, state and local income taxes currently payable and those deferred because of temporary differences between the financial statement and tax basis of assets and liabilities. The deferred tax assets and liabilities are measured using the enacted tax rates and laws that are expected to be in effect when the differences reverse. We regularly review deferred tax assets for recoverability and establish a valuation allowance, if determined to be necessary.
Recent Accounting Pronouncements
In December 2023, the Financial Accounting Standards Board ("FASB") issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures to improve annual income tax disclosure requirements, primarily to (1) disclose specific categories in the rate reconciliation (2) provide additional information for reconciling items that meet a quantitative threshold, and (3) enhance cash tax payment disclosures. This guidance will be effective for the Company for the annual report for the fiscal year ending April 26, 2025. Early adoption is permitted and the guidance is applied on a prospective basis. We are currently assessing this guidance and determining the impact on our condensed consolidated financial statements.
In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. This guidance will be effective for the Company for the annual report for the fiscal year ending April 26, 2025 and subsequent interim periods. Early adoption is permitted and retrospective adoption is required for all prior periods presented. We are currently assessing this guidance and determining the impact on our condensed consolidated financial statements.
v3.24.0.1
Revenue (Notes)
 9 Months Ended
Jan. 27, 2024
Revenue from Contract with Customer [Abstract]  
Revenue from Contract with Customer [Text Block]
Note 3. Revenue
Revenue from sales of our products and services is recognized either at the point in time when control of the products is transferred to our customers or over time as services are provided in an amount that reflects the consideration we expect to be entitled to in exchange for the products or services. See Note 2. Summary of Significant Accounting Policies for additional information related to our revenue recognition policies and Note 4. Segment Reporting for a description of each segment's product and service offerings.
Disaggregation of Revenue
The following table disaggregates the revenue associated with our major product and service offerings:
13 weeks ended39 weeks ended
January 27, 2024January 28, 2023January 27, 2024January 28, 2023
Retail
Course Materials Product Sales $317,725 $286,714 $891,631 $834,190 
General Merchandise Product Sales (a)
72,831 81,813 266,533 293,285 
Service and Other Revenue (b)
7,592 8,423 32,588 32,346 
Retail Product and Other Sales sub-total398,148 376,950 1,190,752 1,159,821 
Course Materials Rental Income41,298 44,309 93,490 96,555 
Retail Total Sales$439,446 $421,259 $1,284,242 $1,256,376 
Wholesale Sales$37,167 $38,958 $96,931 $97,161 
Eliminations (c)
$(19,940)$(22,163)$(49,960)$(52,176)
Total Sales$456,673 $438,054 $1,331,213 $1,301,361 
(a)Logo general merchandise sales for the Retail Segment are recognized on a net basis as commission revenue in the condensed consolidated financial statements.
(b)Service and other revenue primarily relates to brand partnership marketing and other service revenues.
(c)The sales eliminations represent the elimination of Wholesale sales and fulfillment service fees to Retail and the elimination of Retail commissions earned from Wholesale.
Contract Liabilities
Contract liabilities represent an obligation to transfer goods or services to a customer for which we have received consideration and consists of our deferred revenue liability (deferred revenue). Deferred revenue consists of the following:
•advanced payments from customers related to textbook rental performance obligations, which are recognized ratably over the terms of the related rental period;
•unsatisfied performance obligations associated with brand partnership marketing services, which are recognized when the contracted services are provided to our brand partnership marketing customers; and
•unsatisfied performance obligations associated with the premium paid for the sale of treasury shares, which are expected to be recognized over the term of the e-commerce and merchandising contracts for Fanatics and Lids, respectively.
The following table presents changes in deferred revenue associated with our contract liabilities:
39 weeks ended
January 27, 2024January 28, 2023
Deferred revenue at the beginning of period$15,356 $16,475 
Additions to deferred revenue during the period159,888 150,477 
Reductions to deferred revenue for revenue recognized during the period(122,449)(116,643)
Deferred revenue balance at the end of period:$52,795 $50,309 
Balance Sheet classification:
Accrued liabilities$49,074 $46,032 
Other long-term liabilities3,721 4,277 
Deferred revenue balance at the end of period:$52,795 $50,309 
v3.24.0.1
Segment Reporting (Notes)
 9 Months Ended
Jan. 27, 2024
Segment Reporting
Note 4. Segment Reporting
During the fourth quarter of Fiscal 2023, assets related to our DSS Segment met the criteria for classification as Assets Held for Sale and Discontinued Operations and is no longer a reportable segment. On May 31, 2023, we completed the sale of these assets related to our DSS Segment. For additional information, see Note 2. Summary of Significant Accounting Policies.
We have two reportable segments: Retail and Wholesale. Additionally, unallocated shared-service costs, which include various corporate level expenses and other governance functions, are not allocated to a specific reporting segment and continue to be presented as “Corporate Services”.
We identify our segments in accordance with the way our business is managed (focusing on the financial information distributed) and the manner in which our chief operating decision maker allocates resources and assesses financial performance. The following summarizes the two segments. For additional information about each segment's operations, see Part I - Item 1. Business in our Annual Report on Form 10-K for the fiscal year ended April 29, 2023.
Retail Segment
The Retail Segment operates 1,272 college, university, and K-12 school bookstores, comprised of 717 physical bookstores and 555 virtual bookstores. Our bookstores typically operate under agreements with the college, university, or K-12 schools to be the official bookstore and the exclusive seller of course materials and supplies, including physical and digital products. The majority of the physical campus bookstores have school-branded e-commerce websites which we operate independently or along with our merchant service providers, and which offer students access to affordable course materials and affinity products, including emblematic apparel and gifts. The Retail Segment offers our BNC First Day® equitable and inclusive access programs, consisting of First Day Complete and First Day, which provide faculty required course materials on or before the first day of class at below market rates, as compared to the total retail price for the same course materials if purchased separately (a la carte) and students are billed the below market rate, directly by the institution as a course charge or included in tuition. Additionally, the Retail Segment offers a suite of digital content and services to colleges and universities, including a variety of open educational resource-based courseware.
Wholesale Segment
The Wholesale Segment is comprised of our wholesale textbook business and is one of the largest textbook wholesalers in the country. The Wholesale Segment centrally sources, sells, and distributes new and used textbooks to approximately 2,900 physical bookstores (including our Retail Segment's 717 physical bookstores) and sources and distributes new and used textbooks to our 555 virtual bookstores. Additionally, the Wholesale Segment sells hardware and a software suite of applications that provides inventory management and point-of-sale solutions to approximately 325 college bookstores.
Corporate Services represents unallocated shared-service costs which include corporate level expenses and other governance functions, including executive functions, such as accounting, legal, treasury, information technology, and human resources.
Intercompany Eliminations
The eliminations are primarily related to the following intercompany activities:
•The sales eliminations represent the elimination of Wholesale sales and fulfillment service fees to Retail and the elimination of Retail commissions earned from Wholesale, and
•These cost of sales eliminations represent (i) the recognition of intercompany profit for Retail inventory that was purchased from Wholesale in a prior period that was subsequently sold to external customers during the current period and the elimination of Wholesale service fees charged for fulfillment of inventory for virtual store sales, net of (ii) the elimination of intercompany profit for Wholesale inventory purchases by Retail that remain in ending inventory at the end of the current period.
Our international operations are not material, and the majority of the revenue and total assets are within the United States.
Summarized financial information for our reportable segments is reported below:
13 weeks ended39 weeks ended
January 27, 2024January 28, 2023January 27, 2024January 28, 2023
Sales
Retail$439,446 $421,259 $1,284,242 $1,256,376 
Wholesale37,167 38,958 96,931 97,161 
Eliminations(19,940)(22,163)(49,960)(52,176)
Total Sales$456,673 $438,054 $1,331,213 $1,301,361 
Gross Profit
Retail$89,243 $88,926 $265,063 $272,421 
Wholesale7,996 6,668 19,880 19,022 
Eliminations2,797 1,417 1,969 (286)
Total Gross Profit$100,036 $97,011 $286,912 $291,157 
Selling and Administrative Expenses
Retail$71,393 $82,753 $217,748 $251,843 
Wholesale3,271 3,563 10,151 11,561 
Corporate Services5,092 5,572 15,297 17,861 
Eliminations— (47)(3)(129)
Total Selling and Administrative Expenses$79,756 $91,841 $243,193 $281,136 
Depreciation and Amortization
Retail$8,817 $8,749 $26,694 $27,147 
Wholesale1,321 1,357 3,852 4,076 
Corporate Services10 6 30 41 
Total Depreciation and Amortization$10,148 $10,112 $30,576 $31,264 
Impairment loss (non-cash) - Retail$5,798 $6,008 $5,798 $6,008 
Restructuring and Other Charges
Retail$— $1,452 $555 $1,452 
Wholesale— 931 526 931 
Corporate Services3,413 1,744 11,239 2,379 
Total Restructuring and Other Charges$3,413 $4,127 $12,320 $4,762 
Operating Income (Loss)
Retail$3,235 $(10,036)$14,268 $(14,029)
Wholesale3,404 817 5,351 2,454 
Corporate Services(8,515)(7,322)(26,566)(20,281)
Elimination 2,797 1,464 1,972 (157)
Total Operating Income (Loss)$921 $(15,077)$(4,975)$(32,013)
Interest Expense, net$10,620 $6,918 $29,538 $15,672 
Total Loss from Continuing Operations Before Income Taxes$(9,699)$(21,995)$(34,513)$(47,685)
v3.24.0.1
Equity and Earnings Per Share (Notes)
 9 Months Ended
Jan. 27, 2024
Net Earnings (Loss) Per Share
Note 5. Equity and Earnings Per Share
Equity
Share Repurchases
During the 13 and 39 weeks ended January 27, 2024, we did not repurchase shares of our Common Stock under the stock repurchase program and as of January 27, 2024, approximately $26,669 remains available under the stock repurchase program.
During the 13 and 39 weeks ended January 27, 2024, we repurchased 3,135 and 147,885 shares of our Common Stock, respectively, outside of the stock repurchase program in connection with employee tax withholding obligations for vested stock awards.
Earnings Per Share
Basic EPS is computed based upon the weighted average number of common shares outstanding for the year. Diluted EPS is computed based upon the weighted average number of common shares outstanding for the year plus the dilutive effect of common stock equivalents using the treasury stock method and the average market price of our common stock for the year. We include participating securities (unvested share-based payment awards that contain non-forfeitable rights to dividends or dividend equivalents) in the computation of EPS pursuant to the two-class method. Our participating securities consist solely of unvested restricted stock awards, which have contractual participation rights equivalent to those of stockholders of unrestricted common stock. The two-class method of computing earnings per share is an allocation method that calculates earnings per share for common stock and participating securities. During periods of net loss, no effect is given to the participating securities because they do not share in the losses of the Company. During the 13 weeks ended January 27, 2024 and January 28, 2023, average shares of 3,009,464 and 4,677,926 were excluded from the diluted earnings per share calculation as their inclusion would have been antidilutive, respectively. During the 39 weeks ended January 27, 2024 and January 28, 2023, average shares of 3,305,749 and 4,824,844 were excluded from the diluted earnings per share calculation as their inclusion would have been antidilutive, respectively. The following is a reconciliation of the basic and diluted earnings per share calculation:
13 weeks ended39 weeks ended
(shares in thousands)January 27, 2024January 28, 2023January 27, 2024January 28, 2023
Numerator for basic and diluted earnings per share:
Loss from continuing operations, net of tax$(9,928)$(22,134)$(35,045)$(48,288)
Loss from discontinued operations, net of tax289 (2,915)(802)(7,324)
Net loss available to common shareholders$(9,639)$(25,049)$(35,847)$(55,612)
Denominator for basic and diluted earnings per share:
Basic and diluted weighted average shares of Common Stock53,153 52,602 52,862 52,404 
Loss per share of Common Stock:
Basic and Diluted
Continuing operations$(0.19)$(0.42)$(0.66)$(0.92)
Discontinuing operations0.01 (0.06)(0.02)(0.14)
Basic and diluted loss per share of Common Stock$(0.18)$(0.48)$(0.68)$(1.06)
v3.24.0.1
Fair Values of Financial Instruments (Notes)
 9 Months Ended
Jan. 27, 2024
Fair Value Disclosures
Note 6. Fair Value Measurements
In accordance with ASC No. 820, Fair Value Measurements and Disclosures, the fair value of an asset is considered to be the price at which the asset could be sold in an orderly transaction between unrelated knowledgeable and willing parties. A liability’s fair value is defined as the amount that would be paid to transfer the liability to a new obligor, not the amount that would be paid to settle the liability with the creditor.
Assets and liabilities recorded at fair value are measured using a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value. These tiers include:
Level 1—Observable inputs that reflect quoted prices in active markets
Level 2—Inputs other than quoted prices in active markets that are either directly or indirectly observable
Level 3—Unobservable inputs in which little or no market data exists, therefore requiring us to develop our own assumptions
Our financial instruments include cash and cash equivalents, receivables, accrued liabilities and accounts payable. The fair value of cash and cash equivalents, receivables, accrued liabilities and accounts payable approximates their carrying values because of the short-term nature of these instruments, which are all considered Level 1. The fair value of short-term and long-term debt approximates its carrying value.
Non-Financial Assets and Liabilities
Our non-financial assets include property and equipment, operating lease right-of-use assets, and intangible assets. Such assets are reported at their carrying values and are not subject to recurring fair value measurements. We review our long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable in accordance with ASC 360-10, Accounting for the Impairment or Disposal of Long-Lived Assets.
During the 13 weeks ended January 27, 2024 and January 28, 2023, we evaluated certain of our store-level long-lived assets in the Retail segment for impairment and based on the results of the impairment tests, we recognized an impairment loss (non-cash) of $5,798 and $6,008 (both pre-tax and after-tax), respectively, on the condensed consolidated statement of operations. The fair value of the impaired long-lived assets were determined using an income approach (Level 3 input), using our best estimates of the amount and timing of future discounted cash flows, based on historical experience, market conditions, current trends and performance expectations. For additional information, see Note 2. Summary of Significant Accounting Policies.
The following table shows the fair values of our non-financial assets and liabilities that were required to be remeasured at fair value on a non-recurring basis for each respective period and the total impairments recorded as a result of the remeasurement process:
13 and 39 weeks ended January 27, 2024
13 and 39 weeks ended January 28, 2023
Carrying Value
Prior to Impairment		Fair ValueImpairment Loss
(non-cash)		Carrying Value Prior to ImpairmentFair ValueImpairment Loss
(non-cash)
Property and equipment, net$364 $— $364 $708 $— $708 
Operating lease right-of-use assets6,130 3,404 2,726 3,002 1,305 1,697 
Intangible assets, net2,708 — 2,708 3,599 — 3,599 
Other noncurrent assets— — — 4 — 4 
Total$9,202 $3,404 $5,798 $7,313 $1,305 $6,008 
Other Non-Financial Liabilities
We granted phantom share units as long-term incentive awards which are settled in cash based on the fair market value of a share of common stock of the Company at each vesting date. The fair value of the liability for the cash-settled phantom share unit awards will be remeasured at the end of each reporting period through settlement to reflect current risk-free rate and volatility assumptions. As of January 27, 2024, we recorded a liability of $34 (Level 2 input) which is reflected in accrued liabilities on the condensed consolidated balance sheet. As of January 28, 2023, we recorded a liability of $1,261 (Level 2 input) which is reflected in accrued liabilities ($1,205) and other long-term liabilities ($56) on the condensed consolidated balance sheet. For additional information, see Note 10. Long-Term Incentive Plan Compensation Expense.
v3.24.0.1
Debt (Notes)
 9 Months Ended
Jan. 27, 2024
Debt Disclosure
Note 7. Debt
As of
Maturity Date
January 27, 2024January 28, 2023
Credit FacilityDecember 28, 2024$224,067 $255,600 
Term LoanApril 7, 202531,750 30,000 
sub-total255,817 285,600 
Less: Deferred financing costs, Term Loan (a)
(1,559)(1,743)
Total debt$254,258 $283,857 
Balance Sheet classification:
Short-term borrowings$224,067 $— 
Long-term borrowings30,191 283,857 
Total debt$254,258 $283,857 
(a) For additional information on Credit Facility and Term Loan deferred financing costs, see Deferred Financing Costs below.
