Cover Page - USD ($) $ in Millions	12 Months Ended
Cover Page - USD ($) $ in Millions	May 03, 2025	Nov. 19, 2025	Oct. 26, 2024
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	May 03, 2025
Current Fiscal Year End Date	--05-03
Document Transition Report	false
Entity File Number	1-37499
Entity Registrant Name	BARNES & NOBLE EDUCATION, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	46-0599018
Entity Address, Address Line One	180 Park Avenue
Entity Address, Address Line Two	Suite 301
Entity Address, City or Town	Florham Park
Entity Address, State or Province	NJ
Entity Address, Postal Zip Code	07932
City Area Code	(908)
Local Phone Number	991-2665
Title of 12(b) Security	Common Stock, $0.01 par value per share
Trading Symbol	BNED
Security Exchange Name	NYSE
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	No
Entity Interactive Data Current	No
Entity Filer Category	Accelerated Filer
Entity Emerging Growth Company	false
Entity Small Business	true
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction [Flag]	true
Document Financial Statement Restatement Recovery Analysis [Flag]	true
Entity Shell Company	false
Entity Public Float			$ 85
Entity Common Stock, Shares Outstanding		34,053,847
Amendment Flag	false
Document Fiscal Year Focus	2025
Document Fiscal Period Focus	FY
Entity Central Index Key	0001634117

Audit Information	12 Months Ended
Audit Information	May 03, 2025
Audit Information [Abstract]
Auditor Firm ID	243
Auditor Name	BDO USA, P.C.
Auditor Location	San Francisco, California

Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended								6 Months Ended		9 Months Ended		12 Months Ended
	May 03, 2025	Jan. 25, 2025	Oct. 26, 2024	Jul. 27, 2024	Apr. 27, 2024	Jan. 27, 2024	Oct. 28, 2023	Jul. 29, 2023	Oct. 26, 2024	Oct. 28, 2023	Jan. 25, 2025	Jan. 27, 2024	May 03, 2025	Apr. 27, 2024	May 01, 2021
Sales:
Product sales and other		$ 419,663	$ 559,674	$ 250,926		$ 415,375	$ 569,698	$ 252,650	$ 810,600	$ 822,348	$ 1,230,263	$ 1,237,723	$ 1,463,245	$ 1,430,456
Rental income		43,162	42,448	12,505		41,298	40,681	11,511	54,953	52,192	98,115	93,490	146,925	136,679
Total sales	$ 281,792	$ 462,825	$ 602,122	$ 263,431	$ 235,922	$ 456,673	$ 610,379	$ 264,161	$ 865,553	$ 874,540	$ 1,328,378	$ 1,331,213	$ 1,610,170	$ 1,567,135
Revenue from Contract with Customer, Product and Service [Extensible Enumeration]		Product [Member]	Product [Member]	Product [Member]		Product [Member]	Product [Member]	Product [Member]	Product [Member]	Product [Member]	Product [Member]	Product [Member]	Product [Member]	Product [Member]
Cost of sales (exclusive of depreciation and amortization expense):
Product and other cost of sales		$ 343,559	$ 451,026	$ 211,385		$ 332,113	$ 448,073	$ 209,280	$ 662,411	$ 657,353	$ 1,005,970	$ 989,466	$ 1,193,015	$ 1,144,973
Rental cost of sales		25,516	22,619	7,050		23,959	21,609	6,676	29,669	28,285	55,185	52,244	79,351	77,249
Total cost of sales		369,075	473,645	218,435		356,072	469,682	215,956	692,080	685,638	1,061,155	1,041,710	1,272,366	1,222,222
Gross profit	70,581	93,750	128,477	44,996	55,410	100,601	140,697	48,205	173,473	188,902	267,223	289,503	337,804	344,913
Selling and administrative expenses		71,561	72,940	67,023		79,756	85,961	77,476	139,963	163,437	211,524	243,193	283,800	311,574
Depreciation and amortization expense		7,827	8,542	13,071		10,148	10,175	10,253	21,613	20,428	29,440	30,576	37,939	40,560
Impairment loss	0	1,713	0	0		5,798					1,713	5,798	1,713	7,166
Other (income) expense	1,228	(6,268)	(150)	3,618		3,413	4,274	4,633	3,468	8,907	(2,800)	12,320	(1,572)	19,409
Operating income (loss)		18,917	47,145	(38,716)		1,486	40,287	(44,157)	8,429	(3,870)	27,346	(2,384)	15,924	(33,796)
Loss on debt extinguishment				55,233				0	55,233	0	55,233	0	55,233	0
Interest expense, net	4,096	5,083	5,463	7,618	10,827	10,620	10,664	8,254	13,081	18,918	18,164	29,538	22,260	40,365
Income (loss) from continuing operations before income taxes		13,834	41,682	(101,567)		(9,134)	29,623	(52,411)	(59,885)	(22,788)	(46,051)	(31,922)	(61,569)	(74,161)
Income tax expense		(4,108)	(1,480)	2,358		487	532	89	878	621	(3,230)	1,108	4,256	858	$ (7,164)
Income (loss) from continuing operations		17,942	43,162	(103,925)	(41,989)	(9,621)	29,091	(52,500)	(60,763)	(23,409)	(42,821)	(33,030)	(65,825)	(75,019)
Loss from discontinued operations, net of tax of $0 and $20, respectively		0	0	0	72	289	(674)	(417)	0	(1,091)	0	(802)	0	(730)
Net income (loss)	$ (23,004)	$ 17,942	$ 43,162	$ (103,925)	$ (41,917)	$ (9,332)	$ 28,417	$ (52,917)	$ (60,763)	$ (24,500)	$ (42,821)	$ (33,832)	$ (65,825)	$ (75,749)
Income (loss) per share of Common Stock
Basic, Continuing operations (in dollars per share)		$ 0.59	$ 1.63	$ (7.69)	$ (15.71)	$ (3.60)	$ 10.96	$ (19.83)	$ (3.04)	$ (8.83)	$ (1.82)	$ (12.42)	$ (2.50)	$ (28.18)
Basic, Discontinued operations (in dollars per share)		0	0	0	0.02	0.11	(0.25)	(0.16)	0	(0.41)	0	(0.30)	0	(0.28)
Total Basic Net Loss per Share (in dollars per share)	$ (0.68)	0.59	1.63	(7.69)	(15.69)	(3.49)	10.71	(19.99)	(3.04)	(9.24)	(1.82)	(12.72)	(2.50)	(28.46)
Diluted, Continuing operations (in dollars per share)		0.59	1.63	(7.69)	(15.71)	(3.60)	10.95	(19.83)	(3.04)	(8.83)	(1.82)	(12.42)	(2.50)	(28.18)
Diluted, Discontinued operations (in dollars per share)		0	0	0	0.02	0.11	(0.25)	(0.16)	0	(0.41)	0	(0.30)	0	(0.28)
Total Diluted Net Loss per Share (in dollars per share)	$ (0.68)	$ 0.59	$ 1.63	$ (7.69)	$ (15.69)	$ (3.49)	$ 10.70	$ (19.99)	$ (3.04)	$ (9.24)	$ (1.82)	$ (12.72)	$ (2.50)	$ (28.46)
Weighted average shares of common stock outstanding - Basic and Diluted
Weighted average common shares outstanding - Basic (in shares)	34,053,847	30,507,723	26,527,174	13,510,667	2,673,403	2,673,240	2,655,006	2,647,536	20,018,920	2,651,271	23,515,188	2,658,594	26,298,984	2,662,296
Weighted average common shares outstanding - Diluted (in shares)	34,053,847	30,642,958	26,541,804	13,510,667	2,673,403	2,673,240	2,655,799	2,647,536	20,018,920	2,651,271	23,515,188	2,658,594	26,298,984	2,662,296

Consolidated Statements of Operations (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	May 03, 2025	Apr. 27, 2024
Income Statement [Abstract]
Loss from discontinued operations, tax	$ 0	$ 20

- Definition

Amount of tax expense (benefit) related to a discontinued operation. Includes, but is not limited to, tax expense (benefit) related to income (loss) from operations during the phase-out period, tax expense (benefit) related to gain (loss) on disposal, tax expense (benefit) related to gain (loss) for reversal of write-down (write-down) to fair value, less cost to sell, and tax expense (benefit) related to adjustments of a prior period gain (loss) on disposal.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 6.I.7)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-10

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 20
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
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Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
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-URI https://asc.fasb.org/1943274/2147483475/205-20-45-3A

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 205
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-Name Accounting Standards Codification
-Section 50
-Paragraph 5B
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483499/205-20-50-5B

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 205
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-Name Accounting Standards Codification
-Section 50
-Paragraph 5C
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483499/205-20-50-5C

Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 205
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-Name Accounting Standards Codification
-Section 45
-Paragraph 3B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483475/205-20-45-3B

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 205
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-Name Accounting Standards Codification
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Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 205
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483499/205-20-50-1

+ Details

Consolidated Balance Sheets - USD ($) $ in Thousands	May 03, 2025	Jan. 25, 2025	Oct. 26, 2024	Jul. 27, 2024	Apr. 27, 2024	Jan. 27, 2024	Oct. 28, 2023	Jul. 29, 2023	Apr. 29, 2023
Current assets:
Cash and cash equivalents	$ 9,058	$ 9,185	$ 11,619	$ 8,212	$ 10,459	$ 8,123	$ 15,008	$ 7,657
Accounts receivable (less allowance $2,148 and $867, respectively)	98,077	343,519	259,768	151,981	98,838	315,337	221,805	140,858
Merchandise inventories, net	299,562	326,825	315,469	395,272	344,037	341,544	364,292	384,185
Textbook rental inventories	26,439	36,356	44,995	5,643	28,315	41,783	49,102	4,122
Prepaid expenses and other current assets	32,249	33,496	33,366	30,930	39,158	54,337	63,410	59,012
Total current assets	465,385	749,381	665,217	592,038	520,807	761,124	713,617	595,834
Property and equipment, net	40,229	42,153	45,137	48,488	52,912	57,273	61,403	64,438
Operating lease right-of-use assets	183,695	195,806	206,734	218,903	217,336	233,062	243,233	252,668
Intangible assets, net	78,241	81,630	85,137	87,828	94,191	97,947	104,026	107,413
Other noncurrent assets	22,735	24,217	25,684	25,930	24,703	12,488	16,664	17,298
Total assets	790,285	1,093,187	1,027,909	973,187	909,949	1,161,894	1,138,943	1,037,651
Current liabilities:
Accounts payable	148,848	303,577	298,952	266,304	299,157	343,100	385,895	275,380
Accrued liabilities	65,853	147,990	123,035	94,154	98,622	189,183	132,015	106,441
Current operating lease liabilities	64,524	72,601	77,468	85,329	76,960	82,203	79,845	85,576
Total current liabilities	279,225	524,168	499,455	445,787	474,739	838,553	597,755	467,397
Long-term deferred taxes, net	1,135	4,924	2,098	1,981	1,964	2,586	2,254	1,936
Long-term operating lease liabilities	115,495	123,425	130,863	138,171	140,627	151,606	156,405	166,750
Other long-term liabilities	19,142	6,521	6,506	15,553	15,882	17,451	18,625	23,016
Long-term borrowings	103,100	141,200	177,551	221,916	196,337	30,191	233,873	277,663
Total liabilities	518,097	800,238	816,473	823,408	829,549	1,040,387	1,008,912	936,762
Commitments and contingencies (Note 17)
Stockholders' equity:
Preferred stock, $0.01 par value; authorized, 5,000,000 shares; 0 shares issued and 0 shares outstanding	0	0	0	0	0	0	0	0
Common stock, $0.01 par value; authorized, 200,000,000 shares; issued, 34,081,114 and 558,402 shares, respectively; outstanding, 34,053,847 and 531,564 shares, respectively	341	341	274	263	6	6	6	6
Additional paid-in capital	1,006,974	1,004,731	933,399	922,743	749,692	748,882	748,070	747,271
Accumulated deficit	(712,571)	(689,567)	(707,509)	(750,671)	(646,746)	(604,829)	(595,497)	(623,914)
Treasury stock, at cost	(22,556)	(22,556)	(22,556)	(22,556)	(22,552)	(22,552)	(22,548)	(22,474)
Total stockholders' equity	272,188	292,949	211,436	149,779	80,400	121,507	130,031	100,889	$ 153,110
Total liabilities and stockholders' equity	$ 790,285	$ 1,093,187	$ 1,027,909	$ 973,187	$ 909,949	$ 1,161,894	$ 1,138,943	$ 1,037,651

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	May 03, 2025	Jan. 25, 2025	Oct. 26, 2024	Sep. 18, 2024	Jul. 27, 2024	Jun. 11, 2024	Jun. 10, 2024	Jun. 05, 2024	Apr. 27, 2024	Jan. 27, 2024	Oct. 28, 2023	Jul. 29, 2023	Apr. 29, 2023
Statement of Financial Position [Abstract]
Accounts receivable, allowance for credit loss	$ 2,148								$ 867				$ 1,156
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01	$ 0.01		$ 0.01				$ 0.01	$ 0.01	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	5,000,000								5,000,000
Preferred stock, shares issued (in shares)	0								0
Preferred stock, shares outstanding (in shares)	0								0
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01	$ 0.01		$ 0.01	$ 0.01			$ 0.01	$ 0.01	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	200,000,000			200,000,000		100,000,000		10,000,000,000	200,000,000				200,000,000
Common stock, shares issued (in shares)	34,081,114								558,402
Common stock, shares outstanding (in shares)	34,053,847					26,204,956	2,620,495,552		531,564

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	May 03, 2025	Apr. 27, 2024
Cash flows from operating activities:
Net income (loss)	$ (65,825)	$ (75,749)
Less: Loss from discontinued operations, net of tax	0	(730)
Loss from continuing operations, net of tax	(65,825)	(75,019)
Adjustments to reconcile net loss from continuing operations to net cash flows from operating activities from continuing operations:
Depreciation and amortization expense	37,939	40,560
Impairment loss (non cash)	1,713	7,166
Loss on debt extinguishment	55,233	0
Amortization of deferred financing costs	5,164	13,150
Interest expense (paid-in-kind)	0	2,652
Deferred taxes	(829)	125
Stock-based compensation expense	5,386	3,380
Changes in operating lease right-of-use assets and liabilities	(4,218)	(1,322)
Changes in other long-term assets and liabilities and other, net	7,072	(20,997)
Changes in other operating assets and liabilities, net:
Receivables, net	761	(6,326)
Merchandise inventories	44,475	(21,058)
Textbook rental inventories	1,876	(704)
Prepaid expenses and other current assets	7,096	31,593
Accounts payable and accrued liabilities	(181,256)	25,255
Changes in other operating assets and liabilities, net	(127,048)	28,760
Net cash flows used in operating activities from continuing operations	(85,413)	(1,545)
Net cash flows used in operating activities from discontinued operations	0	(3,577)
Net cash flows used in operating activities	(85,413)	(5,122)
Cash flows from investing activities:
Purchases of property and equipment	(12,894)	(14,070)
Proceeds from the sale of fixed assets	793	78
Net cash flows used in investing activities from continuing operations	(12,101)	(13,992)
Net cash flows provided by investing activities from discontinued operations	0	21,395
Net cash flows (used in) provided by investing activities	(12,101)	7,403
Cash flows from financing activities:
Proceeds from borrowings	887,055	563,023
Repayments of borrowings	(948,920)	(552,230)
Payment of deferred financing costs	(5,569)	(16,316)
Proceeds from Private Equity Investment	50,000	0
Proceeds from Rights Offering	45,000	0
Payment of equity issuance costs	(9,914)	0
Principal stockholder expense reimbursement	1,940	0
Payment on principal portion of finance lease	(370)	0
Shares sold under at-the-market offering, net of commissions	78,450	0
Purchase of treasury shares	(5)	(176)
Net cash flows provided by (used in) financing activities	97,667	(5,699)
Net increase (decrease) in cash, cash equivalents, and restricted cash	153	(3,418)
Cash, cash equivalents, and restricted cash at beginning of year	28,570	31,988
Cash, cash equivalents, and restricted cash of continuing operations at end of year	28,723	28,570
Cash paid during the period for:
Interest paid	17,912	24,943
Income taxes paid (net of refunds)	$ 2,130	$ (7,293)

Consolidated Statements of Equity - USD ($)
$ in Thousands

Total

Private Equity Investment

Rights Offering

ATM Agreements

Common Stock

Private Equity Investment

Common Stock

Rights Offering

Common Stock

ATM Agreements

Additional Paid-in Capital

Private Equity Investment

Additional Paid-in Capital

Rights Offering

Additional Paid-in Capital

ATM Agreements

Accumulated Deficit

Treasury Stock

Common Stock, beginning shares (in shares) at Apr. 29, 2023

^[1]

551,402

Equity, beginning balance at Apr. 29, 2023

$ 153,110

$ 6

^[2]

$ 746,477

^[2]

$ (570,997)

$ (22,376)

Treasury Stock, beginning balance (in shares) at Apr. 29, 2023

^[1]

25,359

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Stock-based compensation expense

794

Shares repurchased for tax withholdings for vested stock awards (in shares)

779

Shares repurchased for tax withholdings for vested stock awards

(98)

$ (98)

Net loss

(52,917)

Common Stock, ending shares (in shares) at Jul. 29, 2023

553,402

Equity, ending balance at Jul. 29, 2023

100,889

$ 6

747,271

(623,914)

$ (22,474)

Treasury Stock, ending balance (in shares) at Jul. 29, 2023

26,138

Common Stock, beginning shares (in shares) at Apr. 29, 2023

^[1]

551,402

Equity, beginning balance at Apr. 29, 2023

153,110

$ 6

^[2]

746,477

^[2]

(570,997)

$ (22,376)

Treasury Stock, beginning balance (in shares) at Apr. 29, 2023

^[1]

25,359

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Stock-based compensation expense

1,593

Shares repurchased for tax withholdings for vested stock awards (in shares)

1,479

Shares repurchased for tax withholdings for vested stock awards

(172)

$ (172)

Net loss

(24,500)

Common Stock, ending shares (in shares) at Oct. 28, 2023

558,402

Equity, ending balance at Oct. 28, 2023

130,031

$ 6

748,070

(595,497)

$ (22,548)

Treasury Stock, ending balance (in shares) at Oct. 28, 2023

26,838

Common Stock, beginning shares (in shares) at Apr. 29, 2023

^[1]

551,402

Equity, beginning balance at Apr. 29, 2023

153,110

$ 6

^[2]

746,477

^[2]

(570,997)

$ (22,376)

Treasury Stock, beginning balance (in shares) at Apr. 29, 2023

^[1]

25,359

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Stock-based compensation expense

2,405

Shares repurchased for tax withholdings for vested stock awards (in shares)

1,479

Shares repurchased for tax withholdings for vested stock awards

(176)

$ (176)

Net loss

(33,832)

Common Stock, ending shares (in shares) at Jan. 27, 2024

558,402

Equity, ending balance at Jan. 27, 2024

121,507

$ 6

748,882

(604,829)

$ (22,552)

Treasury Stock, ending balance (in shares) at Jan. 27, 2024

26,838

Common Stock, beginning shares (in shares) at Apr. 29, 2023

^[1]

551,402

Equity, beginning balance at Apr. 29, 2023

153,110

$ 6

^[2]

746,477

^[2]

(570,997)

$ (22,376)

Treasury Stock, beginning balance (in shares) at Apr. 29, 2023

^[1]

25,359

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Stock-based compensation expense

$ 3,215

3,215

^[2]

Vested equity awards (in shares)

^[1]

7,000

Shares repurchased for tax withholdings for vested stock awards (in shares)

1,482

1,479

^[1]

Shares repurchased for tax withholdings for vested stock awards

$ (176)

Net loss

$ (75,749)

(75,749)

Common Stock, ending shares (in shares) at Apr. 27, 2024

558,402

^[1]

Equity, ending balance at Apr. 27, 2024

$ 80,400

$ 6

^[2]

749,692

^[2]

(646,746)

$ (22,552)

Treasury Stock, ending balance (in shares) at Apr. 27, 2024

^[1]

26,838

Common Stock, beginning shares (in shares) at Jul. 29, 2023

553,402

Equity, beginning balance at Jul. 29, 2023

100,889

$ 6

747,271

(623,914)

$ (22,474)

Treasury Stock, beginning balance (in shares) at Jul. 29, 2023

26,138

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Stock-based compensation expense

799

Shares repurchased for tax withholdings for vested stock awards (in shares)

700

Shares repurchased for tax withholdings for vested stock awards

(74)

$ (74)

Net loss

28,417

Common Stock, ending shares (in shares) at Oct. 28, 2023

558,402

Equity, ending balance at Oct. 28, 2023

130,031

$ 6

748,070

(595,497)

$ (22,548)

Treasury Stock, ending balance (in shares) at Oct. 28, 2023

26,838

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Stock-based compensation expense

812

Shares repurchased for tax withholdings for vested stock awards

(4)

$ (4)

Net loss

(9,332)

Common Stock, ending shares (in shares) at Jan. 27, 2024

558,402

Equity, ending balance at Jan. 27, 2024

121,507

$ 6

748,882

(604,829)

$ (22,552)

Treasury Stock, ending balance (in shares) at Jan. 27, 2024

26,838

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Net loss

$ (41,917)

Common Stock, ending shares (in shares) at Apr. 27, 2024

558,402

^[1]

Equity, ending balance at Apr. 27, 2024

$ 80,400

$ 6

^[2]

749,692

^[2]

(646,746)

$ (22,552)

Treasury Stock, ending balance (in shares) at Apr. 27, 2024

^[1]

26,838

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Stock-based compensation expense

(863)

Shares repurchased for tax withholdings for vested stock awards (in shares)

429

Shares repurchased for tax withholdings for vested stock awards

(4)

$ (4)

Equity sale and issuance (in shares)

10,000,000

9,000,000

Equity sale and issuance

$ 50,000

$ 45,000

$ 100

$ 90

$ 49,900

$ 44,910

Equity issuance costs

(9,524)

Term Loan debt conversion (in shares)

6,673,978

Term Loan debt conversion

86,755

$ 67

86,688

Principal stockholder expense reimbursement

1,940

Other

0

Net loss

(103,925)

Common Stock, ending shares (in shares) at Jul. 27, 2024

26,235,303

Equity, ending balance at Jul. 27, 2024

$ 149,779

$ 263

922,743

(750,671)

$ (22,556)

Treasury Stock, ending balance (in shares) at Jul. 27, 2024

27,267

Common Stock, beginning shares (in shares) at Apr. 27, 2024

558,402

^[1]

Equity, beginning balance at Apr. 27, 2024

$ 80,400

$ 6

^[2]

749,692

^[2]

(646,746)

$ (22,552)

Treasury Stock, beginning balance (in shares) at Apr. 27, 2024

^[1]

26,838

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Stock-based compensation expense

392

Shares repurchased for tax withholdings for vested stock awards (in shares)

429

Shares repurchased for tax withholdings for vested stock awards

(4)

$ (4)

Equity sale and issuance (in shares)

10,000,000

9,000,000

1,046,460

Equity sale and issuance

50,000

45,000

$ 9,590

$ 100

$ 90

$ 11

49,900

44,910

$ 9,579

Equity issuance costs

(9,702)

Term Loan debt conversion (in shares)

6,673,978

Term Loan debt conversion

86,755

$ 67

86,688

Principal stockholder expense reimbursement

1,940

Other

0

Net loss

(60,763)

Common Stock, ending shares (in shares) at Oct. 26, 2024

27,313,038

Equity, ending balance at Oct. 26, 2024

$ 211,436

$ 274

933,399

(707,509)

$ (22,556)

Treasury Stock, ending balance (in shares) at Oct. 26, 2024

27,267

Common Stock, beginning shares (in shares) at Apr. 27, 2024

558,402

^[1]

Equity, beginning balance at Apr. 27, 2024

$ 80,400

$ 6

^[2]

749,692

^[2]

(646,746)

$ (22,552)

Treasury Stock, beginning balance (in shares) at Apr. 27, 2024

^[1]

26,838

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Stock-based compensation expense

2,953

Shares repurchased for tax withholdings for vested stock awards (in shares)

0

(429)

Shares repurchased for tax withholdings for vested stock awards

(4)

$ (4)

Equity sale and issuance (in shares)

7,814,536

10,000,000

9,000,000

Equity sale and issuance

50,000

45,000

$ 78

$ 100

$ 90

49,900

44,910

Equity issuance costs

(9,724)

Term Loan debt conversion (in shares)

6,673,978

Term Loan debt conversion

86,755

$ 67

86,688

Principal stockholder expense reimbursement

1,940

Net loss

(42,821)

Common Stock, ending shares (in shares) at Jan. 25, 2025

34,081,114

Equity, ending balance at Jan. 25, 2025

$ 292,949

$ 341

1,004,731

(689,567)

$ (22,556)

Treasury Stock, ending balance (in shares) at Jan. 25, 2025

27,267

Common Stock, beginning shares (in shares) at Apr. 27, 2024

558,402

^[1]

Equity, beginning balance at Apr. 27, 2024

$ 80,400

$ 6

^[2]

749,692

^[2]

(646,746)

$ (22,552)

Treasury Stock, beginning balance (in shares) at Apr. 27, 2024

^[1]

26,838

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Stock-based compensation expense

$ 5,386

5,386

^[2]

Vested equity awards (in shares)

^[1]

34,198

Shares repurchased for tax withholdings for vested stock awards (in shares)

429

(429)

^[1]

429

^[1]

Shares repurchased for tax withholdings for vested stock awards

$ (4)

Equity sale and issuance (in shares)

^[1]

10,000,000

9,000,000

7,814,965

Equity sale and issuance

$ 50,000

$ 45,000

78,450

$ 100

^[2]

$ 90

^[2]

$ 78

^[2]

$ 49,900

^[2]

$ 44,910

^[2]

78,372

^[2]

Equity issuance costs

$ (9,914)

(9,914)

^[2]

Term Loan debt conversion (in shares)

^[1]

6,673,978

Term Loan debt conversion

86,755

$ 67

^[2]

86,688

^[2]

Principal stockholder expense reimbursement

1,940

^[2]

Net loss

$ (65,825)

(65,825)

Common Stock, ending shares (in shares) at May. 03, 2025

34,081,114

^[1]

Equity, ending balance at May. 03, 2025

$ 272,188

$ 341

^[2]

1,006,974

^[2]

(712,571)

$ (22,556)

Treasury Stock, ending balance (in shares) at May. 03, 2025

^[1]

27,267

Common Stock, beginning shares (in shares) at Jul. 27, 2024

26,235,303

Equity, beginning balance at Jul. 27, 2024

149,779

$ 263

922,743

(750,671)

$ (22,556)

Treasury Stock, beginning balance (in shares) at Jul. 27, 2024

27,267

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Stock-based compensation expense

1,255

Equity sale and issuance (in shares)

1,046,460

Equity sale and issuance

9,590

$ 11

9,579

Equity issuance costs

(178)

Net loss

43,162

Common Stock, ending shares (in shares) at Oct. 26, 2024

27,313,038

Equity, ending balance at Oct. 26, 2024

211,436

$ 274

933,399

(707,509)

$ (22,556)

Treasury Stock, ending balance (in shares) at Oct. 26, 2024

27,267

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Stock-based compensation expense

2,561

Equity sale and issuance (in shares)

6,768,076

Equity sale and issuance

$ 68,860

$ 67

$ 68,793

Equity issuance costs

(22)

Net loss

17,942

Common Stock, ending shares (in shares) at Jan. 25, 2025

34,081,114

Equity, ending balance at Jan. 25, 2025

292,949

$ 341

1,004,731

(689,567)

$ (22,556)

Treasury Stock, ending balance (in shares) at Jan. 25, 2025

27,267

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Net loss

$ (23,004)

Common Stock, ending shares (in shares) at May. 03, 2025

34,081,114

^[1]

Equity, ending balance at May. 03, 2025

$ 272,188

$ 341

^[2]

$ 1,006,974

^[2]

$ (712,571)

$ (22,556)

Treasury Stock, ending balance (in shares) at May. 03, 2025

^[1]

27,267

[1]	Shares for all years are post-split amounts (restated to reflect the reverse stock split in fiscal 2025).
[2]	Reflects the reclassification of dollar amounts between Common Stock and Additional Paid-In-Capital in the year the stock split occurred.

Organization	12 Months Ended
Organization	May 03, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization	Organization Description of Business Barnes & Noble Education, Inc. (“BNED” or the "Company") 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 a textbook wholesaler, and bookstore management hardware and software provider. We operate 1,146 physical and virtual bookstores, delivering essential educational content and general merchandise within a dynamic omnichannel retail environment. We provide product and service offerings designed to address the most pressing issues in higher education, including affordable 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® affordable access course material programs, consisting of First Day Complete and First Day, which provide faculty-required course materials to students on or before the first day of class. •First Day Complete is adopted by an institution and includes all or the majority of undergraduate classes (and on occasion graduate classes), providing students with both physical and digital materials. In addition to providing numerous benefits to students, faculty and administrators, 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”). 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 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 educational publishers who rely on us as one of their primary distribution channels.

Basis of Presentation and Summary of Significant Accounting Policies

12 Months Ended

May 03, 2025

Accounting Policies [Abstract]

Basis of Presentation and Summary of Significant Accounting Policies

Basis of Presentation and Consolidation

The results of operations reflected in our consolidated financial statements are presented on a consolidated basis. All material intercompany accounts and transactions have been eliminated in consolidation. Our consolidated financial statements reflect our 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 Consolidated Statements of Operations.

Our fiscal year is comprised of 52 or 53 weeks, ending on the Saturday closest to the last day of April. The fiscal year periods for each of the last two fiscal years consisted of the 53 weeks ended May 3, 2025 (“Fiscal 2025”) and 52 weeks ended April 27, 2024 (“Fiscal 2024”).

On June 10, 2024, we completed various transactions (the "Transactions"), including an equity rights offering. Because the rights issuance was offered to all existing stockholders at an exercise price that was less than the fair value of our Common Stock, as of such time, the weighted average shares outstanding and basic and diluted loss per share were adjusted retroactively to reflect the bonus element of the rights offering for all periods presented by a factor of 5.03. On June 11, 2024, we completed a reverse stock split of our outstanding shares of common stock at a ratio of 1-for-100 in which every 100 shares of the common stock issued and outstanding were converted into one share of our common stock. All share and per-share data for all periods presented in the consolidated financial statements and accompanying notes have been retroactively adjusted to reflect the reverse stock split and the bonus element resulting from the equity rights offering.

Seasonality

Our business is highly 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, as well as shifts in our fiscal calendar dates.

As the concentration of digital product sales increases, revenue will be recognized earlier during the academic term as digital textbook revenue is recognized when the digital content is made available to the customer compared to: (i) the rental of physical textbook where revenue is recognized over the rental period, and (ii) a la carte courseware sales where 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. See Revenue Recognition and Deferred Revenue discussion below.

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 the Revenue Recognition and Deferred Revenue discussion below.

Restatement of Previously Issued Consolidated Financial Statements

Certain information regarding the recording of cost of digital sales was brought to the attention of the Audit Committee of the Board of Directors (the “Audit Committee”). With the assistance of outside counsel and advisors, we completed an investigation into certain accounting matters related primarily to the recording of cost of digital sales (the “Investigation”). The Investigation identified unsupported manual journal entries that improperly reduced cost of sales, with a reciprocal impact to accrued liabilities and accounts receivable, in fiscal 2024 and fiscal 2025 and additional immaterial unsupported entries in periods prior to fiscal 2024. The Investigation also concluded that certain revenue recognized in the third quarter of fiscal 2025 related to First Day Complete was incorrectly accelerated based upon incorrect opt-out assumptions; this revenue automatically reversed in the fourth quarter based on actual opt-out rates.

The Restatement includes corrections related to the digital cost of sales matters identified in the Investigation as well as the following items:

Lease Accounting (ASC 842):

The Company identified errors in its application of Accounting Standards Codification ("ASC") 842 - Leases related to (i) minimum annual commission guarantees (“MAGs”) under store operating agreements, which were incorrectly treated as giving rise to new right of use ("ROU") assets and liabilities annually rather than as variable lease expense; (ii) amortization of ROU assets for fixed guarantee leases, which was incorrectly recognized using an effective yield method rather than straight-line over the contract term; (iii) recognition of commission expense for variable commission arrangements, which should have been recorded as incurred based on contractual rates rather than using blended effective yield calculations; and (iv) other contract-specific ROU asset and lease liability miscalculations. Lease-related corrections are reflected in all Restated Periods.

Textbook Rental Inventory:

A review of aged Textbook rental inventory identified $4.6 million of rental textbooks that should have been written off in fiscal years prior to fiscal 2025. As a result, $2.7 million relating to fiscal 2023 and prior periods was recorded through retained earnings, and $1.9 million relating to fiscal 2024 was recorded in cost of sales.

Legal Settlement:

A $1.3 million class action settlement finalized in December 2024 was accrued in the fourth quarter of fiscal 2025. Because the obligation was incurred in the third quarter, the liability and expense have been restated into the period ended January 25, 2025.

The quantitative impact of these restatement adjustments is presented in Note 3. Restatement of Previously Issued Audited Consolidated Financial Statements and Note 21. Restatement of Quarterly Financial Information (Unaudited).

Use of Estimates

In preparing consolidated financial statements in conformity with GAAP, we are required to make estimates and assumptions that affect the reported amounts in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates.

Discontinued Operations

On May 31, 2023, we completed the sale of these assets related to our Digital Student Solutions ("DSS") Segment for cash proceeds of $20,000, net of certain transaction fees, severance costs, escrow, and other considerations. During the 52 weeks ended April 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 the Credit Facility. The following table summarizes the operating results of the discontinued operations for the periods indicated:


	52 weeks ended
Dollars in thousands	April 27, 2024
Total sales	$	2,784
Cost of sales (a)	76
Gross profit (a)	2,708
Selling and administrative expenses	3,029
Depreciation and amortization	3
Gain on sale of business	(3,545)
Impairment loss (non-cash) (b)	610
Other expense (c)	3,308
Transaction costs	13
Operating loss	(710)
Income tax expense	20
Loss from discontinued operations, net of tax	$	(730)

(a) Cost of sales and Gross profit for the DSS Segment includes amortization expense (non-cash) related to content development costs of

$0 for the 52 weeks ended April 27, 2024.

(b) During the 52 weeks ended April 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 Consolidated Statement of Operations as part of discontinued operations.

(c) During the 52 weeks ended April 27, 2024, we recognized restructuring and other charges of $3,308, comprised of severance and other employee termination costs.

Cash and Cash Equivalents and Restricted Cash

We consider all short-term, highly liquid instruments purchased with an original maturity of three months or less to be cash equivalents.

As of May 3, 2025, we had cash on hand of $9,058 and restricted cash of $19,665, comprised of $17,332 in the prepaid expenses and other current assets line item in the 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 $2,333 in other noncurrent assets in the Consolidated Balance Sheet related to amounts held in trust for future distributions related to employee benefit plans.

As of April 27, 2024, we had cash on hand of $10,459 and restricted cash of $18,111, comprised of $17,146 in other current assets in the 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 $965 in other noncurrent assets in the Consolidated Balance Sheet related to amounts held in trust for future distributions related to employee benefit plans.

Accounts Receivable

Receivables represent customer, private and public institutional and government billings (colleges, universities and other financial aid providers), credit/debit card receivables, advances for book buybacks, advertising and other receivables due within one year. Components of accounts receivable are as follows:


	As of
	May 3, 2025		April 27, 2024
			As Restated
Trade accounts	$	54,952	$	69,754
Advances for book buybacks	993		1,292
Credit/debit card receivables	14,991		9,075
Other receivables	27,141		18,717
Total receivables, net	$	98,077	$	98,838

Changes to the allowance for expected credit losses related to Accounts receivable are as follows:


	As of
	May 3, 2025		April 27, 2024
			As Restated
Allowance, beginning of period	$	867	$	1,156
Current period provision	4,066		2,855
Recoveries	(2,291)		(1,260)
Write-offs charged against allowance	(494)		(1,884)
Allowance, total end of period	$	2,148	$	867

Accounts receivable are presented on our Consolidated Balance Sheets net of allowances. An allowance for doubtful accounts is determined through an analysis of the aging of accounts receivable and assessments of collectability based on historical trends, the financial condition of our customers and an evaluation of current economic conditions. We write-off uncollectible trade receivables once collection efforts have been exhausted and record bad debt expense related to textbook rentals not returned and the Company is unable to successfully charge the customer.

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 represent write-downs that reduce the cost basis of the asset. These write-downs are based on our history of liquidating non-returnable inventory, which includes certain assumptions, including markdowns and inventory aging.

Cost is determined primarily by the retail inventory method for our retail business. Textbook and trade book inventories for retail and wholesale are valued using the LIFO method. The related LIFO reserve was not material to our inventory balance in Fiscal 2024. In Fiscal, 2025 we recorded a LIFO adjustment of $6,446.

For our physical bookstores, we estimate and accrue inventory shortage for the period between the last physical count 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 physical bookstores fulfillment order is directed first to our wholesale operations 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 with the amortization expense recognized 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.

Cloud Computing Arrangements

Implementation costs incurred in a cloud computing arrangement (or hosting arrangement) that is a service contract are

amortized to hosting expense over the term of the arrangement, beginning when the module or component of the hosting arrangement is ready for its intended use. Implementation costs are included in prepaid expenses and other assets in the Consolidated Balance Sheets and amortized to selling and administrative expense in the Consolidated Statements of Operations. Implementation costs incurred in cloud computing arrangements reflected in prepaid and other assets in the Consolidated Balance Sheets were $5,504 and $6,367 as of May 3, 2025 and April 27, 2024, respectively. We had $2,730 and $4,286 of amortization of implementation costs in selling and administrative expense in the Consolidated Statements of Operations, for the 53 and the 52 weeks ended May 3, 2025 and April 27, 2024, respectively.

Property and Equipment

Property and equipment are carried at cost, less accumulated depreciation and amortization. Depreciation and amortization is computed using the straight-line method over estimated useful lives. Maintenance and repairs are expensed as incurred, however major maintenance and remodeling costs are capitalized if they extend the useful life of the asset. We had $22,876 and $27,281 of depreciation expense in the Consolidated Statements of Operations for the 53 and 52 weeks ended May 3, 2025 and April 27, 2024, respectively.

Components of property and equipment are as follows:


		As of
	Useful Life	May 3, 2025		April 27, 2024
Property and equipment:
Leasehold improvements	(a)	$	100,867	$	106,764
Machinery, equipment and display fixtures	5	232,883		246,206
Computer hardware and capitalized software costs	(b)	169,190		167,347
Office furniture and other	5 - 7	59,122		62,133

Construction in progress		1,698		2,361
Total property and equipment		563,760		584,811
Less accumulated depreciation and amortization		523,531		531,899
Total property and equipment, net		$	40,229	$	52,912

(a) Leasehold improvements are capitalized and depreciated over the shorter of the lease term or the useful life of the improvements, ranging from 5 - 15 years.

(b) System costs are capitalized and amortized over their estimated useful lives, from the date the systems become operational. Purchased software is generally amortized over a period of between 3 - 5 years.

Intangible Assets

Amortizable intangible assets as of May 3, 2025 and April 27, 2024 are as follows:


		As of May 3, 2025
Amortizable intangible assets	Estimated Useful Life	Gross Carrying Amount		Accumulated Amortization		Total
Customer relationships	5 - 9	$	209,680	$	(132,081)	$	77,599


Other (a)	2	3,500		(2,858)		642
		$	213,180	$	(134,939)	$	78,241


		As of April 27, 2024
Amortizable intangible assets	Estimated Useful Life	Gross Carrying Amount		Accumulated Amortization		Total
Customer relationships	6 - 10	$	225,337	$	(132,138)	$	93,199


Other (a)	1 - 3	3,500		(2,508)		992
		$	228,837	$	(134,646)	$	94,191

(a) Other consists of recognized intangibles for non-compete agreements and trade names

All amortizable intangible assets are being amortized over their useful life on a straight-line basis.


Aggregate Amortization Expense:
For the 53 weeks ended May 3, 2025	$	14,842
For the 52 weeks ended April 27, 2024	$	13,279


Estimated Amortization Expense: (Fiscal Year)
2026	$	9,114
2027	$	9,056
2028	$	8,764
2029	$	8,764
2030	$	8,597
After 2030	$	33,946

See Impairment of Long-Lived Assets below for discussion of impairment loss related to intangible assets.

Leases

We recognize lease assets and lease liabilities on the Consolidated Balance Sheets for all operating lease arrangements based on the present value of future lease payments as required by ASC 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 for contracts with fixed lease payments on a straight-line basis over the contractual term. We recognize variable lease payments as incurred. We recognize lease expense related to our college and university contracts as cost of sales in our Consolidated Statements of Operations and we recognize lease expense related to our various office spaces as selling and administrative expenses in our Consolidated Statements of Operations. For additional information, see Note 10. Leases.

Impairment of Long-Lived Assets

As of May 3, 2025, our long-lived assets include property and equipment, operating lease right-of-use assets, amortizable intangibles, and other noncurrent assets of $40,229, $183,695, $78,241, and $22,735, respectively, on our Consolidated Balance Sheet. As of April 27, 2024, our long-lived assets include property and equipment, operating lease right-of-use assets, amortizable intangibles, and other noncurrent assets of $52,912, $217,336, $94,191, and $24,703, respectively, on our Consolidated Balance Sheet.

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. We evaluate the long-lived assets for impairment at the lowest asset group level for which individual cash flows can be identified. When evaluating long-lived assets for potential impairment, we first compare the carrying amount of the asset group to the estimated future undiscounted cash flows. The impairment loss calculation compares the carrying amount of the assets to the fair value based on estimated discounted future cash flows. If required, an impairment loss is recorded for that portion of the asset’s carrying value in excess of fair value.

Many colleges and universities are providing alternatives to traditional in-person instruction, including online and hybrid learning options. Additionally, enrollment trends have been negatively impacted at physical campuses. Many other events, such as parent and alumni weekends and prospective student campus tour activities, offer a virtual option. These combined events have reduced on-campus activity, as well as increased competition and disintermediation, continue to impact the Company’s course materials and general merchandise business.

During Fiscal 2025, we evaluated certain of our store-level long-lived assets in the retail business for impairment. Based on the results of the impairment tests, we recognized an impairment loss (non-cash) of $1,713 (both pre-tax and after-tax), comprised of $314, $290, and $1,109 of property and equipment, operating lease right-of-use assets, and amortizable intangibles, respectively, on the Consolidated Statements of Operations.

During Fiscal 2024, we evaluated certain of our store-level long-lived assets in the retail business for impairment. Based on the results of the impairment tests, we recognized an impairment loss (non-cash) of $7,166 (both pre-tax and after-tax), comprised of $405, $3,600, and $3,161 of property and equipment, operating lease right-of-use assets, and amortizable intangibles, respectively, on the Consolidated Statements of Operations.

The fair value of the impaired long-lived assets was 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. The significant assumptions used in the income approach included annual revenue growth rates, gross margin rates and the estimated relationship of selling and administrative costs to revenue used to estimate the projected cash-flow directly related to the future operation of the stores as well as the weighted average cost of capital used to calculate the fair value. Significant assumptions used to determine the fair values of certain operating right-of-use assets included the current market rent and discount rate. For additional information, see Note 7. Fair Value Measurements.

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 4.Revenue.

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 upon delivery of the digital content as product revenue in our 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 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. Such buyouts have historically been, and continue to be, immaterial to the financial statements.

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® affordable access course material program 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.

Our logo and emblematic general merchandise sales are fulfilled by Lids and Fanatics and we recognize commission revenue earned for these sales on a net basis in our 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 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 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 marketing service and over time 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, 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.

Long-Term Incentive Compensation

We have granted awards in accordance with the Barnes & Noble Education Inc. Equity Incentive Plan (the “Equity Incentive Plan”). Types of equity awards that can be granted under the Equity Incentive Plan include options, restricted stock, restricted stock units, performance shares, performance share units, and phantom share units. See Note 14. Long-Term Incentive Compensation Expense for additional information regarding expense recognition for each type of award.

Advertising Costs

The costs of advertising are expensed as incurred during the year pursuant to ASC 720-35, Advertising Costs. Advertising costs charged to selling and administrative expenses were $5,235 and $5,784 in the Consolidated Statements of Operations for the 53 and 52 weeks ended May 3, 2025 and April 27, 2024, respectively.

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. For additional information, see Note 15. Income Taxes.

Recent Accounting Pronouncements

In September 2025, the FASB issued ASU 2025-06, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software (“ASU 2025-06”). ASU 2025-06 modernizes and simplifies the accounting for software development costs by establishing a single capitalization framework for all internally developed or acquired software, regardless of whether the software is intended for internal use, to be sold, or to be used in delivering products and services. The new guidance retains the concept of project stages but eliminates the historical distinction

between internal-use software and software to be sold or marketed. ASU 2025-06 is effective for fiscal years beginning after December 15, 2027, including interim periods within those fiscal years, with early adoption permitted. The guidance is required to be applied prospectively, with optional retrospective or modified retrospective transition methods. The Company is currently evaluating the impact of ASU 2025-06 on its consolidated financial statements.

In September 2025, the Financial Accounting Standards Board (the "FASB") issued ASU No. 2025-07 (“ASU 2025-07”), Derivatives and Hedging (Topic 815) ("Topic 815") and "Revenue from Contracts with Customers (Topic 606)." The guidance refines the scope of Topic 815 to clarify which contracts are subject to derivative accounting. This ASU also provides clarification under Topic 606 for share-based payments from a customer in a revenue contract. The amendments in ASU 2025-07 are effective for fiscal years beginning after December 15, 2026, and interim reporting periods, with early adoption permitted. The Company plans to adopt the ASU during the fiscal quarter ending November 2, 2025. See Note 8. Derivative for discussion on the impact of the adoption.

In November 2024, the FASB issued ASU No. 2024-03, "Income Statement — Reporting Comprehensive Income — Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses", which is intended to enhance expense disclosures by requiring additional disaggregation of certain costs and expenses, on an interim and annual basis, within the footnotes to the financial statements. The guidance will be effective for annual disclosures beginning in Fiscal 2028 and subsequent interim periods. Early adoption is permitted and the amendments may be applied either prospectively or retrospectively. The Company is evaluating the impact that adopting this guidance will have on the Company's disclosures.

In December 2023, the 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 ASU, which can be applied either prospectively or retrospectively, is effective for annual periods beginning after December 15, 2024, with early adoption permitted. We are currently assessing this guidance and determining the impact on our 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 is effective for the Company for the annual report for the fiscal year ended May 3, 2025 and subsequent interim periods. The Company adopted ASU 2023-07 for its annual period ended May 3, 2025. The impact of the adoption did not have a material impact on our consolidated financial statements.

Restatement of Previously Issued Audited Consolidated Financial Statements

12 Months Ended

May 03, 2025

Accounting Changes and Error Corrections [Abstract]

Restatement of Previously Issued Audited Consolidated Financial Statements

Subsequent to filing the Company's April 27, 2024 Annual Report on Form 10-K for the fiscal year ended April 27, 2024 with the SEC on July 1, 2024, the Company determined that the accounting for certain transactions related to the cost of sales for digital content, its accounting for leases in accordance with ASC 842, and certain other immaterial accounting transactions resulted in a material misstatement to its previously reported financial statements. See Restatement of Previously Issued Consolidated Financial Statements in Note 2 - Basis of Presentation and Summary of Significant Accounting Policies for additional information.

As a result, the Company has restated its audited financial statements for the fiscal year ended April 27, 2024, to reflect the impact of these errors. The Company has also restated the impacted amounts within the accompanying Notes to the Consolidated Financial Statements. Below are tables that reconcile the previously filed audited financial statements with the "As Restated" financial statements on this Form 10-K.

The following table reflects the impact of the restatements to the specific line items presented in the Company’s previously reported Consolidated Statement of Operations for the fiscal year ended April 27, 2024:

Summary of Restatements

Consolidated Statements of Operations


	April 27, 2024
	Digital Cost Of Sales (a)

Product and other cost of sales	$	5,739


	Leases (b)

Product and other cost of sales	$	3,858
Rental cost of sales	$	327
Income tax expense	$	675

	Other Adjustments (c)


Rental cost of sales	$	1,939


	Total Statement Of Operations


Product and other cost of sales	$	9,597
Rental cost of sales	$	2,266

Income tax expense (e)	$	675

Consolidated Balance Sheets


	As of
	April 27, 2024
	Digital Cost Of Sales (a)
Accounts receivable	$	(5,272)



Accrued liabilities	467

Accumulated deficit	(5,739)

	Leases (b)
Operating lease right-of-use assets	14,814
Accrued liabilities	20,714
Current operating lease liabilities	(25,246)
Long-term deferred taxes, net	675
Long-term operating lease liabilities	(1,566)
Accumulated deficit (d)	20,237

	Other Adjustments (c)

Textbook rental inventories	(4,677)


Accumulated deficit (d)	(4,677)

	Total Balance Sheet
Accounts receivable	(5,272)
Textbook rental inventories	(4,677)


Operating lease right-of-use assets	14,814
Accrued liabilities	21,181
Current operating lease liabilities	(25,246)
Long-term deferred taxes, net	675
Long-term operating lease liabilities	(1,566)
Accumulated deficit	$	9,821

(a) Reflects adjustments to correct errors related to the recording of Cost of Digital Sales

(b) Reflects adjustments related to the Company's accounting for its store operating agreements in accordance with ASC 842, Leases.

(c) Reflects adjustments related to Textbook rental inventory write-offs.

(d) Reflects adjustments of $25,097 related to lease accounting and $(2,738) related to rental-inventory write-off, each pertaining to periods prior to fiscal 2024.

(e) Reflects the corresponding tax impact recorded for the restatement adjustments.

The following table reflects the impact of the restatements to the specific line items presented in the Company’s previously reported Consolidated Statement of Operations for the year ended April 27, 2024 (in thousands, except share and share data):


	52 Weeks Ended April 27, 2024
	As Previously		Adjustments(1)		As Restated
	Reported
Sales:
Product sales and other	$	1,430,456	$	—	$	1,430,456
Rental income	136,679		—		136,679
Total sales	1,567,135		—		1,567,135
Cost of sales (exclusive of depreciation and amortization expense):
Product and other cost of sales	1,135,376		9,597		1,144,973
Rental cost of sales	74,983		2,266		77,249
Total cost of sales	1,210,359		11,863		1,222,222
Gross profit	356,776		(11,863)		344,913
Selling and administrative expenses	311,574		—		311,574
Depreciation and amortization expense	40,560		—		40,560
Impairment loss	7,166		—		7,166
Other expense	19,409		—		19,409
Operating loss	(21,933)		(11,863)		(33,796)

Interest expense, net	40,365		—		40,365
Loss from continuing operations before income taxes	(62,298)		(11,863)		(74,161)
Income tax expense	183		675		858
Loss from continuing operations, net of tax	(62,481)		(12,538)		(75,019)
Loss from discontinued operations	(730)		—		(730)
Net loss	$	(63,211)	$	(12,538)	$	(75,749)

Loss per share of Common Stock
Basic and Diluted
Continuing operations	$	(23.47)	$	(4.71)	$	(28.18)
Discontinued operations	$	(0.28)	$	—	$	(0.28)
Total Basic and Diluted Net Loss per share	$	(23.75)	$	(4.71)	$	(28.46)
Weighted average shares of common stock outstanding - Basic and Diluted	2,662,296				2,662,296

(1) See Summary of Restatements above.

The following table reflects the impact of the restatements to the specific line items presented in the Company’s previously reported Consolidated Balance Sheet as of April 27, 2024 (in thousands, except share and share data):


	52 Weeks Ended April 27, 2024
	As Previously		Opening		Adjustment(1)		As Restated
	Reported		Adjustments
ASSETS
Current assets:
Cash and cash equivalents	$	10,459	$	—	$	—	$	10,459
Accounts receivable	104,110		—		(5,272)		98,838
Merchandise inventories, net	344,037		—		—		344,037
Textbook rental inventories	32,992		(2,738)		(1,939)		28,315
Prepaid expenses and other current assets	39,158		—		—		39,158

Total current assets	530,756		(2,738)		(7,211)		520,807
Property and equipment, net	52,912		—		—		52,912
Operating lease right-of-use assets	202,522		11,795		3,019		217,336
Intangible assets, net	94,191		—		—		94,191


Other noncurrent assets	24,703		—		—		24,703
Total assets	905,084		9,057		(4,192)		909,949
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable	299,157		—		—		299,157
Accrued liabilities	77,441		15,182		5,999		98,622
Current operating lease liabilities	102,206		(22,170)		(3,076)		76,960


Total current liabilities	478,804		(6,988)		2,923		474,739
Long-term deferred taxes, net	1,289		—		675		1,964
Long-term operating lease liabilities	142,193		(6,314)		4,748		140,627
Other long-term liabilities	15,882		—		—		15,882
Long-term borrowings	196,337		—		—		196,337
Total liabilities	$	834,505	$	(13,302)	$	8,346	$	829,549
Commitments and contingencies (Note 17)
Stockholders' equity:

Preferred stock, $0.01 par value; authorized, 5,000,000 shares; 0 shares issued and 0 shares outstanding	—		—		—		—
Common stock, $0.01 par value; authorized, 200,000,000 shares; issued and outstanding, 558,402 and 531,564 shares, respectively	6		—		—		6
Additional paid-in capital	749,692		—		—		749,692
Accumulated deficit	(656,567)		22,359		(12,538)		(646,746)
Treasury stock, at cost	(22,552)		—		—		(22,552)
Total stockholders' equity	$	70,579	$	22,359	$	(12,538)	$	80,400
Total liabilities and stockholders' equity	$	905,084	$	9,057	$	(4,192)	$	909,949

(1) See Summary of Restatements above.

The following table reflects the impact of the restatement to the specific line items presented in the Company's previously reported Consolidated Statement of Cash Flows for the year ended April 27, 2024 (in thousands):


	52 Weeks Ended April 27, 2024
	As Previously		Adjustment(1)		As Restated
	Reported
Cash flows from operating activities:
Net loss	$	(63,211)	$	(12,538)	$	(75,749)
Less: Loss from discontinued operations, net of tax	(730)		—		(730)
Loss from continuing operations, net of tax	(62,481)		(12,538)		(75,019)
Adjustments to reconcile net loss from continuing operations to net cash flows from operating activities from continuing operations:
Depreciation and amortization expense	40,560		—		40,560
Impairment loss (non cash)	7,166		—		7,166

Amortization of deferred financing costs	13,150		—		13,150
Interest expense (paid-in-kind)	2,652		—		2,652
Deferred taxes	(550)		675		125
Stock-based compensation expense	3,380		—		3,380
Changes in operating lease right-of-use assets and liabilities	24		(1,346)		(1,322)
Changes in other long-term assets and liabilities and other, net	(20,997)		—		(20,997)
Changes in other operating assets and liabilities, net:
Receivables, net	(11,598)		5,272		(6,326)
Merchandise inventories	(21,058)		—		(21,058)
Textbook rental inventories	(2,643)		1,939		(704)
Prepaid expenses and other current assets	31,593		—		31,593
Accounts payable and accrued liabilities	19,257		5,998		25,255
Changes in other operating assets and liabilities, net	15,551		13,209		28,760
Net cash flows used in operating activities from continuing operations	(1,545)		—		(1,545)
Net cash flows used in operating activities from discontinued operations	(3,577)		—		(3,577)
Net cash flows used in operating activities	(5,122)		—		(5,122)
Cash flows from investing activities:
Purchases of property and equipment	(14,070)		—		(14,070)
Proceeds from the sale of fixed assets	78		—		78
Net cash flows used in investing activities from continuing operations	(13,992)		—		(13,992)
Net cash flows provided by investing activities from discontinued operations	21,395		—		21,395
Net cash flows provided by investing activities	7,403		—		7,403
Cash flows from financing activities:			—
Proceeds from borrowings	563,023		—		563,023
Repayments of borrowings	(552,230)		—		(552,230)
Payment of deferred financing costs	(16,316)		—		(16,316)






Purchase of treasury shares	(176)		—		(176)

Net cash flows used in financing activities	(5,699)		—		(5,699)
Net decrease in cash, cash equivalents, and restricted cash	(3,418)		—		(3,418)
Cash, cash equivalents, and restricted cash at beginning of year	31,988		—		31,988
Cash, cash equivalents, and restricted cash of continuing operations at end of year	$	28,570	$	—	$	28,570

(1) See Summary of Restatements above.

Restatement of Quarterly Financial Information (Unaudited)

Prior to filing the Company's Annual Report on Form 10-K for the fiscal year ended May 3, 2025, management determined that there were errors made related to the recording of digital cost of sales, as well as its expense recognition for its store operating agreements, which was not recorded in accordance with ASC Topic 842, Leases. In addition, as a part of completing our year-end financial statement close and preparation of our consolidated financial statements and related disclosures for the fiscal year ended May 3, 2025, we determined we had additional errors related to Textbook rental inventory and a legal settlement, see Note 2, Summary of Significant Accounting Policies for further detail. The Company's Audit Committee of the Board of Directors concluded that it is appropriate to restate the unaudited quarterly condensed consolidated financial statements for the quarterly periods ended July 29, 2023, October 28, 2023, January 27, 2024, July 27, 2024, October 26, 2024, and January 25, 2025 (collectively, the "Restated Periods").

The following tables summarize the impact of the restatements on the Company’s unaudited quarterly condensed consolidated financial statements for the Restated Periods:

Summary of Restatements

Consolidated Statements of Operations


	July 27, 2024		October 26, 2024		January 25, 2025		July 29, 2023		October 28, 2023		January 27, 2024		April 27, 2024
	Digital Cost Of Sales (a)
Total sales	$	—	$	—	$	(3,500)	$	—	$	—	$	—	$	—
Product and other cost of sales	$	(659)	$	12,409	$	(2,050)	$	—	$	—	$	(2,513)	$	8,252
Rental cost of sales	$	—	$	641	$	143	$	—	$	—	$	—	$	—
Income tax expense (benefit)	$	2,458	$	(2,542)	$	(12,655)	$	—	$	—	$	—	$	—

	Leases (b)
	July 27, 2024		October 26, 2024		January 25, 2025		July 29, 2023		October 28, 2023		January 27, 2024		April 27, 2024
Product and other cost of sales	$	2,619	$	(3,475)	$	993	$	2,266	$	(3,880)	$	1,898	$	3,574
Rental cost of sales	$	250	$	(409)	$	43	$	163	$	(575)	$	50	$	689
Depreciation and amortization expense	$	14	$	12	$	13	$	—	$	—	$	—	$	—
Income tax expense (benefit)	$	(236)	$	(63)	$	(2,117)	$	100	$	218	$	258	$	99

	Other Adjustments (c)
	July 27, 2024		October 26, 2024		January 25, 2025		July 29, 2023		October 28, 2023		January 27, 2024		April 27, 2024


Rental cost of sales	$	—	$	—	$	—	$	—	$	—	$	—	$	1,939
Other (income) expense	$	—	$	—	$	1,300	$	—	$	—	$	—	$	—


	Total Statement of Operations
	July 27, 2024		October 26, 2024		January 25, 2025		July 29, 2023		October 28, 2023		January 27, 2024		April 27, 2024
Total sales	$	—	$	—	$	(3,500)	$	—	$	—	$	—	$	—
Product and other cost of sales	$	1,960	$	8,934	$	(1,057)	$	2,266	$	(3,880)	$	(615)	$	11,826
Rental cost of sales	$	250	$	232	$	186	$	163	$	(575)	$	50	$	2,628

Depreciation and amortization expense	$	14	$	12	$	13	$	—	$	—	$	—	$	—
Other (income) expense	$	—	$	—	$	1,300	$	—	$	—	$	—	$	—
Income tax expense (benefit) (d)	$	2,222	$	(2,605)	$	(14,772)	$	100	$	218	$	258	$	99

Consolidated Balance Sheets


	As of		As of		As of		As of		As of		As of		As of
	July 27, 2024		October 26, 2024		January 25, 2025		July 29, 2023		October 28, 2023		January 27, 2024		April 27, 2024 (e)
	Digital Cost of Sales (a)
Accounts receivable	$	(2,424)	$	(16,079)	$	(10,722)	$	—	$	—	$	211	$	(5,272)

Prepaid expenses and other current assets	$	(1,811)	$	(59)	$	3,700	$	—	$	—	$	—	$	—
Deferred tax assets, net	$	—	$	—	$	(1,055)	$	—	$	—	$	—	$	—
Accrued liabilities	$	2,656	$	2,245	$	(4,691)	$	—	$	—	$	(2,298)	$	467
Long-term deferred taxes, net	$	647	$	(337)	$	3,598	$	—	$	—	$	—	$	—
Accumulated deficit	$	(7,538)	$	(18,046)	$	(6,984)	$	—	$	—	$	2,509	$	(5,739)

	Leases (b)
Prepaid expenses and other current assets	$	(411)	$	—	$	3,067	$	—	$	—	$	—	$	—
Property and equipment, net	$	224	$	211	$	197	$	—	$	—	$	—	$	—
Operating lease right-of-use assets	$	(22,949)	$	(3,537)	$	15,096	$	(30,428)	$	(3,298)	$	12,824	$	14,814
Accrued liabilities	$	15,785	$	21,120	$	21,312	$	16,649	$	19,940	$	34,607	$	20,714
Current operating lease liabilities	$	(62,510)	$	(47,471)	$	(28,461)	$	(65,341)	$	(46,581)	$	(43,342)	$	(25,246)
Long-term deferred taxes, net	$	28	$	385	$	1,326	$	100	$	318	$	576	$	675
Long-term operating lease liabilities	$	5,971	$	1,115	$	1,590	$	(4,404)	$	(3,780)	$	(3,620)	$	(1,566)
Accumulated deficit	$	17,590	$	21,525	$	22,593	$	22,568	$	26,805	$	24,603	$	20,237

	Other Adjustments(c)



Textbook rental inventories	$	(4,677)	$	(4,677)	$	(4,677)	$	(2,738)	$	(2,738)	$	(2,738)	$	(4,677)

Accrued liabilities	$	—	$	—	$	1,300			$	—	$	—	$	—

Other long-term liabilities	$	—	$	(7,828)	$	—	$	—	$	—	$	—	$	—
Comprehensive Income	$	—	$	7,828	$	—	$	—	$	—	$	—	$	—
Accumulated deficit	$	(4,677)	$	(4,677)	$	(5,977)	$	(2,738)	$	(2,738)	$	(2,738)	$	(4,677)

	Total Balance Sheet


Accounts receivable	$	(2,424)	$	(16,079)	$	(10,722)	$	—	$	—	$	211	$	(5,272)
Textbook rental inventories	$	(4,677)	$	(4,677)	$	(4,677)	$	(2,738)	$	(2,738)	$	(2,738)	$	(4,677)
Prepaid expenses and other current assets	$	(2,222)	$	(59)	$	6,767	$	—	$	—	$	—	$	—
Property and equipment, net	$	224	$	211	$	197	$	—	$	—	$	—	$	—
Operating lease right-of-use assets	$	(22,949)	$	(3,537)	$	15,096	$	(30,428)	$	(3,298)	$	12,824	$	14,814
Deferred tax assets, net	$	—	$	—	$	(1,055)	$	—	$	—	$	—	$	—
Accrued liabilities	$	18,441	$	23,365	$	17,921	$	16,649	$	19,940	$	32,309	$	21,181
Current operating lease liabilities	$	(62,510)	$	(47,471)	$	(28,461)	$	(65,341)	$	(46,581)	$	(43,342)	$	(25,246)
Long-term deferred taxes, net	$	675	$	48	$	4,924	$	100	$	318	$	576	$	675
Long-term operating lease liabilities	$	5,971	$	1,115	$	1,590	$	(4,404)	$	(3,780)	$	(3,620)	$	(1,566)
Other long-term liabilities	$	—	$	(7,828)	$	—	$	—	$	—	$	—	$	—
Comprehensive Income	$	—	$	7,828	$	—	$	—	$	—	$	—	$	—
Accumulated deficit	$	5,375	$	(1,198)	$	9,632	$	19,830	$	24,067	$	24,374	$	9,821

(a) Reflects restatement adjustments to correct errors related to the recording of Cost of Digital Sales.