Credit Facility
We have a credit agreement (the “Credit Agreement”), amended from time to time including on December 12, 2023, October 10, 2023, July 28, 2023, May 24, 2023, March 8, 2023, March 31, 2021 and March 1, 2019, under which the lenders originally committed to provide us with a 5 year asset-backed revolving credit facility in an aggregate committed principal amount of $400,000 (the “Credit Facility”) effective from the March 1, 2019 amendment. We had the option to request an increase in commitments under the Credit Facility of up to $100,000, subject to certain restrictions. Proceeds from the Credit Facility are used for general corporate purposes, including seasonal working capital needs. The agreement included an incremental first in, last out seasonal loan facility (the “FILO Facility”) for a $100,000 maintaining the maximum availability under the Credit Agreement at $500,000. As of July 31, 2022, the FILO Facility was repaid and eliminated according to its terms and future commitments under the FILO Facility were reduced to $0.
March 2023 Credit Agreement Amendment
On March 8, 2023, we amended our existing Credit Agreement to (i) extend the maturity date of the Credit Agreement by six months to August 29, 2024, (ii) reduce the commitments under the Credit Agreement by $20,000 to $380,000, (iii) increase the applicable margin with respect to the interest rate under the Credit Agreement to 3.375% per annum, in the case of interest accruing based on a Secured Overnight Financing Rate, and 2.375%, in the case of interest accruing based on an alternative base rate, in each case, without regard to a pricing grid, (iv) reduce advance rates with respect to the borrowing base (x) by 500 basis points upon the achievement of certain liquidity events, which may include a sale of equity interests or of assets (a “Specified Event”), or, if such a Specified Event shall not have occurred, no later than May 31, 2023 (see discussion below) and (y) by an additional 500 basis points on September 29, 2023, (v) amend certain negative covenants and add certain additional covenants, (vi) amend the financial maintenance covenant to require Availability (as defined in the Credit Agreement) to be at all times greater than the greater of 10% of the Aggregate Loan Cap (as defined in the Credit Agreement) and $32,500 and (vii) require repayment of the loans under the Credit Agreement upon a Specified Event. For additional information related to the Credit Agreement amendment, see the Company’s Report on Form 8-K dated March 8, 2023 and filed with the SEC on March 9, 2023.
As noted above, the amendment required the achievement of a Special Event by no later than May 31, 2023 (as such date may be extended pursuant to the terms of the Credit Agreement). See Note 2. Summary of Significant Accounting Policies for information related to the sale of our DSS segment on May 31, 2023.
We paid a fee of 0.25% of the outstanding principal amount of the commitments under the Credit Agreement on the amendment closing date and we will pay an additional fee of 1.00% of the outstanding principal amount of the commitments under the Credit Agreement on September 29, 2023.
During the 52 weeks ended April 29, 2023, we incurred debt issuance costs totaling $4,081 related to the March 2023 Credit Agreement amendment. The debt issuance costs have been deferred and are presented as prepaid and other current assets
and other noncurrent assets in the condensed consolidated balance sheets, and subsequently amortized ratably over the term of the Credit Agreement.
May 2023 Credit Agreement Amendment
On May 24, 2023, we amended our existing Credit Agreement to (i) increase the applicable margin with respect to the interest rate under the Credit Agreement to 3.75% per annum, in the case of interest accruing based on SOFR, and 2.75%, in the case of interest accruing based on an alternative base rate, in each case, without regard to a pricing grid, (ii) defer the reduction of advance rates used to calculate our borrowing capacity by an amount equal to 500 basis points previously required on May 31, 2023 to September 1, 2023, (iii) require cash flow reporting and variance testing commencing June 3, 2023 and (iv) defer partial prepayment of the term loan from the DSS segment sale proceeds to September 1, 2023. We did not incur debt issuance costs related to the May 2023 Credit Agreement amendment. For additional information related to the Credit Agreement amendment, see the Company’s Report on Form 8-K dated May 24, 2023 and filed with the SEC on May 31, 2023.
July 2023 Credit Agreement Amendment
On July 28, 2023, we amended our existing Credit Agreement to (i) extend the maturity date of the Credit Agreement to December 28, 2024, (ii) reduce advance rates with respect to the borrowing base by 1000 basis points on September 2, 2024 (in lieu of the reductions previously contemplated for September 2023), (iii) subject to the conditions set forth in such amendment, add a CARES Act tax refund claim to the borrowing base, from April 1, 2024 through July 31, 2024, (iv) amend the financial maintenance covenant to require Availability (as defined in the Credit Agreement) at all times greater than the greater of (x) 10% of the Aggregate Loan Cap (as defined in the Credit Agreement) and (y) (A) $32,500 minus, subject to the conditions set forth in such amendment, (B) (a) $7,500 for the period of April 1, 2024 through and including April 30, 2024, (b) $2,500 for the period of May 1, 2024 through and including May 31, 2024 and (c) $0 at all other times, (v) add a minimum Consolidated EBITDA (as defined in the Credit Agreement) financial maintenance covenant, and (vi) amend certain negative and affirmative covenants and add certain additional covenants, all as more particularly set forth in such amendment. The amendment also requires that we appoint a Chief Restructuring Officer and that, by August 11, 2023, we (i) appoint two independent members to the board of directors of the Company from prospective candidates that have been previously disclosed to the Administrative Agent and the Lenders and (ii) appoint a committee of the board of directors of the Company to consist of three board members (two of whom will be the new independent directors). The committee’s responsibilities will include, among other things, to explore, consider, solicit expressions of interest or proposals for, respond to any communications, inquiries or proposals regarding, and advise as to all strategic alternatives to effect a “Specified Liquidity Transaction” (as defined in the Credit Agreement). There can be no guarantee or assurances that any such transaction or transactions be consummated. We must pay (i) a fee of 0.50% of the outstanding principal amount of the commitments under the Credit Agreement March 2023 amendment (as defined in the Credit Agreement) on the closing date (in lieu of the deferred fee previously contemplated in connection with the March 2023 amendment (as defined in the Credit Agreement)) and (ii) a fee of 1.00% of the outstanding principal amount of the commitments under the Credit Agreement as of the closing date on the earlier to occur of September 2, 2024 and an Event of Default (as defined in the Credit Agreement). For additional information related to the Credit Agreement amendment, see the Company's Report on Form 8-K filed with the SEC on July 28, 2023.
During the 39 weeks ended January 27, 2024, we incurred debt issuance costs totaling $11,516 related to the July 2023 Credit Agreement amendment. The debt issuance costs have been deferred and are presented as prepaid and other current assets and other noncurrent assets in the condensed consolidated balance sheets, and subsequently amortized ratably over the term of the Credit Agreement.
October 2023 Credit Agreement Amendment
On October 10, 2023, we amended our existing Credit Agreement to revise certain reporting requirements to the administrative agent and lenders under the Credit Agreement. The amendment introduced a Specified Liquidity Transaction Fee of $3,800 that would become due and payable at the earlier to occur of (a) January 31, 2024, to the extent a Specified Liquidity Transaction (as defined in the Credit Agreement) has not been consummated prior to such date (or such later date that is up to thirty days thereafter to the extent agreed to in writing by the Administrative Agent in its sole discretion) or (b) an Event of Default under the Credit Agreement. During the 39 weeks ended January 27, 2024, we incurred debt issuance costs totaling $1,428 related to the October 2023 Credit Agreement amendment. The debt issuance costs have been deferred and are presented as prepaid and other current assets and other noncurrent assets in the condensed consolidated balance sheets, and subsequently amortized ratably over the term of the Credit Agreement.
December 2023 Credit Agreement Amendment
On December 12, 2023, we amended our existing Credit Agreement to, among other things: (i) amend the financial maintenance covenant to require Availability (as defined in the Credit Agreement) at all times to be greater than the greater of (x) 10% of the Aggregate Loan Cap (as defined in the Credit Agreement) and (y) (A) $32,500 or, subject to the satisfaction of certain conditions relating to the repayment of the Credit Agreement in full, (B) (a) $20,000 for the period of December 8, 2023 through January 12, 2024, (b) $25,000 for the period from January 26, 2024 through February 9, 2024, (c) $25,000 for the period of April 1, 2024 through April 30, 2024 and (d) $30,000 for the period of May 1, 2024 through May 31, 2024, and (ii) revise certain reporting requirements under the Credit Agreement. The amendment also revised the Specified Liquidity Transaction Fee introduced in the October 2023 Credit Agreement Amendment such that the $3,800 became due and was paid on January 31, 2024. During the 39 weeks ended January 27, 2024, we incurred debt issuance costs totaling $4,047 related to the December 2023 Credit Agreement amendment. The debt issuance costs have been deferred and are presented as prepaid and other current assets and other noncurrent assets in the condensed consolidated balance sheets, and subsequently amortized ratably over the term of the Credit Agreement. For additional information related to the Credit Agreement amendment, see the Company’s Report on Form 8-K dated December 12, 2023 and filed with the SEC on December 13, 2023.
March 2024 Credit Agreement Amendment
On March 12, 2024, we amended our existing Credit Agreement to, among other things, (i) revise certain reporting requirements under the Credit Agreement and (ii) set certain milestones for liquidity and refinancing contingency plans, with respect to which we must execute a binding commitment no later than April 3, 2024 (as may be extended by the administrative agent to April 10, 2024).
As of January 27, 2024, and through the date of this filing, we were in compliance with all debt covenants under the Credit Agreement.
The Credit Facility is secured by substantially all of the inventory, accounts receivable and related assets of the borrowers under the Credit Facility. This is considered an all asset lien (inclusive of proceeds from tax refunds payable to the Company and a pledge of equity from subsidiaries, exclusive of real estate).
During the 39 weeks ended January 27, 2024, we borrowed $454,459 and repaid $384,545 under the Credit Agreement, and had outstanding borrowings of $224,067 as of January 27, 2024, comprised entirely of borrowings under the Credit Facility. During the 39 weeks ended January 28, 2023, we borrowed $482,000 and repaid $452,100 under the Credit Agreement, and had outstanding borrowings of $255,600 as of January 28, 2023, comprised entirely of borrowings under the Credit Facility. As of January 27, 2024 and January 28, 2023, we have issued $3,575 and $4,759, respectively, in letters of credit under the Credit Facility.
Term Loan
On June 7, 2022, we entered into a Term Loan Credit Agreement (the “Term Loan Credit Agreement”) with TopLids LendCo, LLC and Vital Fundco, LLC and we entered into an amendment to our existing Credit Agreement, which permitted us to incur the Term Loan Facility (as defined below). For additional information, see the Company’s Report on Form 8-K dated June 7, 2022 and filed with the SEC on June 10, 2022.
The Term Loan Credit Agreement provides for term loans in an amount equal to $30,000 (the “Term Loan Facility” and, the loans thereunder, the “Term Loans”) and matures on April 7, 2025. The proceeds of the Term Loans are being used to finance working capital, and to pay fees and expenses related to the Term Loan Facility. During the 39 weeks ended January 27, 2024, we incurred $1,750 for interest in kind on the Term Loans and repaid $0 under the Term Loan Credit Agreement, with $31,750 of outstanding borrowings as of January 27, 2024. During the 39 weeks ended January 28, 2023, we borrowed $30,000 and repaid $0 under the Term Loan Credit Agreement.
March 2023 Term Loan Credit Agreement Amendment
On March 8, 2023, we amended the Term Loan Credit Agreement to (i) extend the maturity date of the Term Loan Credit Agreement by six months to December 7, 2024, (ii) permit the application of certain proceeds to the repayment of the loans under Credit Agreement and (iii) amend certain negative covenants and add certain additional covenants to conform to the Credit Agreement. In addition, the amendment requires the achievement of a Specified Event (as described above) by no later than May 31, 2023 (as such date may be extended under the Credit Agreement, but no later than August 31, 2023 without
consent from lenders under the Term Loan Credit Agreement). For additional information, see the Company's Report on Form 8-K dated March 8, 2023 and filed with the SEC on March 9, 2023.
During the 52 weeks ended April 29, 2023, we incurred debt issuance costs totaling $431 related to the March 2023 Term Loan Credit Agreement amendment. We paid a fee of $50 on the amendment closing date to the lenders under the Term Loan Credit Agreement. The debt issuance costs have been deferred and are presented as a reduction to long-term borrowings in the consolidated balance sheets, and subsequently amortized ratably over the term of the Term Loan Facility.
July 2023 Term Loan Credit Agreement Amendment
On July 28, 2023, we amended our Term Loan to (i) extend the maturity date of the Term Loan Agreement to April 7, 2025, (ii) allow for interest to be paid in kind until September 2, 2024, (iii) amend the 1.50% anniversary fee to recur on June 7 of each year that the Term Loan Agreement remains outstanding, with 2024 fee deferred to the earlier of September 2, 2024 and the Termination Date (as defined in the Term Loan Agreement) and (iv) amend certain negative covenants and affirmative and add certain additional covenants. We must pay a fee of $50 to the lenders under the Term Loan Agreement on the earlier of September 2, 2024 and the Termination Date (as defined in the Term Loan Agreement). For additional information, see the Company's Report on Form 8-K filed with the SEC on July 28, 2023.
During the 39 weeks ended January 27, 2024, we incurred debt issuance costs totaling $480 related to the July 2023 Term Loan Credit Agreement amendment. The debt issuance costs have been deferred and are presented as a reduction to long-term borrowings in the condensed consolidated balance sheets, and subsequently amortized ratably over the term of the Term Loan Facility.
The Term Loans accrue interest at a rate equal to 11.25%, payable quarterly. All interest on the Term Loan prior to July 29, 2023 was paid in cash. During the 13 weeks ended October 28, 2023 and 13 weeks ended January 27, 2024, all interest on the Term Loan was incurred in kind as permitted under the July 2023 Term Loan Amendment. The Term Loans do not amortize prior to maturity.
The Term Loan Credit Agreement does not contain a financial covenant, but otherwise contains representations and warranties, covenants and events of default that are substantially the same as those in the Credit Agreement, including restrictions on the ability of the Company and its subsidiaries to incur additional debt, incur or permit liens on assets, make investments and acquisitions, consolidate or merge with any other company, engage in asset sales and make dividends and distributions. The Term Loan Facility is secured by second-priority liens on all assets securing the obligations under the Credit Agreement, which is all of the assets of the Company and the Guarantors, subject to customary exclusions and limitations set forth in the Term Loan Credit Agreement and the other loan documents executed in connection therewith.
The Credit Agreement amendment permitted us to incur the Term Loan Facility and also provides that, upon repayment of the Term Loan Credit Agreement (and, if applicable, any replacement credit facility thereof), we may incur second lien secured debt in an aggregate principal amount not to exceed $75,000.
Deferred Financing Costs
The debt issuance costs have been deferred and are presented as noted below in the consolidated balance sheets, and are subsequently amortized ratably over the term of respective debt.
As of
Balance Sheet Location
Maturity Date/
Amortization Term
January 27, 2024January 28, 2023
Credit Facility - Prepaid and Other Current Assets
December 28, 2024$14,570 $1,583 
Credit Facility - Other noncurrent assets
— 132 
Credit Facility - sub-total
14,570 1,715 
Term Loan - Contra Debt
April 7, 20251,559 1,743 
Total deferred financing costs
$16,129 $3,458 
Interest Expense
During the 13 weeks ended January 27, 2024 and January 28, 2023, we recognized interest expense of $10,620 and $6,918, respectively, and during the 39 weeks ended January 27, 2024 and January 28, 2023, we recognized interest expense of $29,538 and $15,672, respectively. The following table disaggregates interest expense for the 13 and 39 week periods:
13 weeks ended39 weeks ended
January 27, 2024January 28, 2023January 27, 2024January 28, 2023
Interest Incurred
Credit Facility$5,747 $5,215 $18,286 $11,910 
Term Loan907 853 3,074 2,213 
Total Interest Incurred$6,654 $6,068 $21,360 $14,123 
Amortization of Deferred Financing Costs
Credit Facility$3,662 $396 $7,456 $1,187 
Term Loan312 462 924 871 
Total Amortization of Deferred Financing Costs$3,974 $858 $8,380 $2,058 
Interest Income, net of expense$(8)$(8)$(202)$(509)
Total Interest Expense$10,620 $6,918 $29,538 $15,672 
Cash interest paid during the 39 weeks ended January 27, 2024 and January 28, 2023 was $19,640 and $13,406, respectively.
v3.24.0.1
Leases (Notes)
 9 Months Ended
Jan. 27, 2024
Leases [Abstract]  
Lessee, Operating Leases
Note 8. Leases
We recognize lease assets and lease liabilities on the condensed consolidated balance sheets for substantially all lease arrangements as required by FASB ASC 842, Leases (Topic 842). Our portfolio of leases consists of operating leases comprised of operations agreements which grant us the right to operate on-campus bookstores at colleges and universities; real estate leases for office and warehouse operations; and vehicle leases. We do not have finance leases or short-term leases (i.e., those with a term of twelve months or less).
We recognize a right of use ("ROU") asset and lease liability in our condensed consolidated balance sheets for leases with a term greater than twelve months. Options to extend or terminate a lease are included in the determination of the ROU asset and lease liability when it is reasonably certain that such options will be exercised. Our lease terms generally range from one year to fifteen years and a number of agreements contain minimum annual guarantees, many of which are adjusted at the start of each contract year based on the actual sales activity of the leased premises for the most recently completed contract year.
Payment terms are based on the fixed rates explicit in the lease, including minimum annual guarantees, and/or variable rates based on: i) a percentage of revenues or sales arising at the relevant premises ("variable commissions"), and/or ii) operating expenses, such as common area charges, real estate taxes and insurance. For contracts with fixed lease payments, including those with minimum annual guarantees, we recognize lease expense on a straight-line basis over the lease term or over the contract year in order to best reflect the pattern of usage of the underlying leased asset and our minimum obligations arising from these types of leases. Our lease agreements do not contain any material residual value guarantees, material restrictions or covenants.
We used our incremental borrowing rates to determine the present value of fixed lease payments based on the information available at the lease commencement date, as the rate implicit in the lease is not readily determinable. We utilized an estimated collateralized incremental borrowing rate as of the effective date or the commencement date of the lease, whichever is later.
During the 39 weeks ended January 27, 2024 and January 28, 2023, we recognized lease expense of $139 and $121, respectively, related to our various office spaces as selling and administrative expenses in our condensed consolidated statement of operations.
We recognized lease expense related to our college and university contracts as cost of sales in our condensed consolidated statement of operations as follows:
13 weeks ended39 weeks ended
January 27, 2024January 28, 2023January 27, 2024January 28, 2023
Variable lease expense$18,679 $17,240 $56,039 $57,698 
Operating lease expense33,830 38,555 103,314 114,342 
Net lease expense$52,509 $55,795 $159,353 $172,040 
The decrease in lease expense during the 39 weeks ended January 27, 2024 is primarily due to lower commission rates related to the shift from physical to digital course materials, closed stores, and the impact of the timing due to contract renewals, partially offset by higher sales for contracts based on a percentage of sales.
The following table summarizes our minimum fixed lease obligations, excluding variable commissions:
As of January 27, 2024
Remainder of Fiscal 2024$95,818 
Fiscal 202558,601 
Fiscal 202639,373 
Fiscal 202731,589 
Fiscal 202825,119 
Thereafter59,308 
Total lease payments309,808 
Less: imputed interest(29,037)
Operating lease liabilities at period end$280,771 
Future lease payment obligations related to leases that were entered into, but did not commence as of January 27, 2024, were not material. The following summarizes additional information related to our operating leases:
As of
January 27, 2024January 28, 2023
Weighted average remaining lease term (in years)4.4 years5.2 years
Weighted average discount rate4.4 %4.5 %
Supplemental cash flow information:
Cash payments for lease liabilities within operating activities$85,880 $100,130 
Right-of-use assets obtained in exchange for lease liabilities from initial recognition$78,446 $91,365 
v3.24.0.1
Supplementary Information (Notes)
 9 Months Ended
Jan. 27, 2024
Supplementary info [Abstract]  
Supplementary Information [Text Block]
Note 9. Supplementary Information
Restructuring and other charges
During the 13 and 39 weeks ended January 27, 2024, we recognized restructuring and other charges totaling $3,413 and $12,320, respectively, comprised primarily of $3,413 and $11,240, respectively, for costs primarily associated with professional service costs for restructuring as discussed below and process improvements, and $0 and $1,080, respectively, for severance and other employee termination and benefit costs associated with elimination of various positions as part of cost reduction objectives ($921 is included in accrued liabilities in the condensed consolidated balance sheet as of January 27, 2024).
Pursuant to the July 28, 2023 Credit Agreement amendment, the Board established a committee consisting of three independent directors to explore, consider, solicit expressions of interest or proposals for, respond to any communications, inquiries or proposals regarding, and advise as to all strategic alternatives to effect a “Specified Liquidity Transaction” (as
defined in the Credit Agreement). Restructuring and other expenses associated with the costs of this committee, as well as other related professional service costs, are expected to decrease when the Company concludes on a strategic alternative.
During the 13 and 39 weeks ended January 28, 2023, we recognized restructuring and other charges totaling $4,127 and $4,762, respectively, comprised primarily of $2,848 in each period for severance and other employee termination and benefit costs associated with elimination of various positions as part of cost reduction objectives, and $1,279 and $1,914, respectively, for costs primarily associated with professional service costs for restructuring and process improvements.
v3.24.0.1
Stock-Based Compensation Stock-Based Compensation (Notes)
 9 Months Ended
Jan. 27, 2024
Share-Based Payment Arrangement [Abstract]  
Disclosure of Compensation Related Costs, Share-based Payments [Text Block]
Note 10. Long-Term Incentive Plan Compensation Expense
During the 13 and 39 weeks ended January 27, 2024, we did not grant any long-term incentive plan awards. We recognized compensation expense for previously granted long-term incentive plan awards in selling and administrative expenses as follows:
13 weeks ended39 weeks ended
January 27,
2024		January 28,
2023		January 27,
2024		January 28,
2023
Stock-based awards
Restricted stock expense$— $7 $11 $165 
Restricted stock units expense 512 704 1,528 2,390 
Performance share units expense — — — 10 
Stock option expense300 498 1,029 1,710 
Sub-total stock-based awards:$812 $1,209 $2,568 $4,275 
Cash settled awards
Phantom share units expense$1 $(72)$(128)$167 
Total compensation expense for long-term incentive awards$813 $1,137 $2,440 $4,442 
Total unrecognized compensation cost related to unvested awards as of January 27, 2024 was $3,173 and is expected to be recognized over a weighted-average period of 1.3 years.
v3.24.0.1
Income Taxes Income Taxes (Notes)
 9 Months Ended
Jan. 27, 2024
Income Tax Disclosure [Abstract]  
Income Tax Disclosure [Text Block]
Note 12. Income Taxes
We recorded an income tax expense of $229 on pre-tax loss of $(9,699) during the 13 weeks ended January 27, 2024, which represented an effective income tax rate of (2.4)% and an income tax expense of $139 on pre-tax loss of $(21,995) during the 13 weeks ended January 28, 2023, which represented an effective income tax rate of (0.6)%. We recorded an income tax expense of $532 on pre-tax loss of $(34,513) during the 39 weeks ended January 27, 2024, which represented an effective income tax rate of (1.5)% and an income tax expense of $603 on pre-tax loss of $(47,685) during the 39 weeks ended January 28, 2023, which represented an effective income tax rate of (1.3)%. The effective tax rate for the 13 weeks ended January 27, 2024 is lower than the prior year comparable period due to immaterial return to provision adjustments recorded in the prior year. The effective tax rate for the 39 weeks ended January 27, 2024 is materially consistent with the prior year comparable period.
In assessing the realizability of the deferred tax assets, management considered whether it is more likely than not that some or all of the deferred tax assets would be realized. As of January 27, 2024, we determined that it was more likely than not that
we would not realize all deferred tax assets and our tax rate for the current fiscal year reflects this determination. We will continue to evaluate this position.
v3.24.0.1
Legal Proceedings (Notes)
 9 Months Ended
Jan. 27, 2024
Legal Proceedings
Note 13. Legal Proceedings
We are involved in a variety of claims, suits, investigations and proceedings that arise from time to time in the ordinary course of our business, including actions with respect to contracts, intellectual property, taxation, employment, benefits, personal injuries and other matters. The results of these proceedings in the ordinary course of business are not expected to have a material adverse effect on our condensed consolidated financial position, results of operations, or cash flows.
v3.24.0.1
Summary of Significant Accounting Policies (Policies)
 9 Months Ended
Jan. 27, 2024
Use of Estimates
Use of Estimates
In preparing financial statements in conformity with GAAP, we are required to make estimates and assumptions that affect the reported amounts in the condensed consolidated financial statements and accompanying notes. Actual results could differ from those estimates.
Merchandise Inventories
Merchandise Inventories
Merchandise inventories, which consist of finished goods, are stated at the lower of cost or market. Market value of our inventory, which is all purchased finished goods, is determined based on its estimated net realizable value, which is generally the selling price less normally predictable costs of disposal and transportation. Reserves for non-returnable inventory are based on our history of liquidating non-returnable inventory, which includes certain significant assumptions, including markdowns, sales below cost, inventory aging and expected demand.
Cost is determined primarily by the retail inventory method for our Retail segment. Our textbook and trade book inventories, for Retail and Wholesale, are valued using the LIFO method and the related reserve was not material to the recorded amount of our inventories. There were no LIFO adjustments in Fiscal 2023, Fiscal 2022 and Fiscal 2021.
For our physical bookstores, we also estimate and accrue shortage for the period between the last physical count of inventory and the balance sheet date. Shortage rates are estimated and accrued based on historical rates and can be affected by changes in merchandise mix and changes in actual shortage trends.
The Retail Segment fulfillment order is directed first to our wholesale business before other sources of inventory are utilized. The products that we sell originate from a wide variety of domestic and international vendors. After internal sourcing, the bookstore purchases textbooks from outside suppliers and publishers.
Textbook Rentals Inventories
Textbook Rental Inventories
Physical textbooks out on rent are categorized as textbook rental inventories. At the time a rental transaction is consummated, the book is removed from merchandise inventories and moved to textbook rental inventories at cost. The cost of the book is amortized down to its estimated residual value over the rental period. The related amortization expense is included in cost of goods sold. At the end of the rental period, upon return, the book is removed from textbook rental inventories and recorded in merchandise inventories at its amortized cost.
Revenue Recognition
Revenue Recognition and Deferred Revenue
Product sales and rentals
The majority of our revenue is derived from the sale of products through our bookstore locations, including virtual bookstores, and our bookstore affiliated e-commerce websites, and contains a single performance obligation. Revenue from sales of our products is recognized at the point in time when control of the products is transferred to our customers in an amount that reflects the consideration we expect to be entitled to in exchange for the products. For additional information, see Note 3. Revenue.
Retail product revenue is recognized when the customer takes physical possession of our products, which occurs either at the point of sale for products purchased at physical locations or upon receipt of our products by our customers for products ordered through our websites and virtual bookstores. Wholesale product revenue is recognized upon shipment of physical textbooks at which point title passes and risk of loss is transferred to the customer. Additional revenue is recognized for shipping charges billed to customers and shipping costs are accounted for as fulfillment costs within cost of goods sold.
Revenue from the sale of digital textbooks, which contains a single performance obligation, is recognized at the point of sale as product revenue in our condensed consolidated financial statements. A software feature is embedded within the content of our digital textbooks, such that upon expiration of the term the customer is no longer able to access the content. While the sale of the digital textbook allows the customer to access digital content for a fixed period of time, once the digital content is delivered to the customer, our performance obligation is complete.
Revenue from the rental of physical textbooks is deferred and recognized over the rental period based on the passage of time commencing at the point of sale, when control of the product transfers to the customer and is recognized as rental income in our condensed consolidated financial statements. Rental periods are typically for a single semester and are always less than one year in duration. We offer a buyout option to allow the purchase of a rented physical textbook at the end of the rental period if the customer desires to do so. We record the buyout purchase when the customer exercises and pays the buyout option price which is determined at the time of the buyout. In these instances, we accelerate any remaining deferred rental revenue at the point of sale.
Revenue recognized for our BNC First Day offerings is consistent with our policies outlined above for product, digital and rental sales, net of an anticipated opt-out or return provision. Given the growth of BNC First Day programs, the timing of cash collection from our school partners may shift to periods subsequent to when the revenue is recognized. When a school adopts our BNC First Day equitable and inclusive access offerings, cash collection from the school generally occurs after the institution's drop/add dates, which is later in the working capital cycle, particularly in our third quarter given the timing of the Spring Term and our quarterly reporting period, as compared to direct-to-student point-of-sale transactions where cash is generally collected during the point-of-sale transaction or within a few days from the credit card processor.
We estimate returns based on an analysis of historical experience. A provision for anticipated merchandise returns is
provided through a reduction of sales and cost of goods sold in the period that the related sales are recorded.
For sales and rentals involving third-party products, we evaluate whether we are acting as a principal or an agent. Our determination is based on our evaluation of whether we control the specified goods or services prior to transferring them to the customer. There are significant judgments involved in determining whether we control the specified goods or services prior to transferring them to the customer including whether we have the ability to direct the use of the good or service and obtain substantially all of the remaining benefits from the good or service. For those transactions where we are the principal, we record revenue on a gross basis, and for those transactions where we are an agent to a third-party, we record revenue on a net basis.
As contemplated by the F/L Relationship related merchandising agreement and e-commerce agreement, logo general merchandise sales are fulfilled by Lids and Fanatics on our behalf and we recognize commission revenue earned for these sales on a net basis in our condensed consolidated financial statements.
We do not have gift card or customer loyalty programs. We do not treat any promotional offers as expenses. Sales tax collected from our customers is excluded from reported revenues. Our payment terms are generally 30 days and do not extend beyond one year.