(b) Reflects restatement adjustments related to the Company's accounting for its store operating agreements in accordance with ASC 842, Leases.

(c) Reflects restatement adjustments primarily related to an accrued legal settlement of $1,300 reclassified from Q4 to Q3 2025, Textbook rental write offs of $1,939 in Q4 2024, and other immaterial error corrections primarily related to pension accounting in fiscal year 2025.

(d) Reflects restatement adjustments related to the Company’s income tax accounting in accordance with ASC 740, Income Taxes for the three fiscal quarters ended January 25, 2025. The restatement adjustments are primarily a result of the changes to forecasted and actual pre-tax book income/(loss) utilized in arriving at the estimated annual effective tax rate. The income tax effects of the error corrections are also included in the consolidated balance sheet accounts.

(e) Accumulated deficit reflects impact of the pre-2024 restatement adjustments $25,097 related to lease accounting and $(2,738) related to Textbook rental inventory corrections.

The following presents the restated unaudited quarterly condensed financial statements for the quarter and year to date Restated Periods.

BARNES & NOBLE EDUCATION, INC. AND SUBSIDIARIES

Condensed Consolidated Statements of Operations

(In thousands, except share data)


	13 Weeks Ended July 27, 2024						13 Weeks Ended July 29, 2023
	As Previously						As Previously
	Reported		Adjustment		As Restated		Reported		Adjustment		As Restated

Sales:
Product sales and other	$	250,926	$	—	$	250,926	$	252,650	$	—	$	252,650
Rental income	12,505		—		12,505		11,511		—		11,511
Total sales	263,431		—		263,431		264,161		—		264,161
Cost of sales (exclusive of depreciation and amortization expense):
Product and other cost of sales	209,425		1,960		211,385		207,014		2,266		209,280
Rental cost of sales	6,800		250		7,050		6,513		163		6,676
Total cost of sales	216,225		2,210		218,435		213,527		2,429		215,956
Gross profit	47,206		(2,210)		44,996		50,634		(2,429)		48,205
Selling and administrative expenses	67,023		—		67,023		77,476		—		77,476
Depreciation and amortization expense	13,057		14		13,071		10,253		—		10,253

Loss on extinguishment of debt(a)	55,233		(55,233)		—		—		—		—
Other expense	3,618		—		3,618		4,633		—		4,633
Operating loss	(91,725)		53,009		(38,716)		(41,728)		(2,429)		(44,157)
Loss on extinguishment of debt	—		55,233		55,233		—		—		—
Interest expense, net	7,618		—		7,618		8,254		—		8,254
Loss from continuing operations before income taxes	(99,343)		(2,224)		(101,567)		(49,982)		(2,429)		(52,411)
Income tax expense (benefit)	136		2,222		2,358		(11)		100		89
Loss from continuing operations	(99,479)		(4,446)		(103,925)		(49,971)		(2,529)		(52,500)
Loss from discontinued operations	—		—		—		(417)		—		(417)
Net loss	$	(99,479)	$	(4,446)	$	(103,925)	$	(50,388)	$	(2,529)	$	(52,917)

Loss per share of Common Stock
Basic and Diluted
Continuing operations	$	(7.36)	$	(0.33)	$	(7.69)	$	(18.87)	$	(0.96)	$	(19.83)
Discontinued operations	—		—		—		(0.16)		—		(0.16)
Total Basic and Diluted Net Loss per share	$	(7.36)	$	(0.33)	$	(7.69)	$	(19.03)	$	(0.96)	$	(19.99)
Weighted average shares of common stock outstanding - Basic and Diluted	13,510,667		—		13,510,667		2,647,536		—		2,647,536

(a) Reclassified the loss on debt extinguishment to non-operating income (loss).

BARNES & NOBLE EDUCATION, INC. AND SUBSIDIARIES

Condensed Consolidated Statements of Operations

(In thousands, except share data)


	13 Weeks Ended October 26, 2024						13 Weeks Ended October 28, 2023
	As Previously						As Previously
	Reported		Adjustment		As Restated		Reported		Adjustment		As Restated

Sales:
Product sales and other	$	559,674	$	—	$	559,674	$	569,698	$	—	$	569,698
Rental income	42,448		—		42,448		40,681		—		40,681
Total sales	602,122		—		602,122		610,379		—		610,379
Cost of sales (exclusive of depreciation and amortization expense):			—
Product and other cost of sales	442,092		8,934		451,026		451,953		(3,880)		448,073
Rental cost of sales	22,387		232		22,619		22,184		(575)		21,609
Total cost of sales	464,479		9,166		473,645		474,137		(4,455)		469,682
Gross profit	137,643		(9,166)		128,477		136,242		4,455		140,697
Selling and administrative expenses	72,940		—		72,940		85,961		—		85,961
Depreciation and amortization expense	8,530		12		8,542		10,175		—		10,175


Other (income) expense	(150)		—		(150)		4,274		—		4,274
Operating income	56,323		(9,178)		47,145		35,832		4,455		40,287
Interest expense, net	5,463		—		5,463		10,664		—		10,664
Income from continuing operations before income taxes	50,860		(9,178)		41,682		25,168		4,455		29,623
Income tax expense (benefit)	1,125		(2,605)		(1,480)		314		218		532
Income from continuing operations	49,735		(6,573)		43,162		24,854		4,237		29,091
Loss from discontinued operations	—		—		—		(674)		—		(674)
Net income	$	49,735	$	(6,573)	$	43,162	$	24,180	$	4,237	$	28,417

Income per share of Common Stock
Basic and Diluted
Continuing operations	$	1.87	$	(0.24)	$	1.63	$	9.36	$	1.60	$	10.96
Discontinued operations	—		—		—		(0.25)		—		(0.25)
Total Basic Earnings per share	$	1.87	$	(0.24)	$	1.63	$	9.11	$	1.60	$	10.71
Weighted average common shares outstanding - Basic	26,527,174		—		26,527,174		2,655,006		—		2,655,006

Continuing operations	$	1.87	$	(0.24)	$	1.63	$	9.36	$	1.59	$	10.95
Discontinued operations	—		—		—		(0.25)		—		(0.25)
Total Diluted Earnings per share	$	1.87	$	(0.24)	$	1.63	$	9.11	$	1.59	$	10.70
Weighted average common shares outstanding - Diluted	26,541,804		—		26,541,804		2,655,799		—		2,655,799

BARNES & NOBLE EDUCATION, INC. AND SUBSIDIARIES

Condensed Consolidated Statements of Operations

(In thousands, except share data)


	13 Weeks Ended January 25, 2025						13 Weeks Ended January 27, 2024
	As Previously						As Previously
	Reported		Adjustment		As Restated		Reported		Adjustment		As Restated

Sales:
Product sales and other	$	423,163	$	(3,500)	$	419,663	$	415,375	$	—	$	415,375
Rental income	43,162		—		43,162		41,298		—		41,298
Total sales	466,325		(3,500)		462,825		456,673		—		456,673
Cost of sales (exclusive of depreciation and amortization expense):
Product and other cost of sales	344,616		(1,057)		343,559		332,728		(615)		332,113
Rental cost of sales	25,330		186		25,516		23,909		50		23,959
Total cost of sales	369,946		(871)		369,075		356,637		(565)		356,072
Gross profit	96,379		(2,629)		93,750		100,036		565		100,601
Selling and administrative expenses	71,561		—		71,561		79,756		—		79,756
Depreciation and amortization expense	7,814		13		7,827		10,148		—		10,148
Impairment loss	1,713		—		1,713		5,798		—		5,798

Other (income) expense	(7,568)		1,300		(6,268)		3,413		—		3,413
Operating income	22,859		(3,942)		18,917		921		565		1,486
Interest expense, net	5,083		—		5,083		10,620		—		10,620
Income (loss) from continuing operations before income taxes	17,776		(3,942)		13,834		(9,699)		565		(9,134)
Income tax expense (benefit)	10,664		(14,772)		(4,108)		229		258		487
Income (loss) from continuing operations	7,112		10,830		17,942		(9,928)		307		(9,621)
Income from discontinued operations	—		—		—		289		—		289
Net income (loss)	$	7,112	$	10,830	$	17,942	$	(9,639)	$	307	$	(9,332)

Income (loss) per share of Common Stock
Basic and Diluted
Continuing operations	$	0.23	$	0.36	$	0.59	$	(3.71)	$	0.11	$	(3.60)
Discontinued operations	—		—		—		0.11		—		0.11
Total Basic Earnings per share	$	0.23	$	0.36	$	0.59	$	(3.60)	$	0.11	$	(3.49)
Weighted average common shares outstanding - Basic	30,507,723		—		30,507,723		2,673,240		—		2,673,240

Continuing operations	$	0.23	$	0.36	$	0.59	$	(3.71)	$	0.11	$	(3.60)
Discontinued operations	—		—		—		0.11		—		0.11
Total Diluted Earnings per share	$	0.23	$	0.36	$	0.59	$	(3.60)	$	0.11	$	(3.49)
Weighted average common shares outstanding - Diluted	30,642,958		—		30,642,958		2,673,240		—		2,673,240

BARNES & NOBLE EDUCATION, INC. AND SUBSIDIARIES

Condensed Consolidated Statements of Operations

(In thousands, except share data)


	26 Weeks Ended October 26, 2024						26 Weeks Ended October 28, 2023
	As Previously						As Previously
	Reported		Adjustment		As Restated		Reported		Adjustment		As Restated

Sales:
Product sales and other	$	810,600	$	—	$	810,600	$	822,348	$	—	$	822,348
Rental income	54,953		—		54,953		52,192		—		52,192
Total sales	865,553		—		865,553		874,540		—		874,540
Cost of sales (exclusive of depreciation and amortization expense):
Product and other cost of sales	651,517		10,894		662,411		658,967		(1,614)		657,353
Rental cost of sales	29,187		482		29,669		28,697		(412)		28,285
Total cost of sales	680,704		11,376		692,080		687,664		(2,026)		685,638
Gross profit	184,849		(11,376)		173,473		186,876		2,026		188,902
Selling and administrative expenses	139,963		—		139,963		163,437		—		163,437
Depreciation and amortization expense	21,587		26		21,613		20,428		—		20,428
Loss on extinguishment of debt	55,233		(55,233)		—		—		—		—
Other expense	3,468		—		3,468		8,907		—		8,907
Operating income (loss)	(35,402)		43,831		8,429		(5,896)		2,026		(3,870)
Loss on extinguishment of debt(a)	—		55,233		55,233		—		—		—
Interest expense, net	13,081		—		13,081		18,918		—		18,918
Loss from continuing operations before income taxes	(48,483)		(11,402)		(59,885)		(24,814)		2,026		(22,788)
Income tax expense	1,261		(383)		878		303		318		621
Loss from continuing operations	(49,744)		(11,019)		(60,763)		(25,117)		1,708		(23,409)
Loss from discontinued operations	—		—		—		(1,091)		—		(1,091)
Net loss	$	(49,744)	$	(11,019)	$	(60,763)	$	(26,208)	$	1,708	$	(24,500)

Loss per share of Common Stock
Basic and Diluted
Continuing operations	$	(2.48)	$	(0.56)	$	(3.04)	$	(9.47)	$	0.64	$	(8.83)
Discontinued operations	—		—		—		(0.41)		—		(0.41)
Total Basic and Diluted Net Loss per share	$	(2.48)	$	(0.56)	$	(3.04)	$	(9.88)	$	0.64	$	(9.24)
Weighted average shares of common stock outstanding - Basic and Diluted	20,018,920		—		20,018,920		2,651,271		—		2,651,271

(a) Reclassified the loss on debt extinguishment to non-operating income (loss).

BARNES & NOBLE EDUCATION, INC. AND SUBSIDIARIES

Condensed Consolidated Statements of Operations

(In thousands, except share data)


	39 Weeks Ended January 25, 2025						39 Weeks Ended January 27, 2024
	As Previously						As Previously
	Reported		Adjustment		As Restated		Reported		Adjustment		As Restated

Sales:
Product sales and other	$	1,233,763	$	(3,500)	$	1,230,263	$	1,237,723	$	—	$	1,237,723
Rental income	98,115		—		98,115		93,490		—		93,490
Total sales	1,331,878		(3,500)		1,328,378		1,331,213		—		1,331,213
Cost of sales (exclusive of depreciation and amortization expense):
Product and other cost of sales	996,133		9,837		1,005,970		991,695		(2,229)		989,466
Rental cost of sales	54,517		668		55,185		52,606		(362)		52,244
Total cost of sales	1,050,650		10,505		1,061,155		1,044,301		(2,591)		1,041,710
Gross profit	281,228		(14,005)		267,223		286,912		2,591		289,503
Selling and administrative expenses	211,524		—		211,524		243,193		—		243,193
Depreciation and amortization expense	29,401		39		29,440		30,576		—		30,576
Impairment loss	1,713		—		1,713		5,798		—		5,798
Loss on extinguishment of debt	55,233		(55,233)		—		—		—		—
Other (income) expense	(4,100)		1,300		(2,800)		12,320		—		12,320
Operating (loss) income	(12,543)		39,889		27,346		(4,975)		2,591		(2,384)
Loss on extinguishment of debt(a)	—		55,233		55,233		—		—		—
Interest expense, net	18,164		—		18,164		29,538		—		29,538
Loss from continuing operations before income taxes	(30,707)		(15,344)		(46,051)		(34,513)		2,591		(31,922)
Income tax expense (benefit)	11,925		(15,155)		(3,230)		532		576		1,108
Loss from continuing operations	(42,632)		(189)		(42,821)		(35,045)		2,015		(33,030)
Loss from discontinued operations	—		—		—		(802)		—		(802)
Net loss	$	(42,632)	$	(189)	$	(42,821)	$	(35,847)	$	2,015	$	(33,832)

Loss per share of Common Stock
Basic and Diluted
Continuing operations	$	(1.81)	$	(0.01)	$	(1.82)	$	(13.18)	$	0.76	$	(12.42)
Discontinued operations	—		—		—		(0.30)		—		(0.30)
Total Basic and Diluted Net Loss per share	$	(1.81)	$	(0.01)	$	(1.82)	$	(13.48)	$	0.76	$	(12.72)
Weighted average shares of common stock outstanding - Basic and Diluted	23,515,188		—		23,515,188		2,658,594		—		2,658,594

(a) Reclassified the loss on debt extinguishment to non-operating income (loss)

BARNES & NOBLE EDUCATION, INC. AND SUBSIDIARIES

Condensed Consolidated Balance Sheets

(In thousands, except share data)


	July 27, 2024						July 29, 2023
	As Previously						As Previously
	Reported		Adjustment		As Restated		Reported		Adjustment		As Restated

ASSETS
Current assets:
Cash and cash equivalents	$	8,212	$	—	$	8,212	$	7,657	$	—	$	7,657
Accounts receivable	154,405		(2,424)		151,981		140,858		—		140,858
Merchandise inventories, net	395,272		—		395,272		384,185		—		384,185
Textbook rental inventories	10,320		(4,677)		5,643		6,860		(2,738)		4,122
Prepaid expenses and other current assets	33,152		(2,222)		30,930		59,012		—		59,012

Total current assets	601,361		(9,323)		592,038		598,572		(2,738)		595,834
Property and equipment, net	48,264		224		48,488		64,438		—		64,438
Operating lease right-of-use assets	241,852		(22,949)		218,903		283,096		(30,428)		252,668
Intangible assets, net	87,828		—		87,828		107,413		—		107,413

Other noncurrent assets	25,930		—		25,930		17,298		—		17,298
Total assets	$	1,005,235	$	(32,048)	$	973,187	$	1,070,817	$	(33,166)	$	1,037,651
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable	$	266,304	$	—	$	266,304	$	275,380	$	—	$	275,380
Accrued liabilities	75,713		18,441		94,154		89,792		16,649		106,441
Current operating lease liabilities	147,839		(62,510)		85,329		150,917		(65,341)		85,576


Total current liabilities	489,856		(44,069)		445,787		516,089		(48,692)		467,397
Long-term deferred taxes, net	1,306		675		1,981		1,836		100		1,936
Long-term operating lease liabilities	132,200		5,971		138,171		171,154		(4,404)		166,750
Other long-term liabilities	15,553		—		15,553		23,016		—		23,016
Long-term borrowings	221,916		—		221,916		277,663		—		277,663
Total liabilities	860,831		(37,423)		823,408		989,758		(52,996)		936,762
Commitments and contingencies
Stockholders' equity:


Preferred stock, $0.01 par value	—		—		—		—		—		—
Common stock, $0.01 par value	263		—		263		6		—		6

Additional paid-in capital	922,743		—		922,743		747,271		—		747,271
Accumulated deficit	(756,046)		5,375		(750,671)		(643,744)		19,830		(623,914)
Treasury stock, at cost	(22,556)		—		(22,556)		(22,474)		—		(22,474)
Total stockholders' equity	144,404		5,375		149,779		81,059		19,830		100,889
Total liabilities and stockholders' equity	$	1,005,235	$	(32,048)	$	973,187	$	1,070,817	$	(33,166)	$	1,037,651

BARNES & NOBLE EDUCATION, INC. AND SUBSIDIARIES

Condensed Consolidated Balance Sheets

(In thousands, except share data)


	October 26, 2024						October 28, 2023
	As Previously						As Previously
	Reported		Adjustment		As Restated		Reported		Adjustment		As Restated

ASSETS
Current assets:
Cash and cash equivalents	$	11,619	$	—	$	11,619	$	15,008	$	—	$	15,008
Accounts receivable	275,847		(16,079)		259,768		221,805		—		221,805
Merchandise inventories, net	315,469		—		315,469		364,292		—		364,292
Textbook rental inventories	49,672		(4,677)		44,995		51,840		(2,738)		49,102
Prepaid expenses and other current assets	33,425		(59)		33,366		63,410		—		63,410

Total current assets	686,032		(20,815)		665,217		716,355		(2,738)		713,617
Property and equipment, net	44,926		211		45,137		61,403		—		61,403
Operating lease right-of-use assets	210,271		(3,537)		206,734		246,531		(3,298)		243,233
Intangible assets, net	85,137		—		85,137		104,026		—		104,026

Other noncurrent assets	25,684		—		25,684		16,664		—		16,664
Total assets	$	1,052,050	$	(24,141)	$	1,027,909	$	1,144,979	$	(6,036)	$	1,138,943
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable	$	298,952	$	—	$	298,952	$	385,895	$	—	$	385,895
Accrued liabilities	99,670		23,365		123,035		112,075		19,940		132,015
Current operating lease liabilities	124,939		(47,471)		77,468		126,426		(46,581)		79,845


Total current liabilities	523,561		(24,106)		499,455		624,396		(26,641)		597,755
Long-term deferred taxes, net	2,050		48		2,098		1,936		318		2,254
Long-term operating lease liabilities	129,748		1,115		130,863		160,185		(3,780)		156,405
Other long-term liabilities	14,334		(7,828)		6,506		18,625		—		18,625
Long-term borrowings	177,551		—		177,551		233,873		—		233,873
Total liabilities	847,244		(30,771)		816,473		1,039,015		(30,103)		1,008,912
Commitments and contingencies
Stockholders' equity:


Preferred stock, $0.01 par value	—		—		—		—		—		—
Common stock, $0.01 par value	274		—		274		6		—		6

Additional paid-in capital	933,399		—		933,399		748,070		—		748,070
Other Comprehensive Income	—		7,828		7,828		—		—		—
Accumulated deficit	(706,311)		(1,198)		(707,509)		(619,564)		24,067		(595,497)
Treasury stock, at cost	(22,556)		—		(22,556)		(22,548)		—		(22,548)
Total stockholders' equity	204,806		6,630		211,436		105,964		24,067		130,031
Total liabilities and stockholders' equity	$	1,052,050	$	(24,141)	$	1,027,909	$	1,144,979	$	(6,036)	$	1,138,943

BARNES & NOBLE EDUCATION, INC. AND SUBSIDIARIES

Condensed Consolidated Balance Sheets

(In thousands, except share data)


	January 25, 2025						January 27, 2024
	As Previously						As Previously
	Reported		Adjustment		As Restated		Reported		Adjustment		As Restated

ASSETS
Current assets:
Cash and cash equivalents	$	9,185	$	—	$	9,185	$	8,123	$	—	$	8,123
Accounts receivable	354,241		(10,722)		343,519		315,126		211		315,337
Merchandise inventories, net	326,825		—		326,825		341,544		—		341,544
Textbook rental inventories	41,033		(4,677)		36,356		44,521		(2,738)		41,783
Prepaid expenses and other current assets	26,729		6,767		33,496		54,337		—		54,337

Total current assets	758,013		(8,632)		749,381		763,651		(2,527)		761,124
Property and equipment, net	41,956		197		42,153		57,273		—		57,273
Operating lease right-of-use assets	180,710		15,096		195,806		220,238		12,824		233,062
Intangible assets, net	81,630		—		81,630		97,947		—		97,947
Deferred tax assets, net	1,055		(1,055)		—		—		—		—
Other noncurrent assets	24,217		—		24,217		12,488		—		12,488
Total assets	$	1,087,581	$	5,606	$	1,093,187	$	1,151,597	$	10,297	$	1,161,894
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable	$	303,577	$	—	$	303,577	$	343,100	$	—	$	343,100
Accrued liabilities	130,069		17,921		147,990		156,874		32,309		189,183
Current operating lease liabilities	101,062		(28,461)		72,601		125,545		(43,342)		82,203
Short-term borrowings	—		—		—		224,067		—		224,067

Total current liabilities	534,708		(10,540)		524,168		849,586		(11,033)		838,553
Long-term deferred taxes, net	—		4,924		4,924		2,010		576		2,586
Long-term operating lease liabilities	121,835		1,590		123,425		155,226		(3,620)		151,606
Other long-term liabilities	6,521		—		6,521		17,451		—		17,451
Long-term borrowings	141,200		—		141,200		30,191		—		30,191
Total liabilities	804,264		(4,026)		800,238		1,054,464		(14,077)		1,040,387
Commitments and contingencies
Stockholders' equity:


Preferred stock, $0.01 par value	—		—		—		—		—		—
Common stock, $0.01 par value	341		—		341		6		—		6

Additional paid-in capital	1,004,731		—		1,004,731		748,882		—		748,882
Accumulated deficit	(699,199)		9,632		(689,567)		(629,203)		24,374		(604,829)
Treasury stock, at cost	(22,556)		—		(22,556)		(22,552)		—		(22,552)
Total stockholders' equity	283,317		9,632		292,949		97,133		24,374		121,507
Total liabilities and stockholders' equity	$	1,087,581	$	5,606	$	1,093,187	$	1,151,597	$	10,297	$	1,161,894

BARNES & NOBLE EDUCATION, INC. AND SUBSIDIARIES

Condensed Consolidated Statements of Cash Flows (In thousands)


	13 Weeks Ended July 27, 2024						13 Weeks Ended July 29, 2023
	As Previously						As Previously
	Reported		Adjustment		As Restated		Reported		Adjustment		As Restated

Cash flows from operating activities:
Net loss	$	(99,479)	$	(4,446)	$	(103,925)	$	(50,388)	$	(2,529)	$	(52,917)
Less: Loss from discontinued operations, net of tax	—		—		—		(417)		—		(417)
Loss from continuing operations, net of tax	(99,479)		(4,446)		(103,925)		(49,971)		(2,529)		(52,500)
Adjustments to reconcile net loss from continuing operations to net cash flows from operating activities from continuing operations:
Depreciation and amortization expense	13,057		14		13,071		10,253		—		10,253

Amortization of deferred financing costs	2,417		—		2,417		1,244		—		1,244

Loss on debt extinguishment	55,233		—		55,233		—		—		—
Deferred taxes	17		—		17		(3)		100		97
Stock-based compensation expense	(863)		—		(863)		957		—		957
Changes in operating lease right-of-use assets and liabilities	(3,691)		8,036		4,345		721		963		1,684
Changes in other long-term assets and liabilities and other, net	2,446		(1,290)		1,156		4,056		—		4,056
Changes in other operating assets and liabilities, net:
Receivables, net	(50,295)		(2,848)		(53,143)		(48,346)		—		(48,346)
Merchandise inventories	(51,235)		—		(51,235)		(61,206)		—		(61,206)
Textbook rental inventories	22,672		—		22,672		23,489		—		23,489
Prepaid expenses and other current assets	315		2,222		2,537		(12,168)		—		(12,168)
Accounts payable and accrued liabilities	(34,586)		(1,198)		(35,784)		11,116		1,466		12,582
Changes in other operating assets and liabilities, net	(113,129)		(1,824)		(114,953)		(87,115)		1,466		(85,649)
Net cash flows used in operating activities from continuing operations	(143,992)		490		(143,502)		(119,858)		—		(119,858)
Net cash flows used in operating activities from discontinued operations	—		—		$	—	(3,266)		—		$	(3,266)
Net cash flow used in operating activities	(143,992)		490		(143,502)		(123,124)		—		(123,124)
Cash flows from investing activities:
Purchases of property and equipment	(3,470)		(490)		(3,960)		(4,219)		—		(4,219)
Net change in other noncurrent assets	223		—		223		78		—		78
Net cash flows used in investing activities from continuing operations	(3,247)		(490)		(3,737)		(4,141)		—		(4,141)
Net cash flows provided by (used in) investing activities from discontinued operations	—		—		—		21,395		—		21,395
Net cash flow used in investing activities	(3,247)		(490)		(3,737)		17,254		—		17,254
Cash flows from financing activities:
Proceeds from borrowings	217,647		—		217,647		145,187		—		145,187
Repayments of borrowings	(160,696)		—		(160,696)		(49,606)		—		(49,606)
Proceeds from Private Equity Investment	50,000		—		50,000		—		—		—
Proceeds from Rights Offering	45,000		—		45,000		—		—		—
Payment of equity issuance costs	(9,524)		—		(9,524)		—		—		—
Payment of deferred financing costs	(3,669)		—		(3,669)		(2,307)		—		(2,307)
Purchase of treasury shares	(4)		—		(4)		(98)		—		(98)
Proceeds from principal stockholder expense reimbursement	1,190		—		1,190		—		—		—
Net cash flows provided by financing activities from continuing operations	139,944		—		139,944		93,176		—		93,176


Net decrease in cash, cash equivalents and restricted cash	(7,295)		—		(7,295)		(12,694)		—		(12,694)
Cash, cash equivalents and restricted cash at beginning of period	28,570		—		28,570		31,988		—		31,988
Cash, cash equivalents and restricted cash at end of period	21,275		—		21,275		19,294		—		19,294
Less: Cash, cash equivalents and restricted cash of discontinued operations at end of period	—		—		—		—		—		—
Cash, cash equivalents, and restricted cash of continuing operations at end of period	$	21,275	$	—	$	21,275	$	19,294	$	—	$	19,294

BARNES & NOBLE EDUCATION, INC. AND SUBSIDIARIES

Condensed Consolidated Statements of Cash Flows (In thousands)


	26 Weeks Ended October 26, 2024						26 Weeks Ended October 28, 2023
	As Previously						As Previously
	Reported		Adjustment		As Restated		Reported		Adjustment		As Restated

Cash flows from operating activities:
Net loss	$	(49,744)	$	(11,019)	$	(60,763)	$	(26,208)	$	1,708	$	(24,500)
Less: Loss from discontinued operations, net of tax	—		—		—		(1,091)		—		(1,091)
Loss from continuing operations, net of tax	(49,744)		(11,019)		(60,763)		(25,117)		1,708		(23,409)
Adjustments to reconcile net loss from continuing operations to net cash flows from operating activities from continuing operations:
Depreciation and amortization expense	21,587		26		21,613		20,428		—		20,428

Amortization of deferred financing costs	3,333		—		3,333		4,406		—		4,406

Loss on debt extinguishment	55,233		—		55,233		—		—		—
Deferred taxes	762		(627)		135		97		318		415
Pension adjustments	—		7,828		7,828		—		—		—
Stock-based compensation expense	392		—		392		1,756		—		1,756
Interest expense (paid-in-kind)	—		—		—		863		—		863
Changes in operating lease right-of-use assets and liabilities	2,538		(1,193)		1,345		1,826		(6,783)		(4,957)
Changes in other long-term assets and liabilities and other, net	1,287		(7,828)		(6,541)		(2,311)		—		(2,311)
Changes in other operating assets and liabilities, net:									—
Receivables, net	(171,737)		10,806		(160,931)		(129,293)		—		(129,293)
Merchandise inventories	28,568		—		28,568		(41,313)		—		(41,313)
Textbook rental inventories	(16,680)		—		(16,680)		(21,491)		—		(21,491)
Prepaid expenses and other current assets	4,282		59		4,341		2,756		—		2,756
Accounts payable and accrued liabilities	23,597		2,438		26,035		140,233		4,757		144,990
Changes in other operating assets and liabilities, net	(131,970)		13,303		(118,667)		(49,108)		4,757		(44,351)
Net cash flows used in operating activities from continuing operations	(96,582)		490		(96,092)		(47,160)		—		(47,160)
Net cash flows used in operating activities from discontinued operations	—		—		—		(3,939)		—		$	(3,939)
Net cash flow used in operating activities	(96,582)		490		(96,092)		(51,099)		—		(51,099)
Cash flows from investing activities:
Purchases of property and equipment	(6,528)		(490)		(7,018)		(8,196)		—		(8,196)
Net change in other noncurrent assets	792		—		792		78		—		78
Net cash flows used in investing activities from continuing operations	(5,736)		(490)		(6,226)		(8,118)		—		(8,118)
Net cash flows provided by investing activities from discontinued operations	—		—		—		21,395		—		21,395
Net cash flow (used in) provided by investing activities	(5,736)		(490)		(6,226)		13,277		—		13,277
Cash flows from financing activities:
Proceeds from borrowings	455,044		—		455,044		284,698		—		284,698
Repayments of borrowings	(442,461)		—		(442,461)		(233,970)		—		(233,970)
Proceeds from Private Equity Investment	50,000		—		50,000		—		—		—
Proceeds from Rights Offering	45,000		—		45,000		—		—		—
Shares sold under at-the-market offering, net of commissions	9,590		—		9,590				—
Payment of equity issuance costs	(9,702)		—		(9,702)		—		—		—
Payment of deferred financing costs	(5,569)		—		(5,569)		(9,381)		—		(9,381)
Purchase of treasury shares	(4)		—		(4)		(172)		—		(172)


Proceeds from principal stockholder expense reimbursement	1,190		—		1,190		—		—		—
Payment of finance lease principal	(398)		—		(398)				—
Net cash flows provided by financing activities from continuing operations	102,690		—		102,690		41,175		—		41,175



Net decrease in cash, cash equivalents and restricted cash	372		—		372		3,353		—		3,353
Cash, cash equivalents and restricted cash at beginning of period	28,570		—		28,570		31,988		—		31,988
Cash, cash equivalents and restricted cash at end of period	28,942		—		28,942		35,341		—		35,341
Less: Cash, cash equivalents and restricted cash of discontinued operations at end of period	—		—		—		—		—		—
Cash, cash equivalents, and restricted cash of continuing operations at end of period	$	28,942	$	—	$	28,942	$	35,341	$	—	$	35,341

BARNES & NOBLE EDUCATION, INC. AND SUBSIDIARIES

Condensed Consolidated Statements of Cash Flows (In thousands)


	39 Weeks Ended January 25, 2025						39 Weeks Ended January 27, 2024
	As Previously						As Previously
	Reported		Adjustment		As Restated		Reported		Adjustment		As Restated

Cash flows from operating activities:
Net loss	$	(42,632)	$	(189)	$	(42,821)	$	(35,847)	$	2,015	$	(33,832)
Less: Loss from discontinued operations, net of tax	—		—		—		(802)		—		(802)
Loss from continuing operations, net of tax	(42,632)		(189)		(42,821)		(35,045)		2,015		(33,030)
Adjustments to reconcile net loss from continuing operations to net cash flows from operating activities from continuing operations:
Depreciation and amortization expense	29,401		39		29,440		30,576		—		30,576

Amortization of deferred financing costs	4,248		—		4,248		8,380		—		8,380
Impairment loss (non cash)	1,713		—		1,713		5,798		—		5,798
Loss on debt extinguishment	55,233		—		55,233		—		—		—
Deferred taxes	(2,344)		5,304		2,960		171		576		747
Stock-based compensation expense	2,953		—		2,953		2,568		—		2,568
Interest expense (paid-in-kind)	—		—		—		1,750		—		1,750
Changes in operating lease right-of-use assets and liabilities	19		(341)		(322)		19,553		(19,506)		47
Changes in other long-term assets and liabilities and other, net	(6,006)		—		(6,006)		(2,961)		—		(2,961)
Changes in other operating assets and liabilities, net:									—
Receivables, net	(250,131)		5,450		(244,681)		(222,614)		(211)		(222,825)
Merchandise inventories	17,212		—		17,212		(18,565)		—		(18,565)
Textbook rental inventories	(8,041)		—		(8,041)		(14,172)		—		(14,172)
Prepaid expenses and other current assets	1,232		(6,767)		(5,535)		2,436		—		2,436
Accounts payable and accrued liabilities	58,616		(3,006)		55,610		138,904		17,126		156,030
Changes in other operating assets and liabilities, net	(181,112)		(4,323)		(185,435)		(114,011)		16,915		(97,096)
Net cash flows used in operating activities from continuing operations	(138,527)		490		(138,037)		(83,221)		—		(83,221)
Net cash flows used in operating activities from discontinued operations	—		—		—		(3,650)		—		$	(3,650)
Net cash flow used in operating activities	(138,527)		490		(138,037)		(86,871)		—		(86,871)
Cash flows from investing activities:
Purchases of property and equipment	(9,300)		(490)		(9,790)		(11,459)		—		(11,459)
Net change in other noncurrent assets	792		—		792		78		—		78
Net cash flows used in investing activities from continuing operations	(8,508)		(490)		(8,998)		(11,381)		—		(11,381)
Net cash flows provided by investing activities from discontinued operations	—		—		—		21,395		—		21,395
Net cash flow (used in) provided by investing activities	(8,508)		(490)		(8,998)		10,014		—		10,014
Cash flows from financing activities:
Proceeds from borrowings	667,355		—		667,355		454,459		—		454,459
Repayments of borrowings	(691,121)		—		(691,121)		(384,545)		—		(384,545)
Proceeds from Private Equity Investment	50,000		—		50,000		—		—		—
Proceeds from Rights Offering	45,000		—		45,000		—		—		—
Shares sold under at-the-market offering, net of commissions	78,450		—		78,450		—		—		—
Payment of equity issuance costs	(9,724)		—		(9,724)		—		—		—
Payment of deferred financing costs	(5,569)		—		(5,569)		(9,845)		—		(9,845)
Purchase of treasury shares	(4)		—		(4)		(176)		—		(176)


Proceeds from principal stockholder expense reimbursement	1,190		—		1,190		—		—		—
Payment of finance lease principal	(385)		—		(385)		—		—		—
Net cash flows provided by financing activities from continuing operations	135,192		—		135,192		59,893		—		59,893



Net decrease in cash, cash equivalents and restricted cash	(11,843)		—		(11,843)		(16,964)		—		(16,964)
Cash, cash equivalents and restricted cash at beginning of period	28,570		—		28,570		31,988		—		31,988
Cash, cash equivalents and restricted cash at end of period	16,727		—		16,727		15,024		—		15,024
Less: Cash, cash equivalents and restricted cash of discontinued operations at end of period	—		—		—		—		—		—
Cash, cash equivalents, and restricted cash of continuing operations at end of period	$	16,727	$	—	$	16,727	$	15,024	$	—	$	15,024

BARNES & NOBLE EDUCATION, INC. AND SUBSIDIARIES

Condensed Consolidated Statements of Equity

(In thousands, except share data)

As Previously Reported for the 13 Weeks Ended July 29, 2023:


				Additional
	Common Stock			Paid-In		Accumulated		Treasury Stock			Total
	Shares	Amount		Capital		Deficit		Shares	Amount		Equity
Balance at April 29, 2023	551,402	$	551	$	745,932	$	(593,356)	25,359	$	(22,376)	$	130,751
Stock-based compensation expense				794							794
Vested equity awards	2,000	2		(2)							—
Shares repurchased for tax withholdings for vested stock awards								779	(98)		(98)
Net loss						(50,388)					(50,388)
Balance July 29, 2023	553,402	$	553	$	746,724	$	(643,744)	26,138	$	(22,474)	$	81,059

As Restated for the 13 Weeks Ended July 29, 2023:


				Additional
	Common Stock			Paid-In		Accumulated		Treasury Stock			Total
	Shares	Amount		Capital		Deficit		Shares	Amount		Equity
Balance at April 29, 2023	551,402	$	6	$	746,477	$	(570,997)	25,359	$	(22,376)	$	153,110
Stock-based compensation expense				794							794
Vested equity awards	2,000	—		—							—
Shares repurchased for tax withholdings for vested stock awards								779	(98)		(98)
Net loss						(52,917)					(52,917)
Balance July 29, 2023	553,402	$	6	$	747,271	$	(623,914)	26,138	$	(22,474)	$	100,889

BARNES & NOBLE EDUCATION, INC. AND SUBSIDIARIES

Condensed Consolidated Statements of Equity

(In thousands, except share data)

As Previously Reported for the 13 Weeks Ended July 27, 2024:


				Additional
	Common Stock			Paid-In		Accumulated		Treasury Stock			Total
	Shares	Amount		Capital		Deficit		Shares	Amount		Equity
Balance at April 27, 2024	558,402	558		749,140		(656,567)		26,838	(22,552)		70,579
Stock-based compensation expense				(863)							(863)
Vested equity awards	2,923										—
Shares repurchased for tax withholdings for vested stock awards								429	(4)		(4)
Private Equity Investment	10,000,000	100		49,900							50,000
Rights Offering	9,000,000	90		44,910							45,000
Equity issuance costs				(9,524)							(9,524)
Term Loan debt conversion	6,673,978	67		86,688							86,755
Principal Stockholder expense reimbursement				1,940							1,940
Adjustment to Additional Paid-In Capital, reverse stock split		(553)		553							—
Net loss						(99,479)					(99,479)
Balance July 27, 2024	26,235,303	262		922,744		(756,046)		27,267	(22,556)		144,404

As Restated for the 13 Weeks Ended July 27, 2024:
				Additional
	Common Stock			Paid-In		Accumulated		Treasury Stock			Total
	Shares	Amount		Capital		Deficit		Shares	Amount		Equity
Balance at April 27, 2024	558,402	$	6	$	749,692	$	(646,746)	26,838	$	(22,552)	$	80,400
Stock-based compensation expense				(863)							(863)
Vested equity awards	2,923										—
Shares repurchased for tax withholdings for vested stock awards	—							429	(4)		(4)
Private Equity Investment	10,000,000	100		49,900							50,000
Rights Offering	9,000,000	90		44,910							45,000
Equity issuance costs				(9,524)							(9,524)
Term Loan debt conversion	6,673,978	67		86,688							86,755
Principal Stockholder expense reimbursement				1,940							1,940
Adjustment to Additional Paid-In Capital, reverse stock split											—
Net loss						(103,925)					(103,925)
Balance July 27, 2024	26,235,303	$	263	$	922,743	$	(750,671)	27,267	$	(22,556)	$	149,779

BARNES & NOBLE EDUCATION, INC. AND SUBSIDIARIES

Condensed Consolidated Statements of Equity

(In thousands, except share data)


As Previously Reported for the 13 Weeks Ended October 28, 2023:
				Additional
	Common Stock			Paid-In		Accumulated		Treasury Stock			Total
	Shares	Amount		Capital		Deficit		Shares	Amount		Equity
Balance July 29, 2023	553,402	$	553	$	746,724	$	(643,744)	26,138	$	(22,474)	$	81,059
Stock-based compensation expense				799							799
Vested equity awards	5,000	5		(5)							—
Shares repurchased for tax withholdings for vested stock awards								700	(74)		(74)
Net income						24,180					24,180
Balance October 28, 2023	558,402	$	558	$	747,518	$	(619,564)	26,838	$	(22,548)	$	105,964

As Restated for the 13 Weeks Ended October 28, 2023:
				Additional
	Common Stock			Paid-In		Accumulated		Treasury Stock			Total
	Shares	Amount		Capital		Deficit		Shares	Amount		Equity
Balance July 29, 2023	553,402	$	6	$	747,271	$	(623,914)	26,138	$	(22,474)	$	100,889
Stock-based compensation expense				799							799
Vested equity awards	5,000	—		—							—
Shares repurchased for tax withholdings for vested stock awards								700	(74)		(74)
Net income						28,417					28,417
Balance October 28, 2023	558,402	$	6	$	748,070	$	(595,497)	26,838	$	(22,548)	$	130,031

BARNES & NOBLE EDUCATION, INC. AND SUBSIDIARIES

Condensed Consolidated Statements of Equity

(In thousands, except share data)


As Previously Reported for the 13 Weeks Ended October 26, 2024:
				Additional							Other
	Common Stock			Paid-In		Accumulated		Treasury Stock			Comprehensive		Total
	Shares	Amount		Capital		Deficit		Shares	Amount		Income		Equity
Balance July 27, 2024	26,235,303	$	262	$	922,744	$	(756,046)	27,267	$	(22,556)	$	—	$	144,404
Stock-based compensation expense				1,255									1,255
Vested equity awards	31,275												—
Equity issuance costs				(178)									(178)
Proceeds from sales of Common Stock under ATM facility, net of commissions	1,046,460	11		9,579									9,590
Net income						49,735							49,735
Balance October 26, 2024	27,313,038	$	273	$	933,400	$	(706,311)	27,267	$	(22,556)	$	—	$	204,806

As Restated for the 13 Weeks Ended October 26, 2024:
As Restated:				Additional							Other
	Common Stock			Paid-In		Accumulated		Treasury Stock			Comprehensive		Total
	Shares	Amount		Capital		Deficit		Shares	Amount		Income		Equity
Balance July 27, 2024	26,235,303	$	263	$	922,743	$	(750,671)	27,267	$	(22,556)	$	—	$	149,779
Stock-based compensation expense				1,255									$	1,255
Vested equity awards	31,275												$	—
Equity issuance costs				(178)									$	(178)
Pension adjustments											7,828		$	7,828
Proceeds from sales of Common Stock under ATM facility, net of commissions	1,046,460	11		9,579									$	9,590
Net income						43,162							$	43,162
Balance October 26, 2024	27,313,038	$	274	$	933,399	$	(707,509)	27,267	$	(22,556)	$	7,828	$	211,436

BARNES & NOBLE EDUCATION, INC. AND SUBSIDIARIES

Condensed Consolidated Statements of Equity

(In thousands, except share data)


As Previously Reported for the 13 Weeks Ended January 27, 2024:
				Additional
	Common Stock			Paid-In		Accumulated		Treasury Stock			Total
	Shares	Amount		Capital		Deficit		Shares	Amount		Equity
Balance October 28, 2023	558,402	$	558	$	747,518	$	(619,564)	26,838	$	(22,548)	$	105,964
Stock-based compensation expense				812							812
Vested equity awards											—
Shares repurchased for tax withholdings for vested stock awards									(4)		(4)
Net loss						(9,639)					(9,639)
Balance January 27, 2024	558,402	$	558	$	748,330	$	(629,203)	26,838	$	(22,552)	$	97,133

As Restated for the 13 Weeks Ended January 27, 2024:
				Additional
	Common Stock			Paid-In		Accumulated		Treasury Stock			Total
	Shares	Amount		Capital		Deficit		Shares	Amount		Equity
Balance October 28, 2023	558,402	$	6	$	748,070	$	(595,497)	26,838	$	(22,548)	$	130,031
Stock-based compensation expense				812							812
Vested equity awards											—
Shares repurchased for tax withholdings for vested stock awards									(4)		(4)
Net loss						(9,332)					(9,332)
Balance January 27, 2024	558,402	$	6	$	748,882	$	(604,829)	26,838	$	(22,552)	$	121,507

BARNES & NOBLE EDUCATION, INC. AND SUBSIDIARIES

Condensed Consolidated Statements of Equity

(In thousands, except share data)


As Previously Reported for the 13 Weeks Ended January 25, 2025:
				Additional							Other
	Common Stock			Paid-In		Accumulated		Treasury Stock			Comprehensive		Total
	Shares	Amount		Capital		Deficit		Shares	Amount		Income		Equity
Balance October 26, 2024	27,313,038	$	273	$	933,400	$	(706,311)	27,267	$	(22,556)	$	—	$	204,806
Stock-based compensation expense				2,561									2,561
Vested equity awards													—
Equity issuance costs				(22)									(22)
Proceeds from sales of Common Stock under ATM facility, net of commissions	6,768,076	68		68,792									68,860
Net income						7,112							7,112
Balance January 25, 2025	34,081,114	$	341	$	1,004,731	$	(699,199)	27,267	$	(22,556)	$	—	$	283,317

As Restated for the 13 Weeks Ended January 25, 2025:
				Additional							Other
	Common Stock			Paid-In		Accumulated		Treasury Stock			Comprehensive		Total
	Shares	Amount		Capital		Deficit		Shares	Amount		Income		Equity
Balance October 26, 2024	27,313,038	$	274	$	933,399	$	(707,509)	27,267	$	(22,556)	$	7,828	$	211,436
Stock-based compensation expense				2,561									2,561
Vested equity awards													—
Equity issuance costs				(22)									(22)
Pension adjustments											(7,828)		(7,828)
Proceeds from sales of Common Stock under ATM facility, net of commissions	6,768,076	67		68,793									68,860
Net income						17,942							17,942
Balance January 25, 2025	34,081,114	$	341	$	1,004,731	$	(689,567)	27,267	$	(22,556)	$	—	$	292,949

BARNES & NOBLE EDUCATION, INC. AND SUBSIDIARIES

Condensed Consolidated Statements of Equity

(In thousands, except share data)

As Previously Reported for the 26 Weeks Ended October 28, 2023:


				Additional
	Common Stock			Paid-In		Accumulated		Treasury Stock			Total
	Shares	Amount		Capital		Deficit		Shares	Amount		Equity
Balance at April 29, 2023	551,402	$	551	$	745,932	$	(593,356)	25,359	$	(22,376)	$	130,751
Stock-based compensation expense				1,593							1,593
Vested equity awards	7,000	7		(7)							—
Shares repurchased for tax withholdings for vested stock awards								1,479	(172)		(172)
Net loss						(26,208)					(26,208)
Balance October 28, 2023	558,402	$	558	$	747,518	$	(619,564)	26,838	$	(22,548)	$	105,964

As Restated for the 26 Weeks Ended October 28, 2023:
				Additional
	Common Stock			Paid-In		Accumulated		Treasury Stock			Total
	Shares	Amount		Capital		Deficit		Shares	Amount		Equity
Balance at April 29, 2023	551,402	$	6	$	746,477	$	(570,997)	25,359	$	(22,376)	$	153,110
Stock-based compensation expense				1,593							1,593
Vested equity awards	7,000	—		—							—
Shares repurchased for tax withholdings for vested stock awards								1,479	(172)		(172)
Net loss						(24,500)					(24,500)
Balance October 28, 2023	558,402	$	6	$	748,070	$	(595,497)	26,838	$	(22,548)	$	130,031

BARNES & NOBLE EDUCATION, INC. AND SUBSIDIARIES

Condensed Consolidated Statements of Equity

(In thousands, except share data)

As Previously Reported for the 26 Weeks Ended October 26, 2024:


As Previously Reported:											Other
	Common Stock			Paid-In		Accumulated		Treasury Stock			Comprehensive		Total
	Shares			Capital		Deficit		Shares	Amount		Income		Equity
Balance at April 27, 2024	558,402	$	558	$	749,140	$	(656,567)	26,838	$	(22,552)	$	—	$	70,579
Stock-based compensation expense				392									392
Vested equity awards	34,198												—
Shares repurchased for tax withholdings for vested stock awards								429	(4)				(4)
Private Equity Investment	10,000,000	100		49,900									50,000
Rights Offering	9,000,000	90		44,910									45,000
Equity issuance costs				(9,702)									(9,702)
Proceeds from sales of Common Stock under ATM facility, net of commissions	1,046,460	11		9,579									9,590
Term Loan debt conversion	6,673,978	67		86,688									86,755
Principal stockholder expense reimbursement				1,940									1,940
Adjustment to Additional Paid-In Capital, reverse stock split		(553)		553									—
Net loss						(49,744)							(49,744)
Balance October 26, 2024	27,313,038	$	273	$	933,400	$	(706,311)	27,267	$	(22,556)	$	—	$	204,806

As Restated for the 26 Weeks Ended October 26, 2024:
				Additional							Other
	Common Stock			Paid-In		Accumulated		Treasury Stock			Comprehensive		Total
	Shares			Capital		Deficit		Shares	Amount		Income		Equity
Balance at April 27, 2024	558,402	$	6	$	749,692	$	(646,746)	26,838	$	(22,552)	$	—	$	80,400
Stock-based compensation expense				392									392
Vested equity awards	34,198												—
Shares repurchased for tax withholdings for vested stock awards								429	(4)				(4)
Private Equity Investment	10,000,000	100		49,900									50,000
Rights Offering	9,000,000	90		44,910									45,000
Equity issuance costs				(9,702)									(9,702)
Pension adjustments											7,828		7,828
Proceeds from sales of Common Stock under ATM facility, net of commissions	1,046,460	11		9,579									9,590
Term Loan debt conversion	6,673,978	67		86,688									86,755
Principal stockholder expense reimbursement				1,940									1,940
Adjustment to Additional Paid-In Capital, reverse stock split													—
Net loss						(60,763)							(60,763)
Balance October 26, 2024	27,313,038	$	274	$	933,399	$	(707,509)	27,267	$	(22,556)	$	7,828	$	211,436

BARNES & NOBLE EDUCATION, INC. AND SUBSIDIARIES

Condensed Consolidated Statements of Equity

(In thousands, except share data)

As Previously Reported for the 39 Weeks Ended January 27, 2024:


As Previously Reported:				Additional
	Common Stock			Paid-In		Accumulated		Treasury Stock			Total
	Shares	Amount		Capital		Deficit		Shares	Amount		Equity
Balance at April 29, 2023	551,402	$	551	$	745,932	$	(593,356)	25,359	$	(22,376)	$	130,751
Stock-based compensation expense				2,405							2,405
Vested equity awards	7,000	7		(7)							—
Shares repurchased for tax withholdings for vested stock awards								1479	(176)		(176)
Net loss						(35,847)					(35,847)
Balance January 27, 2024	558,402	$	558	$	748,330	$	(629,203)	26,838	$	(22,552)	$	97,133

As Restated for the 39 Weeks Ended January 27, 2024:
				Additional
	Common Stock			Paid-In		Accumulated		Treasury Stock			Total
	Shares	Amount		Capital		Deficit		Shares	Amount		Equity
Balance at April 29, 2023	551,402	$	6	$	746,477	$	(570,997)	25,359	$	(22,376)	$	153,110
Stock-based compensation expense				2,405							2,405
Vested equity awards	7,000	—		—							—
Shares repurchased for tax withholdings for vested stock awards								1479	(176)		(176)
Net loss						(33,832)					(33,832)
Balance January 27, 2024	558,402	6		748,882		(604,829)		26,838	(22,552)		121,507

BARNES & NOBLE EDUCATION, INC. AND SUBSIDIARIES

Condensed Consolidated Statements of Equity

(In thousands, except share data)

As Previously Reported for the 39 Weeks Ended January 25, 2025:


As Previously Reported:				Additional
	Common Stock			Paid-In		Accumulated		Treasury Stock			Total
	Shares	Amount		Capital		Deficit		Shares	Amount		Equity
Balance at April 27, 2024	558,402	$	558	$	749,140	$	(656,567)	26,838	$	(22,552)	$	70,579
Stock-based compensation expense				2,953							2,953
Vested equity awards	34,198										—
Shares repurchased for tax withholdings for vested stock awards								429	(4)		(4)
Private Equity Investment	10,000,000	100		49,900							50,000
Rights Offering	9,000,000	90		44,910							45,000
Equity issuance costs				(9,724)							(9,724)
Term Loan debt conversion	6,673,978	67		86,688							86,755
Principal stockholder expense reimbursement				1,940							1,940
Proceeds from sales of Common Stock under ATM facility, net of commissions	7,814,536	79		78,371							78,450
Other		(553)		553							—
Net loss						(42,632)					(42,632)
Balance January 25, 2025	34,081,114	$	341	$	1,004,731	$	(699,199)	27,267	$	(22,556)	$	283,317

As Restated for the 39 Weeks Ended January 25, 2025:
				Additional
	Common Stock			Paid-In		Accumulated		Treasury Stock			Total
	Shares	Amount		Capital		Deficit		Shares	Amount		Equity
Balance at April 27, 2024	558,402	$	6	$	749,692	$	(646,746)	26,838	$	(22,552)	$	80,400
Stock-based compensation expense				2,953							2,953
Vested equity awards	34,198										—
Shares repurchased for tax withholdings for vested stock awards	0							429	(4)		(4)
Private Equity Investment	10,000,000	100		49,900							50,000
Rights Offering	9,000,000	90		44,910							45,000
Equity issuance costs				(9,724)							(9,724)
Term Loan debt conversion	6,673,978	67		86,688							86,755
Principal stockholder expense reimbursement				1,940							1,940
Proceeds from sales of Common Stock under ATM facility, net of commissions	7,814,536	78		78,372							78,450
Other											—
Net loss						(42,821)					(42,821)
Balance January 25, 2025	34,081,114	$	341	$	1,004,731	$	(689,567)	27,267	$	(22,556)	$	292,949

Revenue

12 Months Ended

May 03, 2025

Revenue from Contract with Customer [Abstract]

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. Basis of Presentation and Summary of Significant Accounting Policies for additional information related to our revenue recognition policies.

Disaggregation of Revenue

The following table disaggregates the revenue associated with our major product and service offerings.


	53 weeks ended		52 weeks ended
	May 3, 2025		April 27, 2024
Product and Other Sales
Course Materials Product Sales	$	1,021,456	$	971,950
General Merchandise Product Sales (a)	355,274		364,097
Service and Other Revenue (b)	86,515		94,409
Product and Other Sales sub-total	1,463,245		1,430,456
Course Materials Rental Income	146,925		136,679
Total Sales	$	1,610,170	$	1,567,135

(a)Logo general merchandise sales are recognized on a net basis as commission revenue in the consolidated financial statements.

(b)Service and other revenue primarily relates to brand marketing programs and other service revenues.

Contract Assets and Contract Liabilities

Contract assets represent the sale of goods or services to a customer before we have the right to obtain consideration from the customer. Contract assets consist of unbilled amounts at the reporting date and are transferred to accounts receivable when the rights become unconditional. Contract assets (unbilled receivables) were $0.6 million and immaterial for May 3, 2025 and April 27, 2024, respectively, on our Consolidated Balance Sheets.

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 partnership marketing services, which are recognized when the contracted services are provided to our 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 merchandising contracts for Fanatics and Lids. respectively, as discussed in Note 6. Equity and Earnings (Loss) Per Share - Sale of Treasury Shares.

The following table presents changes in deferred revenue associated with our contract liabilities:


	53 weeks ended		52 weeks ended
	May 3, 2025		April 27, 2024
Deferred revenue at the beginning of period	$	14,892	$	15,356
Additions to deferred revenue during the period	180,174		176,319
Reductions to deferred revenue for revenue recognized during the period	(181,501)		(176,783)
Deferred revenue balance at the end of period:	$	13,565	$	14,892
Balance Sheet classification:
Accrued liabilities	$	10,410	$	11,310
Other long-term liabilities	3,155		3,582
Deferred revenue balance at the end of period:	$	13,565	$	14,892

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-7

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-9

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-10

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-15

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-13

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org/606/tableOfContent

+ Details

Segment Reporting

12 Months Ended

May 03, 2025

Segment Reporting [Abstract]

Segment Reporting

We identify our segments in accordance with the way our business is managed. During the 26 weeks ended October 26, 2024, management determined that a realignment of the Company's operating and reporting segments was necessary to better reflect the operations of the organization. With the recent change in Chief Executive Officer and June milestone financing transactions, we have streamlined operations to focus on a centralized management structure to support company-wide procurement, marketing and selling, delivery and customer service. Given the change in how the overall business is managed and how the current Chief Executive Officer (the current Chief Operating Decision Maker ("CODM")) assesses performance and allocates resources, we combined the operating results of the prior two segments, Retail and Wholesale, into one operating and reporting segment. Prior period disclosures have been restated to reflect the change to one segment.

The CODM reviews financial information on a consolidated basis to evaluate operational performance, allocate resources, and assess trends over time. The CODM uses Net income (loss) as the primary measure of segment profit or loss. In evaluating performance, the CODM also reviews significant expense categories, including adjusted cost of sales, payroll expense, contract payments, direct expenses, and indirect expenses, which are considered material to understanding the segment’s financial results.

This measure provides a consistent basis for strategic decision-making, budgeting, and performance evaluation, reflecting the segment’s contribution to the Company’s overall financial results. Segment assets are not used by the CODM for evaluating performance as presented on our Consolidated Balance Sheet.

The following table presents sales, profitability, and significant expense information about our segment. As detailed in Note 2. Summary of Significant Accounting Policies, and Note 3. Restatement of Previously Issued Audited Consolidated Financial Statements, the presentation of certain amounts in Fiscal Year 2024 below has been restated.


	53 weeks ended May 3, 2025			52 weeks ended April 27, 2024 (a)

Sales	$	1,610,170		$	1,567,135
Adjusted Cost of sales	1,046,615		(b)	993,349

Payroll expense	206,362			225,646
Contract payments	200,545			201,781
Direct expenses	96,599			108,663
Indirect expenses	659			977
Other segment expenses, net	125,215		(c)	112,468
Net loss	$	(65,825)		$	(75,749)

(a) Reflects the impact of restatements as noted in Note 3. Restatement of Previously Issued Audited Consolidated Financial Statements.

(b) Adjusted Cost of sales includes all cost of sales presented in the Statement of Operations, adjusted for contract payments and other various expenses.

(c) Other segment expenses, net, represents GAAP income statement line items that are not considered to be significant segment expenses. These items primarily include stock-based compensation, depreciation and amortization, impairment, restructuring and other charges, loss on extinguishment of debt, interest income and expense, discontinued operations and income tax expense (benefit).

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Equity and Earnings (Loss) Per Share

12 Months Ended

May 03, 2025

Equity and Earnings Per Share [Abstract]

Equity and Earnings (Loss) Per Share

Stock Authorization`

As of May 3, 2025, our authorized capital stock consists of 200,000,000 shares of common stock, par value $0.01 per share, and 5,000,000 shares of preferred stock, par value $0.01 per share. As of May 3, 2025, 34,081,114 shares of our common stock were issued, of which 34,053,847 shares were outstanding, and 0 shares of our preferred stock were both issued and outstanding. Our common stock trades on the New York Stock Exchange (“NYSE”) under the symbol “BNED”.

On October 5, 2023, our shareholders approved an amendment and restatement of the Equity Incentive Plan to increase the number of shares available for issuance by an additional 4,500,000 of our Common Stock. We have reserved an aggregate of 2,179,093 shares of common stock for future grants in accordance with the Barnes & Noble Education Inc. Equity Incentive Plan. See Item 8. Financial Statements and Supplementary Data - Note 14. Long-Term Incentive Compensation Expense.

On June 5, 2024, our shareholders approved an amendment to our Amended and Restated Certificate of Incorporation, as amended, to increase the aggregate number of authorized shares of Common Stock from 200,000,000 shares to 10,000,000,000 shares.

On June 10, 2024, we completed the Transactions, including the Rights Offering, the Private Investment, the Term Loan Debt Conversion, and the Credit Facility Refinancing, to substantially deleverage our Consolidated Balance Sheet. These transactions raised additional capital for repayment of indebtedness and provide additional flexibility for working capital needs.

On June 11, 2024, our shareholders approved an amendment to our Amended and Restated Certificate of Incorporation, as amended, to effect a 100 to 1 reverse stock split, thus reducing the number of authorized shares of Common Stock to 100,000,000.

On September 18, 2024, our stockholders (1) approved the Company’s Amended and Restated Certificate of Incorporation to decrease the aggregate number of authorized shares of our Common Stock from 10,000,000,000 shares to 200,000,000 shares; and (2) approved an amendment to the Equity Incentive Plan to increase the number of shares available for issuance by an additional 2,000,000 shares of our Common Stock, for an aggregate total of 2,179,093 shares (post-reverse stock split).

At-the-Market Equity Offerings

On September 19, 2024, we entered into an at-the market ("ATM") sales agreement (the "September ATM Sales Agreement") with BTIG, LLC ("BTIG"), under which we sold the maximum of $40.0 million of our Common Stock. from time to time at a weighted-average price of $10.06 per share and received $39.2 million in proceeds, net of commissions. BTIG, as the sales agent, sold the shares based upon our instructions (including as to price, time or size limits or other customary parameters or conditions). We paid BTIG a commission of 2% of the gross sales proceeds of the Common Stock sold under the September ATM Sales Agreement. We were not obligated to make any sales of Common Stock under the September ATM Sales Agreement.

On December 20, 2024, we entered into an additional ATM sales agreement with BTIG (the "December ATM Sales Agreement"), under which we sold the maximum of $40.0 million of our Common Stock from time to time at a weighted-average price of $10.42 per share and received $39.2 million in proceeds, net of commissions. BTIG, as the sales agent, sold the shares based upon our instructions (including as to price, time or size limits or other customary parameters or conditions). We paid BTIG a commission of 2% of the gross sales proceeds of the Common Stock sold under the December ATM Sales Agreement. We were not obligated to make any sales of Common Stock under the December ATM Sales Agreement.

Reverse Stock Split

On June 11, 2024, we completed a reverse stock split of the Company’s outstanding shares of Common Stock at a ratio of 1-for-100 (the “Reverse Stock Split”), which was previously approved by stockholders at a special meeting held on June 5, 2024. In connection with the Reverse Stock Split, every 100 shares of the Common Stock issued and outstanding were converted into one share of the Company’s Common Stock. No change was made to the trading symbol for the Company’s shares of Common Stock, “BNED,” in connection with the Reverse Stock Split. The Reverse Stock Split was part of the Company’s plan to regain compliance with the minimum bid price requirement of $1.00 per share required to maintain continued listing on the NYSE.

The Reverse Stock Split reduced the number of shares of the Company’s outstanding Common Stock from approximately 2,620,495,552 shares (as of the date June 11, 2024, when including issuances pursuant to the transactions) to approximately 26,204,956 shares, subject to adjustment for rounding.

The Reverse Stock Split affected all issued and outstanding shares of Common Stock. All outstanding options and restricted stock units, and other securities entitling their holders to purchase or otherwise receive shares of Common Stock were adjusted as a result of the Reverse Stock Split, as required by the terms of each security. The number of shares available to be awarded under the Company’s equity compensation plans was also appropriately adjusted. Following the Reverse Stock Split, the par value of the Common Stock will remain unchanged at $0.01 per share. The Reverse Stock Split did not change the authorized number of shares of Common Stock or preferred stock. No fractional shares were issued in connection with the reverse split; instead any fractional shares as a result of the Reverse Stock Split were rounded up to the next whole number of post-split shares of Common Stock.

Repurchase of Shares

On December 14, 2015, our Board of Directors authorized a stock repurchase program of up to $50,000 in the aggregate, of our outstanding common stock. The stock repurchase program is carried out at the direction of management (which may include a plan under Rule 10b5-1 of the Securities Exchange Act of 1934). The stock repurchase program may be suspended, terminated, or modified at any time. Any repurchased shares will be held as treasury stock and will be available for general corporate purposes. During Fiscal 2025 and Fiscal 2024, we did not purchase shares under the stock repurchase program. As of May 3, 2025, approximately $26,669 remains available under the stock repurchase program.

During Fiscal 2025 and Fiscal 2024, we repurchased 429 shares and 1,482 shares of our Common Stock, respectively, outside of the stock repurchase program in connection with employee tax withholding obligations for vested stock awards.

Sale of Treasury Shares

In December 2020 (Fiscal 2021), we entered into a merchandising agreement with Fanatics and Lids which included a strategic equity investment in the Company. Fanatics, Inc. and Lids Holdings, Inc. jointly as TopLids LendCo, LLC (“TopLids”), purchased an aggregate 2,307,692 of our common shares (issued from treasury shares) for $15,000, representing a share price of $6.50 per share. The premium price paid above the fair market value of our common stock at closing was approximately $4,131 and was recorded as a contract liability which is recognized over the term of the merchandising contracts for Fanatics and Lids ($300 and $211, respectively, in accrued liabilities, and $2,905 and $3,287, respectively, as of May 3, 2025 and April 27, 2024, in other long-term liabilities our Consolidated Balance Sheets) which is expected to be recognized over the term of the merchandising contracts for Fanatics and Lids. For information related to additional equity investments by TopLids, see Note 12. Related Party Transactions.

Dividends

We paid no other dividends to common stockholders during Fiscal 2025 and Fiscal 2024. We do not intend to pay dividends on our common stock in the foreseeable future and dividend payments are not permitted under current or future financing arrangements. See Note 9. Debt for details.

Earnings (Loss) Per Share

Basic EPS is computed based upon the weighted average number of common shares outstanding for the period. 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 period. 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.

On June 10, 2024, we completed the Transactions, including an Rights Offering, Private Investment, Term Loan Debt Conversion, and the Credit Facility Refinancing, to substantially deleverage our Consolidated Balance Sheet. Because the rights issuance was offered to all existing stockholders at an exercise price that was less than the fair value of our Common Stock, as of such time, the weighted average shares outstanding and basic and diluted earnings (loss) per share were adjusted retroactively to reflect the bonus element of the rights offering for all periods presented by a factor of 5.03.

On June 11, 2024, we completed the Reverse Stock Split, which was approved by stockholders at a special meeting held on June 5, 2024. In connection with the Reverse Stock Split, every 100 shares of the common stock issued and outstanding were converted into one share of the Company’s common stock.

Weighted average shares for both basic and diluted, prior to giving effect to the bonus element of the Rights Offering and the Reverse Stock Split was 26,298,984, and 52,935,533, respectively, for the 53 weeks ended May 3, 2025 and 52 weeks ended April 27, 2024. The weighted average common shares and loss per common share reflect the bonus element resulting from the Rights Offering and the Reverse Stock Split for all periods presented on the Consolidated Statements of Operations.

The following is a reconciliation of the basic and diluted earnings per share calculation:


	53 weeks ended		52 weeks ended
			As Restated
(in thousands except share and per share data)	May 3, 2025		April 27, 2024
Numerator for basic and diluted earnings (loss) per share:


Loss from continuing operations, net of tax	$	(65,825)	$	(75,019)
Loss from discontinued operations, net of tax	—		(730)
Net loss available to common shareholders	$	(65,825)	$	(75,749)







Denominator for basic and diluted earnings (loss) per share:
Basic and diluted weighted average shares of Common Stock(a)	26,298,984		2,662,296
Loss per share of Common Share:
Basic and Diluted
Continuing operations	$	(2.50)	$	(28.18)
Discontinued operations	—		(0.28)
Basic and diluted loss per share of Common Stock	$	(2.50)	$	(28.46)

(a)During Fiscal 2025 and Fiscal 2024, 407,763 and 32,304, respectively, were excluded from the diluted earnings per share calculation using the two- class method as their inclusion would have been antidilutive.

Fair Value Measurements

12 Months Ended

May 03, 2025

Fair Value Disclosures [Abstract]

Fair Value Measurements

In accordance with ASC 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, accounts payable, and long-term debt. The fair values of cash and cash equivalents, receivables, accrued liabilities, and accounts payable approximate their carrying values because of the short-term nature of these instruments, which are all considered Level 1 within the fair value hierarchy. The fair value of our short-term and long-term debt approximates its carrying value and is classified as Level 2, as it is estimated using observable market inputs such as current interest rates and credit spreads for similar instruments. See Note 8. Derivative, for fair value information about our derivative instrument that is fair valued using Level 3 inputs.

Non-Financial Assets

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 53 weeks ended and the 52 weeks ended May 3, 2025 and April 27, 2024, respectively, we evaluated certain of our store-level long-lived assets for impairment, and recognized an impairment losses (non-cash) of $1,713 and $7,166, respectively, on the Consolidated Statements of Operations. The fair value of the impaired long-lived assets was 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. Basis of Presentation and Summary of Significant Accounting Policies.

The following table shows the fair values of our non-financial assets 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:


	53 weeks ended May 3, 2025						52 weeks ended April 27, 2024
	Carrying Value Prior to Impairment		Fair Value		Impairment Loss (non-cash)		Carrying Value Prior to Impairment		Fair Value		Impairment Loss (non-cash)
Property and equipment, net	$	314	$	—	$	314	$	460	$	55	$	405
Operating lease right-of-use assets	1,006		716		290		8,044		4,444		3,600
Intangible assets, net	1,109		—		1,109		3,860		699		3,161
Other noncurrent assets	—		—		—		—		—		—
Total	$	2,429	$	716	$	1,713	$	12,364	$	5,198	$	7,166

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 is remeasured at the end of each reporting period through settlement using a Black-Scholes option-pricing model, which incorporates significant inputs including the risk-free interest rate, expected volatility, expected dividend yield, and expected term or vesting period. As of May 3, 2025, we recorded a liability, which is immaterial to the balance sheet (Level 2 input) and is reflected in accrued liabilities on the Consolidated Balance Sheet. As of May 3, 2025 and April 27, 2024, respectively, we recorded an immaterial liability (Level 2 input) which is reflected in accrued liabilities on the Consolidated Balance Sheet. As of May 3, 2025, all phantom share units have been settled or forfeited. For additional information, see Note 14. Long-Term Incentive Compensation Expense.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

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+ Details

Derivative	12 Months Ended
Derivative	May 03, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative	Derivative Participation Interest Purchase Agreement During April 2025, the Company entered into a Participation Interest Purchase Agreement (the “Agreement”) with Jefferies Leveraged Credit Products LLC (“Jefferies”), under which Jefferies paid the Company $12,625 in exchange for a participation interest in the proceeds of a specified litigation claim. The Agreement is presented in Other long-term liabilities on the Consolidated Balance Sheet as of May 3, 2025. The Agreement is non-recourse to the Company with respect to financial risk; Jefferies’ entitlement to payment is limited to proceeds, if any, received from the litigation. However, the Company has continuing contractual obligations under the Agreement, including remaining the plaintiff of record, cooperating with Jefferies and its counsel, providing access to litigation-related documents, and following directions regarding the settlement of monetary damages. These obligations are necessary to preserve Jefferies’ entitlement and avoid any clawback. Management evaluated the Agreement under ASC 815, Derivatives and Hedging, ASC 470, Debt-Overall, and ASU 2025-07, Scope Application of Derivative Guidance to Litigation Funding and Similar Arrangements. Prior to adoption of ASU 2025-07, the Agreement was concluded to meet the definition of a derivative under ASC 815 because its value is derived from the outcome of the litigation, it required no significant initial investment other than the participation amount, and it could be settled based on net proceeds. Accordingly, the Agreement was accounted for as a derivative liability, measured at fair value with subsequent changes recognized in earnings. ASU 2025-07 has not yet been adopted. The derivative liability is classified within Level 3 of the fair value hierarchy under ASC 820, as valuation is based on significant unobservable inputs, including management’s assessment of the underlying litigation's outcome and timing of potential settlement proceeds. At inception, the fair value of the derivative liability approximated the transaction price of $12,625, which represented an orderly, arm’s-length exchange between market participants. The fair value will continue to be measured on a recurring basis using unobservable inputs consistent with Level 3 classification. The fair value will continue to be measured on a recurring basis using unobservable inputs consistent with Level 3 classification. As of May 3, 2025, the fair value of the derivative liability remained substantially unchanged from the initial recognition amount of $12,625, and any mark-to-market adjustments recognized through year-end were inconsequential. Upon adoption of ASU 2025-07, which provides a scope exception from derivative accounting for litigation funding and similar arrangements that do not create or modify debt, the Agreement will no longer meet the definition of a derivative under ASC 815. Under the new guidance, the Agreement will be accounted for under ASC 470 - Debt as deferred income, as the arrangement does not create a debt obligation of the Company. The deferred income will be recognized in earnings when the related litigation is resolved and any proceeds are distributed. The guidance in ASU 2025-07 will be applied using a modified retrospective approach, under which the previously recognized derivative liability will be reclassified to deferred income and a cumulative effect adjustment will be recorded to retained earnings as of the Company’s planned early adoption date, during the fiscal quarter ending November 1, 2025.

- Definition

The entire disclosure for derivative instruments and hedging activities including, but not limited to, risk management strategies, non-hedging derivative instruments, assets, liabilities, revenue and expenses, and methodologies and assumptions used in determining the amounts.

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+ Details

Debt

12 Months Ended

May 03, 2025

Debt Disclosure [Abstract]

Debt


		As of
	Maturity Date (a)	May 3, 2025		April 27, 2024
Credit Facility	June 9, 2028	$	103,100	$	164,947

Term Loan	April 7, 2025	—		32,653
Sub-total		103,100		197,600
Less: Deferred financing costs, Term Loan (b)		—		(1,263)
Total long-term debt		$	103,100	$	196,337
Balance Sheet classification:

Long-term borrowings		103,100		196,337
Total long-term debt		$	103,100	$	196,337

(a) On June 10, 2024, we completed the Transactions, including amending and extending the maturity date of the Credit Facility and converting all outstanding principal and interest amounts owed under our Term Loan Credit Agreement into shares of our Common Stock.

(b) For additional information, see Deferred Financing Costs below.

Transaction

On June 10, 2024, we completed the Transactions, including the Rights Offering, the Private Investment, the Term Loan Debt Conversion, and the Credit Facility Refinancing, to substantially deleverage our Consolidated Balance Sheet. These Transactions raised additional capital for repayment of indebtedness and provide additional flexibility for working capital needs, which will also allow us to strategically invest in innovation and continue to execute our strategic initiatives, including but not limited to the growth of our First Day Complete program.

Upon closing of the Transactions on June 10, 2024:

•We received gross proceeds of $95,000 of new equity capital through a $50,000 new equity investment (the “Private Investment”) led by Immersion Corporation (“Immersion”) and a $45,000 fully backstopped equity rights offering (the “Rights Offering”). The Transactions infused approximately $85,500 of net cash proceeds after transaction costs. The transaction resulted in Immersion obtaining controlling financial interest.

•Our existing Term Loan credit agreement lenders, TopLids LendCo, LLC and Vital Fundco, LLC, converted approximately $34,000 of outstanding principal and any accrued and unpaid interest into our common stock.

•We refinanced our Credit Facility providing access to a $325,000 facility maturing in 2028. The refinanced Credit Facility will meaningfully enhance our financial flexibility and reduce our annual interest expense.

Credit Facility

The Company has informed its lenders of the ongoing investigation and related restatement process, and its inability to deliver its fiscal 2025 annual financial statements, as well as its first and second quarter fiscal 2026 financial statements, by the dates originally required under its asset-based revolving credit facility (the “Credit Facility”). The Company requested that the lenders extend these reporting deadlines and waive certain related representations and warranties that may be impacted by the investigation and the resulting restatement of the Company’s previously issued financial statements.

On August 8, 2025, the lenders and the administrative agent entered into a limited consent and waiver, providing a 75-day extension of the reporting deadlines to October 22, 2025, and waiving any potential breach of certain representations related to financial reporting impacted by the review. In connection with the waiver, the Company paid a fee of $325, equal to 0.10% of the aggregate revolving commitments, which was fully earned and payable on the effective date.

On October 21, 2025, the Company exercised its option to request the additional 45-day extension permitted under the waiver, and the lenders granted the request, extending the reporting deadline to December 6, 2025. In accordance with the agreement, the Company paid a second waiver fee of $325, also equal to 0.10% of the revolver commitments, fully earned and payable on the effective date of the extension.

On December 5,2025, the Company and its lenders entered into a Second Limited Consent and Waiver, further extending the delivery deadlines for the fiscal 2025 annual financial statements, and the first and second quarter fiscal 2026 financial statements to January 20, 2026. Under the Second Limited Consent and Waiver, the lenders agreed to (i) extend the reporting deadlines to the Permitted January Deadline of January 20, 2026, and (ii) waive potential breaches of representations under Section 5.15 of the Credit Agreement related solely to the ongoing financial reporting review during the extension period. In consideration of the extension, the Company paid an additional fee equal to 0.10% of each consenting lender’s revolving credit commitment, which was fully earned and payable on the effective date.

During the limited extension period, the Company is required to (i) deliver weekly Approved Budget Updates and Variance Reports, (ii) make members of management available for bi-weekly update calls with the lenders, and (iii) maintain minimum excess availability of at least $30,000 under the Credit Facility. Failure to comply with these conditions constitutes an immediate event of default. The Company has informed its lenders that it is conducting a detailed review of certain financial reporting and accounting practices related to the calculation of EBITDA for fiscal years 2025 and 2024. As a result of this ongoing review, the Company was not able to deliver its fiscal 2025 annual financial statements or its fiscal first quarter 2026 financial statements by the deadlines originally required under the Credit Facility.

Pursuant to the A&R Credit Agreement, the lenders have committed to provide a four-year asset-backed revolving credit facility (the "Credit Facility") in an aggregate committed principal amount of up to $325,000. and extended the maturity date of the Credit Facility to June 9, 2028. During the 53 weeks ended May 3, 2025, we incurred debt issuance costs totaling $3,669 related to the Credit Facility under the A&R Credit Agreement.

Proceeds from the Credit Facility are and will be used for general corporate purposes, including seasonal working capital needs. The Company has interest-only obligations under the Credit Facility until the maturity date, at which time the total principal outstanding is due and payable.

Interest under the Credit Facility accrues, at the election of the Company, either (x) based on the Secured Overnight Financing Rate (“SOFR”), which is subject to a floor of 2.50% per annum, plus a spread of 3.50% per annum or (y) at an alternate base rate, which is subject to a floor of 3.50% per annum, plus a spread of 2.50% per annum; provided, that in the event the Company meets certain financial metrics for a consecutive six-month period beginning and ending after the one-year anniversary of the Closing Date, the foregoing spreads shall be reduced by 0.25% per annum.

The A&R Credit Agreement contains customary negative covenants that limit the Company’s ability to incur or assume additional indebtedness, grant or permit liens, make investments, make Restricted Payments (as defined in the A&R Credit Agreement) and other specified payments, merge with other entities, dispose of or acquire assets, or engage in transactions with affiliates, among other things. Additionally, the A&R Credit Agreement includes the following financial maintenance covenants:

•following the date that is six months following the Closing Date, the Company is required to maintain a minimum Availability (as defined in the A&R Credit Agreement) of (x) $25,000 for the first thirty (30) months after the Closing Date and (y) $30,000 after the date that is thirty (30) months after the Closing Date;

•commencing with the month ending on or about May 31, 2025, the Company is required to maintain a Consolidated Fixed Charge Coverage Ratio (as defined in the A&R Credit Agreement) of not less than 1.10 to 1.00, which will be tested monthly on the last day of each fiscal month for the trailing 12- month period; and

•commencing with the quarter ending on or about October 31, 2024, the Company is required to maintain a minimum Consolidated EBITDA (as defined in the A&R Credit Agreement), which will be tested quarterly on the last day of each fiscal quarter for (a) the trailing six-month period for the first test date, (b) the trailing nine-month period of the second test date and (c) for the trailing 12-month period thereafter.

The A&R Credit Agreement contains customary events of default, including for non-payment of obligations owing under the Credit Facility, material breaches of representations and warranties, failure to perform or observe covenants, default on other material indebtedness, customary ERISA events of default, bankruptcy and insolvency, material judgments, invalidity of liens on collateral, change of control or cessation of business. The A&R Credit Agreement also contains customary affirmative covenants and representations and warranties.

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-assets lien (inclusive of proceeds from tax refunds payable to the Company and a pledge of equity from subsidiaries, exclusive of real estate).

In connection with the Credit Facility, a 1.00% fee was payable in connection with the eighth amendment to the Original Credit Agreement (prior to its amendment and restatement), of which 50% was paid on September 2, 2024 and 50% is due and payable on June 10, 2025.

During the 53 weeks ended May 3, 2025, we borrowed $887,055 and repaid $948,920 under the Credit Facility, with $103,100 of outstanding borrowings under the Credit Facility as of May 3, 2025. During the 52 weeks ended April 27, 2024, we borrowed $563,023 and repaid $552,230 under the Credit Facility, with $164,947 of outstanding borrowings as of April 27, 2024. As of May 3, 2025 and April 27, 2024, we issued $575 and $3,575, respectively, in letters of credit under the Credit Facility.

During the 52 weeks ended April 27, 2024, we incurred debt issuance costs totaling $11,516 related to the July 2023 amendment the Original Credit Agreement. The debt issuance costs have been deferred and are presented as prepaid and other current assets and other noncurrent assets in the Consolidated Balance Sheets, and subsequently amortized ratably over the term of the A&R Credit Agreement.

As of May 3, 2025, and as of the issuance date of this Annual Report on Form 10-K , the Company remained in compliance with all covenants under the A&R Credit Agreement.

The following is a summary of the various Credit Agreement amendments.

April 2024 Credit Agreement Amendment

On April 16, 2024, we amended our existing Credit Agreement to, among other things, revise certain milestones related to the previously-disclosed liquidity and refinancing contingency plans to align such milestones with the Transactions contemplated by the Purchase Agreement, which milestones include (i) filing the Form S-1 no later than two (2) business days after the date of such amendment, (ii) obtaining receipt of support letters in support of the Transactions from persons owning not less than 20% of the outstanding voting stock of the Company by no later than May 3, 2024 (or such later date as agreed to in writing by the administrative agent in its sole discretion), (iii) obtaining receipt of the SEC approval with respect to such Form S-1 on or before May 24, 2024 (or such later date as agreed to in writing by the administrative agent in its sole discretion) and (iv) closing the Transactions contemplated by the Purchase Agreement on or before the date that is 25 days after the receipt of SEC approval with respect to the Form S-1. Under the Credit Agreement, the lenders originally committed to providing us with an asset-backed revolving credit facility in an aggregate principal amount of $400,000, which was reduced to $380,000 by the April 2024 amendment. During the 52 weeks ended April 27, 2024, we incurred debt issuance costs totaling $851 related to the April 2024 Credit Agreement amendment.

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). During the 52 weeks ended April 27, 2024, we incurred debt issuance costs totaling $1,929 related to the March 2024 Credit Agreement amendment.

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 52 weeks ended April 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 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 (i) 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 (ii) an Event of Default under the Credit Agreement. During the 52 weeks ended April 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 Consolidated Balance Sheets, and subsequently amortized ratably over the term of the Credit Agreement.

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).

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.

Term Loan

On June 10, 2024, our existing Term Loan Credit Agreement (the "Term Loan") dated June 7, 2022, lenders converted approximately $34,000 of outstanding principal and accrued and unpaid interest into our Common Stock, resulting in financing noncash flow activity totaling $86,755. We recognized a loss on extinguishment of debt of $55,233 in the Consolidated Statement of Operations in connection with the Term Loan debt conversion which represents the difference between the Common Stock fair value issued upon conversion and the net carrying value of the Term Loan, plus unamortized deferred financing costs related to the Term Loan. As a result of the Term Loan Debt Conversion, the Term Loan and its related agreements were terminated. See Note 6. Equity and Earnings (Loss) Per Share.

On June 7, 2022, we entered into a Term Loan Credit Agreement with TopLids LendCo, LLC and Vital Fundco, LLC (the “Term Loan” or “Term Loan Credit Agreement”). The Term Loan provided for term loans in an amount equal to $30,000 and matured on April 7, 2025. The proceeds of the Term Loans were being used to finance working capital, and to pay fees and expenses related to the Term Loan.

The Term Loan provided for term loans in an amount equal to $30,000 and, the loans thereunder, matured on April 7, 2025. The proceeds of the Term Loan were being used to finance working capital, and to pay fees and expenses. During the 53 weeks ended May 3, 2025, we incurred $0 for interest in kind and repaid $0 under the Term Loan, with $0 of outstanding borrowings as of May 3, 2025. During the 52 weeks ended April 27, 2024, we incurred $2,652 for interest in kind and repaid $0, with $32,652 of outstanding borrowings as of April 27, 2024.

The Term Loan accrued 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. Subsequent to July 29, 2023, all interest incurred on the Term Loan was incurred in kind as permitted under the July 2023 Term Loan Amendment and is part of the outstanding debt balance. The Term Loans did not amortize prior to maturity.

The Term Loan did 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 A&R 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 was secured by second-priority liens on all assets securing the obligations under the A&R Credit Agreement, which are all of the assets of the Company and the Guarantors, subject to customary exclusions and limitations set forth in the Term Loan and the other loan documents executed in connection therewith.

The A&R Credit Agreement permits us to incur the Term Loan and also provides that, upon repayment of the Term Loan (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.

The following is a summary of the various Term Loan Credit Agreement amendments.

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 required 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).

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 Credit 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 Credit Agreement remains outstanding, with 2024 fee deferred to the earlier of September 2, 2024 and the Termination Date (as defined in the Term Credit 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 Credit Agreement on the earlier of September 2, 2024 and the Termination Date (as defined in 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.

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.


Dollars in thousands		As of
Balance Sheet Location	Maturity Date/ Amortization Term (a)	May 3, 2025		April 27, 2024
Credit Facility - Prepaid and Other Current Assets	June 9, 2028	$	—	$	—
Credit Facility - Other noncurrent assets		11,597		12,897
Credit Facility - sub-total		11,597		12,897
Term Loan - Contra Debt		—		1,263
Total deferred financing costs		$	11,597	$	14,160

(a) On June 10, 2024, we completed the Transactions, including amending and extending the maturity date of the Credit Facility and converting all outstanding principal and interest amounts owed under our Term Loan Credit Agreement into shares of our Common Stock. For additional information, see Note 9. Debt.

Interest

The following table presents interest expense and cash interest paid:


	53 weeks ended		52 weeks ended
	May 3, 2025		April 27, 2024
Interest Incurred
Credit Facility	$	16,279	$	24,409
Term Loan	1,167		3,984
Total Interest Incurred	$	17,446	$	28,393
Amortization of Deferred Financing Costs
Credit Facility	$	5,014	$	11,910
Term Loan	150		1,240
Total Amortization of Deferred Financing Costs	$	5,164	$	13,150
Interest Income, net of expense	$	(350)	$	(1,178)
Total Interest Expense	$	22,260	$	40,365

Cash Interest Paid	$	17,912	$	24,943

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
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+ Details

Leases

12 Months Ended

May 03, 2025

Leases [Abstract]

Leases

We recognize lease assets and lease liabilities on the Consolidated Balance Sheets for substantially all lease arrangements based on the present value of future lease payments as required by ASC Topic 842, Leases. Our portfolio of leases consists of operating leases comprised of operating 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 have one immaterial finance lease and no 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 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. For variable commissions, we recognize lease expense as incurred. Our lease agreements do not contain any material residual value guarantees, material restrictions or covenants.

We use our incremental borrowing rate to determine the present value of fixed lease payments based on the information available at the lease commencement date, if the rate implicit in the lease is not readily determinable. We utilize an estimated collateralized incremental borrowing rate as of the effective date or the commencement date of the lease, whichever is later.

The following table summarizes lease expenses:


	53 weeks ended		52 weeks ended
			As Restated
	May 3, 2025		April 27, 2024
Variable lease expense	$	134,934	$	132,833
Fixed lease expense	60,515		63,865
Total lease expense	$	195,449	$	196,698

The following table summarizes our minimum fixed lease obligations, excluding variable commissions, as of May 3, 2025:


	As of
	May 3, 2025
Fiscal 2026	$	71,853
Fiscal 2027	35,457
Fiscal 2028	29,448
Fiscal 2029	26,063
Fiscal 2030	19,586
Thereafter	18,469
Total lease payments	200,876
Less: imputed interest	(20,857)
Operating lease liabilities at period end	$	180,019

Future lease payment obligations related to leases that were entered into, but did not commence as of May 3, 2025, were not material.

The following summarizes additional information related to our operating leases:


	As of
	May 3, 2025			April 27, 2024
				As Restated
Weighted average remaining lease term (in years)	4.6 years			4.6 years
Weighted average discount rate	5.5		%	4.8		%

Supplemental cash flow information related to leases is as follows:
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	72,434		$	66,397
Operating cash flows from financing leases	32			—
Financing cash flows from financing leases	370			—
ROU assets obtained in exchange for lease obligations:
Operating leases	24,716			30,090
Financing leases	1,128			—

Supplementary Information	12 Months Ended
Supplementary Information	May 03, 2025
Other Income and Expenses [Abstract]
Supplementary Information	Supplementary Information Other (income) expenses During the 53 weeks ended May 3, 2025, we recognized other income totaling $1,572, comprised primarily of an $8,780 gain related to the termination of liabilities related to a frozen retirement benefit plan (non-cash), primarily offset by $2,095 related to severance and other employee termination and benefit costs associated with elimination of various positions as part of cost reduction initiatives, $2,091 for legal and advisory professional service costs primarily related to restructuring activities and other charges, $1,963 of severance primarily related to the resignation of our former Chief Executive Officer on June 11, 2024, $1,388 of which is included in accrued liabilities in the Consolidated Balance Sheet as of May 3, 2025, and $1,059 related to the settlement of a class action lawsuit and related legal fees. We recognized an increase to additional paid in capital on the Consolidated Balance Sheet for the reimbursement of the former Chief Executive Officer severance from VitalSource (a principal stockholder) as part of the June 10, 2024 financing transactions. During the 52 weeks ended April 27, 2024, we recognized other expense totaling $19,409, comprised primarily of $19,651 for costs associated with professional service costs for restructuring (as discussed below) and process improvements, and $1,097 for severance and other employee termination and benefit costs associated with elimination of various positions as part of cost reduction objectives, partially offset by $1,339 in an actuarial gain related to a frozen retirement benefit plan (non-cash). 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 charges include costs associated with the costs of this committee, as well as other related legal and advisory professional service costs. On June 10, 2024, we completed the Transactions, including the Rights Offering, the Private Investment, the Term Loan Debt Conversion, and the Credit Facility Refinancing, to substantially deleverage our Consolidated Balance Sheet, and provide additional flexibility for working capital needs. For additional information, see Note 9. Debt.

Related Party Transactions	12 Months Ended
Related Party Transactions	May 03, 2025
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions MBS Textbook Exchange, LLC Prior to the acquisition of MBS on February 27, 2017, MBS was considered a related-party as it was majority-owned by Leonard Riggio, who is a principal owner holding substantial shares of our common stock, and other members of the Riggio family. Subsequent to the acquisition, the consolidated financial statements include the accounts of MBS and all material intercompany accounts and transactions have been eliminated in consolidation. MBS leases its main warehouse and distribution facility located in Columbia, Missouri from MBS Realty Partners L.P. which is majority-owned by Leonard Riggio, with the remaining ownership by other sellers of MBS. The lease was originally entered into in 1991 and included a renewal option which extended the lease through September 1, 2023. Effective January 1, 2025, MBS amended the lease agreement to lower the rent and extend the term to December 31, 2028. Rent payments to MBS Realty Partners L.P. were approximately $660 and $690 during the 53 weeks ended May 3, 2025 and 52 weeks ended April 27, 2024, respectively. TopLids LendCo, LLC In December 2020 (Fiscal 2021), we entered into the F/L Relationship to execute a merchandising agreement with Fanatics and Lids which included a strategic equity investment in the Company. Fanatics, Inc. and Lids Holdings, Inc., jointly as TopLids LendCo, LLC (“TopLids”), purchased an aggregate 2,307,692 of our common shares. On June 7, 2022, we entered into a Term Loan Credit Agreement with TopLids LendCo, LLC and Vital Fundco, LLC (see discussion below). On June 10, 2024, we completed the Transactions, including the Rights Offering, the Private Investment, the Term Loan Debt Conversion, and the Credit Facility Refinancing, to substantially deleverage our Consolidated Balance Sheet. TopLids owns approximately 5% of our Common Stock outstanding following the closing of the Transactions. Total commission revenue from the F/L Relationship was $116,546 and $126,886, during the 53 weeks ended May 3, 2025 and 52 weeks ended April 27, 2024, respectively. Total receivables from Fanatics was $1,208 and $1,061, as of May 3, 2025 and April 27, 2024, respectively. For additional information, see Note 1. Organization, Note 6. Equity and Earnings (Loss) Per Share, and Note 9. Debt. VitalSource Technologies, Inc. On June 7, 2022, we entered into a Term Loan Credit Agreement with TopLids LendCo, LLC (see discussion above) and Vital Fundco, LLC (a subsidiary of Vital Technologies, Inc. (“VitalSource”)). We have contracted with VitalSource to provide digitally formatted courseware, from all major publishers. On June 10, 2024, we completed the Transactions, including the Rights Offering, the Private Investment, the Term Loan Debt Conversion, and the Credit Facility Refinancing, to substantially deleverage our Consolidated Balance Sheet. VitalSource owns more than 5% of our Common Stock outstanding following the closing of the Transactions. Total purchases from VitalSource were $454,502 and $331,232, during the 53 weeks ended May 3, 2025 and 52 weeks ended April 27, 2024, respectively. Total accounts payable to VitalSource was $38,484 and $132,611, as of May 3, 2025 and April 27, 2024, respectively. For additional information, see Note 1. Organization, Note 6. Equity and Earnings (Loss) Per Share, and Note 9. Debt. Immersion On June 10, 2024, Immersion purchased a controlling interest in the Company. During Fiscal 2025, the Company reimbursed Immersion approximately $750 in transaction costs related to the purchase and integration due to such transaction.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
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+ Details

Employees Benefit Plans	12 Months Ended
Employees Benefit Plans	May 03, 2025
Retirement Benefits [Abstract]
Employees Benefit Plans	Employees Benefit PlansWe 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, if any. Total employee benefit expense for these plans was $0 and $1,687, during the 53 weeks ended May 3, 2025 and the 52 weeks ended April 27, 2024, 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.

- Definition

The entire disclosure for retirement benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Long-Term Incentive Compensation Expense

12 Months Ended

May 03, 2025

Share-Based Payment Arrangement [Abstract]

Long-Term Incentive Compensation Expense

We have reserved 2,179,093 shares of our common stock for future grants in accordance with the Barnes & Noble Education Inc. Equity Incentive Plan. Types of equity awards that can be granted under the Equity Incentive Plan include options, restricted stock (“RS”), restricted stock units (“RSU”), performance shares (“PS”), performance share units (“PSU”), and phantom share units (or "Phantom Shares").

We recognize compensation expense for restricted stock awards and performance share awards ratably over the requisite service period of the award, which is generally three years. We recognize compensation expense for these awards based on the number of awards expected to vest, which includes an estimated average forfeiture rate. We calculate the fair value of these awards based on the closing stock price on the date the award was granted. For those awards with market conditions, we have determined the grant date fair value using the Monte Carlo simulation model and compensation expense is recognized ratably over the requisite service period regardless of whether the market condition is satisfied.

Restricted Stock Awards

An RS award is an award of common stock that is subject to certain restrictions during a specified period. RS awards are generally subject to forfeiture if employment terminates prior to the release of the restrictions. The grantee cannot transfer the shares before the restricted shares vest. Shares of unvested restricted stock have the same voting rights as common stock, are entitled to receive dividends and other distributions thereon (although payment may be deferred until the shares have vested) and are considered to be currently issued and outstanding. RS awards will have a minimum vesting period of one year.

An RSU is a grant valued in terms of our common stock, but no stock is issued at the time of grant. Each RSU may be redeemed for one share of our common stock once vested. RSUs are generally subject to forfeiture if employment terminates prior to the release of the restrictions. The grantee cannot transfer the units except in very limited circumstances and with the consent of the compensation committee. Shares associated with unvested RSUs have no voting rights but are entitled to receive dividends and other distributions thereon (although payment may be deferred until the units have vested). RSUs generally vest over a period of three years, but will have a minimum vesting period of one year.

Phantom Shares

Phantom Shares were granted to employees. Each Phantom Share represents the economic equivalent to one share of the Company's common stock and will be settled in cash based on the fair market value of a share of common stock at each vesting date in an amount not to exceed a specific value per share. The Phantom Shares vest and settle in three equal installments commencing one year after the date of grant. The fair value of the Phantom Shares was determined using the closing stock price on the date of the award less the fair value of the call option which was estimated using the Black-Scholes model. The fair value of the liability for the cash-settled Phantom Share awards will be remeasured at the end of each reporting period through settlement to reflect current risk-free rate and volatility assumptions.

As of May 3, 2025 and April 27, 2024, respectively, we recorded an immaterial liability (Level 2 input) related to phantom share unit grants which is reflected in accrued liabilities on the Consolidated Balance Sheets.

Stock Options

For stock options granted with an "at market" exercise price, we determined the grant fair value using the Black-Scholes model and for stock options granted with "a premium" exercise price, we determined the grant date fair value using the Monte Carlo simulation model. The fair value models for stock options use assumptions that include the risk-free interest rate, expected volatility, expected dividend yield and expected term of the options. The risk-free interest rate is based on United States Treasury yields in effect at the date of grant for periods corresponding to the expected stock option term. The expected stock option term represents the weighted average period of time that stock options granted are expected to be outstanding, based on vesting schedules and the contractual term of the stock options. Volatility is based on the historical volatility of the Company’s common stock over a period of time corresponding to the expected stock option term. The stock options are exercisable in four equal annual installments commencing one year after the date of grant and have a ten-year term. Holders are not entitled to receive dividends (if any) prior to vesting and exercise of the options.

Long-Term Incentive Compensation Activity

On June 11, 2024, we completed the Reverse Stock Split, which was approved by stockholders at a special meeting held on June 5, 2024. In connection with the Reverse Stock Split, every 100 shares of the common stock issued and outstanding were converted into one share of the Company’s common stock. The following table presents a summary of awards activity related to our current Equity Incentive Plan and reflects the Reverse Stock Split for all periods presented:


	Restricted Stock Awards			Restricted Stock Units			Phantom Shares			Performance Share Units
	Number of Shares	Weighted Average Grant Date Fair Value		Number of Shares	Weighted Average Grant Date Fair Value		Number of Shares	Weighted Average Grant Date Fair Value		Number of Shares	Weighted Average Grant Date Fair Value
Balance, April 27, 2024	—	$	—	4,853	$	503.72	468	$	850.00	—	$	—
Granted	111,484	$	9.79	68,731	$	9.46	—	$	—	1,729,750	$	9.55
Vested	(29,764)	$	9.79	(9,515)	$	147.17	(428)	$	—	—	$	—
Forfeited	—	$	—	(2,076)	$	448.33	(40)	$	—	(92,800)	$	9.61
Balance, May 3, 2025	81,720	$	9.79	61,993	$	12.39	—	$	—	1,636,950	$	9.55

As of the 53 weeks ended May 3, 2025, we granted the following awards under the Equity Incentive Plan:

•On June 18, 2024, we granted 7,441 RSUs and 29,764 RSAs to members of the Board of Directors. The RSAs vested on September 18, 2024.

•On September 20, 2024, we granted 61,290 RSUs and 81,720 RSAs to members of the Board of Directors. The RSUs vest on the earlier of one year from the date of grant or the next annual meeting of stockholders.

•On September 20, 2024, we granted 1,533,250 PSUs to employees that include both a service condition and a market condition in order for PSUs to vest. The PSUs vest upon our Common Stock achieving a specified price per share (measured using a 100-day average volume weighted average price ("VWAP") for each of three tranches), and continued employment through a specified date. There is a period of seven years from the grant date in order to achieve the specific target share price. We have determined the grant date fair value using the Monte Carlo simulation model and compensation expense is recognized ratably over the derived service period regardless of whether the market condition is satisfied. The fair value models for the PSUs use assumptions that include the risk-free interest rate and expected volatility. The risk-free interest rate is based on United States Treasury yields in effect at the date of grant for periods corresponding to the expected PSU term. Volatility is based on the historical volatility of the Company’s Common Stock over a period of time corresponding to the expected PSU term.

•On February 21, 2025, March 12, 2025, and March 31, 2025, we granted 77,000, 112,000 and 7,500 PSUs, respectively, to employees that include both a service condition and market condition in order for PSUs to vest. The PSUs vest upon our Common Stock achieving a specified price per share (measured using a 100-trading-day average VWAP for each of three tranches), and continued employment through a specified date. There is a period of seven years from the grant date in order to achieve the specific target share price. We have determined the grant date fair value using the Monte Carlo simulation model and compensation expense is recognized ratably over the derived

service period regardless of whether the market condition is satisfied. The fair value models for the PSUs use assumptions that include the risk-free interest rate and expected volatility. The risk-free interest rate is based on United States Treasury yields in effect at the date of grant for periods corresponding to the expected PSU term. Volatility is based on the historical volatility of the Company’s Common Stock over a period of time corresponding to the expected PSU term.


September 20, 2024	PSU Tranche #1			PSU Tranche #2			PSU Tranche #3
Performance Milestone (VWAP)	$	10.00		$	15.00		$	20.00
Valuation method utilized	Monte Carlo			Monte Carlo			Monte Carlo
Risk-free interest rate	3.53		%	3.53		%	3.53		%
Company volatility	119.84		%	119.84		%	119.84		%
Derived service period	1.0 year			2.0 years			3.0 years
Grant date fair value per award	$	9.74		$	9.62		$	9.46


February 21, 2025	PSU Tranche #1			PSU Tranche #2			PSU Tranche #3
Performance Milestone (VWAP)	$	10.00		$	15.00		$	20.00
Valuation method utilized	Monte Carlo			Monte Carlo			Monte Carlo
Risk-free interest rate	4.27		%	4.27		%	4.27		%
Company volatility	120.50		%	120.50		%	120.50		%
Derived service period	0.40 years			0.67 years			1.00 year
Grant date fair value per award	$	10.10		$	10.02		$	9.94


March 12, 2025	PSU Tranche #1			PSU Tranche #2			PSU Tranche #3
Performance Milestone (VWAP)	$	10.00		$	15.00		$	20.00
Valuation method utilized	Monte Carlo			Monte Carlo			Monte Carlo
Risk-free interest rate	4.13		%	4.13		%	4.13		%
Company volatility	120.51		%	120.51		%	120.51		%
Derived service period	0.41 years			0.87 years			1.21 years
Grant date fair value per award	$	8.46		$	8.38		$	8.29


March 31, 2025	PSU Tranche #1			PSU Tranche #2			PSU Tranche #3
Performance Milestone (VWAP)	$	10.00		$	15.00		$	20.00
Valuation method utilized	Monte Carlo			Monte Carlo			Monte Carlo
Risk-free interest rate	4.03		%	4.03		%	4.03		%
Company volatility	120.68		%	120.68		%	120.68		%
Derived service period	0.40 years			0.63 years			0.96 years
Grant date fair value per award	$	10.41		$	10.32		$	10.24


	Stock Options
	Number of Shares	Weighted Average Grant Date Fair Value		Weighted Average Exercise Price
Balance, April 27, 2024	25,190	$	241.00	$	524.00
Granted	—	$	—	$	—
Exercised	—	$	—	$	—
Forfeited	(6,978)	$	269.24	$	562.92
Expired	(14,394)	$	222.71	$	496.92
Balance, May 3, 2025	3,818	$	261.35	$	552.07
Exercisable, May 3, 2025	3,200	$	248.85	$	533.70

The aggregate grant date fair value of stock options that vested during the 53 weeks ended May 3, 2025 and the 52 weeks ended April 27, 2024 was $566 and $1,540, respectively.

Total fair value of vested share awards during the periods ended May 3, 2025 and April 27, 2024 was $2,258 and $4,405, respectively.

Long-Term Incentive Compensation Expense

We recognized compensation expense for long-term incentive plan awards in selling and administrative expenses as follows:



	53 weeks ended		52 weeks ended
	May 3, 2025		April 27, 2024
Stock-based awards
Restricted stock expense	$	667	$	11
Restricted stock units expense	604		2,041
Performance share units expense (a)	4,913		—
Stock option expense(b)	(798)		1,328
Sub-total stock-based awards:	$	5,386	$	3,380
Cash settled awards
Phantom share units expense	$	(4)	$	(154)
Total compensation expense for long-term incentive awards	$	5,382	$	3,226

(a) Long-term incentive compensation expense reflects cumulative adjustments to reflect changes to the expected level of achievement of the respective grants.

(b) The stock option expense for the 53 weeks ended May 3, 2025 was primarily impacted due to forfeitures resulting from the resignation of our former Chief Executive Officer on June 11, 2024.

Total unrecognized compensation cost related to unvested awards as of May 3, 2025 was $11,384 and is expected to be recognized over a weighted-average period of 1.86 years.

Income Taxes

12 Months Ended

May 03, 2025

Income Tax Disclosure [Abstract]

Income Taxes

For Fiscal 2025 and Fiscal 2024, we had no material revenue or expense in jurisdictions outside the United States other than India.

Impact of U.S. Tax Reform

On March 27, 2020, the Coronavirus Aid, Relief, and Economic Security Act (The “CARES Act”) was enacted. We have analyzed the provisions, which provide for a technical correction to allow for full expensing of qualified leasehold improvements, modifications to charitable contributions and net operating loss limitations (“NOLs”), modifications to the deductibility of business interest expense, as well as Alternative Minimum Tax (“AMT”) credit acceleration. The most

significant impact of the legislation for the Company was an income tax benefit of $7,164 for the carryback of NOLs to higher tax rate years, recorded in Fiscal 2021. As of May 3, 2025, we recognized a current income tax receivable for NOL carrybacks in prepaid and other current assets on the Consolidated Balance Sheet. We received a $15,774 refund in Fiscal 2023 and a $7,621 refund in Fiscal 2024 and a final refund of $2,403 in Fiscal 2025.

The components of Income tax expense are as follows:


	53 weeks ended		52 weeks ended
	May 3, 2025		April 27, 2024
Current:			As Restated
Federal	$	3,484	$	—
State	1,329		318
International	272		417
Total Current	5,085		735
Deferred:
Federal	(829)		123
State	—		—
International	—		—
Total Deferred	(829)		123
Total	$	4,256	$	858

Reconciliation between the effective income tax rate and the federal statutory income tax rate is as follows:


	53 weeks ended		52 weeks ended
	May 3, 2025		April 27, 2024
			As Restated
Federal statutory income tax rate	21.0	%	21.0	%
State income taxes, net of federal income tax benefit	(0.4)		2.5
Permanent book / tax differences	(18.1)		(1.4)

Changes in valuation allowance	(8.9)		(23.2)
Other, net	(0.5)		(0.1)
Effective income tax rate	(6.9)	%	(1.2)	%

The effective tax rate for the 53 weeks ended May 3, 2025 is lower than the prior year comparable period due to permanent differences related to the debt-to-equity conversion, attribute limitations due to IRC 382, and valuation allowance movement.

One percentage point on our Fiscal 2025 effective tax rate is approximately $616. The other permanent book to tax differences are principally comprised of a loss on the conversion of debt to equity, non-deductible officer's compensation, and non-deductible stock compensation.

We account for income taxes using the asset and liability method. Deferred taxes are recorded based on differences between the financial statement basis and tax basis of assets and liabilities and available tax loss and credit carryforwards.

The significant components of our deferred taxes consisted of the following:


	As of
	May 3, 2025		April 27, 2024
			As Restated
Deferred tax assets:
Estimated accrued liabilities	$	7,061	$	3,279
Inventory	18,964		19,402
Stock-based compensation	1,809		979

Operating lease liabilities	43,582		52,070
Tax credits	1,072		1,131
Goodwill	6,395		7,329
Divestitures & Capital Losses	2,796		—
Net operating losses	65,404		81,714
Interest carryforwards	14,889		14,897
Property and equipment	2,514		795
Other	1,398		4,071
Gross deferred tax assets	165,884		185,667
Valuation allowance	(84,566)		(79,065)
Net deferred tax assets	81,318		106,602
Deferred tax liabilities:
Intangible asset amortization	(16,304)		(19,757)
Operating lease right-of-use assets	(46,955)		(55,417)
Deferred Financing Costs	(2,250)		—
LIFO inventory valuation	(16,944)		(33,392)

Gross deferred tax liabilities	(82,453)		(108,566)
Net deferred tax liability	$	(1,135)	$	(1,964)

As of May 3, 2025 and April 27, 2024, we had $0 of unrecognized tax benefits.

Our policy is to recognize interest and penalties related to income tax matters in income tax expense. As of both May 3, 2025 and April 27, 2024, we had accrued $0 for net interest and penalties.

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. In evaluating our ability to utilize our deferred tax assets, we considered all available evidence, both positive and negative, in determining future taxable income on a jurisdiction-by-jurisdiction basis. As of May 3, 2025, we recorded a valuation allowance of $84,566 compared to $79,065 as of April 27, 2024, a net increase of $5,501 due to fluctuations in U.S. deferred tax assets and liabilities.

As of May 3, 2025, we had state NOL carryforwards of approximately $406,041, which will begin to expire in 2026, state tax credit carryforwards totaling $295 which will begin to expire in 2025, federal tax credit carryforward of $1,071 which will begin to expire in 2040 and federal NOLs of approximately $211,913, which have an indefinite carryforward period.

As of May 3, 2025, we recorded $229 of foreign withholding tax related to future repatriations of earnings from certain foreign subsidiaries.

We are subject to U.S. federal income tax, as well as income tax in jurisdictions of each state having an income tax. The tax years that remain subject to examination are primarily Fiscal 2018 and forward. Some earlier years remain open for a small minority of states.

Under Sections 382 and 383 of the Internal Revenue Code of 1986, as amended (the “Code”), if a corporation undergoes an “ownership change” (generally defined as a cumulative change in our ownership by “5-percent shareholders” that exceeds 50 percentage points over a rolling three-year period), the corporation’s ability to use its pre-change net operating losses and certain other pre-change tax attributes to offset its post-change income and taxes may be limited. Similar rules may apply under state tax laws. As a result of the Rights Offering, Backstop Commitment, Private Investment, and Term Loan Debt Conversion completed on June 10, 2024, we may have experienced an ownership change as defined by Sections 382 and 383. The Company conducted a study to determine if an ownership change occurred. It was determined that an ownership change occurred under Section 382 and 383, and the corresponding annual limitations materially impact the utilization of our tax attributes including our $211,913 NOL carryforwards, $60,195 disallowed interest expense carryforwards, and $1,071 tax credit carryforwards as of May 3, 2025. The Company anticipates that $63,092 of these tax attributes will be made available during Fiscal 2026 and Fiscal 2027. The Company does not have any material uncertain tax positions requiring recognition in the financial statements as of May 3, 2025.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Legal Proceedings	12 Months Ended
Legal Proceedings	May 03, 2025
Commitments and Contingencies Disclosure [Abstract]
Legal Proceedings	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. We record a liability when we believe that it is both probable that a loss has been incurred and the amount of loss can be reasonably estimated. Based on our current knowledge, we do not believe that there is a reasonable possibility that the final outcome of any pending or threatened legal proceedings to which we or any of our subsidiaries are a party, either individually or in the aggregate, will have a material adverse effect on our future financial results. However, legal matters are inherently unpredictable and subject to significant uncertainties, some of which are beyond our control. As such, there can be no assurance that the final outcome of these matters will not materially and adversely affect our business, financial condition, results of operations or cash flows.

Commitments and Contingencies

12 Months Ended

May 03, 2025

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

We generally operate our physical bookstores pursuant to multi-year school management contracts under which a school designates us to operate the official school physical bookstore on campus and we provide the school with regular payments that represent a percentage of store sales and, in some cases, include a minimum fixed guaranteed payment. We account for these operating agreements for our physical bookstores under lease accounting. We recognize lease assets and lease liabilities on the Consolidated Balance Sheets for substantially all fixed lease arrangements (excluding variable obligations) with a term greater than twelve months. For additional information on lease expense and minimum fixed lease obligations, excluding variable commissions, see Note 10. Leases.

Purchase obligations, which includes information technology contracts, as of May 3, 2025, are as follows:


Less Than 1 Year	$	9,970
1-3 Years	4,209
3-5 Years	2,074
Total	$	16,253

Concentration Risk	12 Months Ended
Concentration Risk	May 03, 2025
Risks and Uncertainties [Abstract]
Concentration Risk	Concentration RiskThe Company purchases a significant portion of its merchandise from a related-party supplier, which accounted for approximately 45% of total purchases for the fiscal year ended May 3, 2025. In accordance with ASC 850 – Related Parties, the Company discloses this related-party relationship and evaluates all transactions with this supplier to ensure they are conducted on terms comparable to those with unrelated parties. While the Company actively monitors supplier performance, seeks to diversify its supplier base, and pursues alternative sources of supply where feasible, a disruption in the supply chain from this supplier could have a material adverse effect on the Company’s operations and financial results.

- Definition

The entire disclosure for any concentrations existing at the date of the financial statements that make an entity vulnerable to a reasonably possible, near-term, severe impact. This disclosure informs financial statement users about the general nature of the risk associated with the concentration, and may indicate the percentage of concentration risk as of the balance sheet date.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (d)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-21

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (d)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-21

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (c)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-21

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (c)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-21

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-21

Reference 6: http://www.xbrl.org/2003/role/exampleRef
-Topic 275
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 3A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482836/275-10-55-3A

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 275
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482861/275-10-50-2A

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 275
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482861/275-10-50-1

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 275
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/275/tableOfContent

+ Details

Selected Quarterly Financial Information (Unaudited)

12 Months Ended

May 03, 2025

Quarterly Financial Information Disclosure [Abstract]

Selected Quarterly Financial Information (Unaudited)

Prior to filing the Company’s May 3, 2025, Form 10-K, management determined that both the cost of digital sales and the expense recognition for store operating agreements under ASC 842, Leases, had been recorded inappropriately. In addition, as a part of completing our year-end financial statement close and preparation of our consolidated financial statements and related disclosures for the fiscal year ended May 3, 2025, we determined we had additional errors related to Textbook rental inventory and a legal settlement, see Note 2, Summary of Significant Accounting Policies for further detail. The Company's Audit

Committee of the Company's Board of Directors concluded it is appropriate to restate the unaudited quarterly condensed consolidated financial statements for the 13 weeks ended July 29 , 2023, October 28, 2023, January 27, 2024, July 27, 2024, October 26, 2024 and January 25, 2025.

A summary of quarterly financial information for the 53 weeks and 52 weeks ended May 3, 2025 and April 27, 2024, respectively, is as follows:


	13 Weeks Ended(a)						14 Weeks Ended(a)
	As Restated		As Restated		As Restated
	July 27, 2024		October 26, 2024		January 25, 2025		May 3, 2025
Sales	$	263,431	$	602,122	$	462,825	$	281,792
Gross profit	$	44,996	$	128,477	$	93,750	$	70,581


Net (loss) income (b)(c)(d)	$	(103,925)	$	43,162	$	17,942	$	(23,004)

(Loss) earnings per common share: (e)

Basic and Diluted
Total Basic (Loss) Earnings per share	$	(7.69)	$	1.63	$	0.59	$	(0.68)
Weighted average common shares outstanding - Basic:	13,510,667		26,527,174		30,507,723		34,053,847

Total Diluted (Loss) Earnings per share	$	(7.69)	$	1.63	$	0.59	$	(0.68)
Weighted average common shares outstanding - Diluted:	13,510,667		26,541,804		30,642,958		34,053,847

(a) For information related to quarterly seasonality and other variance components, see Note 2. Basis of Presentation and Summary of Significant Accounting Policies - Seasonality.

(b) Includes $3,618, $(150), $(6,268), and $1,228 of other (income) expense for the 13 weeks ended July 27, 2024, October 26, 2024, January 25, 2025 and 14 weeks ended May 3, 2025, respectively.

(c) Includes $0, $0, $1,713, and $0 of impairment loss (non-cash) for the 13 weeks ended July 27, 2024, October 26, 2024, January 25, 2025 and 14 weeks ended May 3, 2025, respectively.

(d) Includes $7,618, $5,463, $5,083, and $4,096 of interest expense for the 13 weeks ended July 27, 2024, October 26, 2024, January 25, 2025 and 14 weeks ended May 3, 2025, respectively.

(e) On June 10, 2024, we completed various Transactions, including an equity rights offering. Because the rights issuance was offered to all existing stockholders at an exercise price that was less than the fair value of our common stock, as of such time, the weighted average shares outstanding and basic and diluted earnings (loss) per share were adjusted retroactively to reflect the bonus element of the rights offering for all periods presented by a factor of 5.03.

On June 11, 2024, we completed a reverse stock split of our outstanding shares of common stock at a ratio of 1-for-100 in which every 100 shares of the common stock issued and outstanding were converted into one share of our common stock.

The weighted average common shares and loss per common share reflect the bonus element resulting from the equity rights offering and the reverse stock split for all periods presented on the Consolidated Statements of Operations.


	13 Weeks Ended (a)
	As Restated
	July 29, 2023		October 28, 2023		January 27, 2024		April 27, 2024
Sales	$	264,161	$	610,379	$	456,673	$	235,922
Gross profit	$	48,205	$	140,697	$	100,601	$	55,410
(Loss) income from continuing operations, net of tax (b)(c)(d)	$	(52,500)	$	29,091	$	(9,621)	$	(41,989)
(Loss) income from discontinued operations, net of tax	$	(417)	$	(674)	$	289	$	72
Net (loss) income (b)(c)(d)	$	(52,917)	$	28,417	$	(9,332)	$	(41,917)

(Loss) earnings per common share: (e)
Basic and Diluted
Continuing operations	$	(19.83)	$	10.96	$	(3.60)	$	(15.71)
Discontinued operations	(0.16)		(0.25)		0.11		0.02
Total Basic (Loss) Earnings per share	$	(19.99)	$	10.71	$	(3.49)	$	(15.69)
Weighted average common shares outstanding - Basic:	2,647,536		2,655,006		2,673,240		2,673,403

Continuing operations	$	(19.83)	$	10.95	$	(3.60)	$	(15.71)
Discontinued operations	(0.16)		(0.25)		0.11		0.02
Total Diluted (Loss) Earnings per share	$	(19.99)	$	10.70	$	(3.49)	$	(15.69)
Weighted average common shares outstanding - Diluted:	2,647,536		2,655,799		2,673,240		2,673,403

(a) For information related to quarterly seasonality and other variance components, see Part II - Item 7. Management's Discussion and Analysis - Results of Operations and Note 2. Basis of Presentation and Summary of Significant Accounting Policies - Seasonality.

(b) Includes $4,633, $4,274, $3,413, and $7,089 of restructuring and other charges for the 13 weeks ended July 29, 2023, October 28, 2023, January 27, 2024 and April 27, 2024, respectively.

(c) Includes $0, $0, $5,798, and $1,368 of impairment loss (non-cash) for the 13 weeks ended July 29, 2023, October 28, 2023, January 27, 2024 and April 27, 2024, respectively.

(d) Includes $8,254, $10,664, $10,620, and $10,827 of interest expense for the 13 weeks ended July 29, 2023, October 28, 2023, January 27, 2024 and April 27, 2024, respectively.

(e) On June 10, 2024, we completed various transactions, including an equity rights offering. Because the rights issuance was offered to all existing stockholders at an exercise price that was less than the fair value of our Common Stock, as of such time, the weighted average shares outstanding and basic and diluted earnings (loss) per share were adjusted retroactively to reflect the bonus element of the rights offering for all periods presented by a factor of 5.03.

On June 11, 2024, we completed a reverse stock split of our outstanding shares of common stock at a ratio of 1-for-100 in which every 100 shares of the common stock issued and outstanding were converted into one share of our common stock.

The weighted average common shares and loss per common share reflect the bonus element resulting from the equity rights offering and the reverse stock split for all periods presented on the Consolidated Statements of Operations.

Subsequent Events	12 Months Ended
Subsequent Events	May 03, 2025
Subsequent Events [Abstract]
Subsequent Events	As previously disclosed, the Company was unable to timely file certain periodic reports due to the completion of a review of certain accounting matters and, as a result, has restated its previously issued consolidated financial statements for certain prior periods, as described in Note 2, Basis of Presentations and Summary of Significant Accounting Policies. Subsequent to May 3, 2025, the Company entered into limited consent and waiver arrangements with its lenders related to the timing of required financial statement deliveries and was in compliance with the applicable terms of these arrangements as of the issuance date of these financial statements.

Restatement of Quarterly Financial Information (Unaudited)

12 Months Ended

May 03, 2025

Accounting Changes and Error Corrections [Abstract]

Restatement of Quarterly Financial Information (Unaudited)

Restatement of Previously Issued Audited Consolidated Financial Statements

Subsequent to filing the Company's April 27, 2024 Annual Report on Form 10-K for the fiscal year ended April 27, 2024 with the SEC on July 1, 2024, the Company determined that the accounting for certain transactions related to the cost of sales for digital content, its accounting for leases in accordance with ASC 842, and certain other immaterial accounting transactions resulted in a material misstatement to its previously reported financial statements. See Restatement of Previously Issued Consolidated Financial Statements in Note 2 - Basis of Presentation and Summary of Significant Accounting Policies for additional information.

As a result, the Company has restated its audited financial statements for the fiscal year ended April 27, 2024, to reflect the impact of these errors. The Company has also restated the impacted amounts within the accompanying Notes to the Consolidated Financial Statements. Below are tables that reconcile the previously filed audited financial statements with the "As Restated" financial statements on this Form 10-K.

The following table reflects the impact of the restatements to the specific line items presented in the Company’s previously reported Consolidated Statement of Operations for the fiscal year ended April 27, 2024:

Summary of Restatements

Consolidated Statements of Operations


	April 27, 2024
	Digital Cost Of Sales (a)

Product and other cost of sales	$	5,739


	Leases (b)

Product and other cost of sales	$	3,858
Rental cost of sales	$	327
Income tax expense	$	675

	Other Adjustments (c)


Rental cost of sales	$	1,939


	Total Statement Of Operations


Product and other cost of sales	$	9,597
Rental cost of sales	$	2,266

Income tax expense (e)	$	675

Consolidated Balance Sheets


	As of
	April 27, 2024
	Digital Cost Of Sales (a)
Accounts receivable	$	(5,272)



Accrued liabilities	467

Accumulated deficit	(5,739)

	Leases (b)
Operating lease right-of-use assets	14,814
Accrued liabilities	20,714
Current operating lease liabilities	(25,246)
Long-term deferred taxes, net	675
Long-term operating lease liabilities	(1,566)
Accumulated deficit (d)	20,237

	Other Adjustments (c)

Textbook rental inventories	(4,677)


Accumulated deficit (d)	(4,677)

	Total Balance Sheet
Accounts receivable	(5,272)
Textbook rental inventories	(4,677)


Operating lease right-of-use assets	14,814
Accrued liabilities	21,181
Current operating lease liabilities	(25,246)
Long-term deferred taxes, net	675
Long-term operating lease liabilities	(1,566)
Accumulated deficit	$	9,821

(a) Reflects adjustments to correct errors related to the recording of Cost of Digital Sales

(b) Reflects adjustments related to the Company's accounting for its store operating agreements in accordance with ASC 842, Leases.

(c) Reflects adjustments related to Textbook rental inventory write-offs.

(d) Reflects adjustments of $25,097 related to lease accounting and $(2,738) related to rental-inventory write-off, each pertaining to periods prior to fiscal 2024.

(e) Reflects the corresponding tax impact recorded for the restatement adjustments.

The following table reflects the impact of the restatements to the specific line items presented in the Company’s previously reported Consolidated Statement of Operations for the year ended April 27, 2024 (in thousands, except share and share data):


	52 Weeks Ended April 27, 2024
	As Previously		Adjustments(1)		As Restated
	Reported
Sales:
Product sales and other	$	1,430,456	$	—	$	1,430,456
Rental income	136,679		—		136,679
Total sales	1,567,135		—		1,567,135
Cost of sales (exclusive of depreciation and amortization expense):
Product and other cost of sales	1,135,376		9,597		1,144,973
Rental cost of sales	74,983		2,266		77,249
Total cost of sales	1,210,359		11,863		1,222,222
Gross profit	356,776		(11,863)		344,913
Selling and administrative expenses	311,574		—		311,574
Depreciation and amortization expense	40,560		—		40,560
Impairment loss	7,166		—		7,166
Other expense	19,409		—		19,409
Operating loss	(21,933)		(11,863)		(33,796)

Interest expense, net	40,365		—		40,365
Loss from continuing operations before income taxes	(62,298)		(11,863)		(74,161)
Income tax expense	183		675		858
Loss from continuing operations, net of tax	(62,481)		(12,538)		(75,019)
Loss from discontinued operations	(730)		—		(730)
Net loss	$	(63,211)	$	(12,538)	$	(75,749)

Loss per share of Common Stock
Basic and Diluted
Continuing operations	$	(23.47)	$	(4.71)	$	(28.18)
Discontinued operations	$	(0.28)	$	—	$	(0.28)
Total Basic and Diluted Net Loss per share	$	(23.75)	$	(4.71)	$	(28.46)
Weighted average shares of common stock outstanding - Basic and Diluted	2,662,296				2,662,296

(1) See Summary of Restatements above.

The following table reflects the impact of the restatements to the specific line items presented in the Company’s previously reported Consolidated Balance Sheet as of April 27, 2024 (in thousands, except share and share data):


	52 Weeks Ended April 27, 2024
	As Previously		Opening		Adjustment(1)		As Restated
	Reported		Adjustments
ASSETS
Current assets:
Cash and cash equivalents	$	10,459	$	—	$	—	$	10,459
Accounts receivable	104,110		—		(5,272)		98,838
Merchandise inventories, net	344,037		—		—		344,037
Textbook rental inventories	32,992		(2,738)		(1,939)		28,315
Prepaid expenses and other current assets	39,158		—		—		39,158

Total current assets	530,756		(2,738)		(7,211)		520,807
Property and equipment, net	52,912		—		—		52,912
Operating lease right-of-use assets	202,522		11,795		3,019		217,336
Intangible assets, net	94,191		—		—		94,191


Other noncurrent assets	24,703		—		—		24,703
Total assets	905,084		9,057		(4,192)		909,949
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable	299,157		—		—		299,157
Accrued liabilities	77,441		15,182		5,999		98,622
Current operating lease liabilities	102,206		(22,170)		(3,076)		76,960


Total current liabilities	478,804		(6,988)		2,923		474,739
Long-term deferred taxes, net	1,289		—		675		1,964
Long-term operating lease liabilities	142,193		(6,314)		4,748		140,627
Other long-term liabilities	15,882		—		—		15,882
Long-term borrowings	196,337		—		—		196,337
Total liabilities	$	834,505	$	(13,302)	$	8,346	$	829,549
Commitments and contingencies (Note 17)
Stockholders' equity:

Preferred stock, $0.01 par value; authorized, 5,000,000 shares; 0 shares issued and 0 shares outstanding	—		—		—		—
Common stock, $0.01 par value; authorized, 200,000,000 shares; issued and outstanding, 558,402 and 531,564 shares, respectively	6		—		—		6
Additional paid-in capital	749,692		—		—		749,692
Accumulated deficit	(656,567)		22,359		(12,538)		(646,746)
Treasury stock, at cost	(22,552)		—		—		(22,552)
Total stockholders' equity	$	70,579	$	22,359	$	(12,538)	$	80,400
Total liabilities and stockholders' equity	$	905,084	$	9,057	$	(4,192)	$	909,949

(1) See Summary of Restatements above.