Service and other revenue
Service and other revenue is primarily derived from brand partnership marketing services which includes promotional activities and advertisements within our physical bookstores and web properties performed on behalf of third-party customers, shipping and handling, and revenue from other programs.
Brand partnership marketing agreements often include multiple performance obligations which are individually negotiated with our customers. For these arrangements that contain distinct performance obligations, we allocate the transaction price based on the relative standalone selling price method by comparing the standalone selling price (“SSP”) of each distinct performance obligation to the total value of the contract. The revenue is recognized as each performance obligation is satisfied, typically at a point in time for brand partnership marketing service and overtime for advertising efforts as measured based upon the passage of time for contracts that are based on a stated period of time or the number of impressions delivered for contracts with a fixed number of impressions.
Lessee, Leases [Policy Text Block]
We recognize lease assets and lease liabilities on the condensed consolidated balance sheets for substantially all lease arrangements as required by FASB ASC 842, Leases (Topic 842). Our portfolio of leases consists of operating leases comprised of operations agreements which grant us the right to operate on-campus bookstores at colleges and universities; real estate leases for office and warehouse operations; and vehicle leases. We do not have finance leases or short-term leases (i.e., those with a term of twelve months or less).
We recognize a right of use ("ROU") asset and lease liability in our condensed consolidated balance sheets for leases with a term greater than twelve months. Options to extend or terminate a lease are included in the determination of the ROU asset and lease liability when it is reasonably certain that such options will be exercised. Our lease terms generally range from one year to fifteen years and a number of agreements contain minimum annual guarantees, many of which are adjusted at the start of each contract year based on the actual sales activity of the leased premises for the most recently completed contract year.
Payment terms are based on the fixed rates explicit in the lease, including minimum annual guarantees, and/or variable rates based on: i) a percentage of revenues or sales arising at the relevant premises ("variable commissions"), and/or ii) operating expenses, such as common area charges, real estate taxes and insurance. For contracts with fixed lease payments, including those with minimum annual guarantees, we recognize lease expense on a straight-line basis over the lease term or over the contract year in order to best reflect the pattern of usage of the underlying leased asset and our minimum obligations arising from these types of leases. Our lease agreements do not contain any material residual value guarantees, material restrictions or covenants.
We used our incremental borrowing rates to determine the present value of fixed lease payments based on the information available at the lease commencement date, as the rate implicit in the lease is not readily determinable. We utilized an estimated collateralized incremental borrowing rate as of the effective date or the commencement date of the lease, whichever is later.
Cost of Sales, Policy [Policy Text Block]
Cost of Sales
Our cost of sales primarily includes costs such as merchandise costs, textbook rental amortization, content development cost amortization, warehouse costs related to inventory management and order fulfillment, insurance, certain payroll costs, and management service agreement costs, including rent expense, related to our college and university contracts and other facility related expenses.
Selling, General and Administrative Expenses, Policy [Policy Text Block]
Selling and Administrative Expenses
Our selling and administrative expenses consist primarily of store payroll and store operating expenses. Selling and administrative expenses also include long-term incentive plan compensation expense and general office expenses, such as merchandising, procurement, field support, finance and accounting. Shared-service costs such as human resources, legal, treasury, information technology, and various other corporate level expenses and other governance functions, are not allocated to a specific reporting segment and are recorded in Corporate Services.
Consolidation, Subsidiaries or Other Investments, Consolidated Entities, Policy [Policy Text Block]
Intercompany Eliminations
The eliminations are primarily related to the following intercompany activities:
•The sales eliminations represent the elimination of Wholesale sales and fulfillment service fees to Retail and the elimination of Retail commissions earned from Wholesale, and
•These cost of sales eliminations represent (i) the recognition of intercompany profit for Retail inventory that was purchased from Wholesale in a prior period that was subsequently sold to external customers during the current period and the elimination of Wholesale service fees charged for fulfillment of inventory for virtual store sales, net of (ii) the elimination of intercompany profit for Wholesale inventory purchases by Retail that remain in ending inventory at the end of the current period.
Our international operations are not material, and the majority of the revenue and total assets are within the United States.
Fair Values of Financial Instruments
In accordance with ASC No. 820, Fair Value Measurements and Disclosures, the fair value of an asset is considered to be the price at which the asset could be sold in an orderly transaction between unrelated knowledgeable and willing parties. A liability’s fair value is defined as the amount that would be paid to transfer the liability to a new obligor, not the amount that would be paid to settle the liability with the creditor.
Assets and liabilities recorded at fair value are measured using a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value. These tiers include:
Level 1—Observable inputs that reflect quoted prices in active markets
Level 2—Inputs other than quoted prices in active markets that are either directly or indirectly observable
Level 3—Unobservable inputs in which little or no market data exists, therefore requiring us to develop our own assumptions
Our financial instruments include cash and cash equivalents, receivables, accrued liabilities and accounts payable. The fair value of cash and cash equivalents, receivables, accrued liabilities and accounts payable approximates their carrying values because of the short-term nature of these instruments, which are all considered Level 1. The fair value of short-term and long-term debt approximates its carrying value.
Net Earnings (Loss) Per Share
Earnings Per Share
Basic EPS is computed based upon the weighted average number of common shares outstanding for the year. Diluted EPS is computed based upon the weighted average number of common shares outstanding for the year plus the dilutive effect of common stock equivalents using the treasury stock method and the average market price of our common stock for the year. We include participating securities (unvested share-based payment awards that contain non-forfeitable rights to dividends or dividend equivalents) in the computation of EPS pursuant to the two-class method. Our participating securities consist solely of unvested restricted stock awards, which have contractual participation rights equivalent to those of stockholders of unrestricted common stock. The two-class method of computing earnings per share is an allocation method that calculates earnings per share for common stock and participating securities. During periods of net loss, no effect is given to the participating securities because they do not share in the losses of the Company.
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block] During the 13 and 39 weeks ended January 27, 2024, we did not grant any long-term incentive plan awards.
Income Tax, Policy [Policy Text Block]
Income Taxes
The provision for income taxes includes federal, state and local income taxes currently payable and those deferred because of temporary differences between the financial statement and tax basis of assets and liabilities. The deferred tax assets and liabilities are measured using the enacted tax rates and laws that are expected to be in effect when the differences reverse. We regularly review deferred tax assets for recoverability and establish a valuation allowance, if determined to be necessary.
Cash and Cash Equivalents, Restricted Cash and Cash Equivalents, Policy
Restricted Cash
As of January 27, 2024, January 28, 2023, and April 29, 2023, we had restricted cash of $6,901, $18,309, and $16,712, respectively, comprised of $5,948, $17,397, and $15,790, respectively, in prepaid and other current assets in the condensed consolidated balance sheet related to segregated funds for commission due to Lids for logo merchandise sales as per the Lids service provider merchandising agreement, and $953, $912, and $922, respectively, in other noncurrent assets in the condensed consolidated balance sheet related to amounts held in trust for future distributions related to employee benefit plans.
New Accounting Pronouncements, Policy
Recent Accounting Pronouncements
In December 2023, the Financial Accounting Standards Board ("FASB") issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures to improve annual income tax disclosure requirements, primarily to (1) disclose specific categories in the rate reconciliation (2) provide additional information for reconciling items that meet a quantitative threshold, and (3) enhance cash tax payment disclosures. This guidance will be effective for the Company for the annual report for the fiscal year ending April 26, 2025. Early adoption is permitted and the guidance is applied on a prospective basis. We are currently assessing this guidance and determining the impact on our condensed consolidated financial statements.
In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. This guidance will be effective for the Company for the annual report for the fiscal year ending April 26, 2025 and subsequent interim periods. Early adoption is permitted and retrospective adoption is required for all prior periods presented. We are currently assessing this guidance and determining the impact on our condensed consolidated financial statements.
Basis of Accounting, Policy
Basis of Presentation and Consolidation
Our condensed consolidated financial statements reflect our condensed consolidated financial position, results of operations and cash flows in conformity with accounting principles generally accepted in the United States (“GAAP”). Net income (loss) is equal to comprehensive income (loss) on our condensed consolidated statement of operations. In the opinion of the Company’s management, the accompanying unaudited condensed consolidated financial statements of the Company contain all adjustments (consisting of only normal recurring adjustments) necessary to present fairly its consolidated financial position and the results of its operations and cash flows for the periods reported. These consolidated financial statements are condensed and therefore do not include all of the information and footnotes required by GAAP. All material intercompany accounts and transactions have been eliminated in consolidation.
v3.24.0.1
Leases (Policies)
 9 Months Ended
Jan. 27, 2024
Leases [Abstract]  
Lessee, Leases [Policy Text Block]
We recognize lease assets and lease liabilities on the condensed consolidated balance sheets for substantially all lease arrangements as required by FASB ASC 842, Leases (Topic 842). Our portfolio of leases consists of operating leases comprised of operations agreements which grant us the right to operate on-campus bookstores at colleges and universities; real estate leases for office and warehouse operations; and vehicle leases. We do not have finance leases or short-term leases (i.e., those with a term of twelve months or less).
We recognize a right of use ("ROU") asset and lease liability in our condensed consolidated balance sheets for leases with a term greater than twelve months. Options to extend or terminate a lease are included in the determination of the ROU asset and lease liability when it is reasonably certain that such options will be exercised. Our lease terms generally range from one year to fifteen years and a number of agreements contain minimum annual guarantees, many of which are adjusted at the start of each contract year based on the actual sales activity of the leased premises for the most recently completed contract year.
Payment terms are based on the fixed rates explicit in the lease, including minimum annual guarantees, and/or variable rates based on: i) a percentage of revenues or sales arising at the relevant premises ("variable commissions"), and/or ii) operating expenses, such as common area charges, real estate taxes and insurance. For contracts with fixed lease payments, including those with minimum annual guarantees, we recognize lease expense on a straight-line basis over the lease term or over the contract year in order to best reflect the pattern of usage of the underlying leased asset and our minimum obligations arising from these types of leases. Our lease agreements do not contain any material residual value guarantees, material restrictions or covenants.
We used our incremental borrowing rates to determine the present value of fixed lease payments based on the information available at the lease commencement date, as the rate implicit in the lease is not readily determinable. We utilized an estimated collateralized incremental borrowing rate as of the effective date or the commencement date of the lease, whichever is later.
v3.24.0.1
Compensation Related Costs, Share Based Payments (Policies)
 9 Months Ended
Jan. 27, 2024
Share-Based Payment Arrangement [Abstract]  
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block] During the 13 and 39 weeks ended January 27, 2024, we did not grant any long-term incentive plan awards.
v3.24.0.1
Debt (Tables)
 9 Months Ended
Jan. 27, 2024
Debt Disclosure [Abstract]  
Schedule of Discontinued Operations Balance Sheet
The following table summarizes the assets and liabilities of the Assets Held for Sale included in the condensed consolidated balance sheets:
As of
April 29, 2023January 28, 2023
Cash and cash equivalents$1,057 $802 
Receivables, net480 589 
Prepaid expenses and other current assets901 2,412 
Property and equipment, net19,523 20,150 
Intangible assets, net402 678 
Goodwill4,700 4,700 
Deferred tax assets, net130 — 
Other noncurrent assets237 288 
Assets held for sale$27,430 $29,619 
Accounts payable$211 $148 
Accrued liabilities8,212 5,236 
Liabilities held for sale$8,423 $5,384 
Schedule of Discontinued Operations Statement of Income The following table summarizes the operating results of the discontinued operations for the periods indicated:
13 weeks ended39 weeks ended
Dollars in thousandsJanuary 27, 2024January 28, 2023January 27, 2024January 28, 2023
Total sales$— $9,010 $2,784 $26,659 
Cost of sales (a)
— 1,811 76 5,283 
Gross profit (a)
— 7,199 2,708 21,376 
Selling and administrative expenses177 7,632 3,101 23,909 
Depreciation and amortization— 506 3 2,646 
Gain on sale of business(477)— (3,545)— 
Impairment loss (non-cash) (b)
— — 610 — 
Restructuring costs (c)
11 1,848 3,308 1,848 
Transaction costs— — 13 — 
Operating loss289 (2,787)(782)(7,027)
Income tax expense— 128 20 297 
Loss from discontinued operations, net of tax$289 $(2,915)$(802)$(7,324)
(a) Cost of sales and gross profit for the DSS Segment includes amortization expense (non-cash) related to content development costs of $1,686 and $4,855 for the 13 and 39 weeks ended January 28, 2023, respectively.
(b)    During the 39 weeks ended January 27, 2024, we recognized an impairment loss (non-cash) of $610 (both pre-tax and after-tax),
comprised of $119 and $491 of property and equipment and operating lease right-of-use assets, respectively, on the condensed consolidated statement of operations as part of discontinued operations.
(c)    During the 39 weeks ended January 27, 2024 and January 28, 2023, we recognized restructuring and other charges of $3,308 and $1,848, respectively, comprised of severance and other employee termination costs.
Summary of Results [Table] The improvements in Net Loss from Continuing Operations during the 13 and 39 weeks are primarily due to operational improvements, including successful implementation of our BNC First Day programs, and cost savings initiatives.
 13 weeks ended39 weeks ended
Dollars in thousands
January 27, 2024January 28, 2023Var $Var %January 27, 2024January 28, 2023Var $Var %
Net loss from continuing operations
$(9,928)$(22,134)$12,206 55%$(35,045)$(48,288)$13,243 27%
Reconciling items:
Interest Expense (a)
$10,620 $6,918 $3,702 54%$29,538 $15,672 $13,866 88%
Impairment loss (non-cash)
5,798 6,008 (210)(3)%5,798 6,008 (210)(3)%
Restructuring and other charges
3,413 4,127 (714)(17)%12,320 4,762 7,558 159%
Total Reconciling items
$19,831 $17,053 $2,778 16%$47,656 $26,442 $21,214 80%
Net Income (Loss) from Continuing Operations Excluding Interest Expense, Impairment Loss and Restructuring and Other Charges
$9,903 $(5,081)$14,984 295%$12,611 $(21,846)$34,457 158%
(a)     Interest expense increased by $13.9 million compared to the prior year period, comprised of $7.2 million resulting from higher borrowings and higher interest rates and $6.3 million resulting from increased amortization of deferred financing costs. For additional information, see Note 7. Debt - Deferred Financing Costs and Note 7. Debt - Interest Expense.
v3.24.0.1
Revenue (Tables)
 9 Months Ended
Jan. 27, 2024
Disaggregation of Revenue [Line Items]  
Disaggregation of Revenue [Table Text Block]
Disaggregation of Revenue
The following table disaggregates the revenue associated with our major product and service offerings:
13 weeks ended39 weeks ended
January 27, 2024January 28, 2023January 27, 2024January 28, 2023
Retail
Course Materials Product Sales $317,725 $286,714 $891,631 $834,190 
General Merchandise Product Sales (a)
72,831 81,813 266,533 293,285 
Service and Other Revenue (b)
7,592 8,423 32,588 32,346 
Retail Product and Other Sales sub-total398,148 376,950 1,190,752 1,159,821 
Course Materials Rental Income41,298 44,309 93,490 96,555 
Retail Total Sales$439,446 $421,259 $1,284,242 $1,256,376 
Wholesale Sales$37,167 $38,958 $96,931 $97,161 
Eliminations (c)
$(19,940)$(22,163)$(49,960)$(52,176)
Total Sales$456,673 $438,054 $1,331,213 $1,301,361 
(a)Logo general merchandise sales for the Retail Segment are recognized on a net basis as commission revenue in the condensed consolidated financial statements.
(b)Service and other revenue primarily relates to brand partnership marketing and other service revenues.