The following table reflects the impact of the restatement to the specific line items presented in the Company's previously reported Consolidated Statement of Cash Flows for the year ended April 27, 2024 (in thousands):


	52 Weeks Ended April 27, 2024
	As Previously		Adjustment(1)		As Restated
	Reported
Cash flows from operating activities:
Net loss	$	(63,211)	$	(12,538)	$	(75,749)
Less: Loss from discontinued operations, net of tax	(730)		—		(730)
Loss from continuing operations, net of tax	(62,481)		(12,538)		(75,019)
Adjustments to reconcile net loss from continuing operations to net cash flows from operating activities from continuing operations:
Depreciation and amortization expense	40,560		—		40,560
Impairment loss (non cash)	7,166		—		7,166

Amortization of deferred financing costs	13,150		—		13,150
Interest expense (paid-in-kind)	2,652		—		2,652
Deferred taxes	(550)		675		125
Stock-based compensation expense	3,380		—		3,380
Changes in operating lease right-of-use assets and liabilities	24		(1,346)		(1,322)
Changes in other long-term assets and liabilities and other, net	(20,997)		—		(20,997)
Changes in other operating assets and liabilities, net:
Receivables, net	(11,598)		5,272		(6,326)
Merchandise inventories	(21,058)		—		(21,058)
Textbook rental inventories	(2,643)		1,939		(704)
Prepaid expenses and other current assets	31,593		—		31,593
Accounts payable and accrued liabilities	19,257		5,998		25,255
Changes in other operating assets and liabilities, net	15,551		13,209		28,760
Net cash flows used in operating activities from continuing operations	(1,545)		—		(1,545)
Net cash flows used in operating activities from discontinued operations	(3,577)		—		(3,577)
Net cash flows used in operating activities	(5,122)		—		(5,122)
Cash flows from investing activities:
Purchases of property and equipment	(14,070)		—		(14,070)
Proceeds from the sale of fixed assets	78		—		78
Net cash flows used in investing activities from continuing operations	(13,992)		—		(13,992)
Net cash flows provided by investing activities from discontinued operations	21,395		—		21,395
Net cash flows provided by investing activities	7,403		—		7,403
Cash flows from financing activities:			—
Proceeds from borrowings	563,023		—		563,023
Repayments of borrowings	(552,230)		—		(552,230)
Payment of deferred financing costs	(16,316)		—		(16,316)






Purchase of treasury shares	(176)		—		(176)

Net cash flows used in financing activities	(5,699)		—		(5,699)
Net decrease in cash, cash equivalents, and restricted cash	(3,418)		—		(3,418)
Cash, cash equivalents, and restricted cash at beginning of year	31,988		—		31,988
Cash, cash equivalents, and restricted cash of continuing operations at end of year	$	28,570	$	—	$	28,570

(1) See Summary of Restatements above.

Restatement of Quarterly Financial Information (Unaudited)

Prior to filing the Company's Annual Report on Form 10-K for the fiscal year ended May 3, 2025, management determined that there were errors made related to the recording of digital cost of sales, as well as its expense recognition for its store operating agreements, which was not recorded in accordance with ASC Topic 842, Leases. In addition, as a part of completing our year-end financial statement close and preparation of our consolidated financial statements and related disclosures for the fiscal year ended May 3, 2025, we determined we had additional errors related to Textbook rental inventory and a legal settlement, see Note 2, Summary of Significant Accounting Policies for further detail. The Company's Audit Committee of the Board of Directors concluded that it is appropriate to restate the unaudited quarterly condensed consolidated financial statements for the quarterly periods ended July 29, 2023, October 28, 2023, January 27, 2024, July 27, 2024, October 26, 2024, and January 25, 2025 (collectively, the "Restated Periods").

The following tables summarize the impact of the restatements on the Company’s unaudited quarterly condensed consolidated financial statements for the Restated Periods:

Summary of Restatements

Consolidated Statements of Operations


	July 27, 2024		October 26, 2024		January 25, 2025		July 29, 2023		October 28, 2023		January 27, 2024		April 27, 2024
	Digital Cost Of Sales (a)
Total sales	$	—	$	—	$	(3,500)	$	—	$	—	$	—	$	—
Product and other cost of sales	$	(659)	$	12,409	$	(2,050)	$	—	$	—	$	(2,513)	$	8,252
Rental cost of sales	$	—	$	641	$	143	$	—	$	—	$	—	$	—
Income tax expense (benefit)	$	2,458	$	(2,542)	$	(12,655)	$	—	$	—	$	—	$	—

	Leases (b)
	July 27, 2024		October 26, 2024		January 25, 2025		July 29, 2023		October 28, 2023		January 27, 2024		April 27, 2024
Product and other cost of sales	$	2,619	$	(3,475)	$	993	$	2,266	$	(3,880)	$	1,898	$	3,574
Rental cost of sales	$	250	$	(409)	$	43	$	163	$	(575)	$	50	$	689
Depreciation and amortization expense	$	14	$	12	$	13	$	—	$	—	$	—	$	—
Income tax expense (benefit)	$	(236)	$	(63)	$	(2,117)	$	100	$	218	$	258	$	99

	Other Adjustments (c)
	July 27, 2024		October 26, 2024		January 25, 2025		July 29, 2023		October 28, 2023		January 27, 2024		April 27, 2024


Rental cost of sales	$	—	$	—	$	—	$	—	$	—	$	—	$	1,939
Other (income) expense	$	—	$	—	$	1,300	$	—	$	—	$	—	$	—


	Total Statement of Operations
	July 27, 2024		October 26, 2024		January 25, 2025		July 29, 2023		October 28, 2023		January 27, 2024		April 27, 2024
Total sales	$	—	$	—	$	(3,500)	$	—	$	—	$	—	$	—
Product and other cost of sales	$	1,960	$	8,934	$	(1,057)	$	2,266	$	(3,880)	$	(615)	$	11,826
Rental cost of sales	$	250	$	232	$	186	$	163	$	(575)	$	50	$	2,628

Depreciation and amortization expense	$	14	$	12	$	13	$	—	$	—	$	—	$	—
Other (income) expense	$	—	$	—	$	1,300	$	—	$	—	$	—	$	—
Income tax expense (benefit) (d)	$	2,222	$	(2,605)	$	(14,772)	$	100	$	218	$	258	$	99

Consolidated Balance Sheets


	As of		As of		As of		As of		As of		As of		As of
	July 27, 2024		October 26, 2024		January 25, 2025		July 29, 2023		October 28, 2023		January 27, 2024		April 27, 2024 (e)
	Digital Cost of Sales (a)
Accounts receivable	$	(2,424)	$	(16,079)	$	(10,722)	$	—	$	—	$	211	$	(5,272)

Prepaid expenses and other current assets	$	(1,811)	$	(59)	$	3,700	$	—	$	—	$	—	$	—
Deferred tax assets, net	$	—	$	—	$	(1,055)	$	—	$	—	$	—	$	—
Accrued liabilities	$	2,656	$	2,245	$	(4,691)	$	—	$	—	$	(2,298)	$	467
Long-term deferred taxes, net	$	647	$	(337)	$	3,598	$	—	$	—	$	—	$	—
Accumulated deficit	$	(7,538)	$	(18,046)	$	(6,984)	$	—	$	—	$	2,509	$	(5,739)

	Leases (b)
Prepaid expenses and other current assets	$	(411)	$	—	$	3,067	$	—	$	—	$	—	$	—
Property and equipment, net	$	224	$	211	$	197	$	—	$	—	$	—	$	—
Operating lease right-of-use assets	$	(22,949)	$	(3,537)	$	15,096	$	(30,428)	$	(3,298)	$	12,824	$	14,814
Accrued liabilities	$	15,785	$	21,120	$	21,312	$	16,649	$	19,940	$	34,607	$	20,714
Current operating lease liabilities	$	(62,510)	$	(47,471)	$	(28,461)	$	(65,341)	$	(46,581)	$	(43,342)	$	(25,246)
Long-term deferred taxes, net	$	28	$	385	$	1,326	$	100	$	318	$	576	$	675
Long-term operating lease liabilities	$	5,971	$	1,115	$	1,590	$	(4,404)	$	(3,780)	$	(3,620)	$	(1,566)
Accumulated deficit	$	17,590	$	21,525	$	22,593	$	22,568	$	26,805	$	24,603	$	20,237

	Other Adjustments(c)



Textbook rental inventories	$	(4,677)	$	(4,677)	$	(4,677)	$	(2,738)	$	(2,738)	$	(2,738)	$	(4,677)

Accrued liabilities	$	—	$	—	$	1,300			$	—	$	—	$	—

Other long-term liabilities	$	—	$	(7,828)	$	—	$	—	$	—	$	—	$	—
Comprehensive Income	$	—	$	7,828	$	—	$	—	$	—	$	—	$	—
Accumulated deficit	$	(4,677)	$	(4,677)	$	(5,977)	$	(2,738)	$	(2,738)	$	(2,738)	$	(4,677)

	Total Balance Sheet


Accounts receivable	$	(2,424)	$	(16,079)	$	(10,722)	$	—	$	—	$	211	$	(5,272)
Textbook rental inventories	$	(4,677)	$	(4,677)	$	(4,677)	$	(2,738)	$	(2,738)	$	(2,738)	$	(4,677)
Prepaid expenses and other current assets	$	(2,222)	$	(59)	$	6,767	$	—	$	—	$	—	$	—
Property and equipment, net	$	224	$	211	$	197	$	—	$	—	$	—	$	—
Operating lease right-of-use assets	$	(22,949)	$	(3,537)	$	15,096	$	(30,428)	$	(3,298)	$	12,824	$	14,814
Deferred tax assets, net	$	—	$	—	$	(1,055)	$	—	$	—	$	—	$	—
Accrued liabilities	$	18,441	$	23,365	$	17,921	$	16,649	$	19,940	$	32,309	$	21,181
Current operating lease liabilities	$	(62,510)	$	(47,471)	$	(28,461)	$	(65,341)	$	(46,581)	$	(43,342)	$	(25,246)
Long-term deferred taxes, net	$	675	$	48	$	4,924	$	100	$	318	$	576	$	675
Long-term operating lease liabilities	$	5,971	$	1,115	$	1,590	$	(4,404)	$	(3,780)	$	(3,620)	$	(1,566)
Other long-term liabilities	$	—	$	(7,828)	$	—	$	—	$	—	$	—	$	—
Comprehensive Income	$	—	$	7,828	$	—	$	—	$	—	$	—	$	—
Accumulated deficit	$	5,375	$	(1,198)	$	9,632	$	19,830	$	24,067	$	24,374	$	9,821

(a) Reflects restatement adjustments to correct errors related to the recording of Cost of Digital Sales.

(b) Reflects restatement adjustments related to the Company's accounting for its store operating agreements in accordance with ASC 842, Leases.

(c) Reflects restatement adjustments primarily related to an accrued legal settlement of $1,300 reclassified from Q4 to Q3 2025, Textbook rental write offs of $1,939 in Q4 2024, and other immaterial error corrections primarily related to pension accounting in fiscal year 2025.

(d) Reflects restatement adjustments related to the Company’s income tax accounting in accordance with ASC 740, Income Taxes for the three fiscal quarters ended January 25, 2025. The restatement adjustments are primarily a result of the changes to forecasted and actual pre-tax book income/(loss) utilized in arriving at the estimated annual effective tax rate. The income tax effects of the error corrections are also included in the consolidated balance sheet accounts.

(e) Accumulated deficit reflects impact of the pre-2024 restatement adjustments $25,097 related to lease accounting and $(2,738) related to Textbook rental inventory corrections.

The following presents the restated unaudited quarterly condensed financial statements for the quarter and year to date Restated Periods.

BARNES & NOBLE EDUCATION, INC. AND SUBSIDIARIES

Condensed Consolidated Statements of Operations

(In thousands, except share data)


	13 Weeks Ended July 27, 2024						13 Weeks Ended July 29, 2023
	As Previously						As Previously
	Reported		Adjustment		As Restated		Reported		Adjustment		As Restated

Sales:
Product sales and other	$	250,926	$	—	$	250,926	$	252,650	$	—	$	252,650
Rental income	12,505		—		12,505		11,511		—		11,511
Total sales	263,431		—		263,431		264,161		—		264,161
Cost of sales (exclusive of depreciation and amortization expense):
Product and other cost of sales	209,425		1,960		211,385		207,014		2,266		209,280
Rental cost of sales	6,800		250		7,050		6,513		163		6,676
Total cost of sales	216,225		2,210		218,435		213,527		2,429		215,956
Gross profit	47,206		(2,210)		44,996		50,634		(2,429)		48,205
Selling and administrative expenses	67,023		—		67,023		77,476		—		77,476
Depreciation and amortization expense	13,057		14		13,071		10,253		—		10,253

Loss on extinguishment of debt(a)	55,233		(55,233)		—		—		—		—
Other expense	3,618		—		3,618		4,633		—		4,633
Operating loss	(91,725)		53,009		(38,716)		(41,728)		(2,429)		(44,157)
Loss on extinguishment of debt	—		55,233		55,233		—		—		—
Interest expense, net	7,618		—		7,618		8,254		—		8,254
Loss from continuing operations before income taxes	(99,343)		(2,224)		(101,567)		(49,982)		(2,429)		(52,411)
Income tax expense (benefit)	136		2,222		2,358		(11)		100		89
Loss from continuing operations	(99,479)		(4,446)		(103,925)		(49,971)		(2,529)		(52,500)
Loss from discontinued operations	—		—		—		(417)		—		(417)
Net loss	$	(99,479)	$	(4,446)	$	(103,925)	$	(50,388)	$	(2,529)	$	(52,917)

Loss per share of Common Stock
Basic and Diluted
Continuing operations	$	(7.36)	$	(0.33)	$	(7.69)	$	(18.87)	$	(0.96)	$	(19.83)
Discontinued operations	—		—		—		(0.16)		—		(0.16)
Total Basic and Diluted Net Loss per share	$	(7.36)	$	(0.33)	$	(7.69)	$	(19.03)	$	(0.96)	$	(19.99)
Weighted average shares of common stock outstanding - Basic and Diluted	13,510,667		—		13,510,667		2,647,536		—		2,647,536

(a) Reclassified the loss on debt extinguishment to non-operating income (loss).

BARNES & NOBLE EDUCATION, INC. AND SUBSIDIARIES

Condensed Consolidated Statements of Operations

(In thousands, except share data)


	13 Weeks Ended October 26, 2024						13 Weeks Ended October 28, 2023
	As Previously						As Previously
	Reported		Adjustment		As Restated		Reported		Adjustment		As Restated

Sales:
Product sales and other	$	559,674	$	—	$	559,674	$	569,698	$	—	$	569,698
Rental income	42,448		—		42,448		40,681		—		40,681
Total sales	602,122		—		602,122		610,379		—		610,379
Cost of sales (exclusive of depreciation and amortization expense):			—
Product and other cost of sales	442,092		8,934		451,026		451,953		(3,880)		448,073
Rental cost of sales	22,387		232		22,619		22,184		(575)		21,609
Total cost of sales	464,479		9,166		473,645		474,137		(4,455)		469,682
Gross profit	137,643		(9,166)		128,477		136,242		4,455		140,697
Selling and administrative expenses	72,940		—		72,940		85,961		—		85,961
Depreciation and amortization expense	8,530		12		8,542		10,175		—		10,175


Other (income) expense	(150)		—		(150)		4,274		—		4,274
Operating income	56,323		(9,178)		47,145		35,832		4,455		40,287
Interest expense, net	5,463		—		5,463		10,664		—		10,664
Income from continuing operations before income taxes	50,860		(9,178)		41,682		25,168		4,455		29,623
Income tax expense (benefit)	1,125		(2,605)		(1,480)		314		218		532
Income from continuing operations	49,735		(6,573)		43,162		24,854		4,237		29,091
Loss from discontinued operations	—		—		—		(674)		—		(674)
Net income	$	49,735	$	(6,573)	$	43,162	$	24,180	$	4,237	$	28,417

Income per share of Common Stock
Basic and Diluted
Continuing operations	$	1.87	$	(0.24)	$	1.63	$	9.36	$	1.60	$	10.96
Discontinued operations	—		—		—		(0.25)		—		(0.25)
Total Basic Earnings per share	$	1.87	$	(0.24)	$	1.63	$	9.11	$	1.60	$	10.71
Weighted average common shares outstanding - Basic	26,527,174		—		26,527,174		2,655,006		—		2,655,006

Continuing operations	$	1.87	$	(0.24)	$	1.63	$	9.36	$	1.59	$	10.95
Discontinued operations	—		—		—		(0.25)		—		(0.25)
Total Diluted Earnings per share	$	1.87	$	(0.24)	$	1.63	$	9.11	$	1.59	$	10.70
Weighted average common shares outstanding - Diluted	26,541,804		—		26,541,804		2,655,799		—		2,655,799

BARNES & NOBLE EDUCATION, INC. AND SUBSIDIARIES

Condensed Consolidated Statements of Operations

(In thousands, except share data)


	13 Weeks Ended January 25, 2025						13 Weeks Ended January 27, 2024
	As Previously						As Previously
	Reported		Adjustment		As Restated		Reported		Adjustment		As Restated

Sales:
Product sales and other	$	423,163	$	(3,500)	$	419,663	$	415,375	$	—	$	415,375
Rental income	43,162		—		43,162		41,298		—		41,298
Total sales	466,325		(3,500)		462,825		456,673		—		456,673
Cost of sales (exclusive of depreciation and amortization expense):
Product and other cost of sales	344,616		(1,057)		343,559		332,728		(615)		332,113
Rental cost of sales	25,330		186		25,516		23,909		50		23,959
Total cost of sales	369,946		(871)		369,075		356,637		(565)		356,072
Gross profit	96,379		(2,629)		93,750		100,036		565		100,601
Selling and administrative expenses	71,561		—		71,561		79,756		—		79,756
Depreciation and amortization expense	7,814		13		7,827		10,148		—		10,148
Impairment loss	1,713		—		1,713		5,798		—		5,798

Other (income) expense	(7,568)		1,300		(6,268)		3,413		—		3,413
Operating income	22,859		(3,942)		18,917		921		565		1,486
Interest expense, net	5,083		—		5,083		10,620		—		10,620
Income (loss) from continuing operations before income taxes	17,776		(3,942)		13,834		(9,699)		565		(9,134)
Income tax expense (benefit)	10,664		(14,772)		(4,108)		229		258		487
Income (loss) from continuing operations	7,112		10,830		17,942		(9,928)		307		(9,621)
Income from discontinued operations	—		—		—		289		—		289
Net income (loss)	$	7,112	$	10,830	$	17,942	$	(9,639)	$	307	$	(9,332)

Income (loss) per share of Common Stock
Basic and Diluted
Continuing operations	$	0.23	$	0.36	$	0.59	$	(3.71)	$	0.11	$	(3.60)
Discontinued operations	—		—		—		0.11		—		0.11
Total Basic Earnings per share	$	0.23	$	0.36	$	0.59	$	(3.60)	$	0.11	$	(3.49)
Weighted average common shares outstanding - Basic	30,507,723		—		30,507,723		2,673,240		—		2,673,240

Continuing operations	$	0.23	$	0.36	$	0.59	$	(3.71)	$	0.11	$	(3.60)
Discontinued operations	—		—		—		0.11		—		0.11
Total Diluted Earnings per share	$	0.23	$	0.36	$	0.59	$	(3.60)	$	0.11	$	(3.49)
Weighted average common shares outstanding - Diluted	30,642,958		—		30,642,958		2,673,240		—		2,673,240

BARNES & NOBLE EDUCATION, INC. AND SUBSIDIARIES

Condensed Consolidated Statements of Operations

(In thousands, except share data)


	26 Weeks Ended October 26, 2024						26 Weeks Ended October 28, 2023
	As Previously						As Previously
	Reported		Adjustment		As Restated		Reported		Adjustment		As Restated

Sales:
Product sales and other	$	810,600	$	—	$	810,600	$	822,348	$	—	$	822,348
Rental income	54,953		—		54,953		52,192		—		52,192
Total sales	865,553		—		865,553		874,540		—		874,540
Cost of sales (exclusive of depreciation and amortization expense):
Product and other cost of sales	651,517		10,894		662,411		658,967		(1,614)		657,353
Rental cost of sales	29,187		482		29,669		28,697		(412)		28,285
Total cost of sales	680,704		11,376		692,080		687,664		(2,026)		685,638
Gross profit	184,849		(11,376)		173,473		186,876		2,026		188,902
Selling and administrative expenses	139,963		—		139,963		163,437		—		163,437
Depreciation and amortization expense	21,587		26		21,613		20,428		—		20,428
Loss on extinguishment of debt	55,233		(55,233)		—		—		—		—
Other expense	3,468		—		3,468		8,907		—		8,907
Operating income (loss)	(35,402)		43,831		8,429		(5,896)		2,026		(3,870)
Loss on extinguishment of debt(a)	—		55,233		55,233		—		—		—
Interest expense, net	13,081		—		13,081		18,918		—		18,918
Loss from continuing operations before income taxes	(48,483)		(11,402)		(59,885)		(24,814)		2,026		(22,788)
Income tax expense	1,261		(383)		878		303		318		621
Loss from continuing operations	(49,744)		(11,019)		(60,763)		(25,117)		1,708		(23,409)
Loss from discontinued operations	—		—		—		(1,091)		—		(1,091)
Net loss	$	(49,744)	$	(11,019)	$	(60,763)	$	(26,208)	$	1,708	$	(24,500)

Loss per share of Common Stock
Basic and Diluted
Continuing operations	$	(2.48)	$	(0.56)	$	(3.04)	$	(9.47)	$	0.64	$	(8.83)
Discontinued operations	—		—		—		(0.41)		—		(0.41)
Total Basic and Diluted Net Loss per share	$	(2.48)	$	(0.56)	$	(3.04)	$	(9.88)	$	0.64	$	(9.24)
Weighted average shares of common stock outstanding - Basic and Diluted	20,018,920		—		20,018,920		2,651,271		—		2,651,271

(a) Reclassified the loss on debt extinguishment to non-operating income (loss).

BARNES & NOBLE EDUCATION, INC. AND SUBSIDIARIES

Condensed Consolidated Statements of Operations

(In thousands, except share data)


	39 Weeks Ended January 25, 2025						39 Weeks Ended January 27, 2024
	As Previously						As Previously
	Reported		Adjustment		As Restated		Reported		Adjustment		As Restated

Sales:
Product sales and other	$	1,233,763	$	(3,500)	$	1,230,263	$	1,237,723	$	—	$	1,237,723
Rental income	98,115		—		98,115		93,490		—		93,490
Total sales	1,331,878		(3,500)		1,328,378		1,331,213		—		1,331,213
Cost of sales (exclusive of depreciation and amortization expense):
Product and other cost of sales	996,133		9,837		1,005,970		991,695		(2,229)		989,466
Rental cost of sales	54,517		668		55,185		52,606		(362)		52,244
Total cost of sales	1,050,650		10,505		1,061,155		1,044,301		(2,591)		1,041,710
Gross profit	281,228		(14,005)		267,223		286,912		2,591		289,503
Selling and administrative expenses	211,524		—		211,524		243,193		—		243,193
Depreciation and amortization expense	29,401		39		29,440		30,576		—		30,576
Impairment loss	1,713		—		1,713		5,798		—		5,798
Loss on extinguishment of debt	55,233		(55,233)		—		—		—		—
Other (income) expense	(4,100)		1,300		(2,800)		12,320		—		12,320
Operating (loss) income	(12,543)		39,889		27,346		(4,975)		2,591		(2,384)
Loss on extinguishment of debt(a)	—		55,233		55,233		—		—		—
Interest expense, net	18,164		—		18,164		29,538		—		29,538
Loss from continuing operations before income taxes	(30,707)		(15,344)		(46,051)		(34,513)		2,591		(31,922)
Income tax expense (benefit)	11,925		(15,155)		(3,230)		532		576		1,108
Loss from continuing operations	(42,632)		(189)		(42,821)		(35,045)		2,015		(33,030)
Loss from discontinued operations	—		—		—		(802)		—		(802)
Net loss	$	(42,632)	$	(189)	$	(42,821)	$	(35,847)	$	2,015	$	(33,832)

Loss per share of Common Stock
Basic and Diluted
Continuing operations	$	(1.81)	$	(0.01)	$	(1.82)	$	(13.18)	$	0.76	$	(12.42)
Discontinued operations	—		—		—		(0.30)		—		(0.30)
Total Basic and Diluted Net Loss per share	$	(1.81)	$	(0.01)	$	(1.82)	$	(13.48)	$	0.76	$	(12.72)
Weighted average shares of common stock outstanding - Basic and Diluted	23,515,188		—		23,515,188		2,658,594		—		2,658,594

(a) Reclassified the loss on debt extinguishment to non-operating income (loss)

BARNES & NOBLE EDUCATION, INC. AND SUBSIDIARIES

Condensed Consolidated Balance Sheets

(In thousands, except share data)


	July 27, 2024						July 29, 2023
	As Previously						As Previously
	Reported		Adjustment		As Restated		Reported		Adjustment		As Restated

ASSETS
Current assets:
Cash and cash equivalents	$	8,212	$	—	$	8,212	$	7,657	$	—	$	7,657
Accounts receivable	154,405		(2,424)		151,981		140,858		—		140,858
Merchandise inventories, net	395,272		—		395,272		384,185		—		384,185
Textbook rental inventories	10,320		(4,677)		5,643		6,860		(2,738)		4,122
Prepaid expenses and other current assets	33,152		(2,222)		30,930		59,012		—		59,012

Total current assets	601,361		(9,323)		592,038		598,572		(2,738)		595,834
Property and equipment, net	48,264		224		48,488		64,438		—		64,438
Operating lease right-of-use assets	241,852		(22,949)		218,903		283,096		(30,428)		252,668
Intangible assets, net	87,828		—		87,828		107,413		—		107,413

Other noncurrent assets	25,930		—		25,930		17,298		—		17,298
Total assets	$	1,005,235	$	(32,048)	$	973,187	$	1,070,817	$	(33,166)	$	1,037,651
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable	$	266,304	$	—	$	266,304	$	275,380	$	—	$	275,380
Accrued liabilities	75,713		18,441		94,154		89,792		16,649		106,441
Current operating lease liabilities	147,839		(62,510)		85,329		150,917		(65,341)		85,576


Total current liabilities	489,856		(44,069)		445,787		516,089		(48,692)		467,397
Long-term deferred taxes, net	1,306		675		1,981		1,836		100		1,936
Long-term operating lease liabilities	132,200		5,971		138,171		171,154		(4,404)		166,750
Other long-term liabilities	15,553		—		15,553		23,016		—		23,016
Long-term borrowings	221,916		—		221,916		277,663		—		277,663
Total liabilities	860,831		(37,423)		823,408		989,758		(52,996)		936,762
Commitments and contingencies
Stockholders' equity:


Preferred stock, $0.01 par value	—		—		—		—		—		—
Common stock, $0.01 par value	263		—		263		6		—		6

Additional paid-in capital	922,743		—		922,743		747,271		—		747,271
Accumulated deficit	(756,046)		5,375		(750,671)		(643,744)		19,830		(623,914)
Treasury stock, at cost	(22,556)		—		(22,556)		(22,474)		—		(22,474)
Total stockholders' equity	144,404		5,375		149,779		81,059		19,830		100,889
Total liabilities and stockholders' equity	$	1,005,235	$	(32,048)	$	973,187	$	1,070,817	$	(33,166)	$	1,037,651

BARNES & NOBLE EDUCATION, INC. AND SUBSIDIARIES

Condensed Consolidated Balance Sheets

(In thousands, except share data)


	October 26, 2024						October 28, 2023
	As Previously						As Previously
	Reported		Adjustment		As Restated		Reported		Adjustment		As Restated

ASSETS
Current assets:
Cash and cash equivalents	$	11,619	$	—	$	11,619	$	15,008	$	—	$	15,008
Accounts receivable	275,847		(16,079)		259,768		221,805		—		221,805
Merchandise inventories, net	315,469		—		315,469		364,292		—		364,292
Textbook rental inventories	49,672		(4,677)		44,995		51,840		(2,738)		49,102
Prepaid expenses and other current assets	33,425		(59)		33,366		63,410		—		63,410

Total current assets	686,032		(20,815)		665,217		716,355		(2,738)		713,617
Property and equipment, net	44,926		211		45,137		61,403		—		61,403
Operating lease right-of-use assets	210,271		(3,537)		206,734		246,531		(3,298)		243,233
Intangible assets, net	85,137		—		85,137		104,026		—		104,026

Other noncurrent assets	25,684		—		25,684		16,664		—		16,664
Total assets	$	1,052,050	$	(24,141)	$	1,027,909	$	1,144,979	$	(6,036)	$	1,138,943
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable	$	298,952	$	—	$	298,952	$	385,895	$	—	$	385,895
Accrued liabilities	99,670		23,365		123,035		112,075		19,940		132,015
Current operating lease liabilities	124,939		(47,471)		77,468		126,426		(46,581)		79,845


Total current liabilities	523,561		(24,106)		499,455		624,396		(26,641)		597,755
Long-term deferred taxes, net	2,050		48		2,098		1,936		318		2,254
Long-term operating lease liabilities	129,748		1,115		130,863		160,185		(3,780)		156,405
Other long-term liabilities	14,334		(7,828)		6,506		18,625		—		18,625
Long-term borrowings	177,551		—		177,551		233,873		—		233,873
Total liabilities	847,244		(30,771)		816,473		1,039,015		(30,103)		1,008,912
Commitments and contingencies
Stockholders' equity:


Preferred stock, $0.01 par value	—		—		—		—		—		—
Common stock, $0.01 par value	274		—		274		6		—		6

Additional paid-in capital	933,399		—		933,399		748,070		—		748,070
Other Comprehensive Income	—		7,828		7,828		—		—		—
Accumulated deficit	(706,311)		(1,198)		(707,509)		(619,564)		24,067		(595,497)
Treasury stock, at cost	(22,556)		—		(22,556)		(22,548)		—		(22,548)
Total stockholders' equity	204,806		6,630		211,436		105,964		24,067		130,031
Total liabilities and stockholders' equity	$	1,052,050	$	(24,141)	$	1,027,909	$	1,144,979	$	(6,036)	$	1,138,943

BARNES & NOBLE EDUCATION, INC. AND SUBSIDIARIES

Condensed Consolidated Balance Sheets

(In thousands, except share data)


	January 25, 2025						January 27, 2024
	As Previously						As Previously
	Reported		Adjustment		As Restated		Reported		Adjustment		As Restated

ASSETS
Current assets:
Cash and cash equivalents	$	9,185	$	—	$	9,185	$	8,123	$	—	$	8,123
Accounts receivable	354,241		(10,722)		343,519		315,126		211		315,337
Merchandise inventories, net	326,825		—		326,825		341,544		—		341,544
Textbook rental inventories	41,033		(4,677)		36,356		44,521		(2,738)		41,783
Prepaid expenses and other current assets	26,729		6,767		33,496		54,337		—		54,337

Total current assets	758,013		(8,632)		749,381		763,651		(2,527)		761,124
Property and equipment, net	41,956		197		42,153		57,273		—		57,273
Operating lease right-of-use assets	180,710		15,096		195,806		220,238		12,824		233,062
Intangible assets, net	81,630		—		81,630		97,947		—		97,947
Deferred tax assets, net	1,055		(1,055)		—		—		—		—
Other noncurrent assets	24,217		—		24,217		12,488		—		12,488
Total assets	$	1,087,581	$	5,606	$	1,093,187	$	1,151,597	$	10,297	$	1,161,894
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable	$	303,577	$	—	$	303,577	$	343,100	$	—	$	343,100
Accrued liabilities	130,069		17,921		147,990		156,874		32,309		189,183
Current operating lease liabilities	101,062		(28,461)		72,601		125,545		(43,342)		82,203
Short-term borrowings	—		—		—		224,067		—		224,067

Total current liabilities	534,708		(10,540)		524,168		849,586		(11,033)		838,553
Long-term deferred taxes, net	—		4,924		4,924		2,010		576		2,586
Long-term operating lease liabilities	121,835		1,590		123,425		155,226		(3,620)		151,606
Other long-term liabilities	6,521		—		6,521		17,451		—		17,451
Long-term borrowings	141,200		—		141,200		30,191		—		30,191
Total liabilities	804,264		(4,026)		800,238		1,054,464		(14,077)		1,040,387
Commitments and contingencies
Stockholders' equity:


Preferred stock, $0.01 par value	—		—		—		—		—		—
Common stock, $0.01 par value	341		—		341		6		—		6

Additional paid-in capital	1,004,731		—		1,004,731		748,882		—		748,882
Accumulated deficit	(699,199)		9,632		(689,567)		(629,203)		24,374		(604,829)
Treasury stock, at cost	(22,556)		—		(22,556)		(22,552)		—		(22,552)
Total stockholders' equity	283,317		9,632		292,949		97,133		24,374		121,507
Total liabilities and stockholders' equity	$	1,087,581	$	5,606	$	1,093,187	$	1,151,597	$	10,297	$	1,161,894

BARNES & NOBLE EDUCATION, INC. AND SUBSIDIARIES

Condensed Consolidated Statements of Cash Flows (In thousands)


	13 Weeks Ended July 27, 2024						13 Weeks Ended July 29, 2023
	As Previously						As Previously
	Reported		Adjustment		As Restated		Reported		Adjustment		As Restated

Cash flows from operating activities:
Net loss	$	(99,479)	$	(4,446)	$	(103,925)	$	(50,388)	$	(2,529)	$	(52,917)
Less: Loss from discontinued operations, net of tax	—		—		—		(417)		—		(417)
Loss from continuing operations, net of tax	(99,479)		(4,446)		(103,925)		(49,971)		(2,529)		(52,500)
Adjustments to reconcile net loss from continuing operations to net cash flows from operating activities from continuing operations:
Depreciation and amortization expense	13,057		14		13,071		10,253		—		10,253

Amortization of deferred financing costs	2,417		—		2,417		1,244		—		1,244

Loss on debt extinguishment	55,233		—		55,233		—		—		—
Deferred taxes	17		—		17		(3)		100		97
Stock-based compensation expense	(863)		—		(863)		957		—		957
Changes in operating lease right-of-use assets and liabilities	(3,691)		8,036		4,345		721		963		1,684
Changes in other long-term assets and liabilities and other, net	2,446		(1,290)		1,156		4,056		—		4,056
Changes in other operating assets and liabilities, net:
Receivables, net	(50,295)		(2,848)		(53,143)		(48,346)		—		(48,346)
Merchandise inventories	(51,235)		—		(51,235)		(61,206)		—		(61,206)
Textbook rental inventories	22,672		—		22,672		23,489		—		23,489
Prepaid expenses and other current assets	315		2,222		2,537		(12,168)		—		(12,168)
Accounts payable and accrued liabilities	(34,586)		(1,198)		(35,784)		11,116		1,466		12,582
Changes in other operating assets and liabilities, net	(113,129)		(1,824)		(114,953)		(87,115)		1,466		(85,649)
Net cash flows used in operating activities from continuing operations	(143,992)		490		(143,502)		(119,858)		—		(119,858)
Net cash flows used in operating activities from discontinued operations	—		—		$	—	(3,266)		—		$	(3,266)
Net cash flow used in operating activities	(143,992)		490		(143,502)		(123,124)		—		(123,124)
Cash flows from investing activities:
Purchases of property and equipment	(3,470)		(490)		(3,960)		(4,219)		—		(4,219)
Net change in other noncurrent assets	223		—		223		78		—		78
Net cash flows used in investing activities from continuing operations	(3,247)		(490)		(3,737)		(4,141)		—		(4,141)
Net cash flows provided by (used in) investing activities from discontinued operations	—		—		—		21,395		—		21,395
Net cash flow used in investing activities	(3,247)		(490)		(3,737)		17,254		—		17,254
Cash flows from financing activities:
Proceeds from borrowings	217,647		—		217,647		145,187		—		145,187
Repayments of borrowings	(160,696)		—		(160,696)		(49,606)		—		(49,606)
Proceeds from Private Equity Investment	50,000		—		50,000		—		—		—
Proceeds from Rights Offering	45,000		—		45,000		—		—		—
Payment of equity issuance costs	(9,524)		—		(9,524)		—		—		—
Payment of deferred financing costs	(3,669)		—		(3,669)		(2,307)		—		(2,307)
Purchase of treasury shares	(4)		—		(4)		(98)		—		(98)
Proceeds from principal stockholder expense reimbursement	1,190		—		1,190		—		—		—
Net cash flows provided by financing activities from continuing operations	139,944		—		139,944		93,176		—		93,176


Net decrease in cash, cash equivalents and restricted cash	(7,295)		—		(7,295)		(12,694)		—		(12,694)
Cash, cash equivalents and restricted cash at beginning of period	28,570		—		28,570		31,988		—		31,988
Cash, cash equivalents and restricted cash at end of period	21,275		—		21,275		19,294		—		19,294
Less: Cash, cash equivalents and restricted cash of discontinued operations at end of period	—		—		—		—		—		—
Cash, cash equivalents, and restricted cash of continuing operations at end of period	$	21,275	$	—	$	21,275	$	19,294	$	—	$	19,294

BARNES & NOBLE EDUCATION, INC. AND SUBSIDIARIES

Condensed Consolidated Statements of Cash Flows (In thousands)


	26 Weeks Ended October 26, 2024						26 Weeks Ended October 28, 2023
	As Previously						As Previously
	Reported		Adjustment		As Restated		Reported		Adjustment		As Restated

Cash flows from operating activities:
Net loss	$	(49,744)	$	(11,019)	$	(60,763)	$	(26,208)	$	1,708	$	(24,500)
Less: Loss from discontinued operations, net of tax	—		—		—		(1,091)		—		(1,091)
Loss from continuing operations, net of tax	(49,744)		(11,019)		(60,763)		(25,117)		1,708		(23,409)
Adjustments to reconcile net loss from continuing operations to net cash flows from operating activities from continuing operations:
Depreciation and amortization expense	21,587		26		21,613		20,428		—		20,428

Amortization of deferred financing costs	3,333		—		3,333		4,406		—		4,406

Loss on debt extinguishment	55,233		—		55,233		—		—		—
Deferred taxes	762		(627)		135		97		318		415
Pension adjustments	—		7,828		7,828		—		—		—
Stock-based compensation expense	392		—		392		1,756		—		1,756
Interest expense (paid-in-kind)	—		—		—		863		—		863
Changes in operating lease right-of-use assets and liabilities	2,538		(1,193)		1,345		1,826		(6,783)		(4,957)
Changes in other long-term assets and liabilities and other, net	1,287		(7,828)		(6,541)		(2,311)		—		(2,311)
Changes in other operating assets and liabilities, net:									—
Receivables, net	(171,737)		10,806		(160,931)		(129,293)		—		(129,293)
Merchandise inventories	28,568		—		28,568		(41,313)		—		(41,313)
Textbook rental inventories	(16,680)		—		(16,680)		(21,491)		—		(21,491)
Prepaid expenses and other current assets	4,282		59		4,341		2,756		—		2,756
Accounts payable and accrued liabilities	23,597		2,438		26,035		140,233		4,757		144,990
Changes in other operating assets and liabilities, net	(131,970)		13,303		(118,667)		(49,108)		4,757		(44,351)
Net cash flows used in operating activities from continuing operations	(96,582)		490		(96,092)		(47,160)		—		(47,160)
Net cash flows used in operating activities from discontinued operations	—		—		—		(3,939)		—		$	(3,939)
Net cash flow used in operating activities	(96,582)		490		(96,092)		(51,099)		—		(51,099)
Cash flows from investing activities:
Purchases of property and equipment	(6,528)		(490)		(7,018)		(8,196)		—		(8,196)
Net change in other noncurrent assets	792		—		792		78		—		78
Net cash flows used in investing activities from continuing operations	(5,736)		(490)		(6,226)		(8,118)		—		(8,118)
Net cash flows provided by investing activities from discontinued operations	—		—		—		21,395		—		21,395
Net cash flow (used in) provided by investing activities	(5,736)		(490)		(6,226)		13,277		—		13,277
Cash flows from financing activities:
Proceeds from borrowings	455,044		—		455,044		284,698		—		284,698
Repayments of borrowings	(442,461)		—		(442,461)		(233,970)		—		(233,970)
Proceeds from Private Equity Investment	50,000		—		50,000		—		—		—
Proceeds from Rights Offering	45,000		—		45,000		—		—		—
Shares sold under at-the-market offering, net of commissions	9,590		—		9,590				—
Payment of equity issuance costs	(9,702)		—		(9,702)		—		—		—
Payment of deferred financing costs	(5,569)		—		(5,569)		(9,381)		—		(9,381)
Purchase of treasury shares	(4)		—		(4)		(172)		—		(172)


Proceeds from principal stockholder expense reimbursement	1,190		—		1,190		—		—		—
Payment of finance lease principal	(398)		—		(398)				—
Net cash flows provided by financing activities from continuing operations	102,690		—		102,690		41,175		—		41,175



Net decrease in cash, cash equivalents and restricted cash	372		—		372		3,353		—		3,353
Cash, cash equivalents and restricted cash at beginning of period	28,570		—		28,570		31,988		—		31,988
Cash, cash equivalents and restricted cash at end of period	28,942		—		28,942		35,341		—		35,341
Less: Cash, cash equivalents and restricted cash of discontinued operations at end of period	—		—		—		—		—		—
Cash, cash equivalents, and restricted cash of continuing operations at end of period	$	28,942	$	—	$	28,942	$	35,341	$	—	$	35,341

BARNES & NOBLE EDUCATION, INC. AND SUBSIDIARIES

Condensed Consolidated Statements of Cash Flows (In thousands)


	39 Weeks Ended January 25, 2025						39 Weeks Ended January 27, 2024
	As Previously						As Previously
	Reported		Adjustment		As Restated		Reported		Adjustment		As Restated

Cash flows from operating activities:
Net loss	$	(42,632)	$	(189)	$	(42,821)	$	(35,847)	$	2,015	$	(33,832)
Less: Loss from discontinued operations, net of tax	—		—		—		(802)		—		(802)
Loss from continuing operations, net of tax	(42,632)		(189)		(42,821)		(35,045)		2,015		(33,030)
Adjustments to reconcile net loss from continuing operations to net cash flows from operating activities from continuing operations:
Depreciation and amortization expense	29,401		39		29,440		30,576		—		30,576

Amortization of deferred financing costs	4,248		—		4,248		8,380		—		8,380
Impairment loss (non cash)	1,713		—		1,713		5,798		—		5,798
Loss on debt extinguishment	55,233		—		55,233		—		—		—
Deferred taxes	(2,344)		5,304		2,960		171		576		747
Stock-based compensation expense	2,953		—		2,953		2,568		—		2,568
Interest expense (paid-in-kind)	—		—		—		1,750		—		1,750
Changes in operating lease right-of-use assets and liabilities	19		(341)		(322)		19,553		(19,506)		47
Changes in other long-term assets and liabilities and other, net	(6,006)		—		(6,006)		(2,961)		—		(2,961)
Changes in other operating assets and liabilities, net:									—
Receivables, net	(250,131)		5,450		(244,681)		(222,614)		(211)		(222,825)
Merchandise inventories	17,212		—		17,212		(18,565)		—		(18,565)
Textbook rental inventories	(8,041)		—		(8,041)		(14,172)		—		(14,172)
Prepaid expenses and other current assets	1,232		(6,767)		(5,535)		2,436		—		2,436
Accounts payable and accrued liabilities	58,616		(3,006)		55,610		138,904		17,126		156,030
Changes in other operating assets and liabilities, net	(181,112)		(4,323)		(185,435)		(114,011)		16,915		(97,096)
Net cash flows used in operating activities from continuing operations	(138,527)		490		(138,037)		(83,221)		—		(83,221)
Net cash flows used in operating activities from discontinued operations	—		—		—		(3,650)		—		$	(3,650)
Net cash flow used in operating activities	(138,527)		490		(138,037)		(86,871)		—		(86,871)
Cash flows from investing activities:
Purchases of property and equipment	(9,300)		(490)		(9,790)		(11,459)		—		(11,459)
Net change in other noncurrent assets	792		—		792		78		—		78
Net cash flows used in investing activities from continuing operations	(8,508)		(490)		(8,998)		(11,381)		—		(11,381)
Net cash flows provided by investing activities from discontinued operations	—		—		—		21,395		—		21,395
Net cash flow (used in) provided by investing activities	(8,508)		(490)		(8,998)		10,014		—		10,014
Cash flows from financing activities:
Proceeds from borrowings	667,355		—		667,355		454,459		—		454,459
Repayments of borrowings	(691,121)		—		(691,121)		(384,545)		—		(384,545)
Proceeds from Private Equity Investment	50,000		—		50,000		—		—		—
Proceeds from Rights Offering	45,000		—		45,000		—		—		—
Shares sold under at-the-market offering, net of commissions	78,450		—		78,450		—		—		—
Payment of equity issuance costs	(9,724)		—		(9,724)		—		—		—
Payment of deferred financing costs	(5,569)		—		(5,569)		(9,845)		—		(9,845)
Purchase of treasury shares	(4)		—		(4)		(176)		—		(176)


Proceeds from principal stockholder expense reimbursement	1,190		—		1,190		—		—		—
Payment of finance lease principal	(385)		—		(385)		—		—		—
Net cash flows provided by financing activities from continuing operations	135,192		—		135,192		59,893		—		59,893



Net decrease in cash, cash equivalents and restricted cash	(11,843)		—		(11,843)		(16,964)		—		(16,964)
Cash, cash equivalents and restricted cash at beginning of period	28,570		—		28,570		31,988		—		31,988
Cash, cash equivalents and restricted cash at end of period	16,727		—		16,727		15,024		—		15,024
Less: Cash, cash equivalents and restricted cash of discontinued operations at end of period	—		—		—		—		—		—
Cash, cash equivalents, and restricted cash of continuing operations at end of period	$	16,727	$	—	$	16,727	$	15,024	$	—	$	15,024

BARNES & NOBLE EDUCATION, INC. AND SUBSIDIARIES

Condensed Consolidated Statements of Equity

(In thousands, except share data)

As Previously Reported for the 13 Weeks Ended July 29, 2023:


				Additional
	Common Stock			Paid-In		Accumulated		Treasury Stock			Total
	Shares	Amount		Capital		Deficit		Shares	Amount		Equity
Balance at April 29, 2023	551,402	$	551	$	745,932	$	(593,356)	25,359	$	(22,376)	$	130,751
Stock-based compensation expense				794							794
Vested equity awards	2,000	2		(2)							—
Shares repurchased for tax withholdings for vested stock awards								779	(98)		(98)
Net loss						(50,388)					(50,388)
Balance July 29, 2023	553,402	$	553	$	746,724	$	(643,744)	26,138	$	(22,474)	$	81,059

As Restated for the 13 Weeks Ended July 29, 2023:


				Additional
	Common Stock			Paid-In		Accumulated		Treasury Stock			Total
	Shares	Amount		Capital		Deficit		Shares	Amount		Equity
Balance at April 29, 2023	551,402	$	6	$	746,477	$	(570,997)	25,359	$	(22,376)	$	153,110
Stock-based compensation expense				794							794
Vested equity awards	2,000	—		—							—
Shares repurchased for tax withholdings for vested stock awards								779	(98)		(98)
Net loss						(52,917)					(52,917)
Balance July 29, 2023	553,402	$	6	$	747,271	$	(623,914)	26,138	$	(22,474)	$	100,889

BARNES & NOBLE EDUCATION, INC. AND SUBSIDIARIES

Condensed Consolidated Statements of Equity

(In thousands, except share data)

As Previously Reported for the 13 Weeks Ended July 27, 2024:


				Additional
	Common Stock			Paid-In		Accumulated		Treasury Stock			Total
	Shares	Amount		Capital		Deficit		Shares	Amount		Equity
Balance at April 27, 2024	558,402	558		749,140		(656,567)		26,838	(22,552)		70,579
Stock-based compensation expense				(863)							(863)
Vested equity awards	2,923										—
Shares repurchased for tax withholdings for vested stock awards								429	(4)		(4)
Private Equity Investment	10,000,000	100		49,900							50,000
Rights Offering	9,000,000	90		44,910							45,000
Equity issuance costs				(9,524)							(9,524)
Term Loan debt conversion	6,673,978	67		86,688							86,755
Principal Stockholder expense reimbursement				1,940							1,940
Adjustment to Additional Paid-In Capital, reverse stock split		(553)		553							—
Net loss						(99,479)					(99,479)
Balance July 27, 2024	26,235,303	262		922,744		(756,046)		27,267	(22,556)		144,404

As Restated for the 13 Weeks Ended July 27, 2024:
				Additional
	Common Stock			Paid-In		Accumulated		Treasury Stock			Total
	Shares	Amount		Capital		Deficit		Shares	Amount		Equity
Balance at April 27, 2024	558,402	$	6	$	749,692	$	(646,746)	26,838	$	(22,552)	$	80,400
Stock-based compensation expense				(863)							(863)
Vested equity awards	2,923										—
Shares repurchased for tax withholdings for vested stock awards	—							429	(4)		(4)
Private Equity Investment	10,000,000	100		49,900							50,000
Rights Offering	9,000,000	90		44,910							45,000
Equity issuance costs				(9,524)							(9,524)
Term Loan debt conversion	6,673,978	67		86,688							86,755
Principal Stockholder expense reimbursement				1,940							1,940
Adjustment to Additional Paid-In Capital, reverse stock split											—
Net loss						(103,925)					(103,925)
Balance July 27, 2024	26,235,303	$	263	$	922,743	$	(750,671)	27,267	$	(22,556)	$	149,779

BARNES & NOBLE EDUCATION, INC. AND SUBSIDIARIES

Condensed Consolidated Statements of Equity

(In thousands, except share data)


As Previously Reported for the 13 Weeks Ended October 28, 2023:
				Additional
	Common Stock			Paid-In		Accumulated		Treasury Stock			Total
	Shares	Amount		Capital		Deficit		Shares	Amount		Equity
Balance July 29, 2023	553,402	$	553	$	746,724	$	(643,744)	26,138	$	(22,474)	$	81,059
Stock-based compensation expense				799							799
Vested equity awards	5,000	5		(5)							—
Shares repurchased for tax withholdings for vested stock awards								700	(74)		(74)
Net income						24,180					24,180
Balance October 28, 2023	558,402	$	558	$	747,518	$	(619,564)	26,838	$	(22,548)	$	105,964

As Restated for the 13 Weeks Ended October 28, 2023:
				Additional
	Common Stock			Paid-In		Accumulated		Treasury Stock			Total
	Shares	Amount		Capital		Deficit		Shares	Amount		Equity
Balance July 29, 2023	553,402	$	6	$	747,271	$	(623,914)	26,138	$	(22,474)	$	100,889
Stock-based compensation expense				799							799
Vested equity awards	5,000	—		—							—
Shares repurchased for tax withholdings for vested stock awards								700	(74)		(74)
Net income						28,417					28,417
Balance October 28, 2023	558,402	$	6	$	748,070	$	(595,497)	26,838	$	(22,548)	$	130,031

BARNES & NOBLE EDUCATION, INC. AND SUBSIDIARIES

Condensed Consolidated Statements of Equity

(In thousands, except share data)


As Previously Reported for the 13 Weeks Ended October 26, 2024:
				Additional							Other
	Common Stock			Paid-In		Accumulated		Treasury Stock			Comprehensive		Total
	Shares	Amount		Capital		Deficit		Shares	Amount		Income		Equity
Balance July 27, 2024	26,235,303	$	262	$	922,744	$	(756,046)	27,267	$	(22,556)	$	—	$	144,404
Stock-based compensation expense				1,255									1,255
Vested equity awards	31,275												—
Equity issuance costs				(178)									(178)
Proceeds from sales of Common Stock under ATM facility, net of commissions	1,046,460	11		9,579									9,590
Net income						49,735							49,735
Balance October 26, 2024	27,313,038	$	273	$	933,400	$	(706,311)	27,267	$	(22,556)	$	—	$	204,806

As Restated for the 13 Weeks Ended October 26, 2024:
As Restated:				Additional							Other
	Common Stock			Paid-In		Accumulated		Treasury Stock			Comprehensive		Total
	Shares	Amount		Capital		Deficit		Shares	Amount		Income		Equity
Balance July 27, 2024	26,235,303	$	263	$	922,743	$	(750,671)	27,267	$	(22,556)	$	—	$	149,779
Stock-based compensation expense				1,255									$	1,255
Vested equity awards	31,275												$	—
Equity issuance costs				(178)									$	(178)
Pension adjustments											7,828		$	7,828
Proceeds from sales of Common Stock under ATM facility, net of commissions	1,046,460	11		9,579									$	9,590
Net income						43,162							$	43,162
Balance October 26, 2024	27,313,038	$	274	$	933,399	$	(707,509)	27,267	$	(22,556)	$	7,828	$	211,436

BARNES & NOBLE EDUCATION, INC. AND SUBSIDIARIES

Condensed Consolidated Statements of Equity

(In thousands, except share data)


As Previously Reported for the 13 Weeks Ended January 27, 2024:
				Additional
	Common Stock			Paid-In		Accumulated		Treasury Stock			Total
	Shares	Amount		Capital		Deficit		Shares	Amount		Equity
Balance October 28, 2023	558,402	$	558	$	747,518	$	(619,564)	26,838	$	(22,548)	$	105,964
Stock-based compensation expense				812							812
Vested equity awards											—
Shares repurchased for tax withholdings for vested stock awards									(4)		(4)
Net loss						(9,639)					(9,639)
Balance January 27, 2024	558,402	$	558	$	748,330	$	(629,203)	26,838	$	(22,552)	$	97,133

As Restated for the 13 Weeks Ended January 27, 2024:
				Additional
	Common Stock			Paid-In		Accumulated		Treasury Stock			Total
	Shares	Amount		Capital		Deficit		Shares	Amount		Equity
Balance October 28, 2023	558,402	$	6	$	748,070	$	(595,497)	26,838	$	(22,548)	$	130,031
Stock-based compensation expense				812							812
Vested equity awards											—
Shares repurchased for tax withholdings for vested stock awards									(4)		(4)
Net loss						(9,332)					(9,332)
Balance January 27, 2024	558,402	$	6	$	748,882	$	(604,829)	26,838	$	(22,552)	$	121,507

BARNES & NOBLE EDUCATION, INC. AND SUBSIDIARIES

Condensed Consolidated Statements of Equity

(In thousands, except share data)


As Previously Reported for the 13 Weeks Ended January 25, 2025:
				Additional							Other
	Common Stock			Paid-In		Accumulated		Treasury Stock			Comprehensive		Total
	Shares	Amount		Capital		Deficit		Shares	Amount		Income		Equity
Balance October 26, 2024	27,313,038	$	273	$	933,400	$	(706,311)	27,267	$	(22,556)	$	—	$	204,806
Stock-based compensation expense				2,561									2,561
Vested equity awards													—
Equity issuance costs				(22)									(22)
Proceeds from sales of Common Stock under ATM facility, net of commissions	6,768,076	68		68,792									68,860
Net income						7,112							7,112
Balance January 25, 2025	34,081,114	$	341	$	1,004,731	$	(699,199)	27,267	$	(22,556)	$	—	$	283,317

As Restated for the 13 Weeks Ended January 25, 2025:
				Additional							Other
	Common Stock			Paid-In		Accumulated		Treasury Stock			Comprehensive		Total
	Shares	Amount		Capital		Deficit		Shares	Amount		Income		Equity
Balance October 26, 2024	27,313,038	$	274	$	933,399	$	(707,509)	27,267	$	(22,556)	$	7,828	$	211,436
Stock-based compensation expense				2,561									2,561
Vested equity awards													—
Equity issuance costs				(22)									(22)
Pension adjustments											(7,828)		(7,828)
Proceeds from sales of Common Stock under ATM facility, net of commissions	6,768,076	67		68,793									68,860
Net income						17,942							17,942
Balance January 25, 2025	34,081,114	$	341	$	1,004,731	$	(689,567)	27,267	$	(22,556)	$	—	$	292,949

BARNES & NOBLE EDUCATION, INC. AND SUBSIDIARIES

Condensed Consolidated Statements of Equity

(In thousands, except share data)

As Previously Reported for the 26 Weeks Ended October 28, 2023:


				Additional
	Common Stock			Paid-In		Accumulated		Treasury Stock			Total
	Shares	Amount		Capital		Deficit		Shares	Amount		Equity
Balance at April 29, 2023	551,402	$	551	$	745,932	$	(593,356)	25,359	$	(22,376)	$	130,751
Stock-based compensation expense				1,593							1,593
Vested equity awards	7,000	7		(7)							—
Shares repurchased for tax withholdings for vested stock awards								1,479	(172)		(172)
Net loss						(26,208)					(26,208)
Balance October 28, 2023	558,402	$	558	$	747,518	$	(619,564)	26,838	$	(22,548)	$	105,964

As Restated for the 26 Weeks Ended October 28, 2023:
				Additional
	Common Stock			Paid-In		Accumulated		Treasury Stock			Total
	Shares	Amount		Capital		Deficit		Shares	Amount		Equity
Balance at April 29, 2023	551,402	$	6	$	746,477	$	(570,997)	25,359	$	(22,376)	$	153,110
Stock-based compensation expense				1,593							1,593
Vested equity awards	7,000	—		—							—
Shares repurchased for tax withholdings for vested stock awards								1,479	(172)		(172)
Net loss						(24,500)					(24,500)
Balance October 28, 2023	558,402	$	6	$	748,070	$	(595,497)	26,838	$	(22,548)	$	130,031

BARNES & NOBLE EDUCATION, INC. AND SUBSIDIARIES

Condensed Consolidated Statements of Equity

(In thousands, except share data)

As Previously Reported for the 26 Weeks Ended October 26, 2024:


As Previously Reported:											Other
	Common Stock			Paid-In		Accumulated		Treasury Stock			Comprehensive		Total
	Shares			Capital		Deficit		Shares	Amount		Income		Equity
Balance at April 27, 2024	558,402	$	558	$	749,140	$	(656,567)	26,838	$	(22,552)	$	—	$	70,579
Stock-based compensation expense				392									392
Vested equity awards	34,198												—
Shares repurchased for tax withholdings for vested stock awards								429	(4)				(4)
Private Equity Investment	10,000,000	100		49,900									50,000
Rights Offering	9,000,000	90		44,910									45,000
Equity issuance costs				(9,702)									(9,702)
Proceeds from sales of Common Stock under ATM facility, net of commissions	1,046,460	11		9,579									9,590
Term Loan debt conversion	6,673,978	67		86,688									86,755
Principal stockholder expense reimbursement				1,940									1,940
Adjustment to Additional Paid-In Capital, reverse stock split		(553)		553									—
Net loss						(49,744)							(49,744)
Balance October 26, 2024	27,313,038	$	273	$	933,400	$	(706,311)	27,267	$	(22,556)	$	—	$	204,806

As Restated for the 26 Weeks Ended October 26, 2024:
				Additional							Other
	Common Stock			Paid-In		Accumulated		Treasury Stock			Comprehensive		Total
	Shares			Capital		Deficit		Shares	Amount		Income		Equity
Balance at April 27, 2024	558,402	$	6	$	749,692	$	(646,746)	26,838	$	(22,552)	$	—	$	80,400
Stock-based compensation expense				392									392
Vested equity awards	34,198												—
Shares repurchased for tax withholdings for vested stock awards								429	(4)				(4)
Private Equity Investment	10,000,000	100		49,900									50,000
Rights Offering	9,000,000	90		44,910									45,000
Equity issuance costs				(9,702)									(9,702)
Pension adjustments											7,828		7,828
Proceeds from sales of Common Stock under ATM facility, net of commissions	1,046,460	11		9,579									9,590
Term Loan debt conversion	6,673,978	67		86,688									86,755
Principal stockholder expense reimbursement				1,940									1,940
Adjustment to Additional Paid-In Capital, reverse stock split													—
Net loss						(60,763)							(60,763)
Balance October 26, 2024	27,313,038	$	274	$	933,399	$	(707,509)	27,267	$	(22,556)	$	7,828	$	211,436

BARNES & NOBLE EDUCATION, INC. AND SUBSIDIARIES

Condensed Consolidated Statements of Equity

(In thousands, except share data)

As Previously Reported for the 39 Weeks Ended January 27, 2024:


As Previously Reported:				Additional
	Common Stock			Paid-In		Accumulated		Treasury Stock			Total
	Shares	Amount		Capital		Deficit		Shares	Amount		Equity
Balance at April 29, 2023	551,402	$	551	$	745,932	$	(593,356)	25,359	$	(22,376)	$	130,751
Stock-based compensation expense				2,405							2,405
Vested equity awards	7,000	7		(7)							—
Shares repurchased for tax withholdings for vested stock awards								1479	(176)		(176)
Net loss						(35,847)					(35,847)
Balance January 27, 2024	558,402	$	558	$	748,330	$	(629,203)	26,838	$	(22,552)	$	97,133

As Restated for the 39 Weeks Ended January 27, 2024:
				Additional
	Common Stock			Paid-In		Accumulated		Treasury Stock			Total
	Shares	Amount		Capital		Deficit		Shares	Amount		Equity
Balance at April 29, 2023	551,402	$	6	$	746,477	$	(570,997)	25,359	$	(22,376)	$	153,110
Stock-based compensation expense				2,405							2,405
Vested equity awards	7,000	—		—							—
Shares repurchased for tax withholdings for vested stock awards								1479	(176)		(176)
Net loss						(33,832)					(33,832)
Balance January 27, 2024	558,402	6		748,882		(604,829)		26,838	(22,552)		121,507

BARNES & NOBLE EDUCATION, INC. AND SUBSIDIARIES

Condensed Consolidated Statements of Equity

(In thousands, except share data)

As Previously Reported for the 39 Weeks Ended January 25, 2025:


As Previously Reported:				Additional
	Common Stock			Paid-In		Accumulated		Treasury Stock			Total
	Shares	Amount		Capital		Deficit		Shares	Amount		Equity
Balance at April 27, 2024	558,402	$	558	$	749,140	$	(656,567)	26,838	$	(22,552)	$	70,579
Stock-based compensation expense				2,953							2,953
Vested equity awards	34,198										—
Shares repurchased for tax withholdings for vested stock awards								429	(4)		(4)
Private Equity Investment	10,000,000	100		49,900							50,000
Rights Offering	9,000,000	90		44,910							45,000
Equity issuance costs				(9,724)							(9,724)
Term Loan debt conversion	6,673,978	67		86,688							86,755
Principal stockholder expense reimbursement				1,940							1,940
Proceeds from sales of Common Stock under ATM facility, net of commissions	7,814,536	79		78,371							78,450
Other		(553)		553							—
Net loss						(42,632)					(42,632)
Balance January 25, 2025	34,081,114	$	341	$	1,004,731	$	(699,199)	27,267	$	(22,556)	$	283,317

As Restated for the 39 Weeks Ended January 25, 2025:
				Additional
	Common Stock			Paid-In		Accumulated		Treasury Stock			Total
	Shares	Amount		Capital		Deficit		Shares	Amount		Equity
Balance at April 27, 2024	558,402	$	6	$	749,692	$	(646,746)	26,838	$	(22,552)	$	80,400
Stock-based compensation expense				2,953							2,953
Vested equity awards	34,198										—
Shares repurchased for tax withholdings for vested stock awards	0							429	(4)		(4)
Private Equity Investment	10,000,000	100		49,900							50,000
Rights Offering	9,000,000	90		44,910							45,000
Equity issuance costs				(9,724)							(9,724)
Term Loan debt conversion	6,673,978	67		86,688							86,755
Principal stockholder expense reimbursement				1,940							1,940
Proceeds from sales of Common Stock under ATM facility, net of commissions	7,814,536	78		78,372							78,450
Other											—
Net loss						(42,821)					(42,821)
Balance January 25, 2025	34,081,114	$	341	$	1,004,731	$	(689,567)	27,267	$	(22,556)	$	292,949

Schedule II—Valuation and Qualifying Accounts

12 Months Ended

May 03, 2025

SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract]

Schedule II—Valuation and Qualifying Accounts

Receivables Valuation and Qualifying Accounts

(In thousands)


	Balance at beginning of period		Charge (recovery) to costs and expenses		Write-offs		Balance at end of period
Allowance for Doubtful Accounts
May 3, 2025	$	867	$	1,775	$	(494)	$	2,148
April 27, 2024	$	1,156	$	1,595	$	(1,884)	$	867


	Balance at beginning of period		Addition Charged to Costs		Deductions		Balance at end of period
Sales Returns Reserves
May 3, 2025	$	2,181	$	165,055	$	(165,406)	$	1,830
April 27, 2024	$	2,426	$	142,660	$	(142,905)	$	2,181

All other schedules are omitted because the conditions requiring their filing do not exist, or because the required information is provided in the consolidated financial statements, including the notes thereto.