(c)The sales eliminations represent the elimination of Wholesale sales and fulfillment service fees to Retail and the elimination of Retail commissions earned from Wholesale.
Contract with Customer, Asset and Liability [Table Text Block] The following table presents changes in deferred revenue associated with our contract liabilities:
39 weeks ended
January 27, 2024January 28, 2023
Deferred revenue at the beginning of period$15,356 $16,475 
Additions to deferred revenue during the period159,888 150,477 
Reductions to deferred revenue for revenue recognized during the period(122,449)(116,643)
Deferred revenue balance at the end of period:$52,795 $50,309 
Balance Sheet classification:
Accrued liabilities$49,074 $46,032 
Other long-term liabilities3,721 4,277 
Deferred revenue balance at the end of period:$52,795 $50,309 
v3.24.0.1
Segment Reporting Segment Reporting (Tables)
 9 Months Ended
Jan. 27, 2024
Segment Reporting Information [Line Items]  
Schedule of Segment Reporting Information, by Segment [Table Text Block]
Summarized financial information for our reportable segments is reported below:
13 weeks ended39 weeks ended
January 27, 2024January 28, 2023January 27, 2024January 28, 2023
Sales
Retail$439,446 $421,259 $1,284,242 $1,256,376 
Wholesale37,167 38,958 96,931 97,161 
Eliminations(19,940)(22,163)(49,960)(52,176)
Total Sales$456,673 $438,054 $1,331,213 $1,301,361 
Gross Profit
Retail$89,243 $88,926 $265,063 $272,421 
Wholesale7,996 6,668 19,880 19,022 
Eliminations2,797 1,417 1,969 (286)
Total Gross Profit$100,036 $97,011 $286,912 $291,157 
Selling and Administrative Expenses
Retail$71,393 $82,753 $217,748 $251,843 
Wholesale3,271 3,563 10,151 11,561 
Corporate Services5,092 5,572 15,297 17,861 
Eliminations— (47)(3)(129)
Total Selling and Administrative Expenses$79,756 $91,841 $243,193 $281,136 
Depreciation and Amortization
Retail$8,817 $8,749 $26,694 $27,147 
Wholesale1,321 1,357 3,852 4,076 
Corporate Services10 6 30 41 
Total Depreciation and Amortization$10,148 $10,112 $30,576 $31,264 
Impairment loss (non-cash) - Retail$5,798 $6,008 $5,798 $6,008 
Restructuring and Other Charges
Retail$— $1,452 $555 $1,452 
Wholesale— 931 526 931 
Corporate Services3,413 1,744 11,239 2,379 
Total Restructuring and Other Charges$3,413 $4,127 $12,320 $4,762 
Operating Income (Loss)
Retail$3,235 $(10,036)$14,268 $(14,029)
Wholesale3,404 817 5,351 2,454 
Corporate Services(8,515)(7,322)(26,566)(20,281)
Elimination 2,797 1,464 1,972 (157)
Total Operating Income (Loss)$921 $(15,077)$(4,975)$(32,013)
Interest Expense, net$10,620 $6,918 $29,538 $15,672 
Total Loss from Continuing Operations Before Income Taxes$(9,699)$(21,995)$(34,513)$(47,685)
v3.24.0.1
Net Earnings (Loss) Per Share (Tables)
 9 Months Ended
Jan. 27, 2024
Reconciliation of Basic and Diluted Loss Per Share The following is a reconciliation of the basic and diluted earnings per share calculation:
13 weeks ended39 weeks ended
(shares in thousands)January 27, 2024January 28, 2023January 27, 2024January 28, 2023
Numerator for basic and diluted earnings per share:
Loss from continuing operations, net of tax$(9,928)$(22,134)$(35,045)$(48,288)
Loss from discontinued operations, net of tax289 (2,915)(802)(7,324)
Net loss available to common shareholders$(9,639)$(25,049)$(35,847)$(55,612)
Denominator for basic and diluted earnings per share:
Basic and diluted weighted average shares of Common Stock53,153 52,602 52,862 52,404 
Loss per share of Common Stock:
Basic and Diluted
Continuing operations$(0.19)$(0.42)$(0.66)$(0.92)
Discontinuing operations0.01 (0.06)(0.02)(0.14)
Basic and diluted loss per share of Common Stock$(0.18)$(0.48)$(0.68)$(1.06)
v3.24.0.1
Fair Value Measures and Disclosures (Tables)
 9 Months Ended
Jan. 27, 2024
Fair Value Disclosures [Abstract]  
Fair Value, Assets Measured on Recurring and Nonrecurring Basis
The following table shows the fair values of our non-financial assets and liabilities that were required to be remeasured at fair value on a non-recurring basis for each respective period and the total impairments recorded as a result of the remeasurement process:
13 and 39 weeks ended January 27, 2024
13 and 39 weeks ended January 28, 2023
Carrying Value
Prior to Impairment		Fair ValueImpairment Loss
(non-cash)		Carrying Value Prior to ImpairmentFair ValueImpairment Loss
(non-cash)
Property and equipment, net$364 $— $364 $708 $— $708 
Operating lease right-of-use assets6,130 3,404 2,726 3,002 1,305 1,697 
Intangible assets, net2,708 — 2,708 3,599 — 3,599 
Other noncurrent assets— — — 4 — 4 
Total$9,202 $3,404 $5,798 $7,313 $1,305 $6,008 
v3.24.0.1
Debt (Tables)
 9 Months Ended
Jan. 27, 2024
Debt Disclosure [Abstract]  
Schedule of Debt
As of
Maturity Date
January 27, 2024January 28, 2023
Credit FacilityDecember 28, 2024$224,067 $255,600 
Term LoanApril 7, 202531,750 30,000 
sub-total255,817 285,600 
Less: Deferred financing costs, Term Loan (a)
(1,559)(1,743)
Total debt$254,258 $283,857 
Balance Sheet classification:
Short-term borrowings$224,067 $— 
Long-term borrowings30,191 283,857 
Total debt$254,258 $283,857 
(a) For additional information on Credit Facility and Term Loan deferred financing costs, see Deferred Financing Costs below.
Interest Income and Interest Expense Disclosure The following table disaggregates interest expense for the 13 and 39 week periods:
13 weeks ended39 weeks ended
January 27, 2024January 28, 2023January 27, 2024January 28, 2023
Interest Incurred
Credit Facility$5,747 $5,215 $18,286 $11,910 
Term Loan907 853 3,074 2,213 
Total Interest Incurred$6,654 $6,068 $21,360 $14,123 
Amortization of Deferred Financing Costs
Credit Facility$3,662 $396 $7,456 $1,187 
Term Loan312 462 924 871 
Total Amortization of Deferred Financing Costs$3,974 $858 $8,380 $2,058 
Interest Income, net of expense$(8)$(8)$(202)$(509)
Total Interest Expense$10,620 $6,918 $29,538 $15,672 
Schedule of Deferred Financing Costs [Table]
Deferred Financing Costs
The debt issuance costs have been deferred and are presented as noted below in the consolidated balance sheets, and are subsequently amortized ratably over the term of respective debt.
As of
Balance Sheet Location
Maturity Date/
Amortization Term
January 27, 2024January 28, 2023
Credit Facility - Prepaid and Other Current Assets
December 28, 2024$14,570 $1,583 
Credit Facility - Other noncurrent assets
— 132 
Credit Facility - sub-total
14,570 1,715 
Term Loan - Contra Debt
April 7, 20251,559 1,743 
Total deferred financing costs
$16,129 $3,458 
v3.24.0.1
Leases (Tables)
 9 Months Ended
Jan. 27, 2024
Leases [Abstract]  
Lessee, Operating Lease, Liability, Maturity [Table Text Block]
The following table summarizes our minimum fixed lease obligations, excluding variable commissions:
As of January 27, 2024
Remainder of Fiscal 2024$95,818 
Fiscal 202558,601 
Fiscal 202639,373 
Fiscal 202731,589 
Fiscal 202825,119 
Thereafter59,308 
Total lease payments309,808 
Less: imputed interest(29,037)
Operating lease liabilities at period end$280,771 
Supplemental Operating Lease Disclosures [Table Text Block] The following summarizes additional information related to our operating leases:
As of
January 27, 2024January 28, 2023
Weighted average remaining lease term (in years)4.4 years5.2 years
Weighted average discount rate4.4 %4.5 %
Supplemental cash flow information:
Cash payments for lease liabilities within operating activities$85,880 $100,130 
Right-of-use assets obtained in exchange for lease liabilities from initial recognition$78,446 $91,365 
Lease, Cost follows:
13 weeks ended39 weeks ended
January 27, 2024January 28, 2023January 27, 2024January 28, 2023
Variable lease expense$18,679 $17,240 $56,039 $57,698 
Operating lease expense33,830 38,555 103,314 114,342 
Net lease expense$52,509 $55,795 $159,353 $172,040 
v3.24.0.1
Stock-Based Compensation Stock-Based Compensation (Tables)
 9 Months Ended
Jan. 27, 2024
Share-Based Payment Arrangement [Abstract]  
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Table Text Block] We recognized compensation expense for previously granted long-term incentive plan awards in selling and administrative expenses as follows:
13 weeks ended39 weeks ended
January 27,
2024		January 28,
2023		January 27,
2024		January 28,
2023
Stock-based awards
Restricted stock expense$— $7 $11 $165 
Restricted stock units expense 512 704 1,528 2,390 
Performance share units expense — — — 10 
Stock option expense300 498 1,029 1,710 
Sub-total stock-based awards:$812 $1,209 $2,568 $4,275 
Cash settled awards
Phantom share units expense$1 $(72)$(128)$167 
Total compensation expense for long-term incentive awards$813 $1,137 $2,440 $4,442 
v3.24.0.1
Summary of Significant Accounting Policies Summary of Significant Accounting Policies (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended 12 Months Ended
Mar. 07, 2024
Dec. 12, 2023
Oct. 10, 2023
Jul. 28, 2023
May 24, 2023
Mar. 08, 2023
Jan. 27, 2024
Jan. 28, 2023
Jan. 27, 2024
Jan. 28, 2023
Apr. 29, 2023
Apr. 30, 2022
May 01, 2021
Jul. 31, 2022
Restricted Cash             $ 6,901 $ 18,309 $ 6,901 $ 18,309 $ 16,712      
Restricted Cash, Current             5,948 17,397 5,948 17,397 15,790      
Restricted Cash, Noncurrent             953 912 953 912 922      
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents, Including Disposal Group and Discontinued Operations             15,024 27,733 15,024 27,733        
Income (Loss) from Continuing Operations, Net of Tax, Attributable to Parent             (9,928) (22,134) (35,045) (48,288) (90,140) $ (61,559) $ (133,569)  
Interest expense, net             10,620 6,918 29,538 15,672        
Disposal Group, Including Discontinued Operation, Revenue             0 9,010 2,784 26,659        
Disposal Group, Including Discontinued Operations, Impairment Expense             0 0 610 0        
Disposal Group, Including Discontinued Operation, Costs of Goods Sold             0 1,811 76 5,283        
Disposal Group, Including Discontinued Operation, Gross Profit (Loss)             0 7,199 2,708 21,376        
Disposal Group, Including Discontinued Operation, General and Administrative Expense             177 7,632 3,101 23,909        
Disposal Group, Including Discontinued Operation, Depreciation and Amortization             0 506 3 2,646        
Disposal Group, Including Discontinued Operation, Other Income             (477) 0 (3,545) 0        
Disposal Group, Including Discontinued Operation, Other Expense             11 1,848 3,308 1,848        
Disposal Group, Including Discontinued Operation, Transaction Costs             0 0 13 0        
Net Cash Provided by (Used in) Operating Activities, Continuing Operations                 (83,221) (21,248) 90,513 $ (16,195) $ 27,049  
Short-term Debt             224,067 0 $ 224,067 0 0      
Savings Initiatives                 During Fiscal 2023, we implemented a significant cost reduction program designed to streamline our operations, maximize productivity and drive profitability. We reduced our workforce, eliminated duplicate administrative headcounts at all levels, implemented improved system development processes to reduce maintenance costs, reduced capital expenditures, and evaluated operating contractual obligations for cost savings. Over the course of Fiscal 2024, we have achieved annualized savings of approximately $30,000 to $35,000 from the Fiscal 2023 cost savings initiatives. Additionally, during Fiscal 2024, Management's plan to implement further cost savings measures, including reduction of gross capital expenditures, amounting to approximately $25,000, of which approximately $18,000 has been achieved during the 39 weeks ended January 27, 2024. Management believes that these plans are within its control and will be focused on implementing these cost savings measures.          
Disposal Group, Including Discontinued Operation, Operating Income (Loss)             289 (2,787) $ (782) (7,027)        
Discontinued Operation, Tax Effect of Discontinued Operation             0 128 20 297        
Income (Loss) from Discontinued Operations, Net of Tax, Attributable to Parent             289 (2,915) (802) (7,324)        
Disposal Group, Including Discontinued Operation, Cash and Cash Equivalents               802   802 1,057      
Disposal Group, Including Discontinued Operation, Accounts, Notes and Loans Receivable, Net               589   589 480      
Disposal Group, Including Discontinued Operation, Prepaid and Other Assets, Current               2,412   2,412 901      
Disposal Group, Including Discontinued Operation, Property, Plant and Equipment, Current               20,150   20,150 19,523      
Disposal Group, Including Discontinued Operation, Intangible Assets, Current               678   678 402      
Disposal Group, Including Discontinued Operation, Goodwill, Current               4,700   4,700 4,700      
Disposal Group, Including Discontinued Operation, Deferred Tax Assets               0   0 130      
Disposal Group, Including Discontinued Operation, Other Assets, Noncurrent               288   288 237      
Disposal Group, Including Discontinued Operation, Assets, Current               29,619   29,619 27,430      
Disposal Group, Including Discontinued Operation, Accounts Payable, Current               148   148 211      
Disposal Group, Including Discontinued Operation, Accrued Liabilities, Current               5,236   5,236 8,212      
Disposal Group, Including Discontinued Operation, Liabilities, Current               5,384   5,384 8,423      
Gain (Loss) on Disposition of Business                 $ 3,545          
Proceeds from Divestiture of Businesses             20,000              
Summary of Results [Table]                 The improvements in Net Loss from Continuing Operations during the 13 and 39 weeks are primarily due to operational improvements, including successful implementation of our BNC First Day programs, and cost savings initiatives.
 13 weeks ended39 weeks ended
Dollars in thousands
January 27, 2024January 28, 2023Var $Var %January 27, 2024January 28, 2023Var $Var %
Net loss from continuing operations
$(9,928)$(22,134)$12,206 55%$(35,045)$(48,288)$13,243 27%
Reconciling items:
Interest Expense (a)
$10,620 $6,918 $3,702 54%$29,538 $15,672 $13,866 88%
Impairment loss (non-cash)
5,798 6,008 (210)(3)%5,798 6,008 (210)(3)%
Restructuring and other charges
3,413 4,127 (714)(17)%12,320 4,762 7,558 159%
Total Reconciling items
$19,831 $17,053 $2,778 16%$47,656 $26,442 $21,214 80%
Net Income (Loss) from Continuing Operations Excluding Interest Expense, Impairment Loss and Restructuring and Other Charges
$9,903 $(5,081)$14,984 295%$12,611 $(21,846)$34,457 158%
(a)     Interest expense increased by $13.9 million compared to the prior year period, comprised of $7.2 million resulting from higher borrowings and higher interest rates and $6.3 million resulting from increased amortization of deferred financing costs. For additional information, see Note 7. Debt - Deferred Financing Costs and Note 7. Debt - Interest Expense. 		         