Recovery of Erroneously Awarded Compensation	12 Months Ended
Recovery of Erroneously Awarded Compensation	May 03, 2025
Restatement Determination Date:: 2025-08-26
Erroneously Awarded Compensation Recovery
Restatement Determination Date	Aug. 26, 2025

Award Timing Disclosure	12 Months Ended
Award Timing Disclosure	May 03, 2025
Award Timing Disclosures [Line Items]
Award Timing MNPI Disclosure	We have not granted stock options since 2022, and we do not make any grants of stock appreciation rights or similar option-like instruments. Although we do not have a formal policy with respect to the timing of our equity award grants, in the recent past, the majority of our equity awards have been granted on an annual basis in the first quarter of the fiscal year. New hire and ad hoc grants may be granted throughout the year. We do not grant equity awards in anticipation of the release of material nonpublic information and we do not time the release of material nonpublic information based on equity award grant dates or for the purpose of affecting the value of executive compensation.
Award Timing Method	Although we do not have a formal policy with respect to the timing of our equity award grants, in the recent past, the majority of our equity awards have been granted on an annual basis in the first quarter of the fiscal year. New hire and ad hoc grants may be granted throughout the year.
Award Timing Predetermined	true
Award Timing MNPI Considered	false
Award Timing, How MNPI Considered	We do not grant equity awards in anticipation of the release of material nonpublic information and we do not time the release of material nonpublic information based on equity award grant dates or for the purpose of affecting the value of executive compensation.
MNPI Disclosure Timed for Compensation Value	false

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	May 03, 2025
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Insider Trading Policies and Procedures	12 Months Ended
Insider Trading Policies and Procedures	May 03, 2025
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true

Cybersecurity Risk Management and Strategy Disclosure	12 Months Ended
Cybersecurity Risk Management and Strategy Disclosure	May 03, 2025
Cybersecurity Risk Management, Strategy, and Governance [Line Items]
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]	Cybersecurity Risk Management and Strategic Approach The company’s information security program is meticulously crafted, integrating administrative, technical, and physical safeguards. Embracing a risk-based approach, we proactively mitigate cybersecurity risks to ensure the confidentiality, integrity, and availability of our information systems and data assets. This comprehensive framework extends to overseeing service-provider relationships, aligning with the specific risks associated with each engagement. Deploying a multi-tiered defense strategy, we fortify our defenses with layers of controls designed to identify, protect against, detect, respond to, and recover from cybersecurity incidents. Central to this effort is our Cyber Security Team, entrusted with the critical task of swiftly detecting, mitigating, and remediating cybersecurity threats. Guided by our documented incident response plans, we orchestrate a swift and decisive response, engaging functional areas, internal escalations, and stakeholders as dictated by the nature and severity of the incident. Key to our cybersecurity resilience, we strategically leverage third-party expertise and tools to augment our defenses, ensuring a proactive stance against evolving threats. Rigorous assessments by third-party auditors validate the alignment of specific components of our technology environment with industry standards such as the Payment Card Industry Data Security Standards, ensuring robust compliance and resilience. Industry standards such as the National Institute of Standards and Technology's Framework for Improving Critical Infrastructure Cybersecurity inform our program and are the basis of our compliance commitment. Regular maturity assessments, conducted by external experts, ensure that our cybersecurity program remains at the forefront of industry best practices, tailored to our unique operational landscape. Although cybersecurity threats are an inherent part of the digital landscape, we stand resilient. While past incidents have been swiftly addressed without material impact on our operations or financial standing, we remain vigilant. Our Enterprise Risk Management program recognizes the ongoing nature of cybersecurity risks and our commitment to mitigating potential impacts on our operations, business strategy, and financial health.
Cybersecurity Risk Management Processes Integrated [Flag]	true
Cybersecurity Risk Management Processes Integrated [Text Block]	The company’s information security program is meticulously crafted, integrating administrative, technical, and physical safeguards. Embracing a risk-based approach, we proactively mitigate cybersecurity risks to ensure the confidentiality, integrity, and availability of our information systems and data assets. This comprehensive framework extends to overseeing service-provider relationships, aligning with the specific risks associated with each engagement. Deploying a multi-tiered defense strategy, we fortify our defenses with layers of controls designed to identify, protect against, detect, respond to, and recover from cybersecurity incidents. Central to this effort is our Cyber Security Team, entrusted with the critical task of swiftly detecting, mitigating, and remediating cybersecurity threats. Guided by our documented incident response plans, we orchestrate a swift and decisive response, engaging functional areas, internal escalations, and stakeholders as dictated by the nature and severity of the incident.
Cybersecurity Risk Management Third Party Engaged [Flag]	true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag]	true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag]	false
Cybersecurity Risk Board of Directors Oversight [Text Block]	Our Board of Directors, Audit Committee and Legal team oversee the cybersecurity processes of identifying and mitigating cybersecurity risks. Reporting directly to our Chief Information Officer, our Chief Information Security Officer (“CISO”) leads the charge, ensuring that our cybersecurity posture remains robust and adaptive. Through quarterly updates to the Audit Committee and periodic briefings to the Board of Directors, senior management keeps governance structures informed and aligned with our evolving cybersecurity landscape.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block]	Our Board of Directors, Audit Committee and Legal team oversee the cybersecurity processes of identifying and mitigating cybersecurity risks. Reporting directly to our Chief Information Officer, our Chief Information Security Officer (“CISO”) leads the charge, ensuring that our cybersecurity posture remains robust and adaptive.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block]	Through quarterly updates to the Audit Committee and periodic briefings to the Board of Directors, senior management keeps governance structures informed and aligned with our evolving cybersecurity landscape.
Cybersecurity Risk Role of Management [Text Block]	With over a decade of dedicated service to BNED, our current CISO brings a wealth of experience and expertise to the organization, including over three decades of Information Technology (“IT”) experience. The last two decades have focused on IT security and innovative ways to manage and lead a security team. Previously, the CISO was the Director of IT Security and Infrastructure at The Children’s Place Inc. The CISO is experienced in deploying a Zero Trust framework, Identity and Access Management programs, Email and Web Gateways, managing IT compliance for SOX, PCI, and ADA, and has developed and introduced new information security and computer risk management programs based on the National Institute of Standards and Technology (NIST) Cybersecurity Framework across numerous platforms for multiple retail chains. Supported by a dynamic leadership team comprised of seasoned professionals, our cybersecurity initiatives are not just policies; they are a testament to our commitment to securing customer information and upholding our privacy promises. Embedded in our Code of Conduct & Ethics and reinforced through our security awareness training program, cybersecurity awareness is not just a task; it is a shared responsibility, woven into the fabric of our corporate culture.
Cybersecurity Risk Management Positions or Committees Responsible [Flag]	true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block]	Our Board of Directors, Audit Committee and Legal team oversee the cybersecurity processes of identifying and mitigating cybersecurity risks. Reporting directly to our Chief Information Officer, our Chief Information Security Officer (“CISO”) leads the charge, ensuring that our cybersecurity posture remains robust and adaptive.
Cybersecurity Risk Management Expertise of Management Responsible [Text Block]	With over a decade of dedicated service to BNED, our current CISO brings a wealth of experience and expertise to the organization, including over three decades of Information Technology (“IT”) experience. The last two decades have focused on IT security and innovative ways to manage and lead a security team. Previously, the CISO was the Director of IT Security and Infrastructure at The Children’s Place Inc. The CISO is experienced in deploying a Zero Trust framework, Identity and Access Management programs, Email and Web Gateways, managing IT compliance for SOX, PCI, and ADA, and has developed and introduced new information security and computer risk management programs based on the National Institute of Standards and Technology (NIST) Cybersecurity Framework across numerous platforms for multiple retail chains.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]	Our Board of Directors, Audit Committee and Legal team oversee the cybersecurity processes of identifying and mitigating cybersecurity risks. Reporting directly to our Chief Information Officer, our Chief Information Security Officer (“CISO”) leads the charge, ensuring that our cybersecurity posture remains robust and adaptive. Through quarterly updates to the Audit Committee and periodic briefings to the Board of Directors, senior management keeps governance structures informed and aligned with our evolving cybersecurity landscape. With over a decade of dedicated service to BNED, our current CISO brings a wealth of experience and expertise to the organization, including over three decades of Information Technology (“IT”) experience. The last two decades have focused on IT security and innovative ways to manage and lead a security team. Previously, the CISO was the Director of IT Security and Infrastructure at The Children’s Place Inc. The CISO is experienced in deploying a Zero Trust framework, Identity and Access Management programs, Email and Web Gateways, managing IT compliance for SOX, PCI, and ADA, and has developed and introduced new information security and computer risk management programs based on the National Institute of Standards and Technology (NIST) Cybersecurity Framework across numerous platforms for multiple retail chains.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag]	true

Basis of Presentation and Summary of Significant Accounting Policies (Policies)	12 Months Ended
	May 03, 2025
Accounting Policies [Abstract]
Basis of Presentation	The results of operations reflected in our consolidated financial statements are presented on a consolidated basis. All material intercompany accounts and transactions have been eliminated in consolidation.
Consolidation	Our consolidated financial statements reflect our 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 Consolidated Statements of Operations.
Reclassifications and Restatement of Previously Issued Consolidated Financial Statements	On June 10, 2024, we completed various transactions (the "Transactions"), including an equity rights offering. Because the rights issuance was offered to all existing stockholders at an exercise price that was less than the fair value of our Common Stock, as of such time, the weighted average shares outstanding and basic and diluted loss per share were adjusted retroactively to reflect the bonus element of the rights offering for all periods presented by a factor of 5.03. On June 11, 2024, we completed a reverse stock split of our outstanding shares of common stock at a ratio of 1-for-100 in which every 100 shares of the common stock issued and outstanding were converted into one share of our common stock. All share and per-share data for all periods presented in the consolidated financial statements and accompanying notes have been retroactively adjusted to reflect the reverse stock split and the bonus element resulting from the equity rights offering. Restatement of Previously Issued Consolidated Financial Statements Certain information regarding the recording of cost of digital sales was brought to the attention of the Audit Committee of the Board of Directors (the “Audit Committee”). With the assistance of outside counsel and advisors, we completed an investigation into certain accounting matters related primarily to the recording of cost of digital sales (the “Investigation”). The Investigation identified unsupported manual journal entries that improperly reduced cost of sales, with a reciprocal impact to accrued liabilities and accounts receivable, in fiscal 2024 and fiscal 2025 and additional immaterial unsupported entries in periods prior to fiscal 2024. The Investigation also concluded that certain revenue recognized in the third quarter of fiscal 2025 related to First Day Complete was incorrectly accelerated based upon incorrect opt-out assumptions; this revenue automatically reversed in the fourth quarter based on actual opt-out rates. The Restatement includes corrections related to the digital cost of sales matters identified in the Investigation as well as the following items: Lease Accounting (ASC 842): The Company identified errors in its application of Accounting Standards Codification ("ASC") 842 - Leases related to (i) minimum annual commission guarantees (“MAGs”) under store operating agreements, which were incorrectly treated as giving rise to new right of use ("ROU") assets and liabilities annually rather than as variable lease expense; (ii) amortization of ROU assets for fixed guarantee leases, which was incorrectly recognized using an effective yield method rather than straight-line over the contract term; (iii) recognition of commission expense for variable commission arrangements, which should have been recorded as incurred based on contractual rates rather than using blended effective yield calculations; and (iv) other contract-specific ROU asset and lease liability miscalculations. Lease-related corrections are reflected in all Restated Periods. Textbook Rental Inventory: A review of aged Textbook rental inventory identified $4.6 million of rental textbooks that should have been written off in fiscal years prior to fiscal 2025. As a result, $2.7 million relating to fiscal 2023 and prior periods was recorded through retained earnings, and $1.9 million relating to fiscal 2024 was recorded in cost of sales. Legal Settlement: A $1.3 million class action settlement finalized in December 2024 was accrued in the fourth quarter of fiscal 2025. Because the obligation was incurred in the third quarter, the liability and expense have been restated into the period ended January 25, 2025. The quantitative impact of these restatement adjustments is presented in Note 3. Restatement of Previously Issued Audited Consolidated Financial Statements and Note 21. Restatement of Quarterly Financial Information (Unaudited).
Use of Estimates	Use of Estimates In preparing consolidated financial statements in conformity with GAAP, we are required to make estimates and assumptions that affect the reported amounts in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates.
Cash and Cash Equivalents and Restricted Cash	Cash and Cash Equivalents and Restricted Cash We consider all short-term, highly liquid instruments purchased with an original maturity of three months or less to be cash equivalents. As of May 3, 2025, we had cash on hand of $9,058 and restricted cash of $19,665, comprised of $17,332 in the prepaid expenses and other current assets line item in the 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 $2,333 in other noncurrent assets in the Consolidated Balance Sheet related to amounts held in trust for future distributions related to employee benefit plans. As of April 27, 2024, we had cash on hand of $10,459 and restricted cash of $18,111, comprised of $17,146 in other current assets in the 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 $965 in other noncurrent assets in the Consolidated Balance Sheet related to amounts held in trust for future distributions related to employee benefit plans.
Accounts Receivable	Accounts Receivable Receivables represent customer, private and public institutional and government billings (colleges, universities and other financial aid providers), credit/debit card receivables, advances for book buybacks, advertising and other receivables due within one year.
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 represent write-downs that reduce the cost basis of the asset. These write-downs are based on our history of liquidating non-returnable inventory, which includes certain assumptions, including markdowns and inventory aging. Cost is determined primarily by the retail inventory method for our retail business. Textbook and trade book inventories for retail and wholesale are valued using the LIFO method. The related LIFO reserve was not material to our inventory balance in Fiscal 2024. In Fiscal, 2025 we recorded a LIFO adjustment of $6,446. For our physical bookstores, we estimate and accrue inventory shortage for the period between the last physical count 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 physical bookstores fulfillment order is directed first to our wholesale operations 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 with the amortization expense recognized 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.
Cloud Computing Arrangements	Cloud Computing Arrangements Implementation costs incurred in a cloud computing arrangement (or hosting arrangement) that is a service contract are amortized to hosting expense over the term of the arrangement, beginning when the module or component of the hosting arrangement is ready for its intended use. Implementation costs are included in prepaid expenses and other assets in the Consolidated Balance Sheets and amortized to selling and administrative expense in the Consolidated Statements of Operations.
Property and Equipment	Property and Equipment Property and equipment are carried at cost, less accumulated depreciation and amortization. Depreciation and amortization is computed using the straight-line method over estimated useful lives. Maintenance and repairs are expensed as incurred, however major maintenance and remodeling costs are capitalized if they extend the useful life of the asset.
Intangible Assets	All amortizable intangible assets are being amortized over their useful life on a straight-line basis.
Leases	Leases We recognize lease assets and lease liabilities on the Consolidated Balance Sheets for all operating lease arrangements based on the present value of future lease payments as required by ASC 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 for contracts with fixed lease payments on a straight-line basis over the contractual term. We recognize variable lease payments as incurred. We recognize lease expense related to our college and university contracts as cost of sales in our Consolidated Statements of Operations and we recognize lease expense related to our various office spaces as selling and administrative expenses in our Consolidated Statements of Operations. For additional information, see Note 10. Leases. We recognize lease assets and lease liabilities on the Consolidated Balance Sheets for substantially all lease arrangements based on the present value of future lease payments as required by ASC Topic 842, Leases. Our portfolio of leases consists of operating leases comprised of operating 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 have one immaterial finance lease and no 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 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. For variable commissions, we recognize lease expense as incurred. Our lease agreements do not contain any material residual value guarantees, material restrictions or covenants. We use our incremental borrowing rate to determine the present value of fixed lease payments based on the information available at the lease commencement date, if the rate implicit in the lease is not readily determinable. We utilize an estimated collateralized incremental borrowing rate as of the effective date or the commencement date of the lease, whichever is later.
Impairment of Long-Lived Assets	Impairment of Long-Lived Assets As of May 3, 2025, our long-lived assets include property and equipment, operating lease right-of-use assets, amortizable intangibles, and other noncurrent assets of $40,229, $183,695, $78,241, and $22,735, respectively, on our Consolidated Balance Sheet. As of April 27, 2024, our long-lived assets include property and equipment, operating lease right-of-use assets, amortizable intangibles, and other noncurrent assets of $52,912, $217,336, $94,191, and $24,703, respectively, on our Consolidated Balance Sheet. 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. We evaluate the long-lived assets for impairment at the lowest asset group level for which individual cash flows can be identified. When evaluating long-lived assets for potential impairment, we first compare the carrying amount of the asset group to the estimated future undiscounted cash flows. The impairment loss calculation compares the carrying amount of the assets to the fair value based on estimated discounted future cash flows. If required, an impairment loss is recorded for that portion of the asset’s carrying value in excess of fair value. Many colleges and universities are providing alternatives to traditional in-person instruction, including online and hybrid learning options. Additionally, enrollment trends have been negatively impacted at physical campuses. Many other events, such as parent and alumni weekends and prospective student campus tour activities, offer a virtual option. These combined events have reduced on-campus activity, as well as increased competition and disintermediation, continue to impact the Company’s course materials and general merchandise business. During Fiscal 2025, we evaluated certain of our store-level long-lived assets in the retail business for impairment. Based on the results of the impairment tests, we recognized an impairment loss (non-cash) of $1,713 (both pre-tax and after-tax), comprised of $314, $290, and $1,109 of property and equipment, operating lease right-of-use assets, and amortizable intangibles, respectively, on the Consolidated Statements of Operations. During Fiscal 2024, we evaluated certain of our store-level long-lived assets in the retail business for impairment. Based on the results of the impairment tests, we recognized an impairment loss (non-cash) of $7,166 (both pre-tax and after-tax), comprised of $405, $3,600, and $3,161 of property and equipment, operating lease right-of-use assets, and amortizable intangibles, respectively, on the Consolidated Statements of Operations. The fair value of the impaired long-lived assets was 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. The significant assumptions used in the income approach included annual revenue growth rates, gross margin rates and the estimated relationship of selling and administrative costs to revenue used to estimate the projected cash-flow directly related to the future operation of the stores as well as the weighted average cost of capital used to calculate the fair value. Significant assumptions used to determine the fair values of certain operating right-of-use assets included the current market rent and discount rate. For additional information, see Note 7. Fair Value Measurements.
Revenue Recognition and Deferred Revenue	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 4.Revenue. 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 upon delivery of the digital content as product revenue in our 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 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. Such buyouts have historically been, and continue to be, immaterial to the financial statements. 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® affordable access course material program 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. Our logo and emblematic general merchandise sales are fulfilled by Lids and Fanatics and we recognize commission revenue earned for these sales on a net basis in our 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 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 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 marketing service and over time 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. 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. Contract assets represent the sale of goods or services to a customer before we have the right to obtain consideration from the customer. Contract assets consist of unbilled amounts at the reporting date and are transferred to accounts receivable when the rights become unconditional. Contract assets (unbilled receivables) were $0.6 million and immaterial for May 3, 2025 and April 27, 2024, respectively, on our Consolidated Balance Sheets. 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 partnership marketing services, which are recognized when the contracted services are provided to our 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 merchandising contracts for Fanatics and Lids. respectively, as discussed in Note 6. Equity and Earnings (Loss) Per Share - Sale of Treasury Shares.
Cost of Sales	Cost of Sales Our cost of sales primarily includes costs such as merchandise costs, textbook rental 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	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.
Long-Term Incentive Compensation	Long-Term Incentive Compensation We have granted awards in accordance with the Barnes & Noble Education Inc. Equity Incentive Plan (the “Equity Incentive Plan”). Types of equity awards that can be granted under the Equity Incentive Plan include options, restricted stock, restricted stock units, performance shares, performance share units, and phantom share units. See Note 14. Long-Term Incentive Compensation Expense for additional information regarding expense recognition for each type of award. We have reserved 2,179,093 shares of our common stock for future grants in accordance with the Barnes & Noble Education Inc. Equity Incentive Plan. Types of equity awards that can be granted under the Equity Incentive Plan include options, restricted stock (“RS”), restricted stock units (“RSU”), performance shares (“PS”), performance share units (“PSU”), and phantom share units (or "Phantom Shares"). We recognize compensation expense for restricted stock awards and performance share awards ratably over the requisite service period of the award, which is generally three years. We recognize compensation expense for these awards based on the number of awards expected to vest, which includes an estimated average forfeiture rate. We calculate the fair value of these awards based on the closing stock price on the date the award was granted. For those awards with market conditions, we have determined the grant date fair value using the Monte Carlo simulation model and compensation expense is recognized ratably over the requisite service period regardless of whether the market condition is satisfied. Restricted Stock Awards An RS award is an award of common stock that is subject to certain restrictions during a specified period. RS awards are generally subject to forfeiture if employment terminates prior to the release of the restrictions. The grantee cannot transfer the shares before the restricted shares vest. Shares of unvested restricted stock have the same voting rights as common stock, are entitled to receive dividends and other distributions thereon (although payment may be deferred until the shares have vested) and are considered to be currently issued and outstanding. RS awards will have a minimum vesting period of one year. An RSU is a grant valued in terms of our common stock, but no stock is issued at the time of grant. Each RSU may be redeemed for one share of our common stock once vested. RSUs are generally subject to forfeiture if employment terminates prior to the release of the restrictions. The grantee cannot transfer the units except in very limited circumstances and with the consent of the compensation committee. Shares associated with unvested RSUs have no voting rights but are entitled to receive dividends and other distributions thereon (although payment may be deferred until the units have vested). RSUs generally vest over a period of three years, but will have a minimum vesting period of one year. Phantom Shares Phantom Shares were granted to employees. Each Phantom Share represents the economic equivalent to one share of the Company's common stock and will be settled in cash based on the fair market value of a share of common stock at each vesting date in an amount not to exceed a specific value per share. The Phantom Shares vest and settle in three equal installments commencing one year after the date of grant. The fair value of the Phantom Shares was determined using the closing stock price on the date of the award less the fair value of the call option which was estimated using the Black-Scholes model. The fair value of the liability for the cash-settled Phantom Share awards will be remeasured at the end of each reporting period through settlement to reflect current risk-free rate and volatility assumptions. As of May 3, 2025 and April 27, 2024, respectively, we recorded an immaterial liability (Level 2 input) related to phantom share unit grants which is reflected in accrued liabilities on the Consolidated Balance Sheets. Stock Options For stock options granted with an "at market" exercise price, we determined the grant fair value using the Black-Scholes model and for stock options granted with "a premium" exercise price, we determined the grant date fair value using the Monte Carlo simulation model. The fair value models for stock options use assumptions that include the risk-free interest rate, expected volatility, expected dividend yield and expected term of the options. The risk-free interest rate is based on United States Treasury yields in effect at the date of grant for periods corresponding to the expected stock option term. The expected stock option term represents the weighted average period of time that stock options granted are expected to be outstanding, based on vesting schedules and the contractual term of the stock options. Volatility is based on the historical volatility of the Company’s common stock over a period of time corresponding to the expected stock option term. The stock options are exercisable in four equal annual installments commencing one year after the date of grant and have a ten-year term. Holders are not entitled to receive dividends (if any) prior to vesting and exercise of the options.
Advertising Cost	Advertising Costs The costs of advertising are expensed as incurred during the year pursuant to ASC 720-35, Advertising Costs.
Income Taxes	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. For additional information, see Note 15. Income Taxes. For Fiscal 2025 and Fiscal 2024, we had no material revenue or expense in jurisdictions outside the United States other than India. Impact of U.S. Tax Reform On March 27, 2020, the Coronavirus Aid, Relief, and Economic Security Act (The “CARES Act”) was enacted. We have analyzed the provisions, which provide for a technical correction to allow for full expensing of qualified leasehold improvements, modifications to charitable contributions and net operating loss limitations (“NOLs”), modifications to the deductibility of business interest expense, as well as Alternative Minimum Tax (“AMT”) credit acceleration. The most significant impact of the legislation for the Company was an income tax benefit of $7,164 for the carryback of NOLs to higher tax rate years, recorded in Fiscal 2021. As of May 3, 2025, we recognized a current income tax receivable for NOL carrybacks in prepaid and other current assets on the Consolidated Balance Sheet. We received a $15,774 refund in Fiscal 2023 and a $7,621 refund in Fiscal 2024 and a final refund of $2,403 in Fiscal 2025.
Recent Accounting Pronouncements	Recent Accounting Pronouncements In September 2025, the FASB issued ASU 2025-06, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software (“ASU 2025-06”). ASU 2025-06 modernizes and simplifies the accounting for software development costs by establishing a single capitalization framework for all internally developed or acquired software, regardless of whether the software is intended for internal use, to be sold, or to be used in delivering products and services. The new guidance retains the concept of project stages but eliminates the historical distinction between internal-use software and software to be sold or marketed. ASU 2025-06 is effective for fiscal years beginning after December 15, 2027, including interim periods within those fiscal years, with early adoption permitted. The guidance is required to be applied prospectively, with optional retrospective or modified retrospective transition methods. The Company is currently evaluating the impact of ASU 2025-06 on its consolidated financial statements. In September 2025, the Financial Accounting Standards Board (the "FASB") issued ASU No. 2025-07 (“ASU 2025-07”), Derivatives and Hedging (Topic 815) ("Topic 815") and "Revenue from Contracts with Customers (Topic 606)." The guidance refines the scope of Topic 815 to clarify which contracts are subject to derivative accounting. This ASU also provides clarification under Topic 606 for share-based payments from a customer in a revenue contract. The amendments in ASU 2025-07 are effective for fiscal years beginning after December 15, 2026, and interim reporting periods, with early adoption permitted. The Company plans to adopt the ASU during the fiscal quarter ending November 2, 2025. See Note 8. Derivative for discussion on the impact of the adoption. In November 2024, the FASB issued ASU No. 2024-03, "Income Statement — Reporting Comprehensive Income — Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses", which is intended to enhance expense disclosures by requiring additional disaggregation of certain costs and expenses, on an interim and annual basis, within the footnotes to the financial statements. The guidance will be effective for annual disclosures beginning in Fiscal 2028 and subsequent interim periods. Early adoption is permitted and the amendments may be applied either prospectively or retrospectively. The Company is evaluating the impact that adopting this guidance will have on the Company's disclosures. In December 2023, the 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 ASU, which can be applied either prospectively or retrospectively, is effective for annual periods beginning after December 15, 2024, with early adoption permitted. We are currently assessing this guidance and determining the impact on our 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 is effective for the Company for the annual report for the fiscal year ended May 3, 2025 and subsequent interim periods. The Company adopted ASU 2023-07 for its annual period ended May 3, 2025. The impact of the adoption did not have a material impact on our consolidated financial statements.
Segment Reporting	We identify our segments in accordance with the way our business is managed. During the 26 weeks ended October 26, 2024, management determined that a realignment of the Company's operating and reporting segments was necessary to better reflect the operations of the organization. With the recent change in Chief Executive Officer and June milestone financing transactions, we have streamlined operations to focus on a centralized management structure to support company-wide procurement, marketing and selling, delivery and customer service. Given the change in how the overall business is managed and how the current Chief Executive Officer (the current Chief Operating Decision Maker ("CODM")) assesses performance and allocates resources, we combined the operating results of the prior two segments, Retail and Wholesale, into one operating and reporting segment. Prior period disclosures have been restated to reflect the change to one segment. The CODM reviews financial information on a consolidated basis to evaluate operational performance, allocate resources, and assess trends over time. The CODM uses Net income (loss) as the primary measure of segment profit or loss. In evaluating performance, the CODM also reviews significant expense categories, including adjusted cost of sales, payroll expense, contract payments, direct expenses, and indirect expenses, which are considered material to understanding the segment’s financial results. This measure provides a consistent basis for strategic decision-making, budgeting, and performance evaluation, reflecting the segment’s contribution to the Company’s overall financial results. Segment assets are not used by the CODM for evaluating performance as presented on our Consolidated Balance Sheet.
Earnings (Loss) Per Share	Earnings (Loss) Per Share Basic EPS is computed based upon the weighted average number of common shares outstanding for the period. 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 period. 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.
Fair Value Measurements	In accordance with ASC 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, accounts payable, and long-term debt. The fair values of cash and cash equivalents, receivables, accrued liabilities, and accounts payable approximate their carrying values because of the short-term nature of these instruments, which are all considered Level 1 within the fair value hierarchy. The fair value of our short-term and long-term debt approximates its carrying value and is classified as Level 2, as it is estimated using observable market inputs such as current interest rates and credit spreads for similar instruments. See Note 8. Derivative, for fair value information about our derivative instrument that is fair valued using Level 3 inputs. Non-Financial Assets 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.
Commitments and Contingencies	We generally operate our physical bookstores pursuant to multi-year school management contracts under which a school designates us to operate the official school physical bookstore on campus and we provide the school with regular payments that represent a percentage of store sales and, in some cases, include a minimum fixed guaranteed payment. We account for these operating agreements for our physical bookstores under lease accounting. We recognize lease assets and lease liabilities on the Consolidated Balance Sheets for substantially all fixed lease arrangements (excluding variable obligations) with a term greater than twelve months. For additional information on lease expense and minimum fixed lease obligations, excluding variable commissions, see Note 10. Leases.

Basis of Presentation and Summary of Significant Accounting Policies (Tables)

12 Months Ended

May 03, 2025

Accounting Policies [Abstract]

Schedule of Discontinued Operations

The following table summarizes the operating results of the discontinued operations for the periods indicated:


	52 weeks ended
Dollars in thousands	April 27, 2024
Total sales	$	2,784
Cost of sales (a)	76
Gross profit (a)	2,708
Selling and administrative expenses	3,029
Depreciation and amortization	3
Gain on sale of business	(3,545)
Impairment loss (non-cash) (b)	610
Other expense (c)	3,308
Transaction costs	13
Operating loss	(710)
Income tax expense	20
Loss from discontinued operations, net of tax	$	(730)

(a) Cost of sales and Gross profit for the DSS Segment includes amortization expense (non-cash) related to content development costs of

$0 for the 52 weeks ended April 27, 2024.

(b) During the 52 weeks ended April 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 Consolidated Statement of Operations as part of discontinued operations.

(c) During the 52 weeks ended April 27, 2024, we recognized restructuring and other charges of $3,308, comprised of severance and other employee termination costs.

Schedule of Components of Accounts Receivable

Components of accounts receivable are as follows:


	As of
	May 3, 2025		April 27, 2024
			As Restated
Trade accounts	$	54,952	$	69,754
Advances for book buybacks	993		1,292
Credit/debit card receivables	14,991		9,075
Other receivables	27,141		18,717
Total receivables, net	$	98,077	$	98,838

Schedule of Accounts Receivable

Changes to the allowance for expected credit losses related to Accounts receivable are as follows:


	As of
	May 3, 2025		April 27, 2024
			As Restated
Allowance, beginning of period	$	867	$	1,156
Current period provision	4,066		2,855
Recoveries	(2,291)		(1,260)
Write-offs charged against allowance	(494)		(1,884)
Allowance, total end of period	$	2,148	$	867

Schedule of Property and Equipment

Components of property and equipment are as follows:


		As of
	Useful Life	May 3, 2025		April 27, 2024
Property and equipment:
Leasehold improvements	(a)	$	100,867	$	106,764
Machinery, equipment and display fixtures	5	232,883		246,206
Computer hardware and capitalized software costs	(b)	169,190		167,347
Office furniture and other	5 - 7	59,122		62,133

Construction in progress		1,698		2,361
Total property and equipment		563,760		584,811
Less accumulated depreciation and amortization		523,531		531,899
Total property and equipment, net		$	40,229	$	52,912

(a) Leasehold improvements are capitalized and depreciated over the shorter of the lease term or the useful life of the improvements, ranging from 5 - 15 years.

(b) System costs are capitalized and amortized over their estimated useful lives, from the date the systems become operational. Purchased software is generally amortized over a period of between 3 - 5 years.

Schedule of Amortizable Intangible Assets

Amortizable intangible assets as of May 3, 2025 and April 27, 2024 are as follows:


		As of May 3, 2025
Amortizable intangible assets	Estimated Useful Life	Gross Carrying Amount		Accumulated Amortization		Total
Customer relationships	5 - 9	$	209,680	$	(132,081)	$	77,599


Other (a)	2	3,500		(2,858)		642
		$	213,180	$	(134,939)	$	78,241


		As of April 27, 2024
Amortizable intangible assets	Estimated Useful Life	Gross Carrying Amount		Accumulated Amortization		Total
Customer relationships	6 - 10	$	225,337	$	(132,138)	$	93,199


Other (a)	1 - 3	3,500		(2,508)		992
		$	228,837	$	(134,646)	$	94,191

(a) Other consists of recognized intangibles for non-compete agreements and trade names

Schedule of Aggregate Amortization Expense


Aggregate Amortization Expense:
For the 53 weeks ended May 3, 2025	$	14,842
For the 52 weeks ended April 27, 2024	$	13,279

Schedule of Estimated Amortization Expense


Estimated Amortization Expense: (Fiscal Year)
2026	$	9,114
2027	$	9,056
2028	$	8,764
2029	$	8,764
2030	$	8,597
After 2030	$	33,946

- Definition

Tabular disclosure of information related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 50
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Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 360
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-Name Accounting Standards Codification
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-Paragraph 3A
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Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 360
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-Name Accounting Standards Codification
-Section 50
-Paragraph 3A
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Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147483499/205-20-50-3A

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 11: http://fasb.org/us-gaap/role/ref/legacyRef
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+ Details

Restatement of Previously Issued Audited Consolidated Financial Statements (Tables)

12 Months Ended

May 03, 2025

Accounting Changes and Error Corrections [Abstract]

Schedule of Restatement of Previously Issued Audited Consolidated Financial Statements

The following table reflects the impact of the restatements to the specific line items presented in the Company’s previously reported Consolidated Statement of Operations for the fiscal year ended April 27, 2024:

Summary of Restatements

Consolidated Statements of Operations


	April 27, 2024
	Digital Cost Of Sales (a)

Product and other cost of sales	$	5,739


	Leases (b)

Product and other cost of sales	$	3,858
Rental cost of sales	$	327
Income tax expense	$	675

	Other Adjustments (c)


Rental cost of sales	$	1,939


	Total Statement Of Operations


Product and other cost of sales	$	9,597
Rental cost of sales	$	2,266

Income tax expense (e)	$	675

Consolidated Balance Sheets


	As of
	April 27, 2024
	Digital Cost Of Sales (a)
Accounts receivable	$	(5,272)



Accrued liabilities	467

Accumulated deficit	(5,739)

	Leases (b)
Operating lease right-of-use assets	14,814
Accrued liabilities	20,714
Current operating lease liabilities	(25,246)
Long-term deferred taxes, net	675
Long-term operating lease liabilities	(1,566)
Accumulated deficit (d)	20,237

	Other Adjustments (c)

Textbook rental inventories	(4,677)


Accumulated deficit (d)	(4,677)

	Total Balance Sheet
Accounts receivable	(5,272)
Textbook rental inventories	(4,677)


Operating lease right-of-use assets	14,814
Accrued liabilities	21,181
Current operating lease liabilities	(25,246)
Long-term deferred taxes, net	675
Long-term operating lease liabilities	(1,566)
Accumulated deficit	$	9,821

(a) Reflects adjustments to correct errors related to the recording of Cost of Digital Sales

(b) Reflects adjustments related to the Company's accounting for its store operating agreements in accordance with ASC 842, Leases.

(c) Reflects adjustments related to Textbook rental inventory write-offs.

(d) Reflects adjustments of $25,097 related to lease accounting and $(2,738) related to rental-inventory write-off, each pertaining to periods prior to fiscal 2024.

(e) Reflects the corresponding tax impact recorded for the restatement adjustments.

The following table reflects the impact of the restatements to the specific line items presented in the Company’s previously reported Consolidated Statement of Operations for the year ended April 27, 2024 (in thousands, except share and share data):


	52 Weeks Ended April 27, 2024
	As Previously		Adjustments(1)		As Restated
	Reported
Sales:
Product sales and other	$	1,430,456	$	—	$	1,430,456
Rental income	136,679		—		136,679
Total sales	1,567,135		—		1,567,135
Cost of sales (exclusive of depreciation and amortization expense):
Product and other cost of sales	1,135,376		9,597		1,144,973
Rental cost of sales	74,983		2,266		77,249
Total cost of sales	1,210,359		11,863		1,222,222
Gross profit	356,776		(11,863)		344,913
Selling and administrative expenses	311,574		—		311,574
Depreciation and amortization expense	40,560		—		40,560
Impairment loss	7,166		—		7,166
Other expense	19,409		—		19,409
Operating loss	(21,933)		(11,863)		(33,796)

Interest expense, net	40,365		—		40,365
Loss from continuing operations before income taxes	(62,298)		(11,863)		(74,161)
Income tax expense	183		675		858
Loss from continuing operations, net of tax	(62,481)		(12,538)		(75,019)
Loss from discontinued operations	(730)		—		(730)
Net loss	$	(63,211)	$	(12,538)	$	(75,749)

Loss per share of Common Stock
Basic and Diluted
Continuing operations	$	(23.47)	$	(4.71)	$	(28.18)
Discontinued operations	$	(0.28)	$	—	$	(0.28)
Total Basic and Diluted Net Loss per share	$	(23.75)	$	(4.71)	$	(28.46)
Weighted average shares of common stock outstanding - Basic and Diluted	2,662,296				2,662,296

(1) See Summary of Restatements above.

The following table reflects the impact of the restatements to the specific line items presented in the Company’s previously reported Consolidated Balance Sheet as of April 27, 2024 (in thousands, except share and share data):


	52 Weeks Ended April 27, 2024
	As Previously		Opening		Adjustment(1)		As Restated
	Reported		Adjustments
ASSETS
Current assets:
Cash and cash equivalents	$	10,459	$	—	$	—	$	10,459
Accounts receivable	104,110		—		(5,272)		98,838
Merchandise inventories, net	344,037		—		—		344,037
Textbook rental inventories	32,992		(2,738)		(1,939)		28,315
Prepaid expenses and other current assets	39,158		—		—		39,158

Total current assets	530,756		(2,738)		(7,211)		520,807
Property and equipment, net	52,912		—		—		52,912
Operating lease right-of-use assets	202,522		11,795		3,019		217,336
Intangible assets, net	94,191		—		—		94,191


Other noncurrent assets	24,703		—		—		24,703
Total assets	905,084		9,057		(4,192)		909,949
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable	299,157		—		—		299,157
Accrued liabilities	77,441		15,182		5,999		98,622
Current operating lease liabilities	102,206		(22,170)		(3,076)		76,960


Total current liabilities	478,804		(6,988)		2,923		474,739
Long-term deferred taxes, net	1,289		—		675		1,964
Long-term operating lease liabilities	142,193		(6,314)		4,748		140,627
Other long-term liabilities	15,882		—		—		15,882
Long-term borrowings	196,337		—		—		196,337
Total liabilities	$	834,505	$	(13,302)	$	8,346	$	829,549
Commitments and contingencies (Note 17)
Stockholders' equity:

Preferred stock, $0.01 par value; authorized, 5,000,000 shares; 0 shares issued and 0 shares outstanding	—		—		—		—
Common stock, $0.01 par value; authorized, 200,000,000 shares; issued and outstanding, 558,402 and 531,564 shares, respectively	6		—		—		6
Additional paid-in capital	749,692		—		—		749,692
Accumulated deficit	(656,567)		22,359		(12,538)		(646,746)
Treasury stock, at cost	(22,552)		—		—		(22,552)
Total stockholders' equity	$	70,579	$	22,359	$	(12,538)	$	80,400
Total liabilities and stockholders' equity	$	905,084	$	9,057	$	(4,192)	$	909,949

(1) See Summary of Restatements above.

The following table reflects the impact of the restatement to the specific line items presented in the Company's previously reported Consolidated Statement of Cash Flows for the year ended April 27, 2024 (in thousands):


	52 Weeks Ended April 27, 2024
	As Previously		Adjustment(1)		As Restated
	Reported
Cash flows from operating activities:
Net loss	$	(63,211)	$	(12,538)	$	(75,749)
Less: Loss from discontinued operations, net of tax	(730)		—		(730)
Loss from continuing operations, net of tax	(62,481)		(12,538)		(75,019)
Adjustments to reconcile net loss from continuing operations to net cash flows from operating activities from continuing operations:
Depreciation and amortization expense	40,560		—		40,560
Impairment loss (non cash)	7,166		—		7,166

Amortization of deferred financing costs	13,150		—		13,150
Interest expense (paid-in-kind)	2,652		—		2,652
Deferred taxes	(550)		675		125
Stock-based compensation expense	3,380		—		3,380
Changes in operating lease right-of-use assets and liabilities	24		(1,346)		(1,322)
Changes in other long-term assets and liabilities and other, net	(20,997)		—		(20,997)
Changes in other operating assets and liabilities, net:
Receivables, net	(11,598)		5,272		(6,326)
Merchandise inventories	(21,058)		—		(21,058)
Textbook rental inventories	(2,643)		1,939		(704)
Prepaid expenses and other current assets	31,593		—		31,593
Accounts payable and accrued liabilities	19,257		5,998		25,255
Changes in other operating assets and liabilities, net	15,551		13,209		28,760
Net cash flows used in operating activities from continuing operations	(1,545)		—		(1,545)
Net cash flows used in operating activities from discontinued operations	(3,577)		—		(3,577)
Net cash flows used in operating activities	(5,122)		—		(5,122)
Cash flows from investing activities:
Purchases of property and equipment	(14,070)		—		(14,070)
Proceeds from the sale of fixed assets	78		—		78
Net cash flows used in investing activities from continuing operations	(13,992)		—		(13,992)
Net cash flows provided by investing activities from discontinued operations	21,395		—		21,395
Net cash flows provided by investing activities	7,403		—		7,403
Cash flows from financing activities:			—
Proceeds from borrowings	563,023		—		563,023
Repayments of borrowings	(552,230)		—		(552,230)
Payment of deferred financing costs	(16,316)		—		(16,316)






Purchase of treasury shares	(176)		—		(176)

Net cash flows used in financing activities	(5,699)		—		(5,699)
Net decrease in cash, cash equivalents, and restricted cash	(3,418)		—		(3,418)
Cash, cash equivalents, and restricted cash at beginning of year	31,988		—		31,988
Cash, cash equivalents, and restricted cash of continuing operations at end of year	$	28,570	$	—	$	28,570

(1) See Summary of Restatements above.

The following tables summarize the impact of the restatements on the Company’s unaudited quarterly condensed consolidated financial statements for the Restated Periods:

Summary of Restatements

Consolidated Statements of Operations


	July 27, 2024		October 26, 2024		January 25, 2025		July 29, 2023		October 28, 2023		January 27, 2024		April 27, 2024
	Digital Cost Of Sales (a)
Total sales	$	—	$	—	$	(3,500)	$	—	$	—	$	—	$	—
Product and other cost of sales	$	(659)	$	12,409	$	(2,050)	$	—	$	—	$	(2,513)	$	8,252
Rental cost of sales	$	—	$	641	$	143	$	—	$	—	$	—	$	—
Income tax expense (benefit)	$	2,458	$	(2,542)	$	(12,655)	$	—	$	—	$	—	$	—

	Leases (b)
	July 27, 2024		October 26, 2024		January 25, 2025		July 29, 2023		October 28, 2023		January 27, 2024		April 27, 2024
Product and other cost of sales	$	2,619	$	(3,475)	$	993	$	2,266	$	(3,880)	$	1,898	$	3,574
Rental cost of sales	$	250	$	(409)	$	43	$	163	$	(575)	$	50	$	689
Depreciation and amortization expense	$	14	$	12	$	13	$	—	$	—	$	—	$	—
Income tax expense (benefit)	$	(236)	$	(63)	$	(2,117)	$	100	$	218	$	258	$	99

	Other Adjustments (c)
	July 27, 2024		October 26, 2024		January 25, 2025		July 29, 2023		October 28, 2023		January 27, 2024		April 27, 2024


Rental cost of sales	$	—	$	—	$	—	$	—	$	—	$	—	$	1,939
Other (income) expense	$	—	$	—	$	1,300	$	—	$	—	$	—	$	—


	Total Statement of Operations
	July 27, 2024		October 26, 2024		January 25, 2025		July 29, 2023		October 28, 2023		January 27, 2024		April 27, 2024
Total sales	$	—	$	—	$	(3,500)	$	—	$	—	$	—	$	—
Product and other cost of sales	$	1,960	$	8,934	$	(1,057)	$	2,266	$	(3,880)	$	(615)	$	11,826
Rental cost of sales	$	250	$	232	$	186	$	163	$	(575)	$	50	$	2,628

Depreciation and amortization expense	$	14	$	12	$	13	$	—	$	—	$	—	$	—
Other (income) expense	$	—	$	—	$	1,300	$	—	$	—	$	—	$	—
Income tax expense (benefit) (d)	$	2,222	$	(2,605)	$	(14,772)	$	100	$	218	$	258	$	99

Consolidated Balance Sheets


	As of		As of		As of		As of		As of		As of		As of
	July 27, 2024		October 26, 2024		January 25, 2025		July 29, 2023		October 28, 2023		January 27, 2024		April 27, 2024 (e)
	Digital Cost of Sales (a)
Accounts receivable	$	(2,424)	$	(16,079)	$	(10,722)	$	—	$	—	$	211	$	(5,272)

Prepaid expenses and other current assets	$	(1,811)	$	(59)	$	3,700	$	—	$	—	$	—	$	—
Deferred tax assets, net	$	—	$	—	$	(1,055)	$	—	$	—	$	—	$	—
Accrued liabilities	$	2,656	$	2,245	$	(4,691)	$	—	$	—	$	(2,298)	$	467
Long-term deferred taxes, net	$	647	$	(337)	$	3,598	$	—	$	—	$	—	$	—
Accumulated deficit	$	(7,538)	$	(18,046)	$	(6,984)	$	—	$	—	$	2,509	$	(5,739)

	Leases (b)
Prepaid expenses and other current assets	$	(411)	$	—	$	3,067	$	—	$	—	$	—	$	—
Property and equipment, net	$	224	$	211	$	197	$	—	$	—	$	—	$	—
Operating lease right-of-use assets	$	(22,949)	$	(3,537)	$	15,096	$	(30,428)	$	(3,298)	$	12,824	$	14,814
Accrued liabilities	$	15,785	$	21,120	$	21,312	$	16,649	$	19,940	$	34,607	$	20,714
Current operating lease liabilities	$	(62,510)	$	(47,471)	$	(28,461)	$	(65,341)	$	(46,581)	$	(43,342)	$	(25,246)
Long-term deferred taxes, net	$	28	$	385	$	1,326	$	100	$	318	$	576	$	675
Long-term operating lease liabilities	$	5,971	$	1,115	$	1,590	$	(4,404)	$	(3,780)	$	(3,620)	$	(1,566)
Accumulated deficit	$	17,590	$	21,525	$	22,593	$	22,568	$	26,805	$	24,603	$	20,237

	Other Adjustments(c)



Textbook rental inventories	$	(4,677)	$	(4,677)	$	(4,677)	$	(2,738)	$	(2,738)	$	(2,738)	$	(4,677)

Accrued liabilities	$	—	$	—	$	1,300			$	—	$	—	$	—

Other long-term liabilities	$	—	$	(7,828)	$	—	$	—	$	—	$	—	$	—
Comprehensive Income	$	—	$	7,828	$	—	$	—	$	—	$	—	$	—
Accumulated deficit	$	(4,677)	$	(4,677)	$	(5,977)	$	(2,738)	$	(2,738)	$	(2,738)	$	(4,677)

	Total Balance Sheet


Accounts receivable	$	(2,424)	$	(16,079)	$	(10,722)	$	—	$	—	$	211	$	(5,272)
Textbook rental inventories	$	(4,677)	$	(4,677)	$	(4,677)	$	(2,738)	$	(2,738)	$	(2,738)	$	(4,677)
Prepaid expenses and other current assets	$	(2,222)	$	(59)	$	6,767	$	—	$	—	$	—	$	—
Property and equipment, net	$	224	$	211	$	197	$	—	$	—	$	—	$	—
Operating lease right-of-use assets	$	(22,949)	$	(3,537)	$	15,096	$	(30,428)	$	(3,298)	$	12,824	$	14,814
Deferred tax assets, net	$	—	$	—	$	(1,055)	$	—	$	—	$	—	$	—
Accrued liabilities	$	18,441	$	23,365	$	17,921	$	16,649	$	19,940	$	32,309	$	21,181
Current operating lease liabilities	$	(62,510)	$	(47,471)	$	(28,461)	$	(65,341)	$	(46,581)	$	(43,342)	$	(25,246)
Long-term deferred taxes, net	$	675	$	48	$	4,924	$	100	$	318	$	576	$	675
Long-term operating lease liabilities	$	5,971	$	1,115	$	1,590	$	(4,404)	$	(3,780)	$	(3,620)	$	(1,566)
Other long-term liabilities	$	—	$	(7,828)	$	—	$	—	$	—	$	—	$	—
Comprehensive Income	$	—	$	7,828	$	—	$	—	$	—	$	—	$	—
Accumulated deficit	$	5,375	$	(1,198)	$	9,632	$	19,830	$	24,067	$	24,374	$	9,821

(a) Reflects restatement adjustments to correct errors related to the recording of Cost of Digital Sales.

(b) Reflects restatement adjustments related to the Company's accounting for its store operating agreements in accordance with ASC 842, Leases.

(c) Reflects restatement adjustments primarily related to an accrued legal settlement of $1,300 reclassified from Q4 to Q3 2025, Textbook rental write offs of $1,939 in Q4 2024, and other immaterial error corrections primarily related to pension accounting in fiscal year 2025.

(d) Reflects restatement adjustments related to the Company’s income tax accounting in accordance with ASC 740, Income Taxes for the three fiscal quarters ended January 25, 2025. The restatement adjustments are primarily a result of the changes to forecasted and actual pre-tax book income/(loss) utilized in arriving at the estimated annual effective tax rate. The income tax effects of the error corrections are also included in the consolidated balance sheet accounts.

(e) Accumulated deficit reflects impact of the pre-2024 restatement adjustments $25,097 related to lease accounting and $(2,738) related to Textbook rental inventory corrections.

The following presents the restated unaudited quarterly condensed financial statements for the quarter and year to date Restated Periods.

BARNES & NOBLE EDUCATION, INC. AND SUBSIDIARIES

Condensed Consolidated Statements of Operations

(In thousands, except share data)


	13 Weeks Ended July 27, 2024						13 Weeks Ended July 29, 2023
	As Previously						As Previously
	Reported		Adjustment		As Restated		Reported		Adjustment		As Restated

Sales:
Product sales and other	$	250,926	$	—	$	250,926	$	252,650	$	—	$	252,650
Rental income	12,505		—		12,505		11,511		—		11,511
Total sales	263,431		—		263,431		264,161		—		264,161
Cost of sales (exclusive of depreciation and amortization expense):
Product and other cost of sales	209,425		1,960		211,385		207,014		2,266		209,280
Rental cost of sales	6,800		250		7,050		6,513		163		6,676
Total cost of sales	216,225		2,210		218,435		213,527		2,429		215,956
Gross profit	47,206		(2,210)		44,996		50,634		(2,429)		48,205
Selling and administrative expenses	67,023		—		67,023		77,476		—		77,476
Depreciation and amortization expense	13,057		14		13,071		10,253		—		10,253

Loss on extinguishment of debt(a)	55,233		(55,233)		—		—		—		—
Other expense	3,618		—		3,618		4,633		—		4,633
Operating loss	(91,725)		53,009		(38,716)		(41,728)		(2,429)		(44,157)
Loss on extinguishment of debt	—		55,233		55,233		—		—		—
Interest expense, net	7,618		—		7,618		8,254		—		8,254
Loss from continuing operations before income taxes	(99,343)		(2,224)		(101,567)		(49,982)		(2,429)		(52,411)
Income tax expense (benefit)	136		2,222		2,358		(11)		100		89
Loss from continuing operations	(99,479)		(4,446)		(103,925)		(49,971)		(2,529)		(52,500)
Loss from discontinued operations	—		—		—		(417)		—		(417)
Net loss	$	(99,479)	$	(4,446)	$	(103,925)	$	(50,388)	$	(2,529)	$	(52,917)

Loss per share of Common Stock
Basic and Diluted
Continuing operations	$	(7.36)	$	(0.33)	$	(7.69)	$	(18.87)	$	(0.96)	$	(19.83)
Discontinued operations	—		—		—		(0.16)		—		(0.16)
Total Basic and Diluted Net Loss per share	$	(7.36)	$	(0.33)	$	(7.69)	$	(19.03)	$	(0.96)	$	(19.99)
Weighted average shares of common stock outstanding - Basic and Diluted	13,510,667		—		13,510,667		2,647,536		—		2,647,536

(a) Reclassified the loss on debt extinguishment to non-operating income (loss).

BARNES & NOBLE EDUCATION, INC. AND SUBSIDIARIES

Condensed Consolidated Statements of Operations

(In thousands, except share data)


	13 Weeks Ended October 26, 2024						13 Weeks Ended October 28, 2023
	As Previously						As Previously
	Reported		Adjustment		As Restated		Reported		Adjustment		As Restated

Sales:
Product sales and other	$	559,674	$	—	$	559,674	$	569,698	$	—	$	569,698
Rental income	42,448		—		42,448		40,681		—		40,681
Total sales	602,122		—		602,122		610,379		—		610,379
Cost of sales (exclusive of depreciation and amortization expense):			—
Product and other cost of sales	442,092		8,934		451,026		451,953		(3,880)		448,073
Rental cost of sales	22,387		232		22,619		22,184		(575)		21,609
Total cost of sales	464,479		9,166		473,645		474,137		(4,455)		469,682
Gross profit	137,643		(9,166)		128,477		136,242		4,455		140,697
Selling and administrative expenses	72,940		—		72,940		85,961		—		85,961
Depreciation and amortization expense	8,530		12		8,542		10,175		—		10,175


Other (income) expense	(150)		—		(150)		4,274		—		4,274
Operating income	56,323		(9,178)		47,145		35,832		4,455		40,287
Interest expense, net	5,463		—		5,463		10,664		—		10,664
Income from continuing operations before income taxes	50,860		(9,178)		41,682		25,168		4,455		29,623
Income tax expense (benefit)	1,125		(2,605)		(1,480)		314		218		532
Income from continuing operations	49,735		(6,573)		43,162		24,854		4,237		29,091
Loss from discontinued operations	—		—		—		(674)		—		(674)
Net income	$	49,735	$	(6,573)	$	43,162	$	24,180	$	4,237	$	28,417

Income per share of Common Stock
Basic and Diluted
Continuing operations	$	1.87	$	(0.24)	$	1.63	$	9.36	$	1.60	$	10.96
Discontinued operations	—		—		—		(0.25)		—		(0.25)
Total Basic Earnings per share	$	1.87	$	(0.24)	$	1.63	$	9.11	$	1.60	$	10.71
Weighted average common shares outstanding - Basic	26,527,174		—		26,527,174		2,655,006		—		2,655,006

Continuing operations	$	1.87	$	(0.24)	$	1.63	$	9.36	$	1.59	$	10.95
Discontinued operations	—		—		—		(0.25)		—		(0.25)
Total Diluted Earnings per share	$	1.87	$	(0.24)	$	1.63	$	9.11	$	1.59	$	10.70
Weighted average common shares outstanding - Diluted	26,541,804		—		26,541,804		2,655,799		—		2,655,799

BARNES & NOBLE EDUCATION, INC. AND SUBSIDIARIES

Condensed Consolidated Statements of Operations

(In thousands, except share data)


	13 Weeks Ended January 25, 2025						13 Weeks Ended January 27, 2024
	As Previously						As Previously
	Reported		Adjustment		As Restated		Reported		Adjustment		As Restated

Sales:
Product sales and other	$	423,163	$	(3,500)	$	419,663	$	415,375	$	—	$	415,375
Rental income	43,162		—		43,162		41,298		—		41,298
Total sales	466,325		(3,500)		462,825		456,673		—		456,673
Cost of sales (exclusive of depreciation and amortization expense):
Product and other cost of sales	344,616		(1,057)		343,559		332,728		(615)		332,113
Rental cost of sales	25,330		186		25,516		23,909		50		23,959
Total cost of sales	369,946		(871)		369,075		356,637		(565)		356,072
Gross profit	96,379		(2,629)		93,750		100,036		565		100,601
Selling and administrative expenses	71,561		—		71,561		79,756		—		79,756
Depreciation and amortization expense	7,814		13		7,827		10,148		—		10,148
Impairment loss	1,713		—		1,713		5,798		—		5,798

Other (income) expense	(7,568)		1,300		(6,268)		3,413		—		3,413
Operating income	22,859		(3,942)		18,917		921		565		1,486
Interest expense, net	5,083		—		5,083		10,620		—		10,620
Income (loss) from continuing operations before income taxes	17,776		(3,942)		13,834		(9,699)		565		(9,134)
Income tax expense (benefit)	10,664		(14,772)		(4,108)		229		258		487
Income (loss) from continuing operations	7,112		10,830		17,942		(9,928)		307		(9,621)
Income from discontinued operations	—		—		—		289		—		289
Net income (loss)	$	7,112	$	10,830	$	17,942	$	(9,639)	$	307	$	(9,332)

Income (loss) per share of Common Stock
Basic and Diluted
Continuing operations	$	0.23	$	0.36	$	0.59	$	(3.71)	$	0.11	$	(3.60)
Discontinued operations	—		—		—		0.11		—		0.11
Total Basic Earnings per share	$	0.23	$	0.36	$	0.59	$	(3.60)	$	0.11	$	(3.49)
Weighted average common shares outstanding - Basic	30,507,723		—		30,507,723		2,673,240		—		2,673,240

Continuing operations	$	0.23	$	0.36	$	0.59	$	(3.71)	$	0.11	$	(3.60)
Discontinued operations	—		—		—		0.11		—		0.11
Total Diluted Earnings per share	$	0.23	$	0.36	$	0.59	$	(3.60)	$	0.11	$	(3.49)
Weighted average common shares outstanding - Diluted	30,642,958		—		30,642,958		2,673,240		—		2,673,240

BARNES & NOBLE EDUCATION, INC. AND SUBSIDIARIES

Condensed Consolidated Statements of Operations

(In thousands, except share data)


	26 Weeks Ended October 26, 2024						26 Weeks Ended October 28, 2023
	As Previously						As Previously
	Reported		Adjustment		As Restated		Reported		Adjustment		As Restated

Sales:
Product sales and other	$	810,600	$	—	$	810,600	$	822,348	$	—	$	822,348
Rental income	54,953		—		54,953		52,192		—		52,192
Total sales	865,553		—		865,553		874,540		—		874,540
Cost of sales (exclusive of depreciation and amortization expense):
Product and other cost of sales	651,517		10,894		662,411		658,967		(1,614)		657,353
Rental cost of sales	29,187		482		29,669		28,697		(412)		28,285
Total cost of sales	680,704		11,376		692,080		687,664		(2,026)		685,638
Gross profit	184,849		(11,376)		173,473		186,876		2,026		188,902
Selling and administrative expenses	139,963		—		139,963		163,437		—		163,437
Depreciation and amortization expense	21,587		26		21,613		20,428		—		20,428
Loss on extinguishment of debt	55,233		(55,233)		—		—		—		—
Other expense	3,468		—		3,468		8,907		—		8,907
Operating income (loss)	(35,402)		43,831		8,429		(5,896)		2,026		(3,870)
Loss on extinguishment of debt(a)	—		55,233		55,233		—		—		—
Interest expense, net	13,081		—		13,081		18,918		—		18,918
Loss from continuing operations before income taxes	(48,483)		(11,402)		(59,885)		(24,814)		2,026		(22,788)
Income tax expense	1,261		(383)		878		303		318		621
Loss from continuing operations	(49,744)		(11,019)		(60,763)		(25,117)		1,708		(23,409)
Loss from discontinued operations	—		—		—		(1,091)		—		(1,091)
Net loss	$	(49,744)	$	(11,019)	$	(60,763)	$	(26,208)	$	1,708	$	(24,500)

Loss per share of Common Stock
Basic and Diluted
Continuing operations	$	(2.48)	$	(0.56)	$	(3.04)	$	(9.47)	$	0.64	$	(8.83)
Discontinued operations	—		—		—		(0.41)		—		(0.41)
Total Basic and Diluted Net Loss per share	$	(2.48)	$	(0.56)	$	(3.04)	$	(9.88)	$	0.64	$	(9.24)
Weighted average shares of common stock outstanding - Basic and Diluted	20,018,920		—		20,018,920		2,651,271		—		2,651,271

(a) Reclassified the loss on debt extinguishment to non-operating income (loss).

BARNES & NOBLE EDUCATION, INC. AND SUBSIDIARIES

Condensed Consolidated Statements of Operations

(In thousands, except share data)


	39 Weeks Ended January 25, 2025						39 Weeks Ended January 27, 2024
	As Previously						As Previously
	Reported		Adjustment		As Restated		Reported		Adjustment		As Restated

Sales:
Product sales and other	$	1,233,763	$	(3,500)	$	1,230,263	$	1,237,723	$	—	$	1,237,723
Rental income	98,115		—		98,115		93,490		—		93,490
Total sales	1,331,878		(3,500)		1,328,378		1,331,213		—		1,331,213
Cost of sales (exclusive of depreciation and amortization expense):
Product and other cost of sales	996,133		9,837		1,005,970		991,695		(2,229)		989,466
Rental cost of sales	54,517		668		55,185		52,606		(362)		52,244
Total cost of sales	1,050,650		10,505		1,061,155		1,044,301		(2,591)		1,041,710
Gross profit	281,228		(14,005)		267,223		286,912		2,591		289,503
Selling and administrative expenses	211,524		—		211,524		243,193		—		243,193
Depreciation and amortization expense	29,401		39		29,440		30,576		—		30,576
Impairment loss	1,713		—		1,713		5,798		—		5,798
Loss on extinguishment of debt	55,233		(55,233)		—		—		—		—
Other (income) expense	(4,100)		1,300		(2,800)		12,320		—		12,320
Operating (loss) income	(12,543)		39,889		27,346		(4,975)		2,591		(2,384)
Loss on extinguishment of debt(a)	—		55,233		55,233		—		—		—
Interest expense, net	18,164		—		18,164		29,538		—		29,538
Loss from continuing operations before income taxes	(30,707)		(15,344)		(46,051)		(34,513)		2,591		(31,922)
Income tax expense (benefit)	11,925		(15,155)		(3,230)		532		576		1,108
Loss from continuing operations	(42,632)		(189)		(42,821)		(35,045)		2,015		(33,030)
Loss from discontinued operations	—		—		—		(802)		—		(802)
Net loss	$	(42,632)	$	(189)	$	(42,821)	$	(35,847)	$	2,015	$	(33,832)

Loss per share of Common Stock
Basic and Diluted
Continuing operations	$	(1.81)	$	(0.01)	$	(1.82)	$	(13.18)	$	0.76	$	(12.42)
Discontinued operations	—		—		—		(0.30)		—		(0.30)
Total Basic and Diluted Net Loss per share	$	(1.81)	$	(0.01)	$	(1.82)	$	(13.48)	$	0.76	$	(12.72)
Weighted average shares of common stock outstanding - Basic and Diluted	23,515,188		—		23,515,188		2,658,594		—		2,658,594

(a) Reclassified the loss on debt extinguishment to non-operating income (loss)

BARNES & NOBLE EDUCATION, INC. AND SUBSIDIARIES

Condensed Consolidated Balance Sheets

(In thousands, except share data)


	July 27, 2024						July 29, 2023
	As Previously						As Previously
	Reported		Adjustment		As Restated		Reported		Adjustment		As Restated

ASSETS
Current assets:
Cash and cash equivalents	$	8,212	$	—	$	8,212	$	7,657	$	—	$	7,657
Accounts receivable	154,405		(2,424)		151,981		140,858		—		140,858
Merchandise inventories, net	395,272		—		395,272		384,185		—		384,185
Textbook rental inventories	10,320		(4,677)		5,643		6,860		(2,738)		4,122
Prepaid expenses and other current assets	33,152		(2,222)		30,930		59,012		—		59,012

Total current assets	601,361		(9,323)		592,038		598,572		(2,738)		595,834
Property and equipment, net	48,264		224		48,488		64,438		—		64,438
Operating lease right-of-use assets	241,852		(22,949)		218,903		283,096		(30,428)		252,668
Intangible assets, net	87,828		—		87,828		107,413		—		107,413

Other noncurrent assets	25,930		—		25,930		17,298		—		17,298
Total assets	$	1,005,235	$	(32,048)	$	973,187	$	1,070,817	$	(33,166)	$	1,037,651
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable	$	266,304	$	—	$	266,304	$	275,380	$	—	$	275,380
Accrued liabilities	75,713		18,441		94,154		89,792		16,649		106,441
Current operating lease liabilities	147,839		(62,510)		85,329		150,917		(65,341)		85,576


Total current liabilities	489,856		(44,069)		445,787		516,089		(48,692)		467,397
Long-term deferred taxes, net	1,306		675		1,981		1,836		100		1,936
Long-term operating lease liabilities	132,200		5,971		138,171		171,154		(4,404)		166,750
Other long-term liabilities	15,553		—		15,553		23,016		—		23,016
Long-term borrowings	221,916		—		221,916		277,663		—		277,663
Total liabilities	860,831		(37,423)		823,408		989,758		(52,996)		936,762
Commitments and contingencies
Stockholders' equity:


Preferred stock, $0.01 par value	—		—		—		—		—		—
Common stock, $0.01 par value	263		—		263		6		—		6

Additional paid-in capital	922,743		—		922,743		747,271		—		747,271
Accumulated deficit	(756,046)		5,375		(750,671)		(643,744)		19,830		(623,914)
Treasury stock, at cost	(22,556)		—		(22,556)		(22,474)		—		(22,474)
Total stockholders' equity	144,404		5,375		149,779		81,059		19,830		100,889
Total liabilities and stockholders' equity	$	1,005,235	$	(32,048)	$	973,187	$	1,070,817	$	(33,166)	$	1,037,651

BARNES & NOBLE EDUCATION, INC. AND SUBSIDIARIES

Condensed Consolidated Balance Sheets

(In thousands, except share data)


	October 26, 2024						October 28, 2023
	As Previously						As Previously
	Reported		Adjustment		As Restated		Reported		Adjustment		As Restated

ASSETS
Current assets:
Cash and cash equivalents	$	11,619	$	—	$	11,619	$	15,008	$	—	$	15,008
Accounts receivable	275,847		(16,079)		259,768		221,805		—		221,805
Merchandise inventories, net	315,469		—		315,469		364,292		—		364,292
Textbook rental inventories	49,672		(4,677)		44,995		51,840		(2,738)		49,102
Prepaid expenses and other current assets	33,425		(59)		33,366		63,410		—		63,410

Total current assets	686,032		(20,815)		665,217		716,355		(2,738)		713,617
Property and equipment, net	44,926		211		45,137		61,403		—		61,403
Operating lease right-of-use assets	210,271		(3,537)		206,734		246,531		(3,298)		243,233
Intangible assets, net	85,137		—		85,137		104,026		—		104,026

Other noncurrent assets	25,684		—		25,684		16,664		—		16,664
Total assets	$	1,052,050	$	(24,141)	$	1,027,909	$	1,144,979	$	(6,036)	$	1,138,943
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable	$	298,952	$	—	$	298,952	$	385,895	$	—	$	385,895
Accrued liabilities	99,670		23,365		123,035		112,075		19,940		132,015
Current operating lease liabilities	124,939		(47,471)		77,468		126,426		(46,581)		79,845


Total current liabilities	523,561		(24,106)		499,455		624,396		(26,641)		597,755
Long-term deferred taxes, net	2,050		48		2,098		1,936		318		2,254
Long-term operating lease liabilities	129,748		1,115		130,863		160,185		(3,780)		156,405
Other long-term liabilities	14,334		(7,828)		6,506		18,625		—		18,625
Long-term borrowings	177,551		—		177,551		233,873		—		233,873
Total liabilities	847,244		(30,771)		816,473		1,039,015		(30,103)		1,008,912
Commitments and contingencies
Stockholders' equity:


Preferred stock, $0.01 par value	—		—		—		—		—		—
Common stock, $0.01 par value	274		—		274		6		—		6

Additional paid-in capital	933,399		—		933,399		748,070		—		748,070
Other Comprehensive Income	—		7,828		7,828		—		—		—
Accumulated deficit	(706,311)		(1,198)		(707,509)		(619,564)		24,067		(595,497)
Treasury stock, at cost	(22,556)		—		(22,556)		(22,548)		—		(22,548)
Total stockholders' equity	204,806		6,630		211,436		105,964		24,067		130,031
Total liabilities and stockholders' equity	$	1,052,050	$	(24,141)	$	1,027,909	$	1,144,979	$	(6,036)	$	1,138,943

BARNES & NOBLE EDUCATION, INC. AND SUBSIDIARIES

Condensed Consolidated Balance Sheets

(In thousands, except share data)


	January 25, 2025						January 27, 2024
	As Previously						As Previously
	Reported		Adjustment		As Restated		Reported		Adjustment		As Restated

ASSETS
Current assets:
Cash and cash equivalents	$	9,185	$	—	$	9,185	$	8,123	$	—	$	8,123
Accounts receivable	354,241		(10,722)		343,519		315,126		211		315,337
Merchandise inventories, net	326,825		—		326,825		341,544		—		341,544
Textbook rental inventories	41,033		(4,677)		36,356		44,521		(2,738)		41,783
Prepaid expenses and other current assets	26,729		6,767		33,496		54,337		—		54,337

Total current assets	758,013		(8,632)		749,381		763,651		(2,527)		761,124
Property and equipment, net	41,956		197		42,153		57,273		—		57,273
Operating lease right-of-use assets	180,710		15,096		195,806		220,238		12,824		233,062
Intangible assets, net	81,630		—		81,630		97,947		—		97,947
Deferred tax assets, net	1,055		(1,055)		—		—		—		—
Other noncurrent assets	24,217		—		24,217		12,488		—		12,488
Total assets	$	1,087,581	$	5,606	$	1,093,187	$	1,151,597	$	10,297	$	1,161,894
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable	$	303,577	$	—	$	303,577	$	343,100	$	—	$	343,100
Accrued liabilities	130,069		17,921		147,990		156,874		32,309		189,183
Current operating lease liabilities	101,062		(28,461)		72,601		125,545		(43,342)		82,203
Short-term borrowings	—		—		—		224,067		—		224,067

Total current liabilities	534,708		(10,540)		524,168		849,586		(11,033)		838,553
Long-term deferred taxes, net	—		4,924		4,924		2,010		576		2,586
Long-term operating lease liabilities	121,835		1,590		123,425		155,226		(3,620)		151,606
Other long-term liabilities	6,521		—		6,521		17,451		—		17,451
Long-term borrowings	141,200		—		141,200		30,191		—		30,191
Total liabilities	804,264		(4,026)		800,238		1,054,464		(14,077)		1,040,387
Commitments and contingencies
Stockholders' equity:


Preferred stock, $0.01 par value	—		—		—		—		—		—
Common stock, $0.01 par value	341		—		341		6		—		6

Additional paid-in capital	1,004,731		—		1,004,731		748,882		—		748,882
Accumulated deficit	(699,199)		9,632		(689,567)		(629,203)		24,374		(604,829)
Treasury stock, at cost	(22,556)		—		(22,556)		(22,552)		—		(22,552)
Total stockholders' equity	283,317		9,632		292,949		97,133		24,374		121,507
Total liabilities and stockholders' equity	$	1,087,581	$	5,606	$	1,093,187	$	1,151,597	$	10,297	$	1,161,894

BARNES & NOBLE EDUCATION, INC. AND SUBSIDIARIES

Condensed Consolidated Statements of Cash Flows (In thousands)


	13 Weeks Ended July 27, 2024						13 Weeks Ended July 29, 2023
	As Previously						As Previously
	Reported		Adjustment		As Restated		Reported		Adjustment		As Restated

Cash flows from operating activities:
Net loss	$	(99,479)	$	(4,446)	$	(103,925)	$	(50,388)	$	(2,529)	$	(52,917)
Less: Loss from discontinued operations, net of tax	—		—		—		(417)		—		(417)
Loss from continuing operations, net of tax	(99,479)		(4,446)		(103,925)		(49,971)		(2,529)		(52,500)
Adjustments to reconcile net loss from continuing operations to net cash flows from operating activities from continuing operations:
Depreciation and amortization expense	13,057		14		13,071		10,253		—		10,253

Amortization of deferred financing costs	2,417		—		2,417		1,244		—		1,244

Loss on debt extinguishment	55,233		—		55,233		—		—		—
Deferred taxes	17		—		17		(3)		100		97
Stock-based compensation expense	(863)		—		(863)		957		—		957
Changes in operating lease right-of-use assets and liabilities	(3,691)		8,036		4,345		721		963		1,684
Changes in other long-term assets and liabilities and other, net	2,446		(1,290)		1,156		4,056		—		4,056
Changes in other operating assets and liabilities, net:
Receivables, net	(50,295)		(2,848)		(53,143)		(48,346)		—		(48,346)
Merchandise inventories	(51,235)		—		(51,235)		(61,206)		—		(61,206)
Textbook rental inventories	22,672		—		22,672		23,489		—		23,489
Prepaid expenses and other current assets	315		2,222		2,537		(12,168)		—		(12,168)
Accounts payable and accrued liabilities	(34,586)		(1,198)		(35,784)		11,116		1,466		12,582
Changes in other operating assets and liabilities, net	(113,129)		(1,824)		(114,953)		(87,115)		1,466		(85,649)
Net cash flows used in operating activities from continuing operations	(143,992)		490		(143,502)		(119,858)		—		(119,858)
Net cash flows used in operating activities from discontinued operations	—		—		$	—	(3,266)		—		$	(3,266)
Net cash flow used in operating activities	(143,992)		490		(143,502)		(123,124)		—		(123,124)
Cash flows from investing activities:
Purchases of property and equipment	(3,470)		(490)		(3,960)		(4,219)		—		(4,219)
Net change in other noncurrent assets	223		—		223		78		—		78
Net cash flows used in investing activities from continuing operations	(3,247)		(490)		(3,737)		(4,141)		—		(4,141)
Net cash flows provided by (used in) investing activities from discontinued operations	—		—		—		21,395		—		21,395
Net cash flow used in investing activities	(3,247)		(490)		(3,737)		17,254		—		17,254
Cash flows from financing activities:
Proceeds from borrowings	217,647		—		217,647		145,187		—		145,187
Repayments of borrowings	(160,696)		—		(160,696)		(49,606)		—		(49,606)
Proceeds from Private Equity Investment	50,000		—		50,000		—		—		—
Proceeds from Rights Offering	45,000		—		45,000		—		—		—
Payment of equity issuance costs	(9,524)		—		(9,524)		—		—		—
Payment of deferred financing costs	(3,669)		—		(3,669)		(2,307)		—		(2,307)
Purchase of treasury shares	(4)		—		(4)		(98)		—		(98)
Proceeds from principal stockholder expense reimbursement	1,190		—		1,190		—		—		—
Net cash flows provided by financing activities from continuing operations	139,944		—		139,944		93,176		—		93,176


Net decrease in cash, cash equivalents and restricted cash	(7,295)		—		(7,295)		(12,694)		—		(12,694)
Cash, cash equivalents and restricted cash at beginning of period	28,570		—		28,570		31,988		—		31,988
Cash, cash equivalents and restricted cash at end of period	21,275		—		21,275		19,294		—		19,294
Less: Cash, cash equivalents and restricted cash of discontinued operations at end of period	—		—		—		—		—		—
Cash, cash equivalents, and restricted cash of continuing operations at end of period	$	21,275	$	—	$	21,275	$	19,294	$	—	$	19,294

BARNES & NOBLE EDUCATION, INC. AND SUBSIDIARIES

Condensed Consolidated Statements of Cash Flows (In thousands)


	26 Weeks Ended October 26, 2024						26 Weeks Ended October 28, 2023
	As Previously						As Previously
	Reported		Adjustment		As Restated		Reported		Adjustment		As Restated

Cash flows from operating activities:
Net loss	$	(49,744)	$	(11,019)	$	(60,763)	$	(26,208)	$	1,708	$	(24,500)
Less: Loss from discontinued operations, net of tax	—		—		—		(1,091)		—		(1,091)
Loss from continuing operations, net of tax	(49,744)		(11,019)		(60,763)		(25,117)		1,708		(23,409)
Adjustments to reconcile net loss from continuing operations to net cash flows from operating activities from continuing operations:
Depreciation and amortization expense	21,587		26		21,613		20,428		—		20,428

Amortization of deferred financing costs	3,333		—		3,333		4,406		—		4,406

Loss on debt extinguishment	55,233		—		55,233		—		—		—
Deferred taxes	762		(627)		135		97		318		415
Pension adjustments	—		7,828		7,828		—		—		—
Stock-based compensation expense	392		—		392		1,756		—		1,756
Interest expense (paid-in-kind)	—		—		—		863		—		863
Changes in operating lease right-of-use assets and liabilities	2,538		(1,193)		1,345		1,826		(6,783)		(4,957)
Changes in other long-term assets and liabilities and other, net	1,287		(7,828)		(6,541)		(2,311)		—		(2,311)
Changes in other operating assets and liabilities, net:									—
Receivables, net	(171,737)		10,806		(160,931)		(129,293)		—		(129,293)
Merchandise inventories	28,568		—		28,568		(41,313)		—		(41,313)
Textbook rental inventories	(16,680)		—		(16,680)		(21,491)		—		(21,491)
Prepaid expenses and other current assets	4,282		59		4,341		2,756		—		2,756
Accounts payable and accrued liabilities	23,597		2,438		26,035		140,233		4,757		144,990
Changes in other operating assets and liabilities, net	(131,970)		13,303		(118,667)		(49,108)		4,757		(44,351)
Net cash flows used in operating activities from continuing operations	(96,582)		490		(96,092)		(47,160)		—		(47,160)
Net cash flows used in operating activities from discontinued operations	—		—		—		(3,939)		—		$	(3,939)
Net cash flow used in operating activities	(96,582)		490		(96,092)		(51,099)		—		(51,099)
Cash flows from investing activities:
Purchases of property and equipment	(6,528)		(490)		(7,018)		(8,196)		—		(8,196)
Net change in other noncurrent assets	792		—		792		78		—		78
Net cash flows used in investing activities from continuing operations	(5,736)		(490)		(6,226)		(8,118)		—		(8,118)
Net cash flows provided by investing activities from discontinued operations	—		—		—		21,395		—		21,395
Net cash flow (used in) provided by investing activities	(5,736)		(490)		(6,226)		13,277		—		13,277
Cash flows from financing activities:
Proceeds from borrowings	455,044		—		455,044		284,698		—		284,698
Repayments of borrowings	(442,461)		—		(442,461)		(233,970)		—		(233,970)
Proceeds from Private Equity Investment	50,000		—		50,000		—		—		—
Proceeds from Rights Offering	45,000		—		45,000		—		—		—
Shares sold under at-the-market offering, net of commissions	9,590		—		9,590				—
Payment of equity issuance costs	(9,702)		—		(9,702)		—		—		—
Payment of deferred financing costs	(5,569)		—		(5,569)		(9,381)		—		(9,381)
Purchase of treasury shares	(4)		—		(4)		(172)		—		(172)


Proceeds from principal stockholder expense reimbursement	1,190		—		1,190		—		—		—
Payment of finance lease principal	(398)		—		(398)				—
Net cash flows provided by financing activities from continuing operations	102,690		—		102,690		41,175		—		41,175



Net decrease in cash, cash equivalents and restricted cash	372		—		372		3,353		—		3,353
Cash, cash equivalents and restricted cash at beginning of period	28,570		—		28,570		31,988		—		31,988
Cash, cash equivalents and restricted cash at end of period	28,942		—		28,942		35,341		—		35,341
Less: Cash, cash equivalents and restricted cash of discontinued operations at end of period	—		—		—		—		—		—
Cash, cash equivalents, and restricted cash of continuing operations at end of period	$	28,942	$	—	$	28,942	$	35,341	$	—	$	35,341

BARNES & NOBLE EDUCATION, INC. AND SUBSIDIARIES

Condensed Consolidated Statements of Cash Flows (In thousands)


	39 Weeks Ended January 25, 2025						39 Weeks Ended January 27, 2024
	As Previously						As Previously
	Reported		Adjustment		As Restated		Reported		Adjustment		As Restated

Cash flows from operating activities:
Net loss	$	(42,632)	$	(189)	$	(42,821)	$	(35,847)	$	2,015	$	(33,832)
Less: Loss from discontinued operations, net of tax	—		—		—		(802)		—		(802)
Loss from continuing operations, net of tax	(42,632)		(189)		(42,821)		(35,045)		2,015		(33,030)
Adjustments to reconcile net loss from continuing operations to net cash flows from operating activities from continuing operations:
Depreciation and amortization expense	29,401		39		29,440		30,576		—		30,576

Amortization of deferred financing costs	4,248		—		4,248		8,380		—		8,380
Impairment loss (non cash)	1,713		—		1,713		5,798		—		5,798
Loss on debt extinguishment	55,233		—		55,233		—		—		—
Deferred taxes	(2,344)		5,304		2,960		171		576		747
Stock-based compensation expense	2,953		—		2,953		2,568		—		2,568
Interest expense (paid-in-kind)	—		—		—		1,750		—		1,750
Changes in operating lease right-of-use assets and liabilities	19		(341)		(322)		19,553		(19,506)		47
Changes in other long-term assets and liabilities and other, net	(6,006)		—		(6,006)		(2,961)		—		(2,961)
Changes in other operating assets and liabilities, net:									—
Receivables, net	(250,131)		5,450		(244,681)		(222,614)		(211)		(222,825)
Merchandise inventories	17,212		—		17,212		(18,565)		—		(18,565)
Textbook rental inventories	(8,041)		—		(8,041)		(14,172)		—		(14,172)
Prepaid expenses and other current assets	1,232		(6,767)		(5,535)		2,436		—		2,436
Accounts payable and accrued liabilities	58,616		(3,006)		55,610		138,904		17,126		156,030
Changes in other operating assets and liabilities, net	(181,112)		(4,323)		(185,435)		(114,011)		16,915		(97,096)
Net cash flows used in operating activities from continuing operations	(138,527)		490		(138,037)		(83,221)		—		(83,221)
Net cash flows used in operating activities from discontinued operations	—		—		—		(3,650)		—		$	(3,650)
Net cash flow used in operating activities	(138,527)		490		(138,037)		(86,871)		—		(86,871)
Cash flows from investing activities:
Purchases of property and equipment	(9,300)		(490)		(9,790)		(11,459)		—		(11,459)
Net change in other noncurrent assets	792		—		792		78		—		78
Net cash flows used in investing activities from continuing operations	(8,508)		(490)		(8,998)		(11,381)		—		(11,381)
Net cash flows provided by investing activities from discontinued operations	—		—		—		21,395		—		21,395
Net cash flow (used in) provided by investing activities	(8,508)		(490)		(8,998)		10,014		—		10,014
Cash flows from financing activities:
Proceeds from borrowings	667,355		—		667,355		454,459		—		454,459
Repayments of borrowings	(691,121)		—		(691,121)		(384,545)		—		(384,545)
Proceeds from Private Equity Investment	50,000		—		50,000		—		—		—
Proceeds from Rights Offering	45,000		—		45,000		—		—		—
Shares sold under at-the-market offering, net of commissions	78,450		—		78,450		—		—		—
Payment of equity issuance costs	(9,724)		—		(9,724)		—		—		—
Payment of deferred financing costs	(5,569)		—		(5,569)		(9,845)		—		(9,845)
Purchase of treasury shares	(4)		—		(4)		(176)		—		(176)


Proceeds from principal stockholder expense reimbursement	1,190		—		1,190		—		—		—
Payment of finance lease principal	(385)		—		(385)		—		—		—
Net cash flows provided by financing activities from continuing operations	135,192		—		135,192		59,893		—		59,893



Net decrease in cash, cash equivalents and restricted cash	(11,843)		—		(11,843)		(16,964)		—		(16,964)
Cash, cash equivalents and restricted cash at beginning of period	28,570		—		28,570		31,988		—		31,988
Cash, cash equivalents and restricted cash at end of period	16,727		—		16,727		15,024		—		15,024
Less: Cash, cash equivalents and restricted cash of discontinued operations at end of period	—		—		—		—		—		—
Cash, cash equivalents, and restricted cash of continuing operations at end of period	$	16,727	$	—	$	16,727	$	15,024	$	—	$	15,024

BARNES & NOBLE EDUCATION, INC. AND SUBSIDIARIES

Condensed Consolidated Statements of Equity

(In thousands, except share data)

As Previously Reported for the 13 Weeks Ended July 29, 2023:


				Additional
	Common Stock			Paid-In		Accumulated		Treasury Stock			Total
	Shares	Amount		Capital		Deficit		Shares	Amount		Equity
Balance at April 29, 2023	551,402	$	551	$	745,932	$	(593,356)	25,359	$	(22,376)	$	130,751
Stock-based compensation expense				794							794
Vested equity awards	2,000	2		(2)							—
Shares repurchased for tax withholdings for vested stock awards								779	(98)		(98)
Net loss						(50,388)					(50,388)
Balance July 29, 2023	553,402	$	553	$	746,724	$	(643,744)	26,138	$	(22,474)	$	81,059

As Restated for the 13 Weeks Ended July 29, 2023:


				Additional
	Common Stock			Paid-In		Accumulated		Treasury Stock			Total
	Shares	Amount		Capital		Deficit		Shares	Amount		Equity
Balance at April 29, 2023	551,402	$	6	$	746,477	$	(570,997)	25,359	$	(22,376)	$	153,110
Stock-based compensation expense				794							794
Vested equity awards	2,000	—		—							—
Shares repurchased for tax withholdings for vested stock awards								779	(98)		(98)
Net loss						(52,917)					(52,917)
Balance July 29, 2023	553,402	$	6	$	747,271	$	(623,914)	26,138	$	(22,474)	$	100,889

BARNES & NOBLE EDUCATION, INC. AND SUBSIDIARIES

Condensed Consolidated Statements of Equity

(In thousands, except share data)

As Previously Reported for the 13 Weeks Ended July 27, 2024:


				Additional
	Common Stock			Paid-In		Accumulated		Treasury Stock			Total
	Shares	Amount		Capital		Deficit		Shares	Amount		Equity
Balance at April 27, 2024	558,402	558		749,140		(656,567)		26,838	(22,552)		70,579
Stock-based compensation expense				(863)							(863)
Vested equity awards	2,923										—
Shares repurchased for tax withholdings for vested stock awards								429	(4)		(4)
Private Equity Investment	10,000,000	100		49,900							50,000
Rights Offering	9,000,000	90		44,910							45,000
Equity issuance costs				(9,524)							(9,524)
Term Loan debt conversion	6,673,978	67		86,688							86,755
Principal Stockholder expense reimbursement				1,940							1,940
Adjustment to Additional Paid-In Capital, reverse stock split		(553)		553							—
Net loss						(99,479)					(99,479)
Balance July 27, 2024	26,235,303	262		922,744		(756,046)		27,267	(22,556)		144,404

As Restated for the 13 Weeks Ended July 27, 2024:
				Additional
	Common Stock			Paid-In		Accumulated		Treasury Stock			Total
	Shares	Amount		Capital		Deficit		Shares	Amount		Equity
Balance at April 27, 2024	558,402	$	6	$	749,692	$	(646,746)	26,838	$	(22,552)	$	80,400
Stock-based compensation expense				(863)							(863)
Vested equity awards	2,923										—
Shares repurchased for tax withholdings for vested stock awards	—							429	(4)		(4)
Private Equity Investment	10,000,000	100		49,900							50,000
Rights Offering	9,000,000	90		44,910							45,000
Equity issuance costs				(9,524)							(9,524)
Term Loan debt conversion	6,673,978	67		86,688							86,755
Principal Stockholder expense reimbursement				1,940							1,940
Adjustment to Additional Paid-In Capital, reverse stock split											—
Net loss						(103,925)					(103,925)
Balance July 27, 2024	26,235,303	$	263	$	922,743	$	(750,671)	27,267	$	(22,556)	$	149,779

BARNES & NOBLE EDUCATION, INC. AND SUBSIDIARIES

Condensed Consolidated Statements of Equity

(In thousands, except share data)


As Previously Reported for the 13 Weeks Ended October 28, 2023:
				Additional
	Common Stock			Paid-In		Accumulated		Treasury Stock			Total
	Shares	Amount		Capital		Deficit		Shares	Amount		Equity
Balance July 29, 2023	553,402	$	553	$	746,724	$	(643,744)	26,138	$	(22,474)	$	81,059
Stock-based compensation expense				799							799
Vested equity awards	5,000	5		(5)							—
Shares repurchased for tax withholdings for vested stock awards								700	(74)		(74)
Net income						24,180					24,180
Balance October 28, 2023	558,402	$	558	$	747,518	$	(619,564)	26,838	$	(22,548)	$	105,964

As Restated for the 13 Weeks Ended October 28, 2023:
				Additional
	Common Stock			Paid-In		Accumulated		Treasury Stock			Total
	Shares	Amount		Capital		Deficit		Shares	Amount		Equity
Balance July 29, 2023	553,402	$	6	$	747,271	$	(623,914)	26,138	$	(22,474)	$	100,889
Stock-based compensation expense				799							799
Vested equity awards	5,000	—		—							—
Shares repurchased for tax withholdings for vested stock awards								700	(74)		(74)
Net income						28,417					28,417
Balance October 28, 2023	558,402	$	6	$	748,070	$	(595,497)	26,838	$	(22,548)	$	130,031

BARNES & NOBLE EDUCATION, INC. AND SUBSIDIARIES

Condensed Consolidated Statements of Equity

(In thousands, except share data)


As Previously Reported for the 13 Weeks Ended October 26, 2024:
				Additional							Other
	Common Stock			Paid-In		Accumulated		Treasury Stock			Comprehensive		Total
	Shares	Amount		Capital		Deficit		Shares	Amount		Income		Equity
Balance July 27, 2024	26,235,303	$	262	$	922,744	$	(756,046)	27,267	$	(22,556)	$	—	$	144,404
Stock-based compensation expense				1,255									1,255
Vested equity awards	31,275												—
Equity issuance costs				(178)									(178)
Proceeds from sales of Common Stock under ATM facility, net of commissions	1,046,460	11		9,579									9,590
Net income						49,735							49,735
Balance October 26, 2024	27,313,038	$	273	$	933,400	$	(706,311)	27,267	$	(22,556)	$	—	$	204,806

As Restated for the 13 Weeks Ended October 26, 2024:
As Restated:				Additional							Other
	Common Stock			Paid-In		Accumulated		Treasury Stock			Comprehensive		Total
	Shares	Amount		Capital		Deficit		Shares	Amount		Income		Equity
Balance July 27, 2024	26,235,303	$	263	$	922,743	$	(750,671)	27,267	$	(22,556)	$	—	$	149,779
Stock-based compensation expense				1,255									$	1,255
Vested equity awards	31,275												$	—
Equity issuance costs				(178)									$	(178)
Pension adjustments											7,828		$	7,828
Proceeds from sales of Common Stock under ATM facility, net of commissions	1,046,460	11		9,579									$	9,590
Net income						43,162							$	43,162
Balance October 26, 2024	27,313,038	$	274	$	933,399	$	(707,509)	27,267	$	(22,556)	$	7,828	$	211,436

BARNES & NOBLE EDUCATION, INC. AND SUBSIDIARIES

Condensed Consolidated Statements of Equity

(In thousands, except share data)


As Previously Reported for the 13 Weeks Ended January 27, 2024:
				Additional
	Common Stock			Paid-In		Accumulated		Treasury Stock			Total
	Shares	Amount		Capital		Deficit		Shares	Amount		Equity
Balance October 28, 2023	558,402	$	558	$	747,518	$	(619,564)	26,838	$	(22,548)	$	105,964
Stock-based compensation expense				812							812
Vested equity awards											—
Shares repurchased for tax withholdings for vested stock awards									(4)		(4)
Net loss						(9,639)					(9,639)
Balance January 27, 2024	558,402	$	558	$	748,330	$	(629,203)	26,838	$	(22,552)	$	97,133

As Restated for the 13 Weeks Ended January 27, 2024:
				Additional
	Common Stock			Paid-In		Accumulated		Treasury Stock			Total
	Shares	Amount		Capital		Deficit		Shares	Amount		Equity
Balance October 28, 2023	558,402	$	6	$	748,070	$	(595,497)	26,838	$	(22,548)	$	130,031
Stock-based compensation expense				812							812
Vested equity awards											—
Shares repurchased for tax withholdings for vested stock awards									(4)		(4)
Net loss						(9,332)					(9,332)
Balance January 27, 2024	558,402	$	6	$	748,882	$	(604,829)	26,838	$	(22,552)	$	121,507

BARNES & NOBLE EDUCATION, INC. AND SUBSIDIARIES

Condensed Consolidated Statements of Equity

(In thousands, except share data)


As Previously Reported for the 13 Weeks Ended January 25, 2025:
				Additional							Other
	Common Stock			Paid-In		Accumulated		Treasury Stock			Comprehensive		Total
	Shares	Amount		Capital		Deficit		Shares	Amount		Income		Equity
Balance October 26, 2024	27,313,038	$	273	$	933,400	$	(706,311)	27,267	$	(22,556)	$	—	$	204,806
Stock-based compensation expense				2,561									2,561
Vested equity awards													—
Equity issuance costs				(22)									(22)
Proceeds from sales of Common Stock under ATM facility, net of commissions	6,768,076	68		68,792									68,860
Net income						7,112							7,112
Balance January 25, 2025	34,081,114	$	341	$	1,004,731	$	(699,199)	27,267	$	(22,556)	$	—	$	283,317

As Restated for the 13 Weeks Ended January 25, 2025:
				Additional							Other
	Common Stock			Paid-In		Accumulated		Treasury Stock			Comprehensive		Total
	Shares	Amount		Capital		Deficit		Shares	Amount		Income		Equity
Balance October 26, 2024	27,313,038	$	274	$	933,399	$	(707,509)	27,267	$	(22,556)	$	7,828	$	211,436
Stock-based compensation expense				2,561									2,561
Vested equity awards													—
Equity issuance costs				(22)									(22)
Pension adjustments											(7,828)		(7,828)
Proceeds from sales of Common Stock under ATM facility, net of commissions	6,768,076	67		68,793									68,860
Net income						17,942							17,942
Balance January 25, 2025	34,081,114	$	341	$	1,004,731	$	(689,567)	27,267	$	(22,556)	$	—	$	292,949

BARNES & NOBLE EDUCATION, INC. AND SUBSIDIARIES

Condensed Consolidated Statements of Equity

(In thousands, except share data)

As Previously Reported for the 26 Weeks Ended October 28, 2023:


				Additional
	Common Stock			Paid-In		Accumulated		Treasury Stock			Total
	Shares	Amount		Capital		Deficit		Shares	Amount		Equity
Balance at April 29, 2023	551,402	$	551	$	745,932	$	(593,356)	25,359	$	(22,376)	$	130,751
Stock-based compensation expense				1,593							1,593
Vested equity awards	7,000	7		(7)							—
Shares repurchased for tax withholdings for vested stock awards								1,479	(172)		(172)
Net loss						(26,208)					(26,208)
Balance October 28, 2023	558,402	$	558	$	747,518	$	(619,564)	26,838	$	(22,548)	$	105,964

As Restated for the 26 Weeks Ended October 28, 2023:
				Additional
	Common Stock			Paid-In		Accumulated		Treasury Stock			Total
	Shares	Amount		Capital		Deficit		Shares	Amount		Equity
Balance at April 29, 2023	551,402	$	6	$	746,477	$	(570,997)	25,359	$	(22,376)	$	153,110
Stock-based compensation expense				1,593							1,593
Vested equity awards	7,000	—		—							—
Shares repurchased for tax withholdings for vested stock awards								1,479	(172)		(172)
Net loss						(24,500)					(24,500)
Balance October 28, 2023	558,402	$	6	$	748,070	$	(595,497)	26,838	$	(22,548)	$	130,031

BARNES & NOBLE EDUCATION, INC. AND SUBSIDIARIES

Condensed Consolidated Statements of Equity

(In thousands, except share data)

As Previously Reported for the 26 Weeks Ended October 26, 2024:


As Previously Reported:											Other
	Common Stock			Paid-In		Accumulated		Treasury Stock			Comprehensive		Total
	Shares			Capital		Deficit		Shares	Amount		Income		Equity
Balance at April 27, 2024	558,402	$	558	$	749,140	$	(656,567)	26,838	$	(22,552)	$	—	$	70,579
Stock-based compensation expense				392									392
Vested equity awards	34,198												—
Shares repurchased for tax withholdings for vested stock awards								429	(4)				(4)
Private Equity Investment	10,000,000	100		49,900									50,000
Rights Offering	9,000,000	90		44,910									45,000
Equity issuance costs				(9,702)									(9,702)
Proceeds from sales of Common Stock under ATM facility, net of commissions	1,046,460	11		9,579									9,590
Term Loan debt conversion	6,673,978	67		86,688									86,755
Principal stockholder expense reimbursement				1,940									1,940
Adjustment to Additional Paid-In Capital, reverse stock split		(553)		553									—
Net loss						(49,744)							(49,744)
Balance October 26, 2024	27,313,038	$	273	$	933,400	$	(706,311)	27,267	$	(22,556)	$	—	$	204,806

As Restated for the 26 Weeks Ended October 26, 2024:
				Additional							Other
	Common Stock			Paid-In		Accumulated		Treasury Stock			Comprehensive		Total
	Shares			Capital		Deficit		Shares	Amount		Income		Equity
Balance at April 27, 2024	558,402	$	6	$	749,692	$	(646,746)	26,838	$	(22,552)	$	—	$	80,400
Stock-based compensation expense				392									392
Vested equity awards	34,198												—
Shares repurchased for tax withholdings for vested stock awards								429	(4)				(4)
Private Equity Investment	10,000,000	100		49,900									50,000
Rights Offering	9,000,000	90		44,910									45,000
Equity issuance costs				(9,702)									(9,702)
Pension adjustments											7,828		7,828
Proceeds from sales of Common Stock under ATM facility, net of commissions	1,046,460	11		9,579									9,590
Term Loan debt conversion	6,673,978	67		86,688									86,755
Principal stockholder expense reimbursement				1,940									1,940
Adjustment to Additional Paid-In Capital, reverse stock split													—
Net loss						(60,763)							(60,763)
Balance October 26, 2024	27,313,038	$	274	$	933,399	$	(707,509)	27,267	$	(22,556)	$	7,828	$	211,436

BARNES & NOBLE EDUCATION, INC. AND SUBSIDIARIES

Condensed Consolidated Statements of Equity

(In thousands, except share data)

As Previously Reported for the 39 Weeks Ended January 27, 2024:


As Previously Reported:				Additional
	Common Stock			Paid-In		Accumulated		Treasury Stock			Total
	Shares	Amount		Capital		Deficit		Shares	Amount		Equity
Balance at April 29, 2023	551,402	$	551	$	745,932	$	(593,356)	25,359	$	(22,376)	$	130,751
Stock-based compensation expense				2,405							2,405
Vested equity awards	7,000	7		(7)							—
Shares repurchased for tax withholdings for vested stock awards								1479	(176)		(176)
Net loss						(35,847)					(35,847)
Balance January 27, 2024	558,402	$	558	$	748,330	$	(629,203)	26,838	$	(22,552)	$	97,133

As Restated for the 39 Weeks Ended January 27, 2024:
				Additional
	Common Stock			Paid-In		Accumulated		Treasury Stock			Total
	Shares	Amount		Capital		Deficit		Shares	Amount		Equity
Balance at April 29, 2023	551,402	$	6	$	746,477	$	(570,997)	25,359	$	(22,376)	$	153,110
Stock-based compensation expense				2,405							2,405
Vested equity awards	7,000	—		—							—
Shares repurchased for tax withholdings for vested stock awards								1479	(176)		(176)
Net loss						(33,832)					(33,832)
Balance January 27, 2024	558,402	6		748,882		(604,829)		26,838	(22,552)		121,507

BARNES & NOBLE EDUCATION, INC. AND SUBSIDIARIES

Condensed Consolidated Statements of Equity

(In thousands, except share data)

As Previously Reported for the 39 Weeks Ended January 25, 2025:


As Previously Reported:				Additional
	Common Stock			Paid-In		Accumulated		Treasury Stock			Total
	Shares	Amount		Capital		Deficit		Shares	Amount		Equity
Balance at April 27, 2024	558,402	$	558	$	749,140	$	(656,567)	26,838	$	(22,552)	$	70,579
Stock-based compensation expense				2,953							2,953
Vested equity awards	34,198										—
Shares repurchased for tax withholdings for vested stock awards								429	(4)		(4)
Private Equity Investment	10,000,000	100		49,900							50,000
Rights Offering	9,000,000	90		44,910							45,000
Equity issuance costs				(9,724)							(9,724)
Term Loan debt conversion	6,673,978	67		86,688							86,755
Principal stockholder expense reimbursement				1,940							1,940
Proceeds from sales of Common Stock under ATM facility, net of commissions	7,814,536	79		78,371							78,450
Other		(553)		553							—
Net loss						(42,632)					(42,632)
Balance January 25, 2025	34,081,114	$	341	$	1,004,731	$	(699,199)	27,267	$	(22,556)	$	283,317

As Restated for the 39 Weeks Ended January 25, 2025:
				Additional
	Common Stock			Paid-In		Accumulated		Treasury Stock			Total
	Shares	Amount		Capital		Deficit		Shares	Amount		Equity
Balance at April 27, 2024	558,402	$	6	$	749,692	$	(646,746)	26,838	$	(22,552)	$	80,400
Stock-based compensation expense				2,953							2,953
Vested equity awards	34,198										—
Shares repurchased for tax withholdings for vested stock awards	0							429	(4)		(4)
Private Equity Investment	10,000,000	100		49,900							50,000
Rights Offering	9,000,000	90		44,910							45,000
Equity issuance costs				(9,724)							(9,724)
Term Loan debt conversion	6,673,978	67		86,688							86,755
Principal stockholder expense reimbursement				1,940							1,940
Proceeds from sales of Common Stock under ATM facility, net of commissions	7,814,536	78		78,372							78,450
Other											—
Net loss						(42,821)					(42,821)
Balance January 25, 2025	34,081,114	$	341	$	1,004,731	$	(689,567)	27,267	$	(22,556)	$	292,949

Revenue (Tables)

12 Months Ended

May 03, 2025

Revenue from Contract with Customer [Abstract]

Schedule of Disaggregation of Revenue

The following table disaggregates the revenue associated with our major product and service offerings.


	53 weeks ended		52 weeks ended
	May 3, 2025		April 27, 2024
Product and Other Sales
Course Materials Product Sales	$	1,021,456	$	971,950
General Merchandise Product Sales (a)	355,274		364,097
Service and Other Revenue (b)	86,515		94,409
Product and Other Sales sub-total	1,463,245		1,430,456
Course Materials Rental Income	146,925		136,679
Total Sales	$	1,610,170	$	1,567,135

(a)Logo general merchandise sales are recognized on a net basis as commission revenue in the consolidated financial statements.

(b)Service and other revenue primarily relates to brand marketing programs and other service revenues.

Schedule of Changes in Deferred Revenue Associated with Contract Liabilities

The following table presents changes in deferred revenue associated with our contract liabilities:


	53 weeks ended		52 weeks ended
	May 3, 2025		April 27, 2024
Deferred revenue at the beginning of period	$	14,892	$	15,356
Additions to deferred revenue during the period	180,174		176,319
Reductions to deferred revenue for revenue recognized during the period	(181,501)		(176,783)
Deferred revenue balance at the end of period:	$	13,565	$	14,892
Balance Sheet classification:
Accrued liabilities	$	10,410	$	11,310
Other long-term liabilities	3,155		3,582
Deferred revenue balance at the end of period:	$	13,565	$	14,892

Segment Reporting (Tables)

12 Months Ended

May 03, 2025

Segment Reporting [Abstract]

Schedule of Segment Reporting Information

The following table presents sales, profitability, and significant expense information about our segment. As detailed in Note 2. Summary of Significant Accounting Policies, and Note 3. Restatement of Previously Issued Audited Consolidated Financial Statements, the presentation of certain amounts in Fiscal Year 2024 below has been restated.


	53 weeks ended May 3, 2025			52 weeks ended April 27, 2024 (a)

Sales	$	1,610,170		$	1,567,135
Adjusted Cost of sales	1,046,615		(b)	993,349

Payroll expense	206,362			225,646
Contract payments	200,545			201,781
Direct expenses	96,599			108,663
Indirect expenses	659			977
Other segment expenses, net	125,215		(c)	112,468
Net loss	$	(65,825)		$	(75,749)

(a) Reflects the impact of restatements as noted in Note 3. Restatement of Previously Issued Audited Consolidated Financial Statements.

(b) Adjusted Cost of sales includes all cost of sales presented in the Statement of Operations, adjusted for contract payments and other various expenses.

(c) Other segment expenses, net, represents GAAP income statement line items that are not considered to be significant segment expenses. These items primarily include stock-based compensation, depreciation and amortization, impairment, restructuring and other charges, loss on extinguishment of debt, interest income and expense, discontinued operations and income tax expense (benefit).

Equity and Earnings (Loss) Per Share (Tables)

12 Months Ended

May 03, 2025

Equity and Earnings Per Share [Abstract]

Reconciliation of the Basic and Diluted Earnings (Loss) Per Share Calculation

The following is a reconciliation of the basic and diluted earnings per share calculation:


	53 weeks ended		52 weeks ended
			As Restated
(in thousands except share and per share data)	May 3, 2025		April 27, 2024
Numerator for basic and diluted earnings (loss) per share:


Loss from continuing operations, net of tax	$	(65,825)	$	(75,019)
Loss from discontinued operations, net of tax	—		(730)
Net loss available to common shareholders	$	(65,825)	$	(75,749)







Denominator for basic and diluted earnings (loss) per share:
Basic and diluted weighted average shares of Common Stock(a)	26,298,984		2,662,296
Loss per share of Common Share:
Basic and Diluted
Continuing operations	$	(2.50)	$	(28.18)
Discontinued operations	—		(0.28)
Basic and diluted loss per share of Common Stock	$	(2.50)	$	(28.46)

(a)During Fiscal 2025 and Fiscal 2024, 407,763 and 32,304, respectively, were excluded from the diluted earnings per share calculation using the two- class method as their inclusion would have been antidilutive.

Fair Value Measurements (Tables)

12 Months Ended

May 03, 2025

Fair Value Disclosures [Abstract]

Schedule of Fair Value of Non-Financial Assets and Liabilities Remeasured at Fair Value on a Non-Recurring Basis

The following table shows the fair values of our non-financial assets 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:


	53 weeks ended May 3, 2025						52 weeks ended April 27, 2024
	Carrying Value Prior to Impairment		Fair Value		Impairment Loss (non-cash)		Carrying Value Prior to Impairment		Fair Value		Impairment Loss (non-cash)
Property and equipment, net	$	314	$	—	$	314	$	460	$	55	$	405
Operating lease right-of-use assets	1,006		716		290		8,044		4,444		3,600
Intangible assets, net	1,109		—		1,109		3,860		699		3,161
Other noncurrent assets	—		—		—		—		—		—
Total	$	2,429	$	716	$	1,713	$	12,364	$	5,198	$	7,166

Debt (Tables)

12 Months Ended

May 03, 2025

Debt Disclosure [Abstract]

Schedule of Debt


		As of
	Maturity Date (a)	May 3, 2025		April 27, 2024
Credit Facility	June 9, 2028	$	103,100	$	164,947

Term Loan	April 7, 2025	—		32,653
Sub-total		103,100		197,600
Less: Deferred financing costs, Term Loan (b)		—		(1,263)
Total long-term debt		$	103,100	$	196,337
Balance Sheet classification:

Long-term borrowings		103,100		196,337
Total long-term debt		$	103,100	$	196,337

(a) On June 10, 2024, we completed the Transactions, including amending and extending the maturity date of the Credit Facility and converting all outstanding principal and interest amounts owed under our Term Loan Credit Agreement into shares of our Common Stock.

(b) For additional information, see Deferred Financing Costs below.

Schedule of 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.


Dollars in thousands		As of
Balance Sheet Location	Maturity Date/ Amortization Term (a)	May 3, 2025		April 27, 2024
Credit Facility - Prepaid and Other Current Assets	June 9, 2028	$	—	$	—
Credit Facility - Other noncurrent assets		11,597		12,897
Credit Facility - sub-total		11,597		12,897
Term Loan - Contra Debt		—		1,263
Total deferred financing costs		$	11,597	$	14,160

(a) On June 10, 2024, we completed the Transactions, including amending and extending the maturity date of the Credit Facility and converting all outstanding principal and interest amounts owed under our Term Loan Credit Agreement into shares of our Common Stock. For additional information, see Note 9. Debt.

Schedule of Interest Expense

Interest

The following table presents interest expense and cash interest paid:


	53 weeks ended		52 weeks ended
	May 3, 2025		April 27, 2024
Interest Incurred
Credit Facility	$	16,279	$	24,409
Term Loan	1,167		3,984
Total Interest Incurred	$	17,446	$	28,393
Amortization of Deferred Financing Costs
Credit Facility	$	5,014	$	11,910
Term Loan	150		1,240
Total Amortization of Deferred Financing Costs	$	5,164	$	13,150
Interest Income, net of expense	$	(350)	$	(1,178)
Total Interest Expense	$	22,260	$	40,365

Cash Interest Paid	$	17,912	$	24,943

Leases (Tables)

12 Months Ended

May 03, 2025

Leases [Abstract]

Schedule of Lease Expense

The following table summarizes lease expenses:


	53 weeks ended		52 weeks ended
			As Restated
	May 3, 2025		April 27, 2024
Variable lease expense	$	134,934	$	132,833
Fixed lease expense	60,515		63,865
Total lease expense	$	195,449	$	196,698

Schedule of Minimum Fixed Lease Obligations

The following table summarizes our minimum fixed lease obligations, excluding variable commissions, as of May 3, 2025:


	As of
	May 3, 2025
Fiscal 2026	$	71,853
Fiscal 2027	35,457
Fiscal 2028	29,448
Fiscal 2029	26,063
Fiscal 2030	19,586
Thereafter	18,469
Total lease payments	200,876
Less: imputed interest	(20,857)
Operating lease liabilities at period end	$	180,019

Schedule of Additional Information Related to Operating Leases

The following summarizes additional information related to our operating leases:


	As of
	May 3, 2025			April 27, 2024
				As Restated
Weighted average remaining lease term (in years)	4.6 years			4.6 years
Weighted average discount rate	5.5		%	4.8		%

Supplemental cash flow information related to leases is as follows:
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	72,434		$	66,397
Operating cash flows from financing leases	32			—
Financing cash flows from financing leases	370			—
ROU assets obtained in exchange for lease obligations:
Operating leases	24,716			30,090
Financing leases	1,128			—

Long-Term Incentive Compensation Expense (Tables)

12 Months Ended

May 03, 2025

Share-Based Payment Arrangement [Abstract]

Summary of Awards Activity


	Restricted Stock Awards			Restricted Stock Units			Phantom Shares			Performance Share Units
	Number of Shares	Weighted Average Grant Date Fair Value		Number of Shares	Weighted Average Grant Date Fair Value		Number of Shares	Weighted Average Grant Date Fair Value		Number of Shares	Weighted Average Grant Date Fair Value
Balance, April 27, 2024	—	$	—	4,853	$	503.72	468	$	850.00	—	$	—
Granted	111,484	$	9.79	68,731	$	9.46	—	$	—	1,729,750	$	9.55
Vested	(29,764)	$	9.79	(9,515)	$	147.17	(428)	$	—	—	$	—
Forfeited	—	$	—	(2,076)	$	448.33	(40)	$	—	(92,800)	$	9.61
Balance, May 3, 2025	81,720	$	9.79	61,993	$	12.39	—	$	—	1,636,950	$	9.55


	Stock Options
	Number of Shares	Weighted Average Grant Date Fair Value		Weighted Average Exercise Price
Balance, April 27, 2024	25,190	$	241.00	$	524.00
Granted	—	$	—	$	—
Exercised	—	$	—	$	—
Forfeited	(6,978)	$	269.24	$	562.92
Expired	(14,394)	$	222.71	$	496.92
Balance, May 3, 2025	3,818	$	261.35	$	552.07
Exercisable, May 3, 2025	3,200	$	248.85	$	533.70

Schedule of PSUs and Long-Term Incentive Compensation Expense


September 20, 2024	PSU Tranche #1			PSU Tranche #2			PSU Tranche #3
Performance Milestone (VWAP)	$	10.00		$	15.00		$	20.00
Valuation method utilized	Monte Carlo			Monte Carlo			Monte Carlo
Risk-free interest rate	3.53		%	3.53		%	3.53		%
Company volatility	119.84		%	119.84		%	119.84		%
Derived service period	1.0 year			2.0 years			3.0 years
Grant date fair value per award	$	9.74		$	9.62		$	9.46


February 21, 2025	PSU Tranche #1			PSU Tranche #2			PSU Tranche #3
Performance Milestone (VWAP)	$	10.00		$	15.00		$	20.00
Valuation method utilized	Monte Carlo			Monte Carlo			Monte Carlo
Risk-free interest rate	4.27		%	4.27		%	4.27		%
Company volatility	120.50		%	120.50		%	120.50		%
Derived service period	0.40 years			0.67 years			1.00 year
Grant date fair value per award	$	10.10		$	10.02		$	9.94


March 12, 2025	PSU Tranche #1			PSU Tranche #2			PSU Tranche #3
Performance Milestone (VWAP)	$	10.00		$	15.00		$	20.00
Valuation method utilized	Monte Carlo			Monte Carlo			Monte Carlo
Risk-free interest rate	4.13		%	4.13		%	4.13		%
Company volatility	120.51		%	120.51		%	120.51		%
Derived service period	0.41 years			0.87 years			1.21 years
Grant date fair value per award	$	8.46		$	8.38		$	8.29


March 31, 2025	PSU Tranche #1			PSU Tranche #2			PSU Tranche #3
Performance Milestone (VWAP)	$	10.00		$	15.00		$	20.00
Valuation method utilized	Monte Carlo			Monte Carlo			Monte Carlo
Risk-free interest rate	4.03		%	4.03		%	4.03		%
Company volatility	120.68		%	120.68		%	120.68		%
Derived service period	0.40 years			0.63 years			0.96 years
Grant date fair value per award	$	10.41		$	10.32		$	10.24

We recognized compensation expense for long-term incentive plan awards in selling and administrative expenses as follows:



	53 weeks ended		52 weeks ended
	May 3, 2025		April 27, 2024
Stock-based awards
Restricted stock expense	$	667	$	11
Restricted stock units expense	604		2,041
Performance share units expense (a)	4,913		—
Stock option expense(b)	(798)		1,328
Sub-total stock-based awards:	$	5,386	$	3,380
Cash settled awards
Phantom share units expense	$	(4)	$	(154)
Total compensation expense for long-term incentive awards	$	5,382	$	3,226

(a) Long-term incentive compensation expense reflects cumulative adjustments to reflect changes to the expected level of achievement of the respective grants.

(b) The stock option expense for the 53 weeks ended May 3, 2025 was primarily impacted due to forfeitures resulting from the resignation of our former Chief Executive Officer on June 11, 2024.

Income Taxes (Tables)

12 Months Ended

May 03, 2025

Income Tax Disclosure [Abstract]

Schedule of Income Tax Benefits

Income tax expense are as follows:


	53 weeks ended		52 weeks ended
	May 3, 2025		April 27, 2024
Current:			As Restated
Federal	$	3,484	$	—
State	1,329		318
International	272		417
Total Current	5,085		735
Deferred:
Federal	(829)		123
State	—		—
International	—		—
Total Deferred	(829)		123
Total	$	4,256	$	858

Schedule of Effective Income Tax Rate Reconciliation

Reconciliation between the effective income tax rate and the federal statutory income tax rate is as follows:


	53 weeks ended		52 weeks ended
	May 3, 2025		April 27, 2024
			As Restated
Federal statutory income tax rate	21.0	%	21.0	%
State income taxes, net of federal income tax benefit	(0.4)		2.5
Permanent book / tax differences	(18.1)		(1.4)

Changes in valuation allowance	(8.9)		(23.2)
Other, net	(0.5)		(0.1)
Effective income tax rate	(6.9)	%	(1.2)	%

Schedule of Deferred Tax Assets and Liabilities

The significant components of our deferred taxes consisted of the following:


	As of
	May 3, 2025		April 27, 2024
			As Restated
Deferred tax assets:
Estimated accrued liabilities	$	7,061	$	3,279
Inventory	18,964		19,402
Stock-based compensation	1,809		979

Operating lease liabilities	43,582		52,070
Tax credits	1,072		1,131
Goodwill	6,395		7,329
Divestitures & Capital Losses	2,796		—
Net operating losses	65,404		81,714
Interest carryforwards	14,889		14,897
Property and equipment	2,514		795
Other	1,398		4,071
Gross deferred tax assets	165,884		185,667
Valuation allowance	(84,566)		(79,065)
Net deferred tax assets	81,318		106,602
Deferred tax liabilities:
Intangible asset amortization	(16,304)		(19,757)
Operating lease right-of-use assets	(46,955)		(55,417)
Deferred Financing Costs	(2,250)		—
LIFO inventory valuation	(16,944)		(33,392)

Gross deferred tax liabilities	(82,453)		(108,566)
Net deferred tax liability	$	(1,135)	$	(1,964)

Commitments and Contingencies (Tables)

12 Months Ended

May 03, 2025

Commitments and Contingencies Disclosure [Abstract]

Schedule of Purchase Obligations

Purchase obligations, which includes information technology contracts, as of May 3, 2025, are as follows:


Less Than 1 Year	$	9,970
1-3 Years	4,209
3-5 Years	2,074
Total	$	16,253

Selected Quarterly Financial Information (Unaudited) (Tables)

12 Months Ended

May 03, 2025

Quarterly Financial Information Disclosure [Abstract]

Schedule of Quarterly Financial Information

A summary of quarterly financial information for the 53 weeks and 52 weeks ended May 3, 2025 and April 27, 2024, respectively, is as follows:


	13 Weeks Ended(a)						14 Weeks Ended(a)
	As Restated		As Restated		As Restated
	July 27, 2024		October 26, 2024		January 25, 2025		May 3, 2025
Sales	$	263,431	$	602,122	$	462,825	$	281,792
Gross profit	$	44,996	$	128,477	$	93,750	$	70,581


Net (loss) income (b)(c)(d)	$	(103,925)	$	43,162	$	17,942	$	(23,004)

(Loss) earnings per common share: (e)

Basic and Diluted
Total Basic (Loss) Earnings per share	$	(7.69)	$	1.63	$	0.59	$	(0.68)
Weighted average common shares outstanding - Basic:	13,510,667		26,527,174		30,507,723		34,053,847

Total Diluted (Loss) Earnings per share	$	(7.69)	$	1.63	$	0.59	$	(0.68)
Weighted average common shares outstanding - Diluted:	13,510,667		26,541,804		30,642,958		34,053,847

(a) For information related to quarterly seasonality and other variance components, see Note 2. Basis of Presentation and Summary of Significant Accounting Policies - Seasonality.

(b) Includes $3,618, $(150), $(6,268), and $1,228 of other (income) expense for the 13 weeks ended July 27, 2024, October 26, 2024, January 25, 2025 and 14 weeks ended May 3, 2025, respectively.

(c) Includes $0, $0, $1,713, and $0 of impairment loss (non-cash) for the 13 weeks ended July 27, 2024, October 26, 2024, January 25, 2025 and 14 weeks ended May 3, 2025, respectively.

(d) Includes $7,618, $5,463, $5,083, and $4,096 of interest expense for the 13 weeks ended July 27, 2024, October 26, 2024, January 25, 2025 and 14 weeks ended May 3, 2025, respectively.

(e) On June 10, 2024, we completed various Transactions, including an equity rights offering. Because the rights issuance was offered to all existing stockholders at an exercise price that was less than the fair value of our common stock, as of such time, the weighted average shares outstanding and basic and diluted earnings (loss) per share were adjusted retroactively to reflect the bonus element of the rights offering for all periods presented by a factor of 5.03.

On June 11, 2024, we completed a reverse stock split of our outstanding shares of common stock at a ratio of 1-for-100 in which every 100 shares of the common stock issued and outstanding were converted into one share of our common stock.

The weighted average common shares and loss per common share reflect the bonus element resulting from the equity rights offering and the reverse stock split for all periods presented on the Consolidated Statements of Operations.


	13 Weeks Ended (a)
	As Restated
	July 29, 2023		October 28, 2023		January 27, 2024		April 27, 2024
Sales	$	264,161	$	610,379	$	456,673	$	235,922
Gross profit	$	48,205	$	140,697	$	100,601	$	55,410
(Loss) income from continuing operations, net of tax (b)(c)(d)	$	(52,500)	$	29,091	$	(9,621)	$	(41,989)
(Loss) income from discontinued operations, net of tax	$	(417)	$	(674)	$	289	$	72
Net (loss) income (b)(c)(d)	$	(52,917)	$	28,417	$	(9,332)	$	(41,917)

(Loss) earnings per common share: (e)
Basic and Diluted
Continuing operations	$	(19.83)	$	10.96	$	(3.60)	$	(15.71)
Discontinued operations	(0.16)		(0.25)		0.11		0.02
Total Basic (Loss) Earnings per share	$	(19.99)	$	10.71	$	(3.49)	$	(15.69)
Weighted average common shares outstanding - Basic:	2,647,536		2,655,006		2,673,240		2,673,403

Continuing operations	$	(19.83)	$	10.95	$	(3.60)	$	(15.71)
Discontinued operations	(0.16)		(0.25)		0.11		0.02
Total Diluted (Loss) Earnings per share	$	(19.99)	$	10.70	$	(3.49)	$	(15.69)
Weighted average common shares outstanding - Diluted:	2,647,536		2,655,799		2,673,240		2,673,403

(a) For information related to quarterly seasonality and other variance components, see Part II - Item 7. Management's Discussion and Analysis - Results of Operations and Note 2. Basis of Presentation and Summary of Significant Accounting Policies - Seasonality.

(b) Includes $4,633, $4,274, $3,413, and $7,089 of restructuring and other charges for the 13 weeks ended July 29, 2023, October 28, 2023, January 27, 2024 and April 27, 2024, respectively.

(c) Includes $0, $0, $5,798, and $1,368 of impairment loss (non-cash) for the 13 weeks ended July 29, 2023, October 28, 2023, January 27, 2024 and April 27, 2024, respectively.

(d) Includes $8,254, $10,664, $10,620, and $10,827 of interest expense for the 13 weeks ended July 29, 2023, October 28, 2023, January 27, 2024 and April 27, 2024, respectively.

(e) On June 10, 2024, we completed various transactions, including an equity rights offering. Because the rights issuance was offered to all existing stockholders at an exercise price that was less than the fair value of our Common Stock, as of such time, the weighted average shares outstanding and basic and diluted earnings (loss) per share were adjusted retroactively to reflect the bonus element of the rights offering for all periods presented by a factor of 5.03.

On June 11, 2024, we completed a reverse stock split of our outstanding shares of common stock at a ratio of 1-for-100 in which every 100 shares of the common stock issued and outstanding were converted into one share of our common stock.

The weighted average common shares and loss per common share reflect the bonus element resulting from the equity rights offering and the reverse stock split for all periods presented on the Consolidated Statements of Operations.

Restatement of Quarterly Financial Information (Unaudited) (Tables)

12 Months Ended

May 03, 2025

Accounting Changes and Error Corrections [Abstract]

Schedule of Restatement of Quarterly Financial Information (Unaudited)

The following table reflects the impact of the restatements to the specific line items presented in the Company’s previously reported Consolidated Statement of Operations for the fiscal year ended April 27, 2024:

Summary of Restatements

Consolidated Statements of Operations


	April 27, 2024
	Digital Cost Of Sales (a)

Product and other cost of sales	$	5,739


	Leases (b)

Product and other cost of sales	$	3,858
Rental cost of sales	$	327
Income tax expense	$	675

	Other Adjustments (c)


Rental cost of sales	$	1,939


	Total Statement Of Operations


Product and other cost of sales	$	9,597
Rental cost of sales	$	2,266

Income tax expense (e)	$	675

Consolidated Balance Sheets


	As of
	April 27, 2024
	Digital Cost Of Sales (a)
Accounts receivable	$	(5,272)



Accrued liabilities	467

Accumulated deficit	(5,739)

	Leases (b)
Operating lease right-of-use assets	14,814
Accrued liabilities	20,714
Current operating lease liabilities	(25,246)
Long-term deferred taxes, net	675
Long-term operating lease liabilities	(1,566)
Accumulated deficit (d)	20,237

	Other Adjustments (c)

Textbook rental inventories	(4,677)


Accumulated deficit (d)	(4,677)

	Total Balance Sheet
Accounts receivable	(5,272)
Textbook rental inventories	(4,677)


Operating lease right-of-use assets	14,814
Accrued liabilities	21,181
Current operating lease liabilities	(25,246)
Long-term deferred taxes, net	675
Long-term operating lease liabilities	(1,566)
Accumulated deficit	$	9,821

(a) Reflects adjustments to correct errors related to the recording of Cost of Digital Sales

(b) Reflects adjustments related to the Company's accounting for its store operating agreements in accordance with ASC 842, Leases.

(c) Reflects adjustments related to Textbook rental inventory write-offs.

(d) Reflects adjustments of $25,097 related to lease accounting and $(2,738) related to rental-inventory write-off, each pertaining to periods prior to fiscal 2024.

(e) Reflects the corresponding tax impact recorded for the restatement adjustments.

The following table reflects the impact of the restatements to the specific line items presented in the Company’s previously reported Consolidated Statement of Operations for the year ended April 27, 2024 (in thousands, except share and share data):


	52 Weeks Ended April 27, 2024
	As Previously		Adjustments(1)		As Restated
	Reported
Sales:
Product sales and other	$	1,430,456	$	—	$	1,430,456
Rental income	136,679		—		136,679
Total sales	1,567,135		—		1,567,135
Cost of sales (exclusive of depreciation and amortization expense):
Product and other cost of sales	1,135,376		9,597		1,144,973
Rental cost of sales	74,983		2,266		77,249
Total cost of sales	1,210,359		11,863		1,222,222
Gross profit	356,776		(11,863)		344,913
Selling and administrative expenses	311,574		—		311,574
Depreciation and amortization expense	40,560		—		40,560
Impairment loss	7,166		—		7,166
Other expense	19,409		—		19,409
Operating loss	(21,933)		(11,863)		(33,796)

Interest expense, net	40,365		—		40,365
Loss from continuing operations before income taxes	(62,298)		(11,863)		(74,161)
Income tax expense	183		675		858
Loss from continuing operations, net of tax	(62,481)		(12,538)		(75,019)
Loss from discontinued operations	(730)		—		(730)
Net loss	$	(63,211)	$	(12,538)	$	(75,749)

Loss per share of Common Stock
Basic and Diluted
Continuing operations	$	(23.47)	$	(4.71)	$	(28.18)
Discontinued operations	$	(0.28)	$	—	$	(0.28)
Total Basic and Diluted Net Loss per share	$	(23.75)	$	(4.71)	$	(28.46)
Weighted average shares of common stock outstanding - Basic and Diluted	2,662,296				2,662,296

(1) See Summary of Restatements above.