Variable Lease, Cost             18,679 17,240 $ 56,039 57,698        
Other Nonrecurring Expense             5,798 6,008 5,798 6,008        
Restructuring and other charges             $ 3,413 4,127 $ 12,320 4,762        
Financial Performance Variance description             During the 13 weeks ended January 27, 2024, Net Loss from Continuing Operations improved by $12,206, or 55%, compared to the prior year period. Net Loss from Continuing Operations, excluding interest expense, impairment loss (non-cash) and restructuring and other charges, improved by $14,984 during the 13 weeks ended January 27, 2024 compared to the prior year period.   During the 39 weeks ended January 27, 2024, Net Loss from Continuing Operations improved by $13,243, or 27%, compared to the prior year period. Net Loss from Continuing Operations, excluding interest expense, impairment loss (non-cash) and restructuring and other charges, improved by $34,457 during the 39 weeks ended January 27, 2024 compared to the prior year period.          
Property, Plant and Equipment, Net             $ 57,273 72,075 $ 57,273 72,075 68,153      
Operating Lease, Right-of-Use Asset             220,238 259,470 $ 220,238 259,470 246,972      
Summary of Results [Table]                 The improvements in Net Loss from Continuing Operations during the 13 and 39 weeks are primarily due to operational improvements, including successful implementation of our BNC First Day programs, and cost savings initiatives.
 13 weeks ended39 weeks ended
Dollars in thousands
January 27, 2024January 28, 2023Var $Var %January 27, 2024January 28, 2023Var $Var %
Net loss from continuing operations
$(9,928)$(22,134)$12,206 55%$(35,045)$(48,288)$13,243 27%
Reconciling items:
Interest Expense (a)
$10,620 $6,918 $3,702 54%$29,538 $15,672 $13,866 88%
Impairment loss (non-cash)
5,798 6,008 (210)(3)%5,798 6,008 (210)(3)%
Restructuring and other charges
3,413 4,127 (714)(17)%12,320 4,762 7,558 159%
Total Reconciling items
$19,831 $17,053 $2,778 16%$47,656 $26,442 $21,214 80%
Net Income (Loss) from Continuing Operations Excluding Interest Expense, Impairment Loss and Restructuring and Other Charges
$9,903 $(5,081)$14,984 295%$12,611 $(21,846)$34,457 158%
(a)     Interest expense increased by $13.9 million compared to the prior year period, comprised of $7.2 million resulting from higher borrowings and higher interest rates and $6.3 million resulting from increased amortization of deferred financing costs. For additional information, see Note 7. Debt - Deferred Financing Costs and Note 7. Debt - Interest Expense. 		         
Intangible assets, net             97,947 114,269 $ 97,947 114,269 110,632      
Other noncurrent assets             12,488 19,875 12,488 19,875 17,889      
Property, Plant and Equipment                            
Disposal Group, Including Discontinued Operations, Impairment Expense                 119          
Property Subject to Operating Lease                            
Disposal Group, Including Discontinued Operations, Impairment Expense                 491          
Amendment July2023                            
Long-term Debt, Description       On July 28, 2023, we amended our Term Loan Agreement to (i) extend the maturity date of the Term Loan Agreement to April 7, 2025, (ii) allow for interest to be paid in kind until September 2, 2024, (iii) amend the 1.50% anniversary fee to recur on June 7 of each year that the Term Loan Agreement remains outstanding, with 2024 fee deferred to the earlier of September 2, 2024 and the Termination Date (as defined in the Term Loan Agreement) and (iv) amend certain negative covenants and affirmative and add certain additional covenants. We must pay a fee of $50,000 to the lenders under the Term Loan Agreement on the earlier of September 2, 2024 and the Termination Date (as defined in the Term Loan Agreement).                    
Amendment July2023                            
Long-term Debt, Description       On July 28, 2023, we amended our existing Credit Agreement to (i) extend the maturity date of the Credit Agreement to December 28, 2024, (ii) reduce advance rates with respect to the borrowing base by 1000 basis points on September 2, 2024 (in lieu of the reductions previously contemplated for September 2023), (iii) subject to the conditions set forth in such amendment, add a CARES Act tax refund claim to the borrowing base, from April 1, 2024 through July 31, 2024, (iv) amend the financial maintenance covenant to require Availability (as defined in the Credit Agreement) at all times greater than the greater of (x) 10% of the Aggregate Loan Cap (as defined in the Credit Agreement) and (y) (A) $32,500 minus, subject to the conditions set forth in such amendment, (B) (a) $7,500 for the period of April 1, 2024 through and including April 30, 2024, (b) $2,500 for the period of May 1, 2024 through and including May 31, 2024 and (c) $0 at all other times, (v) add a minimum Consolidated EBITDA (as defined in the Credit Agreement) financial maintenance covenant, and (vi) amend certain negative and affirmative covenants and add certain additional covenants, all as more particularly set forth in such amendment. The amendment also requires that we appoint a Chief Restructuring Officer and that, by August 11, 2023, we (i) appoint two independent members to the board of directors of the Company from prospective candidates that have been previously disclosed to the Administrative Agent and the Lenders and (ii) appoint a committee of the board of directors of the Company to consist of three board members (two of whom will be the new independent directors), and as of the date of this filing, we have satisfied such requirements. The committee’s responsibilities will include, among other things, to explore, consider, solicit expressions of interest or proposals for, respond to any communications, inquiries or proposals regarding, and advise as to all strategic alternatives to effect a “Specified Liquidity Transaction” (as defined in the Credit Agreement). There can be no guarantee or assurances that any such transaction or transactions be consummated. We must pay (i) a fee of 0.50% of the outstanding principal amount of the commitments under the Credit Agreement March 2023 amendment (as defined in the Credit Agreement) on the closing date (in lieu of the deferred fee previously contemplated in connection with the March 2023 amendment (as defined in the Credit Agreement)) and (ii) a fee of 1.00% of the outstanding principal amount of the commitments under the Credit Agreement as of the closing date on the earlier to occur of September 2, 2024 and an Event of Default (as defined in the Credit Agreement).                    
New Credit Facility [Member]                            
Interest expense, net             5,747 5,215 18,286 11,910        
Long-term Debt, Description   December 2023 Credit Agreement AmendmentOn December 12, 2023, we amended our existing Credit Agreement to, among other things: (i) amend the financial maintenance covenant to require Availability (as defined in the Credit Agreement) at all times to be greater than the greater of (x) 10% of the Aggregate Loan Cap (as defined in the Credit Agreement) and (y) (A) $32,500 or, subject to the satisfaction of certain conditions relating to the repayment of the Credit Agreement in full, (B) (a) $20,000 for the period of December 8, 2023 through January 12, 2024, (b) $25,000 for the period from January 26, 2024 through February 9, 2024, (c) $25,000 for the period of April 1, 2024 through April 30, 2024 and (d) $30,000 for the period of May 1, 2024 through May 31, 2024, and (ii) revise certain reporting requirements under the Credit Agreement. The amendment also revised the Specified Liquidity Transaction Fee introduced in the October 2023 Credit Agreement Amendment such that the $3,800 became due and was paid on January 31, 2024. During the 39 weeks ended January 27, 2024, we incurred debt issuance costs totaling $4,047 related to the December 2023 Credit Agreement amendment. The debt issuance costs have been deferred and are presented as prepaid and other current assets and other noncurrent assets in the condensed consolidated balance sheets, and subsequently amortized ratably over the term of the Credit Agreement. For additional information related to the Credit Agreement amendment, see the Company’s Report on Form 8-K dated December 12, 2023 and filed with the SEC on December 13, 2023.March 2024 Credit Agreement Amendment October 2023 Credit Agreement AmendmentOn October 10, 2023, we amended our existing Credit Agreement to revise certain reporting requirements to the administrative agent and lenders under the Credit Agreement. The amendment introduced a Specified Liquidity Transaction Fee of $3,800 that would become due and payable at the earlier to occur of (a) January 31, 2024, to the extent a Specified Liquidity Transaction (as defined in the Credit Agreement) has not been consummated prior to such date (or such later date that is up to thirty days thereafter to the extent agreed to in writing by the Administrative Agent in its sole discretion) or (b) an Event of Default under the Credit Agreement. During the 39 weeks ended January 27, 2024, we incurred debt issuance costs totaling $1,428 related to the October 2023 Credit Agreement amendment. The debt issuance costs have been deferred and are presented as prepaid and other current assets and other noncurrent assets in the condensed consolidated balance sheets, and subsequently amortized ratably over the term of the Credit Agreement. July 2023 Credit Agreement AmendmentOn July 28, 2023, we amended our existing Credit Agreement to (i) extend the maturity date of the Credit Agreement to December 28, 2024, (ii) reduce advance rates with respect to the borrowing base by 1000 basis points on September 2, 2024 (in lieu of the reductions previously contemplated for September 2023), (iii) subject to the conditions set forth in such amendment, add a CARES Act tax refund claim to the borrowing base, from April 1, 2024 through July 31, 2024, (iv) amend the financial maintenance covenant to require Availability (as defined in the Credit Agreement) at all times greater than the greater of (x) 10% of the Aggregate Loan Cap (as defined in the Credit Agreement) and (y) (A) $32,500 minus, subject to the conditions set forth in such amendment, (B) (a) $7,500 for the period of April 1, 2024 through and including April 30, 2024, (b) $2,500 for the period of May 1, 2024 through and including May 31, 2024 and (c) $0 at all other times, (v) add a minimum Consolidated EBITDA (as defined in the Credit Agreement) financial maintenance covenant, and (vi) amend certain negative and affirmative covenants and add certain additional covenants, all as more particularly set forth in such amendment. The amendment also requires that we appoint a Chief Restructuring Officer and that, by August 11, 2023, we (i) appoint two independent members to the board of directors of the Company from prospective candidates that have been previously disclosed to the Administrative Agent and the Lenders and (ii) appoint a committee of the board of directors of the Company to consist of three board members (two of whom will be the new independent directors). The committee’s responsibilities will include, among other things, to explore, consider, solicit expressions of interest or proposals for, respond to any communications, inquiries or proposals regarding, and advise as to all strategic alternatives to effect a “Specified Liquidity Transaction” (as defined in the Credit Agreement). There can be no guarantee or assurances that any such transaction or transactions be consummated. We must pay (i) a fee of 0.50% of the outstanding principal amount of the commitments under the Credit Agreement March 2023 amendment (as defined in the Credit Agreement) on the closing date (in lieu of the deferred fee previously contemplated in connection with the March 2023 amendment (as defined in the Credit Agreement)) and (ii) a fee of 1.00% of the outstanding principal amount of the commitments under the Credit Agreement as of the closing date on the earlier to occur of September 2, 2024 and an Event of Default (as defined in the Credit Agreement). For additional information related to the Credit Agreement amendment, see the Company's Report on Form 8-K filed with the SEC on July 28, 2023.During the 39 weeks ended January 27, 2024, we incurred debt issuance costs totaling $11,516 related to the July 2023 Credit Agreement amendment. The debt issuance costs have been deferred and are presented as prepaid and other current assets and other noncurrent assets in the condensed consolidated balance sheets, and subsequently amortized ratably over the term of the Credit Agreement. May 2023 Credit Agreement AmendmentOn May 24, 2023, we amended our existing Credit Agreement to (i) increase the applicable margin with respect to the interest rate under the Credit Agreement to 3.75% per annum, in the case of interest accruing based on SOFR, and 2.75%, in the case of interest accruing based on an alternative base rate, in each case, without regard to a pricing grid, (ii) defer the reduction of advance rates used to calculate our borrowing capacity by an amount equal to 500 basis points previously required on May 31, 2023 to September 1, 2023, (iii) require cash flow reporting and variance testing commencing June 3, 2023 and (iv) defer partial prepayment of the term loan from the DSS segment sale proceeds to September 1, 2023. We did not incur debt issuance costs related to the May 2023 Credit Agreement amendment. For additional information related to the Credit Agreement amendment, see the Company’s Report on Form 8-K dated May 24, 2023 and filed with the SEC on May 31, 2023. March 2023 Credit Agreement AmendmentOn March 8, 2023, we amended our existing Credit Agreement to (i) extend the maturity date of the Credit Agreement by six months to August 29, 2024, (ii) reduce the commitments under the Credit Agreement by $20,000 to $380,000, (iii) increase the applicable margin with respect to the interest rate under the Credit Agreement to 3.375% per annum, in the case of interest accruing based on a Secured Overnight Financing Rate, and 2.375%, in the case of interest accruing based on an alternative base rate, in each case, without regard to a pricing grid, (iv) reduce advance rates with respect to the borrowing base (x) by 500 basis points upon the achievement of certain liquidity events, which may include a sale of equity interests or of assets (a “Specified Event”), or, if such a Specified Event shall not have occurred, no later than May 31, 2023 (see discussion below) and (y) by an additional 500 basis points on September 29, 2023, (v) amend certain negative covenants and add certain additional covenants, (vi) amend the financial maintenance covenant to require Availability (as defined in the Credit Agreement) to be at all times greater than the greater of 10% of the Aggregate Loan Cap (as defined in the Credit Agreement) and $32,500 and (vii) require repayment of the loans under the Credit Agreement upon a Specified Event. For additional information related to the Credit Agreement amendment, see the Company’s Report on Form 8-K dated March 8, 2023 and filed with the SEC on March 9, 2023. As noted above, the amendment required the achievement of a Special Event by no later than May 31, 2023 (as such date may be extended pursuant to the terms of the Credit Agreement). See Note 2. Summary of Significant Accounting Policies for information related to the sale of our DSS segment on May 31, 2023. We paid a fee of 0.25% of the outstanding principal amount of the commitments under the Credit Agreement on the amendment closing date and we will pay an additional fee of 1.00% of the outstanding principal amount of the commitments under the Credit Agreement on September 29, 2023.During the 52 weeks ended April 29, 2023, we incurred debt issuance costs totaling $4,081 related to the March 2023 Credit Agreement amendment. The debt issuance costs have been deferred and are presented as prepaid and other current assets and other noncurrent assets in the condensed consolidated balance sheets, and subsequently amortized ratably over the term of the Credit Agreement.                
Line of Credit Facility, Maximum Borrowing Capacity             400,000   400,000          
Line of Credit Facility, Maximum Borrowing Capacity             400,000   400,000          
FILO [Member]                            
Line of Credit Facility, Maximum Borrowing Capacity             100,000   100,000   40,000     $ 0
Line of Credit Facility, Maximum Borrowing Capacity             100,000   100,000   $ 40,000     $ 0
Amendment October 2023                            
Long-term Debt, Description     On October 10, 2023, we amended our existing Credit Agreement to revise certain reporting requirements to the administrative agent and lenders under the Credit Agreement. The amendment introduced a Specified Liquidity Transaction Fee of $3,800 that would become due and payable at the earlier to occur of (1) January 31, 2024, to the extent a Specified Liquidity Transaction (as defined in the Credit Agreement) has not been consummated prior to such date (or such later date that is up to thirty days thereafter to the extent agreed to in writing by the Administrative Agent in its sole discretion) or (b) an Event of Default under the Credit Agreement.                      
Amendment December2023                            
Long-term Debt, Description   On December 12, 2023, we amended our existing Credit Agreement to, among other things: (i) amend the financial maintenance covenant to require Availability (as defined in the Credit Agreement) at all times to be greater than the greater of (x) 10% of the Aggregate Loan Cap (as defined in the Credit Agreement) and (y) (A) $32,500 or, subject to the satisfaction of certain conditions relating to the repayment of the Credit Agreement in full, (B) (a) $20,000 for the period of December 8, 2023 through January 12, 2024, (b) $25,000 for the period from January 26, 2024 through February 9, 2024, (c) $25,000 for the period of April 1, 2024 through April 30, 2024 and (d) $30,000 for the period of May 1, 2024 through May 31, 2024, and (ii) revise certain reporting requirements under the Credit Agreement. The amendment also revised the Specified Liquidity Transaction Fee introduced in the October 2023 Credit Agreement Amendment such that the $3,800 became due and was paid on January 31, 2024.                        
Amendment March 2024                            
Long-term Debt, Description On March 12, 2024, we amended our existing Credit Agreement to, among other things, (i) revise certain reporting requirements under the Credit Agreement and (ii) set certain milestones for liquidity and refinancing contingency plans, with respect to which we must execute a binding commitment no later than April 3, 2024 (as may be extended by the administrative agent to April 10, 2024).                          
Property, Plant and Equipment                            
Other Nonrecurring Expense             364 708 364 708        
Property Subject to Operating Lease                            
Other Nonrecurring Expense             $ 2,726 1,697 $ 2,726 1,697        
DSS [Member]                            
content amortization costs               $ 1,686   $ 4,855        
v3.24.0.1
Revenue (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Jan. 27, 2024
Jan. 28, 2023
Jan. 27, 2024
Jan. 28, 2023
Apr. 29, 2023
Apr. 30, 2022
Disaggregation of Revenue [Line Items]            
Revenues $ 456,673 $ 438,054 $ 1,331,213 $ 1,301,361    
Rental income 41,298   93,490 96,555    
Product sales and other 415,375 393,745 1,237,723 1,204,806    
Deferred Revenue 52,795 50,309 52,795 50,309 $ 15,356 $ 16,475
Deferred Revenue, Current 49,074 46,032 49,074 46,032    
Deferred Revenue, Noncurrent 3,721 4,277 3,721 4,277    
Deferred Revenue, Additions     159,888 150,477    
Contract with Customer, Liability, Revenue Recognized     (122,449) (116,643)    
Deferred Revenue, Additions     159,888 150,477    
Contract with Customer, Liability, Revenue Recognized     (122,449) (116,643)    
Intersegment Eliminations [Member]            
Disaggregation of Revenue [Line Items]            
Revenues (19,940) (22,163) (49,960) (52,176)    
Retail Segment [Member]            
Disaggregation of Revenue [Line Items]            
Revenues 439,446 421,259 1,284,242 1,256,376    
Retail Segment [Member] | Transferred at Point in Time            
Disaggregation of Revenue [Line Items]            
Product sales and other 398,148 376,950 1,190,752 1,159,821    
Retail Segment [Member] | Transferred over Time            
Disaggregation of Revenue [Line Items]            
Rental income   44,309        
Retail Segment [Member] | Service and Other [Member]            
Disaggregation of Revenue [Line Items]            
Revenues 7,592 8,423 32,588 32,346    
Retail Segment [Member] | Course Materials Product            
Disaggregation of Revenue [Line Items]            
Revenues 317,725 286,714 891,631 834,190    
Retail Segment [Member] | General Merchandise Product            
Disaggregation of Revenue [Line Items]            
Revenues 72,831 81,813 266,533 293,285    
Wholesale [Member]            
Disaggregation of Revenue [Line Items]            
Revenues $ 37,167 $ 38,958 $ 96,931 $ 97,161    
v3.24.0.1
Segment Reporting Segment Reporting (Details)
$ in Thousands
 3 Months Ended 9 Months Ended
Jan. 27, 2024
USD ($)
Store
Jan. 28, 2023
USD ($)
Jan. 27, 2024
USD ($)
Store
segment
Jan. 28, 2023
USD ($)
Segment Reporting Information [Line Items]        
Number of Reportable Segments | segment     2  
Number of Stores | Store 1,272   1,272  
Revenues $ 456,673 $ 438,054 $ 1,331,213 $ 1,301,361
Gross Profit 100,036 97,011 286,912 291,157
Depreciation and amortization expense 10,148 10,112 30,576 31,264
Operating Income (Loss) 921 (15,077) (4,975) (32,013)
Interest expense, net 10,620 6,918 29,538 15,672
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest (9,699) (21,995) (34,513) (47,685)
Selling and administrative expenses 79,756 91,841 243,193 281,136
Restructuring and other charges 3,413 4,127 12,320 4,762
Other Nonrecurring Expense 5,798 6,008 5,798 6,008
Corporate, Non-Segment [Member]        
Segment Reporting Information [Line Items]        
Depreciation and amortization expense 10 6 30 41
Operating Income (Loss) (8,515) (7,322) (26,566) (20,281)
Selling and administrative expenses 5,092 5,572 15,297 17,861
Restructuring and other charges 3,413 1,744 11,239 2,379
Intersegment Eliminations [Member]        
Segment Reporting Information [Line Items]        
Revenues (19,940) (22,163) (49,960) (52,176)
Gross Profit 2,797 1,417 1,969 (286)
Operating Income (Loss) 2,797 1,464 1,972 (157)
Selling and administrative expenses 0 (47) (3) (129)
Retail Segment [Member]        
Segment Reporting Information [Line Items]        
Revenues 439,446 421,259 1,284,242 1,256,376
Gross Profit 89,243 88,926 265,063 272,421
Depreciation and amortization expense 8,817 8,749 26,694 27,147
Operating Income (Loss) 3,235 (10,036) 14,268 (14,029)
Selling and administrative expenses 71,393 82,753 217,748 251,843
Restructuring and other charges $ 0 1,452 $ 555 1,452
Wholesale [Member]        
Segment Reporting Information [Line Items]        
Number of Wholesale Customers | Store     2,900  
Number of System Customers | Store 325   325  
Revenues $ 37,167 38,958 $ 96,931 97,161
Gross Profit 7,996 6,668 19,880 19,022
Depreciation and amortization expense 1,321 1,357 3,852 4,076
Operating Income (Loss) 3,404 817 5,351 2,454
Selling and administrative expenses 3,271 3,563 10,151 11,561
Restructuring and other charges $ 0 $ 931 $ 526 $ 931
Physical Stores [Member]        
Segment Reporting Information [Line Items]        
Number of Stores | Store 717   717  
Virtual Stores [Member]        
Segment Reporting Information [Line Items]        
Number of Stores | Store 555   555  
v3.24.0.1
Net Earnings (Loss) Per Share - Additional Information (Detail) - USD ($)
$ / shares in Units, $ in Thousands
 3 Months Ended 9 Months Ended 12 Months Ended
Jan. 27, 2024
Jan. 28, 2023
Jan. 27, 2024
Jan. 28, 2023
Apr. 29, 2023
Apr. 30, 2022
May 01, 2021
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]              
Shares Paid for Tax Withholding for Share Based Compensation 3,135   147,885        
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount 3,009,464 4,677,926 3,305,749 4,824,844      
Earnings Per Share, Basic $ (0.18) $ (0.48) $ (0.68) $ (1.06)      
Earnings Per Share, Diluted $ (0.18) $ (0.48) $ (0.68) $ (1.06)      
Basic 53,153,000 52,602,000 52,862,000 52,404,000      
Weighted Average Number of Shares Outstanding, Diluted 53,153,000 52,602,000 52,862,000 52,404,000      
Stock Repurchase Program, Remaining Authorized Repurchase Amount $ 26,669   $ 26,669        
Income (Loss) from Continuing Operations, Net of Tax, Attributable to Parent (9,928) $ (22,134) (35,045) $ (48,288) $ (90,140) $ (61,559) $ (133,569)
Income (Loss) from Discontinued Operations, Net of Tax, Attributable to Parent $ 289 $ (2,915) $ (802) $ (7,324)      
Income (Loss) from Continuing Operations, Per Diluted Share $ (0.19) $ (0.42) $ (0.66) $ (0.92)      
Income (Loss) from Discontinued Operations and Disposal of Discontinued Operations, Net of Tax, Per Diluted Share 0.01 (0.06) (0.02) (0.14)      
Income (Loss) from Continuing Operations, Per Basic Share (0.19) (0.42) (0.66) (0.92)      
Discontinued Operation, Income (Loss) from Discontinued Operation, Net of Tax, Per Basic Share $ 0.01 $ (0.06) $ (0.02) $ (0.14)      
Net Income (Loss) Available to Common Stockholders, Basic $ (9,639) $ (25,049) $ (35,847) $ (55,612)      
v3.24.0.1
Fair Values of Financial Instruments Fair Values of Financial Instruments (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Jan. 27, 2024
Jan. 28, 2023
Jan. 27, 2024
Jan. 28, 2023
Fair Value Disclosures [Abstract]        
Other Deferred Compensation Arrangements, Liability, Classified, Noncurrent   $ 56   $ 56
Other Deferred Compensation Arrangements, Liability, Current and Noncurrent   1,261   1,261
Other Deferred Compensation Arrangements, Liability, Current   1,205   1,205
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Other Deferred Compensation Arrangements, Liability, Current   1,205   1,205
Other Deferred Compensation Arrangements, Liability, Classified, Noncurrent   56   56
Other Deferred Compensation Arrangements, Liability, Current and Noncurrent   1,261   1,261
Other Nonrecurring Expense $ 5,798 6,008 $ 5,798 6,008
Impaired Assets to be Disposed of by Method Other than Sale, Carrying Value of Asset 9,202 7,313 9,202 7,313
Property, Plant, and Equipment, Fair Value Disclosure 0   0  
Operating lease right-of-use assets fair value 3,404 1,305 3,404 1,305
Finite-lived Intangible Assets, Fair Value Disclosure 0   0  
Other Assets, Fair Value Disclosure 0   0  
Fair Value, Net Asset (Liability) 3,404 1,305 3,404 1,305
Property, Plant and Equipment        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Other Nonrecurring Expense 364 708 364 708
Impaired Assets to be Disposed of by Method Other than Sale, Carrying Value of Asset 364 708 364 708
Property Subject to Operating Lease        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Other Nonrecurring Expense 2,726 1,697 2,726 1,697
Impaired Assets to be Disposed of by Method Other than Sale, Carrying Value of Asset 6,130 3,002 6,130 3,002
Other Intangible Assets        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Other Nonrecurring Expense 2,708 3,599 2,708 3,599
Impaired Assets to be Disposed of by Method Other than Sale, Carrying Value of Asset 2,708 3,599 2,708 3,599
Other Noncurrent Assets        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Impaired Assets to be Disposed of by Method Other than Sale, Carrying Value of Asset 0 4 0 4
Other Assets        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Other Nonrecurring Expense 0 $ 4 0 $ 4
Phantom Share Units (PSUs)        
Fair Value Disclosures [Abstract]        
Other Deferred Compensation Arrangements, Liability, Current and Noncurrent 34   34  
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Other Deferred Compensation Arrangements, Liability, Current and Noncurrent $ 34   $ 34  
v3.24.0.1
Debt - Additional Information (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Dec. 12, 2023
Oct. 10, 2023
Jul. 28, 2023
May 24, 2023
Mar. 08, 2023
Jan. 27, 2024
Jan. 28, 2023
Jan. 27, 2024
Jan. 28, 2023
Apr. 29, 2023
Jul. 31, 2022
Jun. 07, 2022
Line of Credit Facility [Line Items]                        
Line Of Credit Potential Increase Amount           $ 100,000   $ 100,000        
Proceeds from Lines of Credit               454,459 $ 482,000      
Repayments of Lines of Credit               384,545        
Short-term Debt           224,067 $ 0 224,067 0 $ 0    
Letters of Credit Outstanding, Amount           3,575 4,759 3,575 4,759      
Debt, Long-term and Short-term, Combined Amount           254,258 283,857 254,258 283,857      
Long-Term Debt           30,191 283,857 30,191 283,857 182,151    
Debt Issuance Costs, Net           16,129 3,458 16,129 3,458      
Proceeds from (Repayments of) Secured Debt               384,545 452,100      
Long-term Line of Credit, Noncurrent           224,067   224,067        
Total Debt excluding Deferred Financing Costs           255,817 285,600 255,817 285,600      
Interest Paid, Excluding Capitalized Interest, Operating Activities               19,640 13,406      
Paid-in-Kind Interest               1,750 0      
Interest expense, net           10,620 6,918 29,538 15,672      
Interest Costs Incurred           6,654 6,068 21,360 14,123      
Amortization of Debt Issuance Costs           3,974 858 $ 8,380 2,058      
Schedule of Deferred Financing Costs [Table]              
Deferred Financing Costs
The debt issuance costs have been deferred and are presented as noted below in the consolidated balance sheets, and are subsequently amortized ratably over the term of respective debt.
As of
Balance Sheet Location
Maturity Date/
Amortization Term
January 27, 2024January 28, 2023
Credit Facility - Prepaid and Other Current Assets
December 28, 2024$14,570 $1,583 
Credit Facility - Other noncurrent assets
— 132 
Credit Facility - sub-total
14,570 1,715 
Term Loan - Contra Debt
April 7, 20251,559 1,743 
Total deferred financing costs
$16,129 $3,458 
        
Interest and Other Income           (8) (8) $ (202) (509)      
Term Loan                        
Line of Credit Facility [Line Items]                        
Long-Term Debt, Description     July 2023 Term Loan Credit Agreement AmendmentOn July 28, 2023, we amended our Term Loan to (i) extend the maturity date of the Term Loan Agreement to April 7, 2025, (ii) allow for interest to be paid in kind until September 2, 2024, (iii) amend the 1.50% anniversary fee to recur on June 7 of each year that the Term Loan Agreement remains outstanding, with 2024 fee deferred to the earlier of September 2, 2024 and the Termination Date (as defined in the Term Loan Agreement) and (iv) amend certain negative covenants and affirmative and add certain additional covenants. We must pay a fee of $50 to the lenders under the Term Loan Agreement on the earlier of September 2, 2024 and the Termination Date (as defined in the Term Loan Agreement). For additional information, see the Company's Report on Form 8-K filed with the SEC on July 28, 2023.During the 39 weeks ended January 27, 2024, we incurred debt issuance costs totaling $480 related to the July 2023 Term Loan Credit Agreement amendment. The debt issuance costs have been deferred and are presented as a reduction to long-term borrowings in the condensed consolidated balance sheets, and subsequently amortized ratably over the term of the Term Loan Facility.   March 2023 Term Loan Credit Agreement AmendmentOn March 8, 2023, we amended the Term Loan Credit Agreement to (i) extend the maturity date of the Term Loan Credit Agreement by six months to December 7, 2024, (ii) permit the application of certain proceeds to the repayment of the loans under Credit Agreement and (iii) amend certain negative covenants and add certain additional covenants to conform to the Credit Agreement. In addition, the amendment requires the achievement of a Specified Event (as described above) by no later than May 31, 2023 (as such date may be extended under the Credit Agreement, but no later than August 31, 2023 without consent from lenders under the Term Loan Credit Agreement). For additional information, see the Company's Report on Form 8-K dated March 8, 2023 and filed with the SEC on March 9, 2023.During the 52 weeks ended April 29, 2023, we incurred debt issuance costs totaling $431 related to the March 2023 Term Loan Credit Agreement amendment. We paid a fee of $50 on the amendment closing date to the lenders under the Term Loan Credit Agreement. The debt issuance costs have been deferred and are presented as a reduction to long-term borrowings in the consolidated balance sheets, and subsequently amortized ratably over the term of the Term Loan Facility.     The Term Loans accrue interest at a rate equal to 11.25%, payable quarterly. All interest on the Term Loan prior to July 29, 2023 was paid in cash. During the 13 weeks ended October 28, 2023 and 13 weeks ended January 27, 2024, all interest on the Term Loan was incurred in kind as permitted under the July 2023 Term Loan Amendment. The Term Loans do not amortize prior to maturity. The Term Loan Credit Agreement does not contain a financial covenant, but otherwise contains representations and warranties, covenants and events of default that are substantially the same as those in the Credit Agreement, including restrictions on the ability of the Company and its subsidiaries to incur additional debt, incur or permit liens on assets, make investments and acquisitions, consolidate or merge with any other company, engage in asset sales and make dividends and distributions. The Term Loan Facility is secured by second-priority liens on all assets securing the obligations under the Credit Agreement, which is all of the assets of the Company and the Guarantors, subject to customary exclusions and limitations set forth in the Term Loan Credit Agreement and the other loan documents executed in connection therewith.The Credit Agreement amendment permitted us to incur the Term Loan Facility and also provides that, upon repayment of the Term Loan Credit Agreement (and, if applicable, any replacement credit facility thereof), we may incur second lien secured debt in an aggregate principal amount not to exceed $75,000.        
Long-Term Debt           31,750   $ 31,750       $ 30,000
Repayments of Long-Term Debt               0 0      
Proceeds from Issuance of Debt                 30,000      
Debt Issuance Costs, Net           1,559 1,743 1,559 1,743      
Paid-in-Kind Interest               1,750        
Interest expense, net           907 853 3,074 2,213      
Amortization of Debt Issuance Costs           312 462 924 871      
Revolving Credit Facility [Member]                        
Line of Credit Facility [Line Items]                        
Line of Credit Facility, Maximum Borrowing Capacity           500,000   $ 500,000        
New Credit Facility [Member]                        
Line of Credit Facility [Line Items]                        
Credit Facility Maturity Term               5 years        
Line of Credit Facility, Maximum Borrowing Capacity           400,000   $ 400,000        
Debt, Long-term and Short-term, Combined Amount             255,600   255,600      
Long-Term Debt, Description December 2023 Credit Agreement AmendmentOn December 12, 2023, we amended our existing Credit Agreement to, among other things: (i) amend the financial maintenance covenant to require Availability (as defined in the Credit Agreement) at all times to be greater than the greater of (x) 10% of the Aggregate Loan Cap (as defined in the Credit Agreement) and (y) (A) $32,500 or, subject to the satisfaction of certain conditions relating to the repayment of the Credit Agreement in full, (B) (a) $20,000 for the period of December 8, 2023 through January 12, 2024, (b) $25,000 for the period from January 26, 2024 through February 9, 2024, (c) $25,000 for the period of April 1, 2024 through April 30, 2024 and (d) $30,000 for the period of May 1, 2024 through May 31, 2024, and (ii) revise certain reporting requirements under the Credit Agreement. The amendment also revised the Specified Liquidity Transaction Fee introduced in the October 2023 Credit Agreement Amendment such that the $3,800 became due and was paid on January 31, 2024. During the 39 weeks ended January 27, 2024, we incurred debt issuance costs totaling $4,047 related to the December 2023 Credit Agreement amendment. The debt issuance costs have been deferred and are presented as prepaid and other current assets and other noncurrent assets in the condensed consolidated balance sheets, and subsequently amortized ratably over the term of the Credit Agreement. For additional information related to the Credit Agreement amendment, see the Company’s Report on Form 8-K dated December 12, 2023 and filed with the SEC on December 13, 2023.March 2024 Credit Agreement Amendment October 2023 Credit Agreement AmendmentOn October 10, 2023, we amended our existing Credit Agreement to revise certain reporting requirements to the administrative agent and lenders under the Credit Agreement. The amendment introduced a Specified Liquidity Transaction Fee of $3,800 that would become due and payable at the earlier to occur of (a) January 31, 2024, to the extent a Specified Liquidity Transaction (as defined in the Credit Agreement) has not been consummated prior to such date (or such later date that is up to thirty days thereafter to the extent agreed to in writing by the Administrative Agent in its sole discretion) or (b) an Event of Default under the Credit Agreement. During the 39 weeks ended January 27, 2024, we incurred debt issuance costs totaling $1,428 related to the October 2023 Credit Agreement amendment. The debt issuance costs have been deferred and are presented as prepaid and other current assets and other noncurrent assets in the condensed consolidated balance sheets, and subsequently amortized ratably over the term of the Credit Agreement. July 2023 Credit Agreement AmendmentOn July 28, 2023, we amended our existing Credit Agreement to (i) extend the maturity date of the Credit Agreement to December 28, 2024, (ii) reduce advance rates with respect to the borrowing base by 1000 basis points on September 2, 2024 (in lieu of the reductions previously contemplated for September 2023), (iii) subject to the conditions set forth in such amendment, add a CARES Act tax refund claim to the borrowing base, from April 1, 2024 through July 31, 2024, (iv) amend the financial maintenance covenant to require Availability (as defined in the Credit Agreement) at all times greater than the greater of (x) 10% of the Aggregate Loan Cap (as defined in the Credit Agreement) and (y) (A) $32,500 minus, subject to the conditions set forth in such amendment, (B) (a) $7,500 for the period of April 1, 2024 through and including April 30, 2024, (b) $2,500 for the period of May 1, 2024 through and including May 31, 2024 and (c) $0 at all other times, (v) add a minimum Consolidated EBITDA (as defined in the Credit Agreement) financial maintenance covenant, and (vi) amend certain negative and affirmative covenants and add certain additional covenants, all as more particularly set forth in such amendment. The amendment also requires that we appoint a Chief Restructuring Officer and that, by August 11, 2023, we (i) appoint two independent members to the board of directors of the Company from prospective candidates that have been previously disclosed to the Administrative Agent and the Lenders and (ii) appoint a committee of the board of directors of the Company to consist of three board members (two of whom will be the new independent directors). The committee’s responsibilities will include, among other things, to explore, consider, solicit expressions of interest or proposals for, respond to any communications, inquiries or proposals regarding, and advise as to all strategic alternatives to effect a “Specified Liquidity Transaction” (as defined in the Credit Agreement). There can be no guarantee or assurances that any such transaction or transactions be consummated. We must pay (i) a fee of 0.50% of the outstanding principal amount of the commitments under the Credit Agreement March 2023 amendment (as defined in the Credit Agreement) on the closing date (in lieu of the deferred fee previously contemplated in connection with the March 2023 amendment (as defined in the Credit Agreement)) and (ii) a fee of 1.00% of the outstanding principal amount of the commitments under the Credit Agreement as of the closing date on the earlier to occur of September 2, 2024 and an Event of Default (as defined in the Credit Agreement). For additional information related to the Credit Agreement amendment, see the Company's Report on Form 8-K filed with the SEC on July 28, 2023.During the 39 weeks ended January 27, 2024, we incurred debt issuance costs totaling $11,516 related to the July 2023 Credit Agreement amendment. The debt issuance costs have been deferred and are presented as prepaid and other current assets and other noncurrent assets in the condensed consolidated balance sheets, and subsequently amortized ratably over the term of the Credit Agreement. May 2023 Credit Agreement AmendmentOn May 24, 2023, we amended our existing Credit Agreement to (i) increase the applicable margin with respect to the interest rate under the Credit Agreement to 3.75% per annum, in the case of interest accruing based on SOFR, and 2.75%, in the case of interest accruing based on an alternative base rate, in each case, without regard to a pricing grid, (ii) defer the reduction of advance rates used to calculate our borrowing capacity by an amount equal to 500 basis points previously required on May 31, 2023 to September 1, 2023, (iii) require cash flow reporting and variance testing commencing June 3, 2023 and (iv) defer partial prepayment of the term loan from the DSS segment sale proceeds to September 1, 2023. We did not incur debt issuance costs related to the May 2023 Credit Agreement amendment. For additional information related to the Credit Agreement amendment, see the Company’s Report on Form 8-K dated May 24, 2023 and filed with the SEC on May 31, 2023. March 2023 Credit Agreement AmendmentOn March 8, 2023, we amended our existing Credit Agreement to (i) extend the maturity date of the Credit Agreement by six months to August 29, 2024, (ii) reduce the commitments under the Credit Agreement by $20,000 to $380,000, (iii) increase the applicable margin with respect to the interest rate under the Credit Agreement to 3.375% per annum, in the case of interest accruing based on a Secured Overnight Financing Rate, and 2.375%, in the case of interest accruing based on an alternative base rate, in each case, without regard to a pricing grid, (iv) reduce advance rates with respect to the borrowing base (x) by 500 basis points upon the achievement of certain liquidity events, which may include a sale of equity interests or of assets (a “Specified Event”), or, if such a Specified Event shall not have occurred, no later than May 31, 2023 (see discussion below) and (y) by an additional 500 basis points on September 29, 2023, (v) amend certain negative covenants and add certain additional covenants, (vi) amend the financial maintenance covenant to require Availability (as defined in the Credit Agreement) to be at all times greater than the greater of 10% of the Aggregate Loan Cap (as defined in the Credit Agreement) and $32,500 and (vii) require repayment of the loans under the Credit Agreement upon a Specified Event. For additional information related to the Credit Agreement amendment, see the Company’s Report on Form 8-K dated March 8, 2023 and filed with the SEC on March 9, 2023. As noted above, the amendment required the achievement of a Special Event by no later than May 31, 2023 (as such date may be extended pursuant to the terms of the Credit Agreement). See Note 2. Summary of Significant Accounting Policies for information related to the sale of our DSS segment on May 31, 2023. We paid a fee of 0.25% of the outstanding principal amount of the commitments under the Credit Agreement on the amendment closing date and we will pay an additional fee of 1.00% of the outstanding principal amount of the commitments under the Credit Agreement on September 29, 2023.During the 52 weeks ended April 29, 2023, we incurred debt issuance costs totaling $4,081 related to the March 2023 Credit Agreement amendment. The debt issuance costs have been deferred and are presented as prepaid and other current assets and other noncurrent assets in the condensed consolidated balance sheets, and subsequently amortized ratably over the term of the Credit Agreement.              
Debt Issuance Costs, Net           14,570 1,715 14,570 1,715      
Long-term Line of Credit, Noncurrent           224,067 255,600 224,067 255,600      
Interest expense, net           5,747 5,215 18,286 11,910      
Amortization of Debt Issuance Costs           3,662 396 7,456 1,187      
New Credit Facility [Member] | Prepaid Expenses and Other Current Assets                        
Line of Credit Facility [Line Items]                        
Debt Issuance Costs, Net           14,570 1,583 14,570 1,583      
New Credit Facility [Member] | Other Noncurrent Assets                        
Line of Credit Facility [Line Items]                        
Debt Issuance Costs, Net           0 132 0 132      
FILO [Member]                        
Line of Credit Facility [Line Items]                        
Line of Credit Facility, Maximum Borrowing Capacity           100,000   100,000   $ 40,000 $ 0  
Term Loan                        
Line of Credit Facility [Line Items]                        
Debt Issuance Costs, Net           1,559 1,743 1,559 1,743      
Long-term Line of Credit, Noncurrent           $ 31,750 $ 30,000 $ 31,750 $ 30,000      
v3.24.0.1
Leases Leases (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Jan. 27, 2024
Jan. 28, 2023
Jan. 27, 2024
Jan. 28, 2023
Apr. 29, 2023
Leases [Abstract]          
Operating Lease, Weighted Average Remaining Lease Term 4 years 4 months 24 days 5 years 2 months 12 days 4 years 4 months 24 days 5 years 2 months 12 days  
Variable Lease, Cost $ 18,679 $ 17,240 $ 56,039 $ 57,698  
Lease, Cost 33,830 38,555 103,314 114,342  
Operating Lease, Expense 52,509 $ 55,795 159,353 $ 172,040  
Lessee, Operating Lease, Liability, Payments, Due Year Two 58,601   58,601    
Lessee, Operating Lease, Liability, Payments, Due Year Three 39,373   39,373    
Lessee, Operating Lease, Liability, Payments, Due Year Four 31,589   31,589    
Lessee, Operating Lease, Liability, Payments, Due Year Five 25,119   25,119    
Lessee, Operating Lease, Liability, Payments, Due after Year Five 59,308   59,308    
Lessee, Operating Lease, Liability, Payments, Due 309,808   309,808    
Lessee, Operating Lease, Liability, Undiscounted Excess Amount 29,037   29,037    
Operating Lease, Liability $ 280,771   $ 280,771    
Operating Lease, Weighted Average Discount Rate, Percent 4.40% 4.50% 4.40% 4.50%  
Operating Lease, Payments     $ 85,880 $ 100,130  
ROU Asst Obtained in Exchange for Lease Liabilites     78,446 91,365  
Lessee, Operating Lease, Liability, to be Paid, Year One $ 95,818   95,818    
Restricted Cash, Noncurrent $ 953 $ 912 953 912 $ 922
Operating Lease, Office Space Expense     $ 139 $ 121  
v3.24.0.1
Supplementary Information (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Jan. 27, 2024
Jan. 28, 2023
Jan. 27, 2024
Jan. 28, 2023
Restructuring and other charges $ 3,413 $ 4,127 $ 12,320 $ 4,762
Employee Severance [Member]        
Restructuring and other charges 0 2,848 1,080 2,848
Other Restructuring [Member]        
Restructuring and other charges 3,413 $ 1,279 11,240 $ 1,914
Employee Severance [Member]        
Accrued Salaries $ 921   $ 921  
v3.24.0.1
Stock-Based Compensation Stock-Based Compensation (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Jan. 27, 2024
Jan. 28, 2023
Jan. 27, 2024
Jan. 28, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Share-based Compensation     $ 2,568 $ 4,275
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount $ 3,173   $ 3,173  
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition     1 year 3 months 18 days  
Selling, General and Administrative Expenses [Member]        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Share-based Compensation 812 $ 1,209 $ 2,568 4,275
us-gaap_LongTermIncentivePlanCompensation [Line Items] 813 1,137 2,440 4,442
Selling, General and Administrative Expenses [Member] | Restricted Stock [Member]        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Share-based Compensation 0 7 11 165
Selling, General and Administrative Expenses [Member] | Restricted Stock Units (RSUs) [Member]        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Share-based Compensation 512 704 1,528 2,390
Selling, General and Administrative Expenses [Member] | Performance Share Units (PSUs) [Member]        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Share-based Compensation 0 0 0 10
Selling, General and Administrative Expenses [Member] | Equity Option        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Share-based Compensation 300 498 1,029 1,710
Selling, General and Administrative Expenses [Member] | Phantom Share Units (PSUs)        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Deferred Compensation Arrangement with Individual, Compensation Expense $ 1 $ (72) $ (128) $ 167
v3.24.0.1
Income Taxes Income Taxes (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Jan. 27, 2024
Jan. 28, 2023
Jan. 27, 2024
Jan. 28, 2023
Income Tax Disclosure [Abstract]        
Income Tax Expense (Benefit) $ 229 $ 139 $ 532 $ 603
Effective Income Tax Rate Reconciliation, Percent (2.40%) (0.60%) (1.50%) (1.30%)
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest $ (9,699) $ (21,995) $ (34,513) $ (47,685)