The following table reflects the impact of the restatements to the specific line items presented in the Company’s previously reported Consolidated Balance Sheet as of April 27, 2024 (in thousands, except share and share data):


	52 Weeks Ended April 27, 2024
	As Previously		Opening		Adjustment(1)		As Restated
	Reported		Adjustments
ASSETS
Current assets:
Cash and cash equivalents	$	10,459	$	—	$	—	$	10,459
Accounts receivable	104,110		—		(5,272)		98,838
Merchandise inventories, net	344,037		—		—		344,037
Textbook rental inventories	32,992		(2,738)		(1,939)		28,315
Prepaid expenses and other current assets	39,158		—		—		39,158

Total current assets	530,756		(2,738)		(7,211)		520,807
Property and equipment, net	52,912		—		—		52,912
Operating lease right-of-use assets	202,522		11,795		3,019		217,336
Intangible assets, net	94,191		—		—		94,191


Other noncurrent assets	24,703		—		—		24,703
Total assets	905,084		9,057		(4,192)		909,949
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable	299,157		—		—		299,157
Accrued liabilities	77,441		15,182		5,999		98,622
Current operating lease liabilities	102,206		(22,170)		(3,076)		76,960


Total current liabilities	478,804		(6,988)		2,923		474,739
Long-term deferred taxes, net	1,289		—		675		1,964
Long-term operating lease liabilities	142,193		(6,314)		4,748		140,627
Other long-term liabilities	15,882		—		—		15,882
Long-term borrowings	196,337		—		—		196,337
Total liabilities	$	834,505	$	(13,302)	$	8,346	$	829,549
Commitments and contingencies (Note 17)
Stockholders' equity:

Preferred stock, $0.01 par value; authorized, 5,000,000 shares; 0 shares issued and 0 shares outstanding	—		—		—		—
Common stock, $0.01 par value; authorized, 200,000,000 shares; issued and outstanding, 558,402 and 531,564 shares, respectively	6		—		—		6
Additional paid-in capital	749,692		—		—		749,692
Accumulated deficit	(656,567)		22,359		(12,538)		(646,746)
Treasury stock, at cost	(22,552)		—		—		(22,552)
Total stockholders' equity	$	70,579	$	22,359	$	(12,538)	$	80,400
Total liabilities and stockholders' equity	$	905,084	$	9,057	$	(4,192)	$	909,949

(1) See Summary of Restatements above.

The following table reflects the impact of the restatement to the specific line items presented in the Company's previously reported Consolidated Statement of Cash Flows for the year ended April 27, 2024 (in thousands):


	52 Weeks Ended April 27, 2024
	As Previously		Adjustment(1)		As Restated
	Reported
Cash flows from operating activities:
Net loss	$	(63,211)	$	(12,538)	$	(75,749)
Less: Loss from discontinued operations, net of tax	(730)		—		(730)
Loss from continuing operations, net of tax	(62,481)		(12,538)		(75,019)
Adjustments to reconcile net loss from continuing operations to net cash flows from operating activities from continuing operations:
Depreciation and amortization expense	40,560		—		40,560
Impairment loss (non cash)	7,166		—		7,166

Amortization of deferred financing costs	13,150		—		13,150
Interest expense (paid-in-kind)	2,652		—		2,652
Deferred taxes	(550)		675		125
Stock-based compensation expense	3,380		—		3,380
Changes in operating lease right-of-use assets and liabilities	24		(1,346)		(1,322)
Changes in other long-term assets and liabilities and other, net	(20,997)		—		(20,997)
Changes in other operating assets and liabilities, net:
Receivables, net	(11,598)		5,272		(6,326)
Merchandise inventories	(21,058)		—		(21,058)
Textbook rental inventories	(2,643)		1,939		(704)
Prepaid expenses and other current assets	31,593		—		31,593
Accounts payable and accrued liabilities	19,257		5,998		25,255
Changes in other operating assets and liabilities, net	15,551		13,209		28,760
Net cash flows used in operating activities from continuing operations	(1,545)		—		(1,545)
Net cash flows used in operating activities from discontinued operations	(3,577)		—		(3,577)
Net cash flows used in operating activities	(5,122)		—		(5,122)
Cash flows from investing activities:
Purchases of property and equipment	(14,070)		—		(14,070)
Proceeds from the sale of fixed assets	78		—		78
Net cash flows used in investing activities from continuing operations	(13,992)		—		(13,992)
Net cash flows provided by investing activities from discontinued operations	21,395		—		21,395
Net cash flows provided by investing activities	7,403		—		7,403
Cash flows from financing activities:			—
Proceeds from borrowings	563,023		—		563,023
Repayments of borrowings	(552,230)		—		(552,230)
Payment of deferred financing costs	(16,316)		—		(16,316)






Purchase of treasury shares	(176)		—		(176)

Net cash flows used in financing activities	(5,699)		—		(5,699)
Net decrease in cash, cash equivalents, and restricted cash	(3,418)		—		(3,418)
Cash, cash equivalents, and restricted cash at beginning of year	31,988		—		31,988
Cash, cash equivalents, and restricted cash of continuing operations at end of year	$	28,570	$	—	$	28,570

(1) See Summary of Restatements above.

The following tables summarize the impact of the restatements on the Company’s unaudited quarterly condensed consolidated financial statements for the Restated Periods:

Summary of Restatements

Consolidated Statements of Operations


	July 27, 2024		October 26, 2024		January 25, 2025		July 29, 2023		October 28, 2023		January 27, 2024		April 27, 2024
	Digital Cost Of Sales (a)
Total sales	$	—	$	—	$	(3,500)	$	—	$	—	$	—	$	—
Product and other cost of sales	$	(659)	$	12,409	$	(2,050)	$	—	$	—	$	(2,513)	$	8,252
Rental cost of sales	$	—	$	641	$	143	$	—	$	—	$	—	$	—
Income tax expense (benefit)	$	2,458	$	(2,542)	$	(12,655)	$	—	$	—	$	—	$	—

	Leases (b)
	July 27, 2024		October 26, 2024		January 25, 2025		July 29, 2023		October 28, 2023		January 27, 2024		April 27, 2024
Product and other cost of sales	$	2,619	$	(3,475)	$	993	$	2,266	$	(3,880)	$	1,898	$	3,574
Rental cost of sales	$	250	$	(409)	$	43	$	163	$	(575)	$	50	$	689
Depreciation and amortization expense	$	14	$	12	$	13	$	—	$	—	$	—	$	—
Income tax expense (benefit)	$	(236)	$	(63)	$	(2,117)	$	100	$	218	$	258	$	99

	Other Adjustments (c)
	July 27, 2024		October 26, 2024		January 25, 2025		July 29, 2023		October 28, 2023		January 27, 2024		April 27, 2024


Rental cost of sales	$	—	$	—	$	—	$	—	$	—	$	—	$	1,939
Other (income) expense	$	—	$	—	$	1,300	$	—	$	—	$	—	$	—


	Total Statement of Operations
	July 27, 2024		October 26, 2024		January 25, 2025		July 29, 2023		October 28, 2023		January 27, 2024		April 27, 2024
Total sales	$	—	$	—	$	(3,500)	$	—	$	—	$	—	$	—
Product and other cost of sales	$	1,960	$	8,934	$	(1,057)	$	2,266	$	(3,880)	$	(615)	$	11,826
Rental cost of sales	$	250	$	232	$	186	$	163	$	(575)	$	50	$	2,628

Depreciation and amortization expense	$	14	$	12	$	13	$	—	$	—	$	—	$	—
Other (income) expense	$	—	$	—	$	1,300	$	—	$	—	$	—	$	—
Income tax expense (benefit) (d)	$	2,222	$	(2,605)	$	(14,772)	$	100	$	218	$	258	$	99

Consolidated Balance Sheets


	As of		As of		As of		As of		As of		As of		As of
	July 27, 2024		October 26, 2024		January 25, 2025		July 29, 2023		October 28, 2023		January 27, 2024		April 27, 2024 (e)
	Digital Cost of Sales (a)
Accounts receivable	$	(2,424)	$	(16,079)	$	(10,722)	$	—	$	—	$	211	$	(5,272)

Prepaid expenses and other current assets	$	(1,811)	$	(59)	$	3,700	$	—	$	—	$	—	$	—
Deferred tax assets, net	$	—	$	—	$	(1,055)	$	—	$	—	$	—	$	—
Accrued liabilities	$	2,656	$	2,245	$	(4,691)	$	—	$	—	$	(2,298)	$	467
Long-term deferred taxes, net	$	647	$	(337)	$	3,598	$	—	$	—	$	—	$	—
Accumulated deficit	$	(7,538)	$	(18,046)	$	(6,984)	$	—	$	—	$	2,509	$	(5,739)

	Leases (b)
Prepaid expenses and other current assets	$	(411)	$	—	$	3,067	$	—	$	—	$	—	$	—
Property and equipment, net	$	224	$	211	$	197	$	—	$	—	$	—	$	—
Operating lease right-of-use assets	$	(22,949)	$	(3,537)	$	15,096	$	(30,428)	$	(3,298)	$	12,824	$	14,814
Accrued liabilities	$	15,785	$	21,120	$	21,312	$	16,649	$	19,940	$	34,607	$	20,714
Current operating lease liabilities	$	(62,510)	$	(47,471)	$	(28,461)	$	(65,341)	$	(46,581)	$	(43,342)	$	(25,246)
Long-term deferred taxes, net	$	28	$	385	$	1,326	$	100	$	318	$	576	$	675
Long-term operating lease liabilities	$	5,971	$	1,115	$	1,590	$	(4,404)	$	(3,780)	$	(3,620)	$	(1,566)
Accumulated deficit	$	17,590	$	21,525	$	22,593	$	22,568	$	26,805	$	24,603	$	20,237

	Other Adjustments(c)



Textbook rental inventories	$	(4,677)	$	(4,677)	$	(4,677)	$	(2,738)	$	(2,738)	$	(2,738)	$	(4,677)

Accrued liabilities	$	—	$	—	$	1,300			$	—	$	—	$	—

Other long-term liabilities	$	—	$	(7,828)	$	—	$	—	$	—	$	—	$	—
Comprehensive Income	$	—	$	7,828	$	—	$	—	$	—	$	—	$	—
Accumulated deficit	$	(4,677)	$	(4,677)	$	(5,977)	$	(2,738)	$	(2,738)	$	(2,738)	$	(4,677)

	Total Balance Sheet


Accounts receivable	$	(2,424)	$	(16,079)	$	(10,722)	$	—	$	—	$	211	$	(5,272)
Textbook rental inventories	$	(4,677)	$	(4,677)	$	(4,677)	$	(2,738)	$	(2,738)	$	(2,738)	$	(4,677)
Prepaid expenses and other current assets	$	(2,222)	$	(59)	$	6,767	$	—	$	—	$	—	$	—
Property and equipment, net	$	224	$	211	$	197	$	—	$	—	$	—	$	—
Operating lease right-of-use assets	$	(22,949)	$	(3,537)	$	15,096	$	(30,428)	$	(3,298)	$	12,824	$	14,814
Deferred tax assets, net	$	—	$	—	$	(1,055)	$	—	$	—	$	—	$	—
Accrued liabilities	$	18,441	$	23,365	$	17,921	$	16,649	$	19,940	$	32,309	$	21,181
Current operating lease liabilities	$	(62,510)	$	(47,471)	$	(28,461)	$	(65,341)	$	(46,581)	$	(43,342)	$	(25,246)
Long-term deferred taxes, net	$	675	$	48	$	4,924	$	100	$	318	$	576	$	675
Long-term operating lease liabilities	$	5,971	$	1,115	$	1,590	$	(4,404)	$	(3,780)	$	(3,620)	$	(1,566)
Other long-term liabilities	$	—	$	(7,828)	$	—	$	—	$	—	$	—	$	—
Comprehensive Income	$	—	$	7,828	$	—	$	—	$	—	$	—	$	—
Accumulated deficit	$	5,375	$	(1,198)	$	9,632	$	19,830	$	24,067	$	24,374	$	9,821

(a) Reflects restatement adjustments to correct errors related to the recording of Cost of Digital Sales.

(b) Reflects restatement adjustments related to the Company's accounting for its store operating agreements in accordance with ASC 842, Leases.

(c) Reflects restatement adjustments primarily related to an accrued legal settlement of $1,300 reclassified from Q4 to Q3 2025, Textbook rental write offs of $1,939 in Q4 2024, and other immaterial error corrections primarily related to pension accounting in fiscal year 2025.

(d) Reflects restatement adjustments related to the Company’s income tax accounting in accordance with ASC 740, Income Taxes for the three fiscal quarters ended January 25, 2025. The restatement adjustments are primarily a result of the changes to forecasted and actual pre-tax book income/(loss) utilized in arriving at the estimated annual effective tax rate. The income tax effects of the error corrections are also included in the consolidated balance sheet accounts.

(e) Accumulated deficit reflects impact of the pre-2024 restatement adjustments $25,097 related to lease accounting and $(2,738) related to Textbook rental inventory corrections.

The following presents the restated unaudited quarterly condensed financial statements for the quarter and year to date Restated Periods.

BARNES & NOBLE EDUCATION, INC. AND SUBSIDIARIES

Condensed Consolidated Statements of Operations

(In thousands, except share data)


	13 Weeks Ended July 27, 2024						13 Weeks Ended July 29, 2023
	As Previously						As Previously
	Reported		Adjustment		As Restated		Reported		Adjustment		As Restated

Sales:
Product sales and other	$	250,926	$	—	$	250,926	$	252,650	$	—	$	252,650
Rental income	12,505		—		12,505		11,511		—		11,511
Total sales	263,431		—		263,431		264,161		—		264,161
Cost of sales (exclusive of depreciation and amortization expense):
Product and other cost of sales	209,425		1,960		211,385		207,014		2,266		209,280
Rental cost of sales	6,800		250		7,050		6,513		163		6,676
Total cost of sales	216,225		2,210		218,435		213,527		2,429		215,956
Gross profit	47,206		(2,210)		44,996		50,634		(2,429)		48,205
Selling and administrative expenses	67,023		—		67,023		77,476		—		77,476
Depreciation and amortization expense	13,057		14		13,071		10,253		—		10,253

Loss on extinguishment of debt(a)	55,233		(55,233)		—		—		—		—
Other expense	3,618		—		3,618		4,633		—		4,633
Operating loss	(91,725)		53,009		(38,716)		(41,728)		(2,429)		(44,157)
Loss on extinguishment of debt	—		55,233		55,233		—		—		—
Interest expense, net	7,618		—		7,618		8,254		—		8,254
Loss from continuing operations before income taxes	(99,343)		(2,224)		(101,567)		(49,982)		(2,429)		(52,411)
Income tax expense (benefit)	136		2,222		2,358		(11)		100		89
Loss from continuing operations	(99,479)		(4,446)		(103,925)		(49,971)		(2,529)		(52,500)
Loss from discontinued operations	—		—		—		(417)		—		(417)
Net loss	$	(99,479)	$	(4,446)	$	(103,925)	$	(50,388)	$	(2,529)	$	(52,917)

Loss per share of Common Stock
Basic and Diluted
Continuing operations	$	(7.36)	$	(0.33)	$	(7.69)	$	(18.87)	$	(0.96)	$	(19.83)
Discontinued operations	—		—		—		(0.16)		—		(0.16)
Total Basic and Diluted Net Loss per share	$	(7.36)	$	(0.33)	$	(7.69)	$	(19.03)	$	(0.96)	$	(19.99)
Weighted average shares of common stock outstanding - Basic and Diluted	13,510,667		—		13,510,667		2,647,536		—		2,647,536

(a) Reclassified the loss on debt extinguishment to non-operating income (loss).

BARNES & NOBLE EDUCATION, INC. AND SUBSIDIARIES

Condensed Consolidated Statements of Operations

(In thousands, except share data)


	13 Weeks Ended October 26, 2024						13 Weeks Ended October 28, 2023
	As Previously						As Previously
	Reported		Adjustment		As Restated		Reported		Adjustment		As Restated

Sales:
Product sales and other	$	559,674	$	—	$	559,674	$	569,698	$	—	$	569,698
Rental income	42,448		—		42,448		40,681		—		40,681
Total sales	602,122		—		602,122		610,379		—		610,379
Cost of sales (exclusive of depreciation and amortization expense):			—
Product and other cost of sales	442,092		8,934		451,026		451,953		(3,880)		448,073
Rental cost of sales	22,387		232		22,619		22,184		(575)		21,609
Total cost of sales	464,479		9,166		473,645		474,137		(4,455)		469,682
Gross profit	137,643		(9,166)		128,477		136,242		4,455		140,697
Selling and administrative expenses	72,940		—		72,940		85,961		—		85,961
Depreciation and amortization expense	8,530		12		8,542		10,175		—		10,175


Other (income) expense	(150)		—		(150)		4,274		—		4,274
Operating income	56,323		(9,178)		47,145		35,832		4,455		40,287
Interest expense, net	5,463		—		5,463		10,664		—		10,664
Income from continuing operations before income taxes	50,860		(9,178)		41,682		25,168		4,455		29,623
Income tax expense (benefit)	1,125		(2,605)		(1,480)		314		218		532
Income from continuing operations	49,735		(6,573)		43,162		24,854		4,237		29,091
Loss from discontinued operations	—		—		—		(674)		—		(674)
Net income	$	49,735	$	(6,573)	$	43,162	$	24,180	$	4,237	$	28,417

Income per share of Common Stock
Basic and Diluted
Continuing operations	$	1.87	$	(0.24)	$	1.63	$	9.36	$	1.60	$	10.96
Discontinued operations	—		—		—		(0.25)		—		(0.25)
Total Basic Earnings per share	$	1.87	$	(0.24)	$	1.63	$	9.11	$	1.60	$	10.71
Weighted average common shares outstanding - Basic	26,527,174		—		26,527,174		2,655,006		—		2,655,006

Continuing operations	$	1.87	$	(0.24)	$	1.63	$	9.36	$	1.59	$	10.95
Discontinued operations	—		—		—		(0.25)		—		(0.25)
Total Diluted Earnings per share	$	1.87	$	(0.24)	$	1.63	$	9.11	$	1.59	$	10.70
Weighted average common shares outstanding - Diluted	26,541,804		—		26,541,804		2,655,799		—		2,655,799

BARNES & NOBLE EDUCATION, INC. AND SUBSIDIARIES

Condensed Consolidated Statements of Operations

(In thousands, except share data)


	13 Weeks Ended January 25, 2025						13 Weeks Ended January 27, 2024
	As Previously						As Previously
	Reported		Adjustment		As Restated		Reported		Adjustment		As Restated

Sales:
Product sales and other	$	423,163	$	(3,500)	$	419,663	$	415,375	$	—	$	415,375
Rental income	43,162		—		43,162		41,298		—		41,298
Total sales	466,325		(3,500)		462,825		456,673		—		456,673
Cost of sales (exclusive of depreciation and amortization expense):
Product and other cost of sales	344,616		(1,057)		343,559		332,728		(615)		332,113
Rental cost of sales	25,330		186		25,516		23,909		50		23,959
Total cost of sales	369,946		(871)		369,075		356,637		(565)		356,072
Gross profit	96,379		(2,629)		93,750		100,036		565		100,601
Selling and administrative expenses	71,561		—		71,561		79,756		—		79,756
Depreciation and amortization expense	7,814		13		7,827		10,148		—		10,148
Impairment loss	1,713		—		1,713		5,798		—		5,798

Other (income) expense	(7,568)		1,300		(6,268)		3,413		—		3,413
Operating income	22,859		(3,942)		18,917		921		565		1,486
Interest expense, net	5,083		—		5,083		10,620		—		10,620
Income (loss) from continuing operations before income taxes	17,776		(3,942)		13,834		(9,699)		565		(9,134)
Income tax expense (benefit)	10,664		(14,772)		(4,108)		229		258		487
Income (loss) from continuing operations	7,112		10,830		17,942		(9,928)		307		(9,621)
Income from discontinued operations	—		—		—		289		—		289
Net income (loss)	$	7,112	$	10,830	$	17,942	$	(9,639)	$	307	$	(9,332)

Income (loss) per share of Common Stock
Basic and Diluted
Continuing operations	$	0.23	$	0.36	$	0.59	$	(3.71)	$	0.11	$	(3.60)
Discontinued operations	—		—		—		0.11		—		0.11
Total Basic Earnings per share	$	0.23	$	0.36	$	0.59	$	(3.60)	$	0.11	$	(3.49)
Weighted average common shares outstanding - Basic	30,507,723		—		30,507,723		2,673,240		—		2,673,240

Continuing operations	$	0.23	$	0.36	$	0.59	$	(3.71)	$	0.11	$	(3.60)
Discontinued operations	—		—		—		0.11		—		0.11
Total Diluted Earnings per share	$	0.23	$	0.36	$	0.59	$	(3.60)	$	0.11	$	(3.49)
Weighted average common shares outstanding - Diluted	30,642,958		—		30,642,958		2,673,240		—		2,673,240

BARNES & NOBLE EDUCATION, INC. AND SUBSIDIARIES

Condensed Consolidated Statements of Operations

(In thousands, except share data)


	26 Weeks Ended October 26, 2024						26 Weeks Ended October 28, 2023
	As Previously						As Previously
	Reported		Adjustment		As Restated		Reported		Adjustment		As Restated

Sales:
Product sales and other	$	810,600	$	—	$	810,600	$	822,348	$	—	$	822,348
Rental income	54,953		—		54,953		52,192		—		52,192
Total sales	865,553		—		865,553		874,540		—		874,540
Cost of sales (exclusive of depreciation and amortization expense):
Product and other cost of sales	651,517		10,894		662,411		658,967		(1,614)		657,353
Rental cost of sales	29,187		482		29,669		28,697		(412)		28,285
Total cost of sales	680,704		11,376		692,080		687,664		(2,026)		685,638
Gross profit	184,849		(11,376)		173,473		186,876		2,026		188,902
Selling and administrative expenses	139,963		—		139,963		163,437		—		163,437
Depreciation and amortization expense	21,587		26		21,613		20,428		—		20,428
Loss on extinguishment of debt	55,233		(55,233)		—		—		—		—
Other expense	3,468		—		3,468		8,907		—		8,907
Operating income (loss)	(35,402)		43,831		8,429		(5,896)		2,026		(3,870)
Loss on extinguishment of debt(a)	—		55,233		55,233		—		—		—
Interest expense, net	13,081		—		13,081		18,918		—		18,918
Loss from continuing operations before income taxes	(48,483)		(11,402)		(59,885)		(24,814)		2,026		(22,788)
Income tax expense	1,261		(383)		878		303		318		621
Loss from continuing operations	(49,744)		(11,019)		(60,763)		(25,117)		1,708		(23,409)
Loss from discontinued operations	—		—		—		(1,091)		—		(1,091)
Net loss	$	(49,744)	$	(11,019)	$	(60,763)	$	(26,208)	$	1,708	$	(24,500)

Loss per share of Common Stock
Basic and Diluted
Continuing operations	$	(2.48)	$	(0.56)	$	(3.04)	$	(9.47)	$	0.64	$	(8.83)
Discontinued operations	—		—		—		(0.41)		—		(0.41)
Total Basic and Diluted Net Loss per share	$	(2.48)	$	(0.56)	$	(3.04)	$	(9.88)	$	0.64	$	(9.24)
Weighted average shares of common stock outstanding - Basic and Diluted	20,018,920		—		20,018,920		2,651,271		—		2,651,271

(a) Reclassified the loss on debt extinguishment to non-operating income (loss).

BARNES & NOBLE EDUCATION, INC. AND SUBSIDIARIES

Condensed Consolidated Statements of Operations

(In thousands, except share data)


	39 Weeks Ended January 25, 2025						39 Weeks Ended January 27, 2024
	As Previously						As Previously
	Reported		Adjustment		As Restated		Reported		Adjustment		As Restated

Sales:
Product sales and other	$	1,233,763	$	(3,500)	$	1,230,263	$	1,237,723	$	—	$	1,237,723
Rental income	98,115		—		98,115		93,490		—		93,490
Total sales	1,331,878		(3,500)		1,328,378		1,331,213		—		1,331,213
Cost of sales (exclusive of depreciation and amortization expense):
Product and other cost of sales	996,133		9,837		1,005,970		991,695		(2,229)		989,466
Rental cost of sales	54,517		668		55,185		52,606		(362)		52,244
Total cost of sales	1,050,650		10,505		1,061,155		1,044,301		(2,591)		1,041,710
Gross profit	281,228		(14,005)		267,223		286,912		2,591		289,503
Selling and administrative expenses	211,524		—		211,524		243,193		—		243,193
Depreciation and amortization expense	29,401		39		29,440		30,576		—		30,576
Impairment loss	1,713		—		1,713		5,798		—		5,798
Loss on extinguishment of debt	55,233		(55,233)		—		—		—		—
Other (income) expense	(4,100)		1,300		(2,800)		12,320		—		12,320
Operating (loss) income	(12,543)		39,889		27,346		(4,975)		2,591		(2,384)
Loss on extinguishment of debt(a)	—		55,233		55,233		—		—		—
Interest expense, net	18,164		—		18,164		29,538		—		29,538
Loss from continuing operations before income taxes	(30,707)		(15,344)		(46,051)		(34,513)		2,591		(31,922)
Income tax expense (benefit)	11,925		(15,155)		(3,230)		532		576		1,108
Loss from continuing operations	(42,632)		(189)		(42,821)		(35,045)		2,015		(33,030)
Loss from discontinued operations	—		—		—		(802)		—		(802)
Net loss	$	(42,632)	$	(189)	$	(42,821)	$	(35,847)	$	2,015	$	(33,832)

Loss per share of Common Stock
Basic and Diluted
Continuing operations	$	(1.81)	$	(0.01)	$	(1.82)	$	(13.18)	$	0.76	$	(12.42)
Discontinued operations	—		—		—		(0.30)		—		(0.30)
Total Basic and Diluted Net Loss per share	$	(1.81)	$	(0.01)	$	(1.82)	$	(13.48)	$	0.76	$	(12.72)
Weighted average shares of common stock outstanding - Basic and Diluted	23,515,188		—		23,515,188		2,658,594		—		2,658,594

(a) Reclassified the loss on debt extinguishment to non-operating income (loss)

BARNES & NOBLE EDUCATION, INC. AND SUBSIDIARIES

Condensed Consolidated Balance Sheets

(In thousands, except share data)


	July 27, 2024						July 29, 2023
	As Previously						As Previously
	Reported		Adjustment		As Restated		Reported		Adjustment		As Restated

ASSETS
Current assets:
Cash and cash equivalents	$	8,212	$	—	$	8,212	$	7,657	$	—	$	7,657
Accounts receivable	154,405		(2,424)		151,981		140,858		—		140,858
Merchandise inventories, net	395,272		—		395,272		384,185		—		384,185
Textbook rental inventories	10,320		(4,677)		5,643		6,860		(2,738)		4,122
Prepaid expenses and other current assets	33,152		(2,222)		30,930		59,012		—		59,012

Total current assets	601,361		(9,323)		592,038		598,572		(2,738)		595,834
Property and equipment, net	48,264		224		48,488		64,438		—		64,438
Operating lease right-of-use assets	241,852		(22,949)		218,903		283,096		(30,428)		252,668
Intangible assets, net	87,828		—		87,828		107,413		—		107,413

Other noncurrent assets	25,930		—		25,930		17,298		—		17,298
Total assets	$	1,005,235	$	(32,048)	$	973,187	$	1,070,817	$	(33,166)	$	1,037,651
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable	$	266,304	$	—	$	266,304	$	275,380	$	—	$	275,380
Accrued liabilities	75,713		18,441		94,154		89,792		16,649		106,441
Current operating lease liabilities	147,839		(62,510)		85,329		150,917		(65,341)		85,576


Total current liabilities	489,856		(44,069)		445,787		516,089		(48,692)		467,397
Long-term deferred taxes, net	1,306		675		1,981		1,836		100		1,936
Long-term operating lease liabilities	132,200		5,971		138,171		171,154		(4,404)		166,750
Other long-term liabilities	15,553		—		15,553		23,016		—		23,016
Long-term borrowings	221,916		—		221,916		277,663		—		277,663
Total liabilities	860,831		(37,423)		823,408		989,758		(52,996)		936,762
Commitments and contingencies
Stockholders' equity:


Preferred stock, $0.01 par value	—		—		—		—		—		—
Common stock, $0.01 par value	263		—		263		6		—		6

Additional paid-in capital	922,743		—		922,743		747,271		—		747,271
Accumulated deficit	(756,046)		5,375		(750,671)		(643,744)		19,830		(623,914)
Treasury stock, at cost	(22,556)		—		(22,556)		(22,474)		—		(22,474)
Total stockholders' equity	144,404		5,375		149,779		81,059		19,830		100,889
Total liabilities and stockholders' equity	$	1,005,235	$	(32,048)	$	973,187	$	1,070,817	$	(33,166)	$	1,037,651

BARNES & NOBLE EDUCATION, INC. AND SUBSIDIARIES

Condensed Consolidated Balance Sheets

(In thousands, except share data)


	October 26, 2024						October 28, 2023
	As Previously						As Previously
	Reported		Adjustment		As Restated		Reported		Adjustment		As Restated

ASSETS
Current assets:
Cash and cash equivalents	$	11,619	$	—	$	11,619	$	15,008	$	—	$	15,008
Accounts receivable	275,847		(16,079)		259,768		221,805		—		221,805
Merchandise inventories, net	315,469		—		315,469		364,292		—		364,292
Textbook rental inventories	49,672		(4,677)		44,995		51,840		(2,738)		49,102
Prepaid expenses and other current assets	33,425		(59)		33,366		63,410		—		63,410

Total current assets	686,032		(20,815)		665,217		716,355		(2,738)		713,617
Property and equipment, net	44,926		211		45,137		61,403		—		61,403
Operating lease right-of-use assets	210,271		(3,537)		206,734		246,531		(3,298)		243,233
Intangible assets, net	85,137		—		85,137		104,026		—		104,026

Other noncurrent assets	25,684		—		25,684		16,664		—		16,664
Total assets	$	1,052,050	$	(24,141)	$	1,027,909	$	1,144,979	$	(6,036)	$	1,138,943
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable	$	298,952	$	—	$	298,952	$	385,895	$	—	$	385,895
Accrued liabilities	99,670		23,365		123,035		112,075		19,940		132,015
Current operating lease liabilities	124,939		(47,471)		77,468		126,426		(46,581)		79,845


Total current liabilities	523,561		(24,106)		499,455		624,396		(26,641)		597,755
Long-term deferred taxes, net	2,050		48		2,098		1,936		318		2,254
Long-term operating lease liabilities	129,748		1,115		130,863		160,185		(3,780)		156,405
Other long-term liabilities	14,334		(7,828)		6,506		18,625		—		18,625
Long-term borrowings	177,551		—		177,551		233,873		—		233,873
Total liabilities	847,244		(30,771)		816,473		1,039,015		(30,103)		1,008,912
Commitments and contingencies
Stockholders' equity:


Preferred stock, $0.01 par value	—		—		—		—		—		—
Common stock, $0.01 par value	274		—		274		6		—		6

Additional paid-in capital	933,399		—		933,399		748,070		—		748,070
Other Comprehensive Income	—		7,828		7,828		—		—		—
Accumulated deficit	(706,311)		(1,198)		(707,509)		(619,564)		24,067		(595,497)
Treasury stock, at cost	(22,556)		—		(22,556)		(22,548)		—		(22,548)
Total stockholders' equity	204,806		6,630		211,436		105,964		24,067		130,031
Total liabilities and stockholders' equity	$	1,052,050	$	(24,141)	$	1,027,909	$	1,144,979	$	(6,036)	$	1,138,943

BARNES & NOBLE EDUCATION, INC. AND SUBSIDIARIES

Condensed Consolidated Balance Sheets

(In thousands, except share data)


	January 25, 2025						January 27, 2024
	As Previously						As Previously
	Reported		Adjustment		As Restated		Reported		Adjustment		As Restated

ASSETS
Current assets:
Cash and cash equivalents	$	9,185	$	—	$	9,185	$	8,123	$	—	$	8,123
Accounts receivable	354,241		(10,722)		343,519		315,126		211		315,337
Merchandise inventories, net	326,825		—		326,825		341,544		—		341,544
Textbook rental inventories	41,033		(4,677)		36,356		44,521		(2,738)		41,783
Prepaid expenses and other current assets	26,729		6,767		33,496		54,337		—		54,337

Total current assets	758,013		(8,632)		749,381		763,651		(2,527)		761,124
Property and equipment, net	41,956		197		42,153		57,273		—		57,273
Operating lease right-of-use assets	180,710		15,096		195,806		220,238		12,824		233,062
Intangible assets, net	81,630		—		81,630		97,947		—		97,947
Deferred tax assets, net	1,055		(1,055)		—		—		—		—
Other noncurrent assets	24,217		—		24,217		12,488		—		12,488
Total assets	$	1,087,581	$	5,606	$	1,093,187	$	1,151,597	$	10,297	$	1,161,894
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable	$	303,577	$	—	$	303,577	$	343,100	$	—	$	343,100
Accrued liabilities	130,069		17,921		147,990		156,874		32,309		189,183
Current operating lease liabilities	101,062		(28,461)		72,601		125,545		(43,342)		82,203
Short-term borrowings	—		—		—		224,067		—		224,067

Total current liabilities	534,708		(10,540)		524,168		849,586		(11,033)		838,553
Long-term deferred taxes, net	—		4,924		4,924		2,010		576		2,586
Long-term operating lease liabilities	121,835		1,590		123,425		155,226		(3,620)		151,606
Other long-term liabilities	6,521		—		6,521		17,451		—		17,451
Long-term borrowings	141,200		—		141,200		30,191		—		30,191
Total liabilities	804,264		(4,026)		800,238		1,054,464		(14,077)		1,040,387
Commitments and contingencies
Stockholders' equity:


Preferred stock, $0.01 par value	—		—		—		—		—		—
Common stock, $0.01 par value	341		—		341		6		—		6

Additional paid-in capital	1,004,731		—		1,004,731		748,882		—		748,882
Accumulated deficit	(699,199)		9,632		(689,567)		(629,203)		24,374		(604,829)
Treasury stock, at cost	(22,556)		—		(22,556)		(22,552)		—		(22,552)
Total stockholders' equity	283,317		9,632		292,949		97,133		24,374		121,507
Total liabilities and stockholders' equity	$	1,087,581	$	5,606	$	1,093,187	$	1,151,597	$	10,297	$	1,161,894

BARNES & NOBLE EDUCATION, INC. AND SUBSIDIARIES

Condensed Consolidated Statements of Cash Flows (In thousands)


	13 Weeks Ended July 27, 2024						13 Weeks Ended July 29, 2023
	As Previously						As Previously
	Reported		Adjustment		As Restated		Reported		Adjustment		As Restated

Cash flows from operating activities:
Net loss	$	(99,479)	$	(4,446)	$	(103,925)	$	(50,388)	$	(2,529)	$	(52,917)
Less: Loss from discontinued operations, net of tax	—		—		—		(417)		—		(417)
Loss from continuing operations, net of tax	(99,479)		(4,446)		(103,925)		(49,971)		(2,529)		(52,500)
Adjustments to reconcile net loss from continuing operations to net cash flows from operating activities from continuing operations:
Depreciation and amortization expense	13,057		14		13,071		10,253		—		10,253

Amortization of deferred financing costs	2,417		—		2,417		1,244		—		1,244

Loss on debt extinguishment	55,233		—		55,233		—		—		—
Deferred taxes	17		—		17		(3)		100		97
Stock-based compensation expense	(863)		—		(863)		957		—		957
Changes in operating lease right-of-use assets and liabilities	(3,691)		8,036		4,345		721		963		1,684
Changes in other long-term assets and liabilities and other, net	2,446		(1,290)		1,156		4,056		—		4,056
Changes in other operating assets and liabilities, net:
Receivables, net	(50,295)		(2,848)		(53,143)		(48,346)		—		(48,346)
Merchandise inventories	(51,235)		—		(51,235)		(61,206)		—		(61,206)
Textbook rental inventories	22,672		—		22,672		23,489		—		23,489
Prepaid expenses and other current assets	315		2,222		2,537		(12,168)		—		(12,168)
Accounts payable and accrued liabilities	(34,586)		(1,198)		(35,784)		11,116		1,466		12,582
Changes in other operating assets and liabilities, net	(113,129)		(1,824)		(114,953)		(87,115)		1,466		(85,649)
Net cash flows used in operating activities from continuing operations	(143,992)		490		(143,502)		(119,858)		—		(119,858)
Net cash flows used in operating activities from discontinued operations	—		—		$	—	(3,266)		—		$	(3,266)
Net cash flow used in operating activities	(143,992)		490		(143,502)		(123,124)		—		(123,124)
Cash flows from investing activities:
Purchases of property and equipment	(3,470)		(490)		(3,960)		(4,219)		—		(4,219)
Net change in other noncurrent assets	223		—		223		78		—		78
Net cash flows used in investing activities from continuing operations	(3,247)		(490)		(3,737)		(4,141)		—		(4,141)
Net cash flows provided by (used in) investing activities from discontinued operations	—		—		—		21,395		—		21,395
Net cash flow used in investing activities	(3,247)		(490)		(3,737)		17,254		—		17,254
Cash flows from financing activities:
Proceeds from borrowings	217,647		—		217,647		145,187		—		145,187
Repayments of borrowings	(160,696)		—		(160,696)		(49,606)		—		(49,606)
Proceeds from Private Equity Investment	50,000		—		50,000		—		—		—
Proceeds from Rights Offering	45,000		—		45,000		—		—		—
Payment of equity issuance costs	(9,524)		—		(9,524)		—		—		—
Payment of deferred financing costs	(3,669)		—		(3,669)		(2,307)		—		(2,307)
Purchase of treasury shares	(4)		—		(4)		(98)		—		(98)
Proceeds from principal stockholder expense reimbursement	1,190		—		1,190		—		—		—
Net cash flows provided by financing activities from continuing operations	139,944		—		139,944		93,176		—		93,176


Net decrease in cash, cash equivalents and restricted cash	(7,295)		—		(7,295)		(12,694)		—		(12,694)
Cash, cash equivalents and restricted cash at beginning of period	28,570		—		28,570		31,988		—		31,988
Cash, cash equivalents and restricted cash at end of period	21,275		—		21,275		19,294		—		19,294
Less: Cash, cash equivalents and restricted cash of discontinued operations at end of period	—		—		—		—		—		—
Cash, cash equivalents, and restricted cash of continuing operations at end of period	$	21,275	$	—	$	21,275	$	19,294	$	—	$	19,294

BARNES & NOBLE EDUCATION, INC. AND SUBSIDIARIES

Condensed Consolidated Statements of Cash Flows (In thousands)


	26 Weeks Ended October 26, 2024						26 Weeks Ended October 28, 2023
	As Previously						As Previously
	Reported		Adjustment		As Restated		Reported		Adjustment		As Restated

Cash flows from operating activities:
Net loss	$	(49,744)	$	(11,019)	$	(60,763)	$	(26,208)	$	1,708	$	(24,500)
Less: Loss from discontinued operations, net of tax	—		—		—		(1,091)		—		(1,091)
Loss from continuing operations, net of tax	(49,744)		(11,019)		(60,763)		(25,117)		1,708		(23,409)
Adjustments to reconcile net loss from continuing operations to net cash flows from operating activities from continuing operations:
Depreciation and amortization expense	21,587		26		21,613		20,428		—		20,428

Amortization of deferred financing costs	3,333		—		3,333		4,406		—		4,406

Loss on debt extinguishment	55,233		—		55,233		—		—		—
Deferred taxes	762		(627)		135		97		318		415
Pension adjustments	—		7,828		7,828		—		—		—
Stock-based compensation expense	392		—		392		1,756		—		1,756
Interest expense (paid-in-kind)	—		—		—		863		—		863
Changes in operating lease right-of-use assets and liabilities	2,538		(1,193)		1,345		1,826		(6,783)		(4,957)
Changes in other long-term assets and liabilities and other, net	1,287		(7,828)		(6,541)		(2,311)		—		(2,311)
Changes in other operating assets and liabilities, net:									—
Receivables, net	(171,737)		10,806		(160,931)		(129,293)		—		(129,293)
Merchandise inventories	28,568		—		28,568		(41,313)		—		(41,313)
Textbook rental inventories	(16,680)		—		(16,680)		(21,491)		—		(21,491)
Prepaid expenses and other current assets	4,282		59		4,341		2,756		—		2,756
Accounts payable and accrued liabilities	23,597		2,438		26,035		140,233		4,757		144,990
Changes in other operating assets and liabilities, net	(131,970)		13,303		(118,667)		(49,108)		4,757		(44,351)
Net cash flows used in operating activities from continuing operations	(96,582)		490		(96,092)		(47,160)		—		(47,160)
Net cash flows used in operating activities from discontinued operations	—		—		—		(3,939)		—		$	(3,939)
Net cash flow used in operating activities	(96,582)		490		(96,092)		(51,099)		—		(51,099)
Cash flows from investing activities:
Purchases of property and equipment	(6,528)		(490)		(7,018)		(8,196)		—		(8,196)
Net change in other noncurrent assets	792		—		792		78		—		78
Net cash flows used in investing activities from continuing operations	(5,736)		(490)		(6,226)		(8,118)		—		(8,118)
Net cash flows provided by investing activities from discontinued operations	—		—		—		21,395		—		21,395
Net cash flow (used in) provided by investing activities	(5,736)		(490)		(6,226)		13,277		—		13,277
Cash flows from financing activities:
Proceeds from borrowings	455,044		—		455,044		284,698		—		284,698
Repayments of borrowings	(442,461)		—		(442,461)		(233,970)		—		(233,970)
Proceeds from Private Equity Investment	50,000		—		50,000		—		—		—
Proceeds from Rights Offering	45,000		—		45,000		—		—		—
Shares sold under at-the-market offering, net of commissions	9,590		—		9,590				—
Payment of equity issuance costs	(9,702)		—		(9,702)		—		—		—
Payment of deferred financing costs	(5,569)		—		(5,569)		(9,381)		—		(9,381)
Purchase of treasury shares	(4)		—		(4)		(172)		—		(172)


Proceeds from principal stockholder expense reimbursement	1,190		—		1,190		—		—		—
Payment of finance lease principal	(398)		—		(398)				—
Net cash flows provided by financing activities from continuing operations	102,690		—		102,690		41,175		—		41,175



Net decrease in cash, cash equivalents and restricted cash	372		—		372		3,353		—		3,353
Cash, cash equivalents and restricted cash at beginning of period	28,570		—		28,570		31,988		—		31,988
Cash, cash equivalents and restricted cash at end of period	28,942		—		28,942		35,341		—		35,341
Less: Cash, cash equivalents and restricted cash of discontinued operations at end of period	—		—		—		—		—		—
Cash, cash equivalents, and restricted cash of continuing operations at end of period	$	28,942	$	—	$	28,942	$	35,341	$	—	$	35,341

BARNES & NOBLE EDUCATION, INC. AND SUBSIDIARIES

Condensed Consolidated Statements of Cash Flows (In thousands)


	39 Weeks Ended January 25, 2025						39 Weeks Ended January 27, 2024
	As Previously						As Previously
	Reported		Adjustment		As Restated		Reported		Adjustment		As Restated

Cash flows from operating activities:
Net loss	$	(42,632)	$	(189)	$	(42,821)	$	(35,847)	$	2,015	$	(33,832)
Less: Loss from discontinued operations, net of tax	—		—		—		(802)		—		(802)
Loss from continuing operations, net of tax	(42,632)		(189)		(42,821)		(35,045)		2,015		(33,030)
Adjustments to reconcile net loss from continuing operations to net cash flows from operating activities from continuing operations:
Depreciation and amortization expense	29,401		39		29,440		30,576		—		30,576

Amortization of deferred financing costs	4,248		—		4,248		8,380		—		8,380
Impairment loss (non cash)	1,713		—		1,713		5,798		—		5,798
Loss on debt extinguishment	55,233		—		55,233		—		—		—
Deferred taxes	(2,344)		5,304		2,960		171		576		747
Stock-based compensation expense	2,953		—		2,953		2,568		—		2,568
Interest expense (paid-in-kind)	—		—		—		1,750		—		1,750
Changes in operating lease right-of-use assets and liabilities	19		(341)		(322)		19,553		(19,506)		47
Changes in other long-term assets and liabilities and other, net	(6,006)		—		(6,006)		(2,961)		—		(2,961)
Changes in other operating assets and liabilities, net:									—
Receivables, net	(250,131)		5,450		(244,681)		(222,614)		(211)		(222,825)
Merchandise inventories	17,212		—		17,212		(18,565)		—		(18,565)
Textbook rental inventories	(8,041)		—		(8,041)		(14,172)		—		(14,172)
Prepaid expenses and other current assets	1,232		(6,767)		(5,535)		2,436		—		2,436
Accounts payable and accrued liabilities	58,616		(3,006)		55,610		138,904		17,126		156,030
Changes in other operating assets and liabilities, net	(181,112)		(4,323)		(185,435)		(114,011)		16,915		(97,096)
Net cash flows used in operating activities from continuing operations	(138,527)		490		(138,037)		(83,221)		—		(83,221)
Net cash flows used in operating activities from discontinued operations	—		—		—		(3,650)		—		$	(3,650)
Net cash flow used in operating activities	(138,527)		490		(138,037)		(86,871)		—		(86,871)
Cash flows from investing activities:
Purchases of property and equipment	(9,300)		(490)		(9,790)		(11,459)		—		(11,459)
Net change in other noncurrent assets	792		—		792		78		—		78
Net cash flows used in investing activities from continuing operations	(8,508)		(490)		(8,998)		(11,381)		—		(11,381)
Net cash flows provided by investing activities from discontinued operations	—		—		—		21,395		—		21,395
Net cash flow (used in) provided by investing activities	(8,508)		(490)		(8,998)		10,014		—		10,014
Cash flows from financing activities:
Proceeds from borrowings	667,355		—		667,355		454,459		—		454,459
Repayments of borrowings	(691,121)		—		(691,121)		(384,545)		—		(384,545)
Proceeds from Private Equity Investment	50,000		—		50,000		—		—		—
Proceeds from Rights Offering	45,000		—		45,000		—		—		—
Shares sold under at-the-market offering, net of commissions	78,450		—		78,450		—		—		—
Payment of equity issuance costs	(9,724)		—		(9,724)		—		—		—
Payment of deferred financing costs	(5,569)		—		(5,569)		(9,845)		—		(9,845)
Purchase of treasury shares	(4)		—		(4)		(176)		—		(176)


Proceeds from principal stockholder expense reimbursement	1,190		—		1,190		—		—		—
Payment of finance lease principal	(385)		—		(385)		—		—		—
Net cash flows provided by financing activities from continuing operations	135,192		—		135,192		59,893		—		59,893



Net decrease in cash, cash equivalents and restricted cash	(11,843)		—		(11,843)		(16,964)		—		(16,964)
Cash, cash equivalents and restricted cash at beginning of period	28,570		—		28,570		31,988		—		31,988
Cash, cash equivalents and restricted cash at end of period	16,727		—		16,727		15,024		—		15,024
Less: Cash, cash equivalents and restricted cash of discontinued operations at end of period	—		—		—		—		—		—
Cash, cash equivalents, and restricted cash of continuing operations at end of period	$	16,727	$	—	$	16,727	$	15,024	$	—	$	15,024

BARNES & NOBLE EDUCATION, INC. AND SUBSIDIARIES

Condensed Consolidated Statements of Equity

(In thousands, except share data)

As Previously Reported for the 13 Weeks Ended July 29, 2023:


				Additional
	Common Stock			Paid-In		Accumulated		Treasury Stock			Total
	Shares	Amount		Capital		Deficit		Shares	Amount		Equity
Balance at April 29, 2023	551,402	$	551	$	745,932	$	(593,356)	25,359	$	(22,376)	$	130,751
Stock-based compensation expense				794							794
Vested equity awards	2,000	2		(2)							—
Shares repurchased for tax withholdings for vested stock awards								779	(98)		(98)
Net loss						(50,388)					(50,388)
Balance July 29, 2023	553,402	$	553	$	746,724	$	(643,744)	26,138	$	(22,474)	$	81,059

As Restated for the 13 Weeks Ended July 29, 2023:


				Additional
	Common Stock			Paid-In		Accumulated		Treasury Stock			Total
	Shares	Amount		Capital		Deficit		Shares	Amount		Equity
Balance at April 29, 2023	551,402	$	6	$	746,477	$	(570,997)	25,359	$	(22,376)	$	153,110
Stock-based compensation expense				794							794
Vested equity awards	2,000	—		—							—
Shares repurchased for tax withholdings for vested stock awards								779	(98)		(98)
Net loss						(52,917)					(52,917)
Balance July 29, 2023	553,402	$	6	$	747,271	$	(623,914)	26,138	$	(22,474)	$	100,889

BARNES & NOBLE EDUCATION, INC. AND SUBSIDIARIES

Condensed Consolidated Statements of Equity

(In thousands, except share data)

As Previously Reported for the 13 Weeks Ended July 27, 2024:


				Additional
	Common Stock			Paid-In		Accumulated		Treasury Stock			Total
	Shares	Amount		Capital		Deficit		Shares	Amount		Equity
Balance at April 27, 2024	558,402	558		749,140		(656,567)		26,838	(22,552)		70,579
Stock-based compensation expense				(863)							(863)
Vested equity awards	2,923										—
Shares repurchased for tax withholdings for vested stock awards								429	(4)		(4)
Private Equity Investment	10,000,000	100		49,900							50,000
Rights Offering	9,000,000	90		44,910							45,000
Equity issuance costs				(9,524)							(9,524)
Term Loan debt conversion	6,673,978	67		86,688							86,755
Principal Stockholder expense reimbursement				1,940							1,940
Adjustment to Additional Paid-In Capital, reverse stock split		(553)		553							—
Net loss						(99,479)					(99,479)
Balance July 27, 2024	26,235,303	262		922,744		(756,046)		27,267	(22,556)		144,404

As Restated for the 13 Weeks Ended July 27, 2024:
				Additional
	Common Stock			Paid-In		Accumulated		Treasury Stock			Total
	Shares	Amount		Capital		Deficit		Shares	Amount		Equity
Balance at April 27, 2024	558,402	$	6	$	749,692	$	(646,746)	26,838	$	(22,552)	$	80,400
Stock-based compensation expense				(863)							(863)
Vested equity awards	2,923										—
Shares repurchased for tax withholdings for vested stock awards	—							429	(4)		(4)
Private Equity Investment	10,000,000	100		49,900							50,000
Rights Offering	9,000,000	90		44,910							45,000
Equity issuance costs				(9,524)							(9,524)
Term Loan debt conversion	6,673,978	67		86,688							86,755
Principal Stockholder expense reimbursement				1,940							1,940
Adjustment to Additional Paid-In Capital, reverse stock split											—
Net loss						(103,925)					(103,925)
Balance July 27, 2024	26,235,303	$	263	$	922,743	$	(750,671)	27,267	$	(22,556)	$	149,779

BARNES & NOBLE EDUCATION, INC. AND SUBSIDIARIES

Condensed Consolidated Statements of Equity

(In thousands, except share data)


As Previously Reported for the 13 Weeks Ended October 28, 2023:
				Additional
	Common Stock			Paid-In		Accumulated		Treasury Stock			Total
	Shares	Amount		Capital		Deficit		Shares	Amount		Equity
Balance July 29, 2023	553,402	$	553	$	746,724	$	(643,744)	26,138	$	(22,474)	$	81,059
Stock-based compensation expense				799							799
Vested equity awards	5,000	5		(5)							—
Shares repurchased for tax withholdings for vested stock awards								700	(74)		(74)
Net income						24,180					24,180
Balance October 28, 2023	558,402	$	558	$	747,518	$	(619,564)	26,838	$	(22,548)	$	105,964

As Restated for the 13 Weeks Ended October 28, 2023:
				Additional
	Common Stock			Paid-In		Accumulated		Treasury Stock			Total
	Shares	Amount		Capital		Deficit		Shares	Amount		Equity
Balance July 29, 2023	553,402	$	6	$	747,271	$	(623,914)	26,138	$	(22,474)	$	100,889
Stock-based compensation expense				799							799
Vested equity awards	5,000	—		—							—
Shares repurchased for tax withholdings for vested stock awards								700	(74)		(74)
Net income						28,417					28,417
Balance October 28, 2023	558,402	$	6	$	748,070	$	(595,497)	26,838	$	(22,548)	$	130,031

BARNES & NOBLE EDUCATION, INC. AND SUBSIDIARIES

Condensed Consolidated Statements of Equity

(In thousands, except share data)


As Previously Reported for the 13 Weeks Ended October 26, 2024:
				Additional							Other
	Common Stock			Paid-In		Accumulated		Treasury Stock			Comprehensive		Total
	Shares	Amount		Capital		Deficit		Shares	Amount		Income		Equity
Balance July 27, 2024	26,235,303	$	262	$	922,744	$	(756,046)	27,267	$	(22,556)	$	—	$	144,404
Stock-based compensation expense				1,255									1,255
Vested equity awards	31,275												—
Equity issuance costs				(178)									(178)
Proceeds from sales of Common Stock under ATM facility, net of commissions	1,046,460	11		9,579									9,590
Net income						49,735							49,735
Balance October 26, 2024	27,313,038	$	273	$	933,400	$	(706,311)	27,267	$	(22,556)	$	—	$	204,806

As Restated for the 13 Weeks Ended October 26, 2024:
As Restated:				Additional							Other
	Common Stock			Paid-In		Accumulated		Treasury Stock			Comprehensive		Total
	Shares	Amount		Capital		Deficit		Shares	Amount		Income		Equity
Balance July 27, 2024	26,235,303	$	263	$	922,743	$	(750,671)	27,267	$	(22,556)	$	—	$	149,779
Stock-based compensation expense				1,255									$	1,255
Vested equity awards	31,275												$	—
Equity issuance costs				(178)									$	(178)
Pension adjustments											7,828		$	7,828
Proceeds from sales of Common Stock under ATM facility, net of commissions	1,046,460	11		9,579									$	9,590
Net income						43,162							$	43,162
Balance October 26, 2024	27,313,038	$	274	$	933,399	$	(707,509)	27,267	$	(22,556)	$	7,828	$	211,436

BARNES & NOBLE EDUCATION, INC. AND SUBSIDIARIES

Condensed Consolidated Statements of Equity

(In thousands, except share data)


As Previously Reported for the 13 Weeks Ended January 27, 2024:
				Additional
	Common Stock			Paid-In		Accumulated		Treasury Stock			Total
	Shares	Amount		Capital		Deficit		Shares	Amount		Equity
Balance October 28, 2023	558,402	$	558	$	747,518	$	(619,564)	26,838	$	(22,548)	$	105,964
Stock-based compensation expense				812							812
Vested equity awards											—
Shares repurchased for tax withholdings for vested stock awards									(4)		(4)
Net loss						(9,639)					(9,639)
Balance January 27, 2024	558,402	$	558	$	748,330	$	(629,203)	26,838	$	(22,552)	$	97,133

As Restated for the 13 Weeks Ended January 27, 2024:
				Additional
	Common Stock			Paid-In		Accumulated		Treasury Stock			Total
	Shares	Amount		Capital		Deficit		Shares	Amount		Equity
Balance October 28, 2023	558,402	$	6	$	748,070	$	(595,497)	26,838	$	(22,548)	$	130,031
Stock-based compensation expense				812							812
Vested equity awards											—
Shares repurchased for tax withholdings for vested stock awards									(4)		(4)
Net loss						(9,332)					(9,332)
Balance January 27, 2024	558,402	$	6	$	748,882	$	(604,829)	26,838	$	(22,552)	$	121,507

BARNES & NOBLE EDUCATION, INC. AND SUBSIDIARIES

Condensed Consolidated Statements of Equity

(In thousands, except share data)


As Previously Reported for the 13 Weeks Ended January 25, 2025:
				Additional							Other
	Common Stock			Paid-In		Accumulated		Treasury Stock			Comprehensive		Total
	Shares	Amount		Capital		Deficit		Shares	Amount		Income		Equity
Balance October 26, 2024	27,313,038	$	273	$	933,400	$	(706,311)	27,267	$	(22,556)	$	—	$	204,806
Stock-based compensation expense				2,561									2,561
Vested equity awards													—
Equity issuance costs				(22)									(22)
Proceeds from sales of Common Stock under ATM facility, net of commissions	6,768,076	68		68,792									68,860
Net income						7,112							7,112
Balance January 25, 2025	34,081,114	$	341	$	1,004,731	$	(699,199)	27,267	$	(22,556)	$	—	$	283,317

As Restated for the 13 Weeks Ended January 25, 2025:
				Additional							Other
	Common Stock			Paid-In		Accumulated		Treasury Stock			Comprehensive		Total
	Shares	Amount		Capital		Deficit		Shares	Amount		Income		Equity
Balance October 26, 2024	27,313,038	$	274	$	933,399	$	(707,509)	27,267	$	(22,556)	$	7,828	$	211,436
Stock-based compensation expense				2,561									2,561
Vested equity awards													—
Equity issuance costs				(22)									(22)
Pension adjustments											(7,828)		(7,828)
Proceeds from sales of Common Stock under ATM facility, net of commissions	6,768,076	67		68,793									68,860
Net income						17,942							17,942
Balance January 25, 2025	34,081,114	$	341	$	1,004,731	$	(689,567)	27,267	$	(22,556)	$	—	$	292,949

BARNES & NOBLE EDUCATION, INC. AND SUBSIDIARIES

Condensed Consolidated Statements of Equity

(In thousands, except share data)

As Previously Reported for the 26 Weeks Ended October 28, 2023:


				Additional
	Common Stock			Paid-In		Accumulated		Treasury Stock			Total
	Shares	Amount		Capital		Deficit		Shares	Amount		Equity
Balance at April 29, 2023	551,402	$	551	$	745,932	$	(593,356)	25,359	$	(22,376)	$	130,751
Stock-based compensation expense				1,593							1,593
Vested equity awards	7,000	7		(7)							—
Shares repurchased for tax withholdings for vested stock awards								1,479	(172)		(172)
Net loss						(26,208)					(26,208)
Balance October 28, 2023	558,402	$	558	$	747,518	$	(619,564)	26,838	$	(22,548)	$	105,964

As Restated for the 26 Weeks Ended October 28, 2023:
				Additional
	Common Stock			Paid-In		Accumulated		Treasury Stock			Total
	Shares	Amount		Capital		Deficit		Shares	Amount		Equity
Balance at April 29, 2023	551,402	$	6	$	746,477	$	(570,997)	25,359	$	(22,376)	$	153,110
Stock-based compensation expense				1,593							1,593
Vested equity awards	7,000	—		—							—
Shares repurchased for tax withholdings for vested stock awards								1,479	(172)		(172)
Net loss						(24,500)					(24,500)
Balance October 28, 2023	558,402	$	6	$	748,070	$	(595,497)	26,838	$	(22,548)	$	130,031

BARNES & NOBLE EDUCATION, INC. AND SUBSIDIARIES

Condensed Consolidated Statements of Equity

(In thousands, except share data)

As Previously Reported for the 26 Weeks Ended October 26, 2024:


As Previously Reported:											Other
	Common Stock			Paid-In		Accumulated		Treasury Stock			Comprehensive		Total
	Shares			Capital		Deficit		Shares	Amount		Income		Equity
Balance at April 27, 2024	558,402	$	558	$	749,140	$	(656,567)	26,838	$	(22,552)	$	—	$	70,579
Stock-based compensation expense				392									392
Vested equity awards	34,198												—
Shares repurchased for tax withholdings for vested stock awards								429	(4)				(4)
Private Equity Investment	10,000,000	100		49,900									50,000
Rights Offering	9,000,000	90		44,910									45,000
Equity issuance costs				(9,702)									(9,702)
Proceeds from sales of Common Stock under ATM facility, net of commissions	1,046,460	11		9,579									9,590
Term Loan debt conversion	6,673,978	67		86,688									86,755
Principal stockholder expense reimbursement				1,940									1,940
Adjustment to Additional Paid-In Capital, reverse stock split		(553)		553									—
Net loss						(49,744)							(49,744)
Balance October 26, 2024	27,313,038	$	273	$	933,400	$	(706,311)	27,267	$	(22,556)	$	—	$	204,806

As Restated for the 26 Weeks Ended October 26, 2024:
				Additional							Other
	Common Stock			Paid-In		Accumulated		Treasury Stock			Comprehensive		Total
	Shares			Capital		Deficit		Shares	Amount		Income		Equity
Balance at April 27, 2024	558,402	$	6	$	749,692	$	(646,746)	26,838	$	(22,552)	$	—	$	80,400
Stock-based compensation expense				392									392
Vested equity awards	34,198												—
Shares repurchased for tax withholdings for vested stock awards								429	(4)				(4)
Private Equity Investment	10,000,000	100		49,900									50,000
Rights Offering	9,000,000	90		44,910									45,000
Equity issuance costs				(9,702)									(9,702)
Pension adjustments											7,828		7,828
Proceeds from sales of Common Stock under ATM facility, net of commissions	1,046,460	11		9,579									9,590
Term Loan debt conversion	6,673,978	67		86,688									86,755
Principal stockholder expense reimbursement				1,940									1,940
Adjustment to Additional Paid-In Capital, reverse stock split													—
Net loss						(60,763)							(60,763)
Balance October 26, 2024	27,313,038	$	274	$	933,399	$	(707,509)	27,267	$	(22,556)	$	7,828	$	211,436

BARNES & NOBLE EDUCATION, INC. AND SUBSIDIARIES

Condensed Consolidated Statements of Equity

(In thousands, except share data)

As Previously Reported for the 39 Weeks Ended January 27, 2024:


As Previously Reported:				Additional
	Common Stock			Paid-In		Accumulated		Treasury Stock			Total
	Shares	Amount		Capital		Deficit		Shares	Amount		Equity
Balance at April 29, 2023	551,402	$	551	$	745,932	$	(593,356)	25,359	$	(22,376)	$	130,751
Stock-based compensation expense				2,405							2,405
Vested equity awards	7,000	7		(7)							—
Shares repurchased for tax withholdings for vested stock awards								1479	(176)		(176)
Net loss						(35,847)					(35,847)
Balance January 27, 2024	558,402	$	558	$	748,330	$	(629,203)	26,838	$	(22,552)	$	97,133

As Restated for the 39 Weeks Ended January 27, 2024:
				Additional
	Common Stock			Paid-In		Accumulated		Treasury Stock			Total
	Shares	Amount		Capital		Deficit		Shares	Amount		Equity
Balance at April 29, 2023	551,402	$	6	$	746,477	$	(570,997)	25,359	$	(22,376)	$	153,110
Stock-based compensation expense				2,405							2,405
Vested equity awards	7,000	—		—							—
Shares repurchased for tax withholdings for vested stock awards								1479	(176)		(176)
Net loss						(33,832)					(33,832)
Balance January 27, 2024	558,402	6		748,882		(604,829)		26,838	(22,552)		121,507

BARNES & NOBLE EDUCATION, INC. AND SUBSIDIARIES

Condensed Consolidated Statements of Equity

(In thousands, except share data)

As Previously Reported for the 39 Weeks Ended January 25, 2025:


As Previously Reported:				Additional
	Common Stock			Paid-In		Accumulated		Treasury Stock			Total
	Shares	Amount		Capital		Deficit		Shares	Amount		Equity
Balance at April 27, 2024	558,402	$	558	$	749,140	$	(656,567)	26,838	$	(22,552)	$	70,579
Stock-based compensation expense				2,953							2,953
Vested equity awards	34,198										—
Shares repurchased for tax withholdings for vested stock awards								429	(4)		(4)
Private Equity Investment	10,000,000	100		49,900							50,000
Rights Offering	9,000,000	90		44,910							45,000
Equity issuance costs				(9,724)							(9,724)
Term Loan debt conversion	6,673,978	67		86,688							86,755
Principal stockholder expense reimbursement				1,940							1,940
Proceeds from sales of Common Stock under ATM facility, net of commissions	7,814,536	79		78,371							78,450
Other		(553)		553							—
Net loss						(42,632)					(42,632)
Balance January 25, 2025	34,081,114	$	341	$	1,004,731	$	(699,199)	27,267	$	(22,556)	$	283,317

As Restated for the 39 Weeks Ended January 25, 2025:
				Additional
	Common Stock			Paid-In		Accumulated		Treasury Stock			Total
	Shares	Amount		Capital		Deficit		Shares	Amount		Equity
Balance at April 27, 2024	558,402	$	6	$	749,692	$	(646,746)	26,838	$	(22,552)	$	80,400
Stock-based compensation expense				2,953							2,953
Vested equity awards	34,198										—
Shares repurchased for tax withholdings for vested stock awards	0							429	(4)		(4)
Private Equity Investment	10,000,000	100		49,900							50,000
Rights Offering	9,000,000	90		44,910							45,000
Equity issuance costs				(9,724)							(9,724)
Term Loan debt conversion	6,673,978	67		86,688							86,755
Principal stockholder expense reimbursement				1,940							1,940
Proceeds from sales of Common Stock under ATM facility, net of commissions	7,814,536	78		78,372							78,450
Other											—
Net loss						(42,821)					(42,821)
Balance January 25, 2025	34,081,114	$	341	$	1,004,731	$	(689,567)	27,267	$	(22,556)	$	292,949

Organization (Details)	May 03, 2025 store
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of stores	1,146

Basis of Presentation and Summary of Significant Accounting Policies - Narrative (Details) $ in Thousands			1 Months Ended	3 Months Ended							6 Months Ended		9 Months Ended		12 Months Ended		60 Months Ended	72 Months Ended
	Jun. 11, 2024	May 31, 2023 USD ($)	Dec. 31, 2024 USD ($)	Jan. 25, 2025 USD ($)	Oct. 26, 2024 USD ($)	Jul. 27, 2024 USD ($)	Apr. 27, 2024 USD ($)	Jan. 27, 2024 USD ($)	Oct. 28, 2023 USD ($)	Jul. 29, 2023 USD ($)	Oct. 26, 2024 USD ($)	Oct. 28, 2023 USD ($)	Jan. 25, 2025 USD ($)	Jan. 27, 2024 USD ($)	May 03, 2025 USD ($)	Apr. 27, 2024 USD ($)	Apr. 29, 2023 USD ($)	Apr. 27, 2024 USD ($)	Jun. 10, 2024 shares
Impaired Long-Lived Assets Held and Used [Line Items]
Rights offering bonus element (in shares) \| shares																			5.03
Stock split, conversion ratio	0.01
Total cost of sales				$ 369,075	$ 473,645	$ 218,435		$ 356,072	$ 469,682	$ 215,956	$ 692,080	$ 685,638	$ 1,061,155	$ 1,041,710	$ 1,272,366	$ 1,222,222
Proceeds from divestiture of businesses		$ 20,000
Gain on sale of business																3,545
Cash and cash equivalents				9,185	11,619	8,212	$ 10,459	8,123	15,008	7,657	11,619	15,008	9,185	8,123	9,058	10,459		$ 10,459
Restricted cash							18,111								19,665	18,111		18,111
Restricted cash, current							17,146								17,332	17,146		17,146
Restricted cash, noncurrent							965								2,333	965		965
LIFO reserve															6,446	0
Implementation costs incurred							6,367								5,504	6,367		6,367
Amortization of implementation costs															2,730	4,286
Depreciation															22,876	27,281
Property and equipment, net				42,153	45,137	48,488	52,912	57,273	61,403	64,438	45,137	61,403	42,153	57,273	40,229	52,912		52,912
Operating lease right-of-use assets				195,806	206,734	218,903	217,336	233,062	243,233	252,668	206,734	243,233	195,806	233,062	183,695	217,336		217,336
Intangible assets, net				81,630	85,137	87,828	94,191	97,947	104,026	107,413	85,137	104,026	81,630	97,947	78,241	94,191		94,191
Other noncurrent assets				24,217	25,684	25,930	24,703	12,488	16,664	17,298	25,684	16,664	24,217	12,488	22,735	24,703		24,703
Other nonrecurring expense net of tax															1,713	7,166
Impairment loss							1,368	5,798	0	0			1,713	5,798	1,713	7,166
Marketing and advertising expense															5,235	5,784
Restatement for Legal Settlement and Rental Inventory Reserves
Impaired Long-Lived Assets Held and Used [Line Items]
Legal settlement			$ 1,300
Property and equipment, net
Impaired Long-Lived Assets Held and Used [Line Items]
Impairment loss															314	405
Operating lease right-of-use assets
Impaired Long-Lived Assets Held and Used [Line Items]
Impairment loss															290	3,600
Intangible assets, net
Impaired Long-Lived Assets Held and Used [Line Items]
Impairment loss															$ 1,109	3,161
Adjustments
Impaired Long-Lived Assets Held and Used [Line Items]
Total cost of sales				(871)	9,166	2,210		(565)	(4,455)	2,429	11,376	(2,026)	10,505	(2,591)		11,863
Cash and cash equivalents				0	0	0	0	0	0	0	0	0	0	0		0		0
Property and equipment, net				197	211	224	0	0	0	0	211	0	197	0		0		0
Operating lease right-of-use assets				15,096	(3,537)	(22,949)	3,019	12,824	(3,298)	(30,428)	(3,537)	(3,298)	15,096	12,824		3,019		3,019
Intangible assets, net				0	0	0	0	0	0	0	0	0	0	0		0		0
Other noncurrent assets				$ 0	$ 0	$ 0	$ 0	$ 0	$ 0	$ 0	$ 0	$ 0	0	0		0		0
Impairment loss													$ 0	$ 0		0
Adjustments \| Restatement for Legal Settlement and Rental Inventory Reserves
Impaired Long-Lived Assets Held and Used [Line Items]
Writeoff of rental inventory																$ 1,900	$ 2,700	$ 4,600

Basis of Presentation and Summary of Significant Accounting Policies - Discontinued Operations (Details) - USD ($) $ in Thousands	3 Months Ended							6 Months Ended		9 Months Ended		12 Months Ended
	Jan. 25, 2025	Oct. 26, 2024	Jul. 27, 2024	Apr. 27, 2024	Jan. 27, 2024	Oct. 28, 2023	Jul. 29, 2023	Oct. 26, 2024	Oct. 28, 2023	Jan. 25, 2025	Jan. 27, 2024	May 03, 2025	Apr. 27, 2024
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Total sales													$ 2,784
Cost of sales													76
Gross profit													2,708
Selling and administrative expenses													3,029
Depreciation and amortization													3
Gain on sale of business													(3,545)
Impairment loss (non-cash)													610
Other expense													3,308
Transaction costs													13
Operating loss													(710)
Income tax expense												$ 0	20
Loss from discontinued operations, net of tax	$ 0	$ 0	$ 0	$ 72	$ 289	$ (674)	$ (417)	$ 0	$ (1,091)	$ 0	$ (802)	$ 0	(730)
Content amortization costs													0
Property and equipment, net
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Impairment loss (non-cash)													119
Operating lease right-of-use assets
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Impairment loss (non-cash)													$ 491

Basis of Presentation and Summary of Significant Accounting Policies - Components of Accounts Receivable (Details) - USD ($) $ in Thousands	May 03, 2025	Apr. 27, 2024
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts receivable (less allowance $2,148 and $867, respectively)	$ 98,077	$ 98,838
Advances for book buybacks	993	1,292
Trade accounts
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts receivable (less allowance $2,148 and $867, respectively)	54,952	69,754
Credit/debit card receivables
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts receivable (less allowance $2,148 and $867, respectively)	14,991	9,075
Other receivables
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts receivable (less allowance $2,148 and $867, respectively)	$ 27,141	$ 18,717

Basis of Presentation and Summary of Significant Accounting Policies - Accounts Receivable (Details) - USD ($) $ in Thousands	12 Months Ended
	May 03, 2025	Apr. 27, 2024
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Allowance, beginning of period	$ 867	$ 1,156
Current period provision	4,066	2,855
Recoveries	(2,291)	(1,260)
Write-offs charged against allowance	(494)	(1,884)
Allowance, total end of period	$ 2,148	$ 867

Basis of Presentation and Summary of Significant Accounting Policies - Property and Equipment (Details) - USD ($) $ in Thousands	May 03, 2025	Jan. 25, 2025	Oct. 26, 2024	Jul. 27, 2024	Apr. 27, 2024	Jan. 27, 2024	Oct. 28, 2023	Jul. 29, 2023
Property, Plant and Equipment [Line Items]
Total property and equipment	$ 563,760				$ 584,811
Less accumulated depreciation and amortization	523,531				531,899
Total property and equipment, net	40,229	$ 42,153	$ 45,137	$ 48,488	52,912	$ 57,273	$ 61,403	$ 64,438
Leasehold improvements
Property, Plant and Equipment [Line Items]
Total property and equipment	$ 100,867				106,764
Leasehold improvements \| Minimum
Property, Plant and Equipment [Line Items]
Useful Life	5 years
Leasehold improvements \| Maximum
Property, Plant and Equipment [Line Items]
Useful Life	15 years
Machinery, equipment and display fixtures
Property, Plant and Equipment [Line Items]
Useful Life	5 years
Total property and equipment	$ 232,883				246,206
Computer hardware and capitalized software costs
Property, Plant and Equipment [Line Items]
Total property and equipment	$ 169,190				167,347
Computer hardware and capitalized software costs \| Minimum
Property, Plant and Equipment [Line Items]
Useful Life	3 years
Computer hardware and capitalized software costs \| Maximum
Property, Plant and Equipment [Line Items]
Useful Life	5 years
Office furniture and other
Property, Plant and Equipment [Line Items]
Total property and equipment	$ 59,122				62,133
Office furniture and other \| Minimum
Property, Plant and Equipment [Line Items]
Useful Life	5 years
Office furniture and other \| Maximum
Property, Plant and Equipment [Line Items]
Useful Life	7 years
Construction in progress
Property, Plant and Equipment [Line Items]
Total property and equipment	$ 1,698				$ 2,361

Basis of Presentation and Summary of Significant Accounting Policies - Intangible Assets (Details) - USD ($) $ in Thousands	12 Months Ended
	May 03, 2025	Apr. 27, 2024
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 213,180	$ 228,837
Accumulated Amortization	(134,939)	(134,646)
Total	78,241	94,191
Aggregate amortization expense	14,842	13,279
2026	9,114
2027	9,056
2028	8,764
2029	8,764
2030	8,597
After 2030	33,946
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	209,680	225,337
Accumulated Amortization	(132,081)	(132,138)
Total	$ 77,599	93,199
Other
Finite-Lived Intangible Assets [Line Items]
Estimated Useful Life	2 years
Gross Carrying Amount	$ 3,500	3,500
Accumulated Amortization	(2,858)	(2,508)
Total	$ 642	$ 992
Minimum \| Customer relationships
Finite-Lived Intangible Assets [Line Items]
Estimated Useful Life	5 years	6 years
Minimum \| Other
Finite-Lived Intangible Assets [Line Items]
Estimated Useful Life		1 year
Maximum \| Customer relationships
Finite-Lived Intangible Assets [Line Items]
Estimated Useful Life	9 years	10 years
Maximum \| Other
Finite-Lived Intangible Assets [Line Items]
Estimated Useful Life		3 years

Restatement of Previously Issued Audited Consolidated Financial Statements - Summary of Restatements (Details) - USD ($) $ in Thousands	3 Months Ended							6 Months Ended		9 Months Ended		12 Months Ended
	Jan. 25, 2025	Oct. 26, 2024	Jul. 27, 2024	Apr. 27, 2024	Jan. 27, 2024	Oct. 28, 2023	Jul. 29, 2023	Oct. 26, 2024	Oct. 28, 2023	Jan. 25, 2025	Jan. 27, 2024	May 03, 2025	Apr. 27, 2024	May 01, 2021	Apr. 29, 2023
Reclassification [Line Items]
Product and other cost of sales	$ 343,559	$ 451,026	$ 211,385		$ 332,113	$ 448,073	$ 209,280	$ 662,411	$ 657,353	$ 1,005,970	$ 989,466	$ 1,193,015	$ 1,144,973
Income tax expense	(4,108)	(1,480)	2,358		487	532	89	878	621	(3,230)	1,108	4,256	858	$ (7,164)
Rental cost of sales	25,516	22,619	7,050		23,959	21,609	6,676	29,669	28,285	55,185	52,244	79,351	77,249
Accounts receivable	343,519	259,768	151,981	$ 98,838	315,337	221,805	140,858	259,768	221,805	343,519	315,337	98,077	98,838
Accrued liabilities	147,990	123,035	94,154	98,622	189,183	132,015	106,441	123,035	132,015	147,990	189,183	65,853	98,622
Accumulated deficit	(689,567)	(707,509)	(750,671)	(646,746)	(604,829)	(595,497)	(623,914)	(707,509)	(595,497)	(689,567)	(604,829)	(712,571)	(646,746)
Operating lease right-of-use assets	195,806	206,734	218,903	217,336	233,062	243,233	252,668	206,734	243,233	195,806	233,062	183,695	217,336
Current operating lease liabilities	72,601	77,468	85,329	76,960	82,203	79,845	85,576	77,468	79,845	72,601	82,203	64,524	76,960
Long-term deferred taxes, net	4,924	2,098	1,981	1,964	2,586	2,254	1,936	2,098	2,254	4,924	2,586	1,135	1,964
Long-term operating lease liabilities	123,425	130,863	138,171	140,627	151,606	156,405	166,750	130,863	156,405	123,425	151,606	115,495	140,627
Textbook rental inventories	36,356	44,995	5,643	28,315	41,783	49,102	4,122	44,995	49,102	36,356	41,783	$ 26,439	28,315
Adjustments
Reclassification [Line Items]
Product and other cost of sales	(1,057)	8,934	1,960	11,826	(615)	(3,880)	2,266	10,894	(1,614)	9,837	(2,229)		9,597
Income tax expense	(14,772)	(2,605)	2,222	99	258	218	100	(383)	318	(15,155)	576		675
Rental cost of sales	186	232	250	2,628	50	(575)	163	482	(412)	668	(362)		2,266
Accounts receivable	(10,722)	(16,079)	(2,424)	(5,272)	211	0	0	(16,079)	0	(10,722)	211		(5,272)
Accrued liabilities	17,921	23,365	18,441	5,999	32,309	19,940	16,649	23,365	19,940	17,921	32,309		5,999
Accumulated deficit	9,632	(1,198)	5,375	(12,538)	24,374	24,067	19,830	(1,198)	24,067	9,632	24,374		(12,538)
Operating lease right-of-use assets	15,096	(3,537)	(22,949)	3,019	12,824	(3,298)	(30,428)	(3,537)	(3,298)	15,096	12,824		3,019
Current operating lease liabilities	(28,461)	(47,471)	(62,510)	(3,076)	(43,342)	(46,581)	(65,341)	(47,471)	(46,581)	(28,461)	(43,342)		(3,076)
Long-term deferred taxes, net	4,924	48	675	675	576	318	100	48	318	4,924	576		675
Long-term operating lease liabilities	1,590	1,115	5,971	4,748	(3,620)	(3,780)	(4,404)	1,115	(3,780)	1,590	(3,620)		4,748
Textbook rental inventories	(4,677)	(4,677)	(4,677)	(1,939)	(2,738)	(2,738)	(2,738)	(4,677)	(2,738)	(4,677)	(2,738)		(1,939)
Adjustments \| Restatement for Recording Cost of Digital Sales
Reclassification [Line Items]
Product and other cost of sales	(2,050)	12,409	(659)	8,252	(2,513)	0	0						5,739
Income tax expense	(12,655)	(2,542)	2,458	0	0	0	0
Rental cost of sales	143	641	0	0	0	0	0
Accounts receivable	(10,722)	(16,079)	(2,424)	(5,272)	211	0	0	(16,079)	0	(10,722)	211		(5,272)
Accrued liabilities	(4,691)	2,245	2,656	467	(2,298)	0	0	2,245	0	(4,691)	(2,298)		467
Accumulated deficit	(6,984)	(18,046)	(7,538)	(5,739)	2,509	0	0	(18,046)	0	(6,984)	2,509		(5,739)
Long-term deferred taxes, net	3,598	(337)	647	0	0	0	0	(337)	0	3,598	0		0
Adjustments \| Restatement for Store Operating Agreements Under 842
Reclassification [Line Items]
Product and other cost of sales	993	(3,475)	2,619	3,574	1,898	(3,880)	2,266						3,858
Income tax expense	(2,117)	(63)	(236)	99	258	218	100
Rental cost of sales	43	(409)	250	689	50	(575)	163						327
Accrued liabilities	21,312	21,120	15,785	20,714	34,607	19,940	16,649	21,120	19,940	21,312	34,607		20,714
Accumulated deficit	22,593	21,525	17,590	20,237	24,603	26,805	22,568	21,525	26,805	22,593	24,603		20,237		$ 25,097
Operating lease right-of-use assets	15,096	(3,537)	(22,949)	14,814	12,824	(3,298)	(30,428)	(3,537)	(3,298)	15,096	12,824		14,814
Current operating lease liabilities	(28,461)	(47,471)	(62,510)	(25,246)	(43,342)	(46,581)	(65,341)	(47,471)	(46,581)	(28,461)	(43,342)		(25,246)
Long-term deferred taxes, net	1,326	385	28	675	576	318	100	385	318	1,326	576		675
Long-term operating lease liabilities	1,590	1,115	5,971	(1,566)	(3,620)	(3,780)	(4,404)	1,115	(3,780)	1,590	(3,620)		(1,566)
Adjustments \| Restatement for Legal Settlement and Rental Inventory Reserves
Reclassification [Line Items]
Income tax expense													675
Rental cost of sales	0	0	0	1,939	0	0	0						1,939
Accrued liabilities	1,300	0	0	0	0	0		0	0	1,300	0		0
Accumulated deficit	(5,977)	(4,677)	(4,677)	(4,677)	(2,738)	(2,738)	(2,738)	(4,677)	(2,738)	(5,977)	(2,738)		(4,677)		$ (2,738)
Textbook rental inventories	$ (4,677)	$ (4,677)	$ (4,677)	(4,677)	$ (2,738)	$ (2,738)	$ (2,738)	$ (4,677)	$ (2,738)	$ (4,677)	$ (2,738)		(4,677)
Revision of Prior Period, Adjustment
Reclassification [Line Items]
Accounts receivable				(5,272)									(5,272)
Accrued liabilities				21,181									21,181
Accumulated deficit				9,821									9,821
Operating lease right-of-use assets				14,814									14,814
Current operating lease liabilities				(25,246)									(25,246)
Long-term deferred taxes, net				675									675
Long-term operating lease liabilities				(1,566)									(1,566)
Textbook rental inventories				$ (4,677)									$ (4,677)

Restatement of Previously Issued Audited Consolidated Financial Statements - Consolidated Statements of Operations (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								6 Months Ended		9 Months Ended		12 Months Ended
	May 03, 2025	Jan. 25, 2025	Oct. 26, 2024	Jul. 27, 2024	Apr. 27, 2024	Jan. 27, 2024	Oct. 28, 2023	Jul. 29, 2023	Oct. 26, 2024	Oct. 28, 2023	Jan. 25, 2025	Jan. 27, 2024	May 03, 2025	Apr. 27, 2024	May 01, 2021
Sales:
Product sales and other		$ 419,663	$ 559,674	$ 250,926		$ 415,375	$ 569,698	$ 252,650	$ 810,600	$ 822,348	$ 1,230,263	$ 1,237,723	$ 1,463,245	$ 1,430,456
Rental income		43,162	42,448	12,505		41,298	40,681	11,511	54,953	52,192	98,115	93,490	146,925	136,679
Total sales	$ 281,792	462,825	602,122	263,431	$ 235,922	456,673	610,379	264,161	865,553	874,540	1,328,378	1,331,213	1,610,170	1,567,135
Cost of sales (exclusive of depreciation and amortization expense):
Product and other cost of sales		343,559	451,026	211,385		332,113	448,073	209,280	662,411	657,353	1,005,970	989,466	1,193,015	1,144,973
Rental cost of sales		25,516	22,619	7,050		23,959	21,609	6,676	29,669	28,285	55,185	52,244	79,351	77,249
Total cost of sales		369,075	473,645	218,435		356,072	469,682	215,956	692,080	685,638	1,061,155	1,041,710	1,272,366	1,222,222
Gross profit	70,581	93,750	128,477	44,996	55,410	100,601	140,697	48,205	173,473	188,902	267,223	289,503	337,804	344,913
Selling and administrative expenses		71,561	72,940	67,023		79,756	85,961	77,476	139,963	163,437	211,524	243,193	283,800	311,574
Depreciation and amortization expense		7,827	8,542	13,071		10,148	10,175	10,253	21,613	20,428	29,440	30,576	37,939	40,560
Impairment loss	0	1,713	0	0		5,798					1,713	5,798	1,713	7,166
Other (income) expense	1,228	(6,268)	(150)	3,618		3,413	4,274	4,633	3,468	8,907	(2,800)	12,320	(1,572)	19,409
Operating income (loss)		18,917	47,145	(38,716)		1,486	40,287	(44,157)	8,429	(3,870)	27,346	(2,384)	15,924	(33,796)
Interest expense, net	4,096	5,083	5,463	7,618	10,827	10,620	10,664	8,254	13,081	18,918	18,164	29,538	22,260	40,365
Income (loss) from continuing operations before income taxes		13,834	41,682	(101,567)		(9,134)	29,623	(52,411)	(59,885)	(22,788)	(46,051)	(31,922)	(61,569)	(74,161)
Income tax expense		(4,108)	(1,480)	2,358		487	532	89	878	621	(3,230)	1,108	4,256	858	$ (7,164)
Income (loss) from continuing operations		17,942	43,162	(103,925)	(41,989)	(9,621)	29,091	(52,500)	(60,763)	(23,409)	(42,821)	(33,030)	(65,825)	(75,019)
Less: Loss from discontinued operations, net of tax		0	0	0	72	289	(674)	(417)	0	(1,091)	0	(802)	0	(730)
Net income (loss)	$ (23,004)	$ 17,942	$ 43,162	$ (103,925)	$ (41,917)	$ (9,332)	$ 28,417	$ (52,917)	$ (60,763)	$ (24,500)	$ (42,821)	$ (33,832)	$ (65,825)	$ (75,749)
Income (loss) per share of Common Stock
Basic, Continuing operations (in dollars per share)		$ 0.59	$ 1.63	$ (7.69)	$ (15.71)	$ (3.60)	$ 10.96	$ (19.83)	$ (3.04)	$ (8.83)	$ (1.82)	$ (12.42)	$ (2.50)	$ (28.18)
Basic, Discontinued operations (in dollars per share)		0	0	0	0.02	0.11	(0.25)	(0.16)	0	(0.41)	0	(0.30)	0	(0.28)
Total Basic Net Loss per Share (in dollars per share)	$ (0.68)	0.59	1.63	(7.69)	(15.69)	(3.49)	10.71	(19.99)	(3.04)	(9.24)	(1.82)	(12.72)	(2.50)	(28.46)
Diluted, Continuing operations (in dollars per share)		0.59	1.63	(7.69)	(15.71)	(3.60)	10.95	(19.83)	(3.04)	(8.83)	(1.82)	(12.42)	(2.50)	(28.18)
Diluted, Discontinued operations (in dollars per share)		0	0	0	0.02	0.11	(0.25)	(0.16)	0	(0.41)	0	(0.30)	0	(0.28)
Total Diluted Net Loss per Share (in dollars per share)	$ (0.68)	$ 0.59	$ 1.63	$ (7.69)	$ (15.69)	$ (3.49)	$ 10.70	$ (19.99)	$ (3.04)	$ (9.24)	$ (1.82)	$ (12.72)	$ (2.50)	$ (28.46)
Weighted average shares of common stock outstanding - Basic and Diluted
Weighted average common shares outstanding - Basic (in shares)	34,053,847	30,507,723	26,527,174	13,510,667	2,673,403	2,673,240	2,655,006	2,647,536	20,018,920	2,651,271	23,515,188	2,658,594	26,298,984	2,662,296
Weighted average common shares outstanding - Diluted (in shares)	34,053,847	30,642,958	26,541,804	13,510,667	2,673,403	2,673,240	2,655,799	2,647,536	20,018,920	2,651,271	23,515,188	2,658,594	26,298,984	2,662,296
As Previously Reported
Sales:
Product sales and other		$ 423,163	$ 559,674	$ 250,926		$ 415,375	$ 569,698	$ 252,650	$ 810,600	$ 822,348	$ 1,233,763	$ 1,237,723		$ 1,430,456
Rental income		43,162	42,448	12,505		41,298	40,681	11,511	54,953	52,192	98,115	93,490		136,679
Total sales		466,325	602,122	263,431		456,673	610,379	264,161	865,553	874,540	1,331,878	1,331,213		1,567,135
Cost of sales (exclusive of depreciation and amortization expense):
Product and other cost of sales		344,616	442,092	209,425		332,728	451,953	207,014	651,517	658,967	996,133	991,695		1,135,376
Rental cost of sales		25,330	22,387	6,800		23,909	22,184	6,513	29,187	28,697	54,517	52,606		74,983
Total cost of sales		369,946	464,479	216,225		356,637	474,137	213,527	680,704	687,664	1,050,650	1,044,301		1,210,359
Gross profit		96,379	137,643	47,206		100,036	136,242	50,634	184,849	186,876	281,228	286,912		356,776
Selling and administrative expenses		71,561	72,940	67,023		79,756	85,961	77,476	139,963	163,437	211,524	243,193		311,574
Depreciation and amortization expense		7,814	8,530	13,057		10,148	10,175	10,253	21,587	20,428	29,401	30,576		40,560
Impairment loss		1,713				5,798					1,713	5,798		7,166
Other (income) expense		(7,568)	(150)	3,618		3,413	4,274	4,633	3,468	8,907	(4,100)	12,320		19,409
Operating income (loss)		22,859	56,323	(91,725)		921	35,832	(41,728)	(35,402)	(5,896)	(12,543)	(4,975)		(21,933)
Interest expense, net		5,083	5,463	7,618		10,620	10,664	8,254	13,081	18,918	18,164	29,538		40,365
Income (loss) from continuing operations before income taxes		17,776	50,860	(99,343)		(9,699)	25,168	(49,982)	(48,483)	(24,814)	(30,707)	(34,513)		(62,298)
Income tax expense		10,664	1,125	136		229	314	(11)	1,261	303	11,925	532		183
Income (loss) from continuing operations		7,112	49,735	(99,479)		(9,928)	24,854	(49,971)	(49,744)	(25,117)	(42,632)	(35,045)		(62,481)
Less: Loss from discontinued operations, net of tax		0	0	0		289	(674)	(417)	0	(1,091)	0	(802)		(730)
Net income (loss)		$ 7,112	$ 49,735	$ (99,479)		$ (9,639)	$ 24,180	$ (50,388)	$ (49,744)	$ (26,208)	$ (42,632)	$ (35,847)		$ (63,211)
Income (loss) per share of Common Stock
Basic, Continuing operations (in dollars per share)		$ 0.23	$ 1.87	$ (7.36)		$ (3.71)	$ 9.36	$ (18.87)	$ (2.48)	$ (9.47)	$ (1.81)	$ (13.18)		$ (23.47)
Basic, Discontinued operations (in dollars per share)		0	0	0		0.11	(0.25)	(0.16)	0	(0.41)	0	(0.30)		(0.28)
Total Basic Net Loss per Share (in dollars per share)		0.23	1.87	(7.36)		(3.60)	9.11	(19.03)	(2.48)	(9.88)	(1.81)	(13.48)		(23.75)
Diluted, Continuing operations (in dollars per share)		0.23	1.87	(7.36)		(3.71)	9.36	(18.87)	(2.48)	(9.47)	(1.81)	(13.18)		(23.47)
Diluted, Discontinued operations (in dollars per share)		0	0	0		0.11	(0.25)	(0.16)	0	(0.41)	0	(0.30)		(0.28)
Total Diluted Net Loss per Share (in dollars per share)		$ 0.23	$ 1.87	$ (7.36)		$ (3.60)	$ 9.11	$ (19.03)	$ (2.48)	$ (9.88)	$ (1.81)	$ (13.48)		$ (23.75)
Weighted average shares of common stock outstanding - Basic and Diluted
Weighted average common shares outstanding - Basic (in shares)		30,507,723	26,527,174	13,510,667		2,673,240	2,655,006	2,647,536	20,018,920	2,651,271	23,515,188	2,658,594		2,662,296
Weighted average common shares outstanding - Diluted (in shares)		30,642,958	26,541,804	13,510,667		2,673,240	2,655,799	2,647,536	20,018,920	2,651,271	23,515,188	2,658,594		2,662,296
Adjustments
Sales:
Product sales and other		$ (3,500)	$ 0	$ 0		$ 0	$ 0	$ 0	$ 0	$ 0	$ (3,500)	$ 0		$ 0
Rental income		0	0	0		0	0	0	0	0	0	0		0
Total sales		(3,500)	0	0	$ 0	0	0	0	0	0	(3,500)	0		0
Cost of sales (exclusive of depreciation and amortization expense):
Product and other cost of sales		(1,057)	8,934	1,960	11,826	(615)	(3,880)	2,266	10,894	(1,614)	9,837	(2,229)		9,597
Rental cost of sales		186	232	250	2,628	50	(575)	163	482	(412)	668	(362)		2,266
Total cost of sales		(871)	9,166	2,210		(565)	(4,455)	2,429	11,376	(2,026)	10,505	(2,591)		11,863
Gross profit		(2,629)	(9,166)	(2,210)		565	4,455	(2,429)	(11,376)	2,026	(14,005)	2,591		(11,863)
Selling and administrative expenses		0	0	0		0	0	0	0	0	0	0		0
Depreciation and amortization expense		13	12	14	0	0	0	0	26	0	39	0		0
Impairment loss		0				0					0	0		0
Other (income) expense		1,300	0	0	0	0	0	0	0	0	1,300	0		0
Operating income (loss)		(3,942)	(9,178)	53,009		565	4,455	(2,429)	43,831	2,026	39,889	2,591		(11,863)
Interest expense, net		0	0	0		0	0	0	0	0	0	0		0
Income (loss) from continuing operations before income taxes		(3,942)	(9,178)	(2,224)		565	4,455	(2,429)	(11,402)	2,026	(15,344)	2,591		(11,863)
Income tax expense		(14,772)	(2,605)	2,222	99	258	218	100	(383)	318	(15,155)	576		675
Income (loss) from continuing operations		10,830	(6,573)	(4,446)		307	4,237	(2,529)	(11,019)	1,708	(189)	2,015		(12,538)
Less: Loss from discontinued operations, net of tax		0	0	0		0	0	0	0	0	0	0		0
Net income (loss)		$ 10,830	$ (6,573)	$ (4,446)		$ 307	$ 4,237	$ (2,529)	$ (11,019)	$ 1,708	$ (189)	$ 2,015		$ (12,538)
Income (loss) per share of Common Stock
Basic, Continuing operations (in dollars per share)		$ 0.36	$ (0.24)	$ (0.33)		$ 0.11	$ 1.60	$ (0.96)	$ (0.56)	$ 0.64	$ (0.01)	$ 0.76		$ (4.71)
Basic, Discontinued operations (in dollars per share)		0	0	0		0	0	0	0	0	0	0		0
Total Basic Net Loss per Share (in dollars per share)		0.36	(0.24)	(0.33)		0.11	1.60	(0.96)	(0.56)	0.64	(0.01)	0.76		(4.71)
Diluted, Continuing operations (in dollars per share)		0.36	(0.24)	(0.33)		0.11	1.59	(0.96)	(0.56)	0.64	(0.01)	0.76		(4.71)
Diluted, Discontinued operations (in dollars per share)		0	0	0		0	0	0	0	0	0	0		0
Total Diluted Net Loss per Share (in dollars per share)		$ 0.36	$ (0.24)	$ (0.33)		$ 0.11	$ 1.59	$ (0.96)	$ (0.56)	$ 0.64	$ (0.01)	$ 0.76		$ (4.71)
Weighted average shares of common stock outstanding - Basic and Diluted
Weighted average common shares outstanding - Basic (in shares)		0	0	0		0	0	0	0	0	0	0
Weighted average common shares outstanding - Diluted (in shares)		0	0	0		0	0	0	0	0	0	0
Adjustments \| Restatement for Recording Cost of Digital Sales
Sales:
Total sales		$ (3,500)	$ 0	$ 0	0	$ 0	$ 0	$ 0
Cost of sales (exclusive of depreciation and amortization expense):
Product and other cost of sales		(2,050)	12,409	(659)	8,252	(2,513)	0	0						$ 5,739
Rental cost of sales		143	641	0	0	0	0	0
Income tax expense		(12,655)	(2,542)	2,458	0	0	0	0
Adjustments \| Restatement for Store Operating Agreements Under 842
Cost of sales (exclusive of depreciation and amortization expense):
Product and other cost of sales		993	(3,475)	2,619	3,574	1,898	(3,880)	2,266						3,858
Rental cost of sales		43	(409)	250	689	50	(575)	163						$ 327
Depreciation and amortization expense		13	12	14	0	0	0	0
Income tax expense		$ (2,117)	$ (63)	$ (236)	$ 99	$ 258	$ 218	$ 100

Restatement of Previously Issued Audited Consolidated Financial Statements - Consolidated Balance Sheet (Details) - USD ($) $ in Thousands	May 03, 2025	Jan. 25, 2025	Oct. 26, 2024	Jul. 27, 2024	Apr. 27, 2024	Jan. 27, 2024	Oct. 28, 2023	Jul. 29, 2023	Apr. 29, 2023
Current assets:
Cash and cash equivalents	$ 9,058	$ 9,185	$ 11,619	$ 8,212	$ 10,459	$ 8,123	$ 15,008	$ 7,657
Accounts receivable	98,077	343,519	259,768	151,981	98,838	315,337	221,805	140,858
Merchandise inventories, net	299,562	326,825	315,469	395,272	344,037	341,544	364,292	384,185
Textbook rental inventories	26,439	36,356	44,995	5,643	28,315	41,783	49,102	4,122
Prepaid expenses and other current assets	32,249	33,496	33,366	30,930	39,158	54,337	63,410	59,012
Total current assets	465,385	749,381	665,217	592,038	520,807	761,124	713,617	595,834
Property and equipment, net	40,229	42,153	45,137	48,488	52,912	57,273	61,403	64,438
Operating lease right-of-use assets	183,695	195,806	206,734	218,903	217,336	233,062	243,233	252,668
Intangible assets, net	78,241	81,630	85,137	87,828	94,191	97,947	104,026	107,413
Other noncurrent assets	22,735	24,217	25,684	25,930	24,703	12,488	16,664	17,298
Total assets	790,285	1,093,187	1,027,909	973,187	909,949	1,161,894	1,138,943	1,037,651
Current liabilities:
Accounts payable	148,848	303,577	298,952	266,304	299,157	343,100	385,895	275,380
Accrued liabilities	65,853	147,990	123,035	94,154	98,622	189,183	132,015	106,441
Current operating lease liabilities	64,524	72,601	77,468	85,329	76,960	82,203	79,845	85,576
Total current liabilities	279,225	524,168	499,455	445,787	474,739	838,553	597,755	467,397
Long-term deferred taxes, net	1,135	4,924	2,098	1,981	1,964	2,586	2,254	1,936
Long-term operating lease liabilities	115,495	123,425	130,863	138,171	140,627	151,606	156,405	166,750
Other long-term liabilities	19,142	6,521	6,506	15,553	15,882	17,451	18,625	23,016
Long-term borrowings	103,100	141,200	177,551	221,916	196,337	30,191	233,873	277,663
Total liabilities	518,097	800,238	816,473	823,408	829,549	1,040,387	1,008,912	936,762
Commitments and contingencies
Stockholders' equity:
Preferred stock, $0.01 par value; authorized, 5,000,000 shares; 0 shares issued and 0 shares outstanding	0	0	0	0	0	0	0	0
Common stock, $0.01 par value; authorized, 200,000,000 shares; issued, 34,081,114 and 558,402 shares, respectively; outstanding, 34,053,847 and 531,564 shares, respectively	341	341	274	263	6	6	6	6
Additional paid-in capital	1,006,974	1,004,731	933,399	922,743	749,692	748,882	748,070	747,271
Accumulated deficit	(712,571)	(689,567)	(707,509)	(750,671)	(646,746)	(604,829)	(595,497)	(623,914)
Treasury stock, at cost	(22,556)	(22,556)	(22,556)	(22,556)	(22,552)	(22,552)	(22,548)	(22,474)
Total stockholders' equity	272,188	292,949	211,436	149,779	80,400	121,507	130,031	100,889	$ 153,110
Total liabilities and stockholders' equity	$ 790,285	1,093,187	1,027,909	973,187	909,949	1,161,894	1,138,943	1,037,651
As Previously Reported
Current assets:
Cash and cash equivalents		9,185	11,619	8,212	10,459	8,123	15,008	7,657
Accounts receivable		354,241	275,847	154,405	104,110	315,126	221,805	140,858
Merchandise inventories, net		326,825	315,469	395,272	344,037	341,544	364,292	384,185
Textbook rental inventories		41,033	49,672	10,320	32,992	44,521	51,840	6,860
Prepaid expenses and other current assets		26,729	33,425	33,152	39,158	54,337	63,410	59,012
Total current assets		758,013	686,032	601,361	530,756	763,651	716,355	598,572
Property and equipment, net		41,956	44,926	48,264	52,912	57,273	61,403	64,438
Operating lease right-of-use assets		180,710	210,271	241,852	202,522	220,238	246,531	283,096
Intangible assets, net		81,630	85,137	87,828	94,191	97,947	104,026	107,413
Other noncurrent assets		24,217	25,684	25,930	24,703	12,488	16,664	17,298
Total assets		1,087,581	1,052,050	1,005,235	905,084	1,151,597	1,144,979	1,070,817
Current liabilities:
Accounts payable		303,577	298,952	266,304	299,157	343,100	385,895	275,380
Accrued liabilities		130,069	99,670	75,713	77,441	156,874	112,075	89,792
Current operating lease liabilities		101,062	124,939	147,839	102,206	125,545	126,426	150,917
Total current liabilities		534,708	523,561	489,856	478,804	849,586	624,396	516,089
Long-term deferred taxes, net		0	2,050	1,306	1,289	2,010	1,936	1,836
Long-term operating lease liabilities		121,835	129,748	132,200	142,193	155,226	160,185	171,154
Other long-term liabilities		6,521	14,334	15,553	15,882	17,451	18,625	23,016
Long-term borrowings		141,200	177,551	221,916	196,337	30,191	233,873	277,663
Total liabilities		804,264	847,244	860,831	834,505	1,054,464	1,039,015	989,758
Commitments and contingencies
Stockholders' equity:
Preferred stock, $0.01 par value; authorized, 5,000,000 shares; 0 shares issued and 0 shares outstanding		0	0	0	0	0	0	0
Common stock, $0.01 par value; authorized, 200,000,000 shares; issued, 34,081,114 and 558,402 shares, respectively; outstanding, 34,053,847 and 531,564 shares, respectively		341	274	263	6	6	6	6
Additional paid-in capital		1,004,731	933,399	922,743	749,692	748,882	748,070	747,271
Accumulated deficit		(699,199)	(706,311)	(756,046)	(656,567)	(629,203)	(619,564)	(643,744)
Treasury stock, at cost		(22,556)	(22,556)	(22,556)	(22,552)	(22,552)	(22,548)	(22,474)
Total stockholders' equity		283,317	204,806	144,404	70,579	97,133	105,964	81,059	130,751
Total liabilities and stockholders' equity		1,087,581	1,052,050	1,005,235	905,084	1,151,597	1,144,979	1,070,817
Adjustments
Current assets:
Cash and cash equivalents		0	0	0	0	0	0	0
Accounts receivable		(10,722)	(16,079)	(2,424)	(5,272)	211	0	0
Merchandise inventories, net		0	0	0	0	0	0	0
Textbook rental inventories		(4,677)	(4,677)	(4,677)	(1,939)	(2,738)	(2,738)	(2,738)
Prepaid expenses and other current assets		6,767	(59)	(2,222)	0	0	0	0
Total current assets		(8,632)	(20,815)	(9,323)	(7,211)	(2,527)	(2,738)	(2,738)
Property and equipment, net		197	211	224	0	0	0	0
Operating lease right-of-use assets		15,096	(3,537)	(22,949)	3,019	12,824	(3,298)	(30,428)
Intangible assets, net		0	0	0	0	0	0	0
Other noncurrent assets		0	0	0	0	0	0	0
Total assets		5,606	(24,141)	(32,048)	(4,192)	10,297	(6,036)	(33,166)
Current liabilities:
Accounts payable		0	0	0	0	0	0	0
Accrued liabilities		17,921	23,365	18,441	5,999	32,309	19,940	16,649
Current operating lease liabilities		(28,461)	(47,471)	(62,510)	(3,076)	(43,342)	(46,581)	(65,341)
Total current liabilities		(10,540)	(24,106)	(44,069)	2,923	(11,033)	(26,641)	(48,692)
Long-term deferred taxes, net		4,924	48	675	675	576	318	100
Long-term operating lease liabilities		1,590	1,115	5,971	4,748	(3,620)	(3,780)	(4,404)
Other long-term liabilities		0	(7,828)	0	0	0	0	0
Long-term borrowings		0	0	0	0	0	0	0
Total liabilities		(4,026)	(30,771)	(37,423)	8,346	(14,077)	(30,103)	(52,996)
Commitments and contingencies
Stockholders' equity:
Preferred stock, $0.01 par value; authorized, 5,000,000 shares; 0 shares issued and 0 shares outstanding		0	0	0	0	0	0	0
Common stock, $0.01 par value; authorized, 200,000,000 shares; issued, 34,081,114 and 558,402 shares, respectively; outstanding, 34,053,847 and 531,564 shares, respectively		0	0	0	0	0	0	0
Additional paid-in capital		0	0	0	0	0	0	0
Accumulated deficit		9,632	(1,198)	5,375	(12,538)	24,374	24,067	19,830
Treasury stock, at cost		0	0	0	0	0	0	0
Total stockholders' equity		9,632	6,630	5,375	(12,538)	24,374	24,067	19,830
Total liabilities and stockholders' equity		5,606	(24,141)	(32,048)	(4,192)	10,297	(6,036)	(33,166)
Adjustments \| Restatement for Recording Cost of Digital Sales
Current assets:
Accounts receivable		(10,722)	(16,079)	(2,424)	(5,272)	211	0	0
Prepaid expenses and other current assets		3,700	(59)	(1,811)	0	0	0	0
Current liabilities:
Accrued liabilities		(4,691)	2,245	2,656	467	(2,298)	0	0
Long-term deferred taxes, net		3,598	(337)	647	0	0	0	0
Stockholders' equity:
Accumulated deficit		(6,984)	(18,046)	(7,538)	(5,739)	2,509	0	0
Adjustments \| Restatement for Store Operating Agreements Under 842
Current assets:
Prepaid expenses and other current assets		3,067	0	(411)	0	0	0	0
Property and equipment, net		197	211	224	0	0	0	0
Operating lease right-of-use assets		15,096	(3,537)	(22,949)	14,814	12,824	(3,298)	(30,428)
Current liabilities:
Accrued liabilities		21,312	21,120	15,785	20,714	34,607	19,940	16,649
Current operating lease liabilities		(28,461)	(47,471)	(62,510)	(25,246)	(43,342)	(46,581)	(65,341)
Long-term deferred taxes, net		1,326	385	28	675	576	318	100
Long-term operating lease liabilities		1,590	1,115	5,971	(1,566)	(3,620)	(3,780)	(4,404)
Stockholders' equity:
Accumulated deficit		$ 22,593	$ 21,525	$ 17,590	20,237	$ 24,603	$ 26,805	$ 22,568	$ 25,097
Opening Adjustments
Current assets:
Cash and cash equivalents					0
Accounts receivable					0
Merchandise inventories, net					0
Textbook rental inventories					(2,738)
Prepaid expenses and other current assets					0
Total current assets					(2,738)
Property and equipment, net					0
Operating lease right-of-use assets					11,795
Intangible assets, net					0
Other noncurrent assets					0
Total assets					9,057
Current liabilities:
Accounts payable					0
Accrued liabilities					15,182
Current operating lease liabilities					(22,170)
Total current liabilities					(6,988)
Long-term deferred taxes, net					0
Long-term operating lease liabilities					(6,314)
Other long-term liabilities					0
Long-term borrowings					0
Total liabilities					(13,302)
Commitments and contingencies
Stockholders' equity:
Preferred stock, $0.01 par value; authorized, 5,000,000 shares; 0 shares issued and 0 shares outstanding					0
Common stock, $0.01 par value; authorized, 200,000,000 shares; issued, 34,081,114 and 558,402 shares, respectively; outstanding, 34,053,847 and 531,564 shares, respectively					0
Additional paid-in capital					0
Accumulated deficit					22,359
Treasury stock, at cost					0
Total stockholders' equity					22,359
Total liabilities and stockholders' equity					$ 9,057

Restatement of Previously Issued Audited Consolidated Financial Statements - Consolidated Balance Sheet (Parenthetical) (Details) - $ / shares	May 03, 2025	Jan. 25, 2025	Oct. 26, 2024	Sep. 18, 2024	Jul. 27, 2024	Jun. 11, 2024	Jun. 10, 2024	Jun. 05, 2024	Apr. 27, 2024	Jan. 27, 2024	Oct. 28, 2023	Jul. 29, 2023	Apr. 29, 2023
Accounting Changes and Error Corrections [Abstract]
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01	$ 0.01		$ 0.01				$ 0.01	$ 0.01	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	5,000,000								5,000,000
Preferred stock, shares issued (in shares)	0								0
Preferred stock, shares outstanding (in shares)	0								0
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01	$ 0.01		$ 0.01	$ 0.01			$ 0.01	$ 0.01	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	200,000,000			200,000,000		100,000,000		10,000,000,000	200,000,000				200,000,000
Common stock, shares issued (in shares)	34,081,114								558,402
Common stock, shares outstanding (in shares)	34,053,847					26,204,956	2,620,495,552		531,564

Restatement of Previously Issued Audited Consolidated Financial Statements - Consolidated Statements of Cash Flows (Details) - USD ($) $ in Thousands	3 Months Ended								6 Months Ended		9 Months Ended		12 Months Ended
	May 03, 2025	Jan. 25, 2025	Oct. 26, 2024	Jul. 27, 2024	Apr. 27, 2024	Jan. 27, 2024	Oct. 28, 2023	Jul. 29, 2023	Oct. 26, 2024	Oct. 28, 2023	Jan. 25, 2025	Jan. 27, 2024	May 03, 2025	Apr. 27, 2024
Cash flows from operating activities:
Net income (loss)	$ (23,004)	$ 17,942	$ 43,162	$ (103,925)	$ (41,917)	$ (9,332)	$ 28,417	$ (52,917)	$ (60,763)	$ (24,500)	$ (42,821)	$ (33,832)	$ (65,825)	$ (75,749)
Loss from discontinued operations		0	0	0	72	289	(674)	(417)	0	(1,091)	0	(802)	0	(730)
Loss from continuing operations, net of tax		17,942	43,162	(103,925)	(41,989)	(9,621)	29,091	(52,500)	(60,763)	(23,409)	(42,821)	(33,030)	(65,825)	(75,019)
Adjustments to reconcile net loss from continuing operations to net cash flows from operating activities from continuing operations:
Depreciation and amortization expense		7,827	8,542	13,071		10,148	10,175	10,253	21,613	20,428	29,440	30,576	37,939	40,560
Impairment loss (non cash)					1,368	5,798	0	0			1,713	5,798	1,713	7,166
Amortization of deferred financing costs				2,417				1,244	3,333	4,406	4,248	8,380	5,164	13,150
Interest expense (paid-in-kind)									0	863	0	1,750	0	2,652
Deferred taxes				17				97	135	415	2,960	747	(829)	125
Stock-based compensation expense				(863)				957	392	1,756	2,953	2,568	5,386	3,380
Changes in operating lease right-of-use assets and liabilities				4,345				1,684	1,345	(4,957)	(322)	47	(4,218)	(1,322)
Changes in other long-term assets and liabilities and other, net				1,156				4,056	(6,541)	(2,311)	(6,006)	(2,961)	7,072	(20,997)
Changes in other operating assets and liabilities, net:
Receivables, net				(53,143)				(48,346)	(160,931)	(129,293)	(244,681)	(222,825)	761	(6,326)
Merchandise inventories				(51,235)				(61,206)	28,568	(41,313)	17,212	(18,565)	44,475	(21,058)
Textbook rental inventories				22,672				23,489	(16,680)	(21,491)	(8,041)	(14,172)	1,876	(704)
Prepaid expenses and other current assets				2,537				(12,168)	4,341	2,756	(5,535)	2,436	7,096	31,593
Accounts payable and accrued liabilities				(35,784)				12,582	26,035	144,990	55,610	156,030	(181,256)	25,255
Changes in other operating assets and liabilities, net				(114,953)				(85,649)	(118,667)	(44,351)	(185,435)	(97,096)	(127,048)	28,760
Net cash flows used in operating activities from continuing operations				(143,502)				(119,858)	(96,092)	(47,160)	(138,037)	(83,221)	(85,413)	(1,545)
Net cash flows used in operating activities from discontinued operations				0				(3,266)	0	(3,939)	0	(3,650)	0	(3,577)
Net cash flows used in operating activities				(143,502)				(123,124)	(96,092)	(51,099)	(138,037)	(86,871)	(85,413)	(5,122)
Cash flows from investing activities:
Purchases of property and equipment				(3,960)				(4,219)	(7,018)	(8,196)	(9,790)	(11,459)	(12,894)	(14,070)
Proceeds from the sale of fixed assets				223				78	792	78	792	78	793	78
Net cash flows used in investing activities from continuing operations				(3,737)				(4,141)	(6,226)	(8,118)	(8,998)	(11,381)	(12,101)	(13,992)
Net cash flows provided by investing activities from discontinued operations				0				21,395	0	21,395	0	21,395	0	21,395
Net cash flows (used in) provided by investing activities				(3,737)				17,254	(6,226)	13,277	(8,998)	10,014	(12,101)	7,403
Cash flows from financing activities:
Proceeds from borrowings				217,647				145,187	455,044	284,698	667,355	454,459	887,055	563,023
Repayments of borrowings				(160,696)				(49,606)	(442,461)	(233,970)	(691,121)	(384,545)	(948,920)	(552,230)
Payment of deferred financing costs				(3,669)				(2,307)	(5,569)	(9,381)	(5,569)	(9,845)	(5,569)	(16,316)
Purchase of treasury shares				(4)				(98)	(4)	(172)	(4)	(176)	(5)	(176)
Net cash flows provided by (used in) financing activities				139,944				93,176	102,690	41,175	135,192	59,893	97,667	(5,699)
Net increase (decrease) in cash, cash equivalents, and restricted cash				(7,295)				(12,694)	372	3,353	(11,843)	(16,964)	153	(3,418)
Cash, cash equivalents, and restricted cash at beginning of year	16,727	28,942	21,275	28,570	15,024	35,341	19,294	31,988	28,570	31,988	28,570	31,988	28,570	31,988
Cash, cash equivalents, and restricted cash of continuing operations at end of year	28,723	16,727	28,942	21,275	28,570	15,024	35,341	19,294	28,942	35,341	16,727	15,024	28,723	28,570
As Previously Reported
Cash flows from operating activities:
Net income (loss)		7,112	49,735	(99,479)		(9,639)	24,180	(50,388)	(49,744)	(26,208)	(42,632)	(35,847)		(63,211)
Loss from discontinued operations		0	0	0		289	(674)	(417)	0	(1,091)	0	(802)		(730)
Loss from continuing operations, net of tax		7,112	49,735	(99,479)		(9,928)	24,854	(49,971)	(49,744)	(25,117)	(42,632)	(35,045)		(62,481)
Adjustments to reconcile net loss from continuing operations to net cash flows from operating activities from continuing operations:
Depreciation and amortization expense		7,814	8,530	13,057		10,148	10,175	10,253	21,587	20,428	29,401	30,576		40,560
Impairment loss (non cash)											1,713	5,798		7,166
Amortization of deferred financing costs				2,417				1,244	3,333	4,406	4,248	8,380		13,150
Interest expense (paid-in-kind)									0	863	0	1,750		2,652
Deferred taxes				17				(3)	762	97	(2,344)	171		(550)
Stock-based compensation expense				(863)				957	392	1,756	2,953	2,568		3,380
Changes in operating lease right-of-use assets and liabilities				(3,691)				721	2,538	1,826	19	19,553		24
Changes in other long-term assets and liabilities and other, net				2,446				4,056	1,287	(2,311)	(6,006)	(2,961)		(20,997)
Changes in other operating assets and liabilities, net:
Receivables, net				(50,295)				(48,346)	(171,737)	(129,293)	(250,131)	(222,614)		(11,598)
Merchandise inventories				(51,235)				(61,206)	28,568	(41,313)	17,212	(18,565)		(21,058)
Textbook rental inventories				22,672				23,489	(16,680)	(21,491)	(8,041)	(14,172)		(2,643)
Prepaid expenses and other current assets				315				(12,168)	4,282	2,756	1,232	2,436		31,593
Accounts payable and accrued liabilities				(34,586)				11,116	23,597	140,233	58,616	138,904		19,257
Changes in other operating assets and liabilities, net				(113,129)				(87,115)	(131,970)	(49,108)	(181,112)	(114,011)		15,551
Net cash flows used in operating activities from continuing operations				(143,992)				(119,858)	(96,582)	(47,160)	(138,527)	(83,221)		(1,545)
Net cash flows used in operating activities from discontinued operations				0				(3,266)	0	(3,939)	0	(3,650)		(3,577)
Net cash flows used in operating activities				(143,992)				(123,124)	(96,582)	(51,099)	(138,527)	(86,871)		(5,122)
Cash flows from investing activities:
Purchases of property and equipment				(3,470)				(4,219)	(6,528)	(8,196)	(9,300)	(11,459)		(14,070)
Proceeds from the sale of fixed assets				223				78	792	78	792	78		78
Net cash flows used in investing activities from continuing operations				(3,247)				(4,141)	(5,736)	(8,118)	(8,508)	(11,381)		(13,992)
Net cash flows provided by investing activities from discontinued operations				0				21,395	0	21,395	0	21,395		21,395
Net cash flows (used in) provided by investing activities				(3,247)				17,254	(5,736)	13,277	(8,508)	10,014		7,403
Cash flows from financing activities:
Proceeds from borrowings				217,647				145,187	455,044	284,698	667,355	454,459		563,023
Repayments of borrowings				(160,696)				(49,606)	(442,461)	(233,970)	(691,121)	(384,545)		(552,230)
Payment of deferred financing costs				(3,669)				(2,307)	(5,569)	(9,381)	(5,569)	(9,845)		(16,316)
Purchase of treasury shares				(4)				(98)	(4)	(172)	(4)	(176)		(176)
Net cash flows provided by (used in) financing activities				139,944				93,176	102,690	41,175	135,192	59,893		(5,699)
Net increase (decrease) in cash, cash equivalents, and restricted cash				(7,295)				(12,694)	372	3,353	(11,843)	(16,964)		(3,418)
Cash, cash equivalents, and restricted cash at beginning of year	16,727	28,942	21,275	28,570	15,024	35,341	19,294	31,988	28,570	31,988	28,570	31,988	28,570	31,988
Cash, cash equivalents, and restricted cash of continuing operations at end of year		16,727	28,942	21,275	28,570	15,024	35,341	19,294	28,942	35,341	16,727	15,024		28,570
Adjustments
Cash flows from operating activities:
Net income (loss)		10,830	(6,573)	(4,446)		307	4,237	(2,529)	(11,019)	1,708	(189)	2,015		(12,538)
Loss from discontinued operations		0	0	0		0	0	0	0	0	0	0		0
Loss from continuing operations, net of tax		10,830	(6,573)	(4,446)		307	4,237	(2,529)	(11,019)	1,708	(189)	2,015		(12,538)
Adjustments to reconcile net loss from continuing operations to net cash flows from operating activities from continuing operations:
Depreciation and amortization expense		13	12	14	0	0	0	0	26	0	39	0		0
Impairment loss (non cash)											0	0		0
Amortization of deferred financing costs				0				0	0	0	0	0		0
Interest expense (paid-in-kind)									0	0	0	0		0
Deferred taxes				0				100	(627)	318	5,304	576		675
Stock-based compensation expense				0				0	0	0	0	0		0
Changes in operating lease right-of-use assets and liabilities				8,036				963	(1,193)	(6,783)	(341)	(19,506)		(1,346)
Changes in other long-term assets and liabilities and other, net				(1,290)				0	(7,828)	0	0	0		0
Changes in other operating assets and liabilities, net:
Receivables, net				(2,848)				0	10,806	0	5,450	(211)		5,272
Merchandise inventories				0				0	0	0	0	0		0
Textbook rental inventories				0				0	0	0	0	0		1,939
Prepaid expenses and other current assets				2,222				0	59	0	(6,767)	0		0
Accounts payable and accrued liabilities				(1,198)				1,466	2,438	4,757	(3,006)	17,126		5,998
Changes in other operating assets and liabilities, net				(1,824)				1,466	13,303	4,757	(4,323)	16,915		13,209
Net cash flows used in operating activities from continuing operations				490				0	490	0	490	0		0
Net cash flows used in operating activities from discontinued operations				0				0	0	0	0	0		0
Net cash flows used in operating activities				490				0	490	0	490	0		0
Cash flows from investing activities:
Purchases of property and equipment				(490)				0	(490)	0	(490)	0		0
Proceeds from the sale of fixed assets				0				0	0	0	0	0		0
Net cash flows used in investing activities from continuing operations				(490)				0	(490)	0	(490)	0		0
Net cash flows provided by investing activities from discontinued operations				0				0	0	0	0	0		0
Net cash flows (used in) provided by investing activities				(490)				0	(490)	0	(490)	0		0
Cash flows from financing activities:
Proceeds from borrowings				0				0	0	0	0	0		0
Repayments of borrowings				0				0	0	0	0	0		0
Payment of deferred financing costs				0				0	0	0	0	0		0
Purchase of treasury shares				0				0	0	0	0	0		0
Net cash flows provided by (used in) financing activities				0				0	0	0	0	0		0
Net increase (decrease) in cash, cash equivalents, and restricted cash				0				0	0	0	0	0		0
Cash, cash equivalents, and restricted cash at beginning of year	$ 0	0	0	0	0	0	0	0	0	0	0	0	$ 0	0
Cash, cash equivalents, and restricted cash of continuing operations at end of year		$ 0	$ 0	$ 0	$ 0	$ 0	$ 0	$ 0	$ 0	$ 0	$ 0	$ 0		$ 0

Revenue - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended								6 Months Ended		9 Months Ended		12 Months Ended
	May 03, 2025	Jan. 25, 2025	Oct. 26, 2024	Jul. 27, 2024	Apr. 27, 2024	Jan. 27, 2024	Oct. 28, 2023	Jul. 29, 2023	Oct. 26, 2024	Oct. 28, 2023	Jan. 25, 2025	Jan. 27, 2024	May 03, 2025	Apr. 27, 2024
Disaggregation of Revenue [Line Items]
Product sales and other		$ 419,663	$ 559,674	$ 250,926		$ 415,375	$ 569,698	$ 252,650	$ 810,600	$ 822,348	$ 1,230,263	$ 1,237,723	$ 1,463,245	$ 1,430,456
Course Materials Rental Income		43,162	42,448	12,505		41,298	40,681	11,511	54,953	52,192	98,115	93,490	146,925	136,679
Total sales	$ 281,792	$ 462,825	$ 602,122	$ 263,431	$ 235,922	$ 456,673	$ 610,379	$ 264,161	$ 865,553	$ 874,540	$ 1,328,378	$ 1,331,213	1,610,170	1,567,135
Product and Other Sales sub-total
Disaggregation of Revenue [Line Items]
Product sales and other													1,463,245	1,430,456
Course Materials Product Sales
Disaggregation of Revenue [Line Items]
Product sales and other													1,021,456	971,950
General Merchandise Product Sales
Disaggregation of Revenue [Line Items]
Product sales and other													355,274	364,097
Service and Other Revenue
Disaggregation of Revenue [Line Items]
Product sales and other													$ 86,515	$ 94,409

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-7

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-5

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 91
-Subparagraph (a)
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Reference 4: http://www.xbrl.org/2003/role/exampleRef
-Topic 606
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-Section 55
-Paragraph 91
-Subparagraph (b)
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-URI https://asc.fasb.org/1943274/2147479777/606-10-55-91

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 606
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-Name Accounting Standards Codification
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-Paragraph 91
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Reference 6: http://www.xbrl.org/2003/role/exampleRef
-Topic 606
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Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Topic 606
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-Name Accounting Standards Codification
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Reference 8: http://www.xbrl.org/2003/role/exampleRef
-Topic 606
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Reference 9: http://www.xbrl.org/2003/role/exampleRef
-Topic 606
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-Section 55
-Paragraph 91
-Subparagraph (g)
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-URI https://asc.fasb.org/1943274/2147479777/606-10-55-91

+ Details

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 220
-SubTopic 40
-Name Accounting Standards Codification
-Section 55
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476153/220-40-55-4

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 220
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-Name Accounting Standards Codification
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+ Details

- Definition

Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss).

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+ Details

Revenue - Narrative (Details) - USD ($) $ in Millions	May 03, 2025	Apr. 27, 2024
Revenue from Contract with Customer [Abstract]
Contract assets (unbilled receivables)	$ 0.6	$ 0.0

Revenue - Deferred Revenue (Details) - USD ($) $ in Thousands	12 Months Ended
	May 03, 2025	Apr. 27, 2024
Movement In Contract With Customer Liability [Roll Forward]
Deferred revenue at the beginning of period	$ 14,892	$ 15,356
Additions to deferred revenue during the period	180,174	176,319
Reductions to deferred revenue for revenue recognized during the period	(181,501)	(176,783)
Deferred revenue balance at the end of period	13,565	14,892
Balance Sheet classification:
Accrued liabilities	10,410	11,310
Other long-term liabilities	3,155	3,582
Deferred revenue balance at the end of period	$ 13,565	$ 14,892

Segment Reporting - Narrative (Details) - segment	12 Months Ended
Segment Reporting - Narrative (Details) - segment	May 03, 2025	Apr. 27, 2024
Segment Reporting [Abstract]
Number of operating segments	1	2
Number of reportable segments	1	2

Segment Reporting - Schedule of Segment Reporting Information (Details) - USD ($) $ in Thousands	3 Months Ended								6 Months Ended		9 Months Ended		12 Months Ended
	May 03, 2025	Jan. 25, 2025	Oct. 26, 2024	Jul. 27, 2024	Apr. 27, 2024	Jan. 27, 2024	Oct. 28, 2023	Jul. 29, 2023	Oct. 26, 2024	Oct. 28, 2023	Jan. 25, 2025	Jan. 27, 2024	May 03, 2025	Apr. 27, 2024
Segment Reporting Information [Line Items]
Sales	$ 281,792	$ 462,825	$ 602,122	$ 263,431	$ 235,922	$ 456,673	$ 610,379	$ 264,161	$ 865,553	$ 874,540	$ 1,328,378	$ 1,331,213	$ 1,610,170	$ 1,567,135
Net income (loss)	$ (23,004)	$ 17,942	$ 43,162	$ (103,925)	$ (41,917)	$ (9,332)	$ 28,417	$ (52,917)	$ (60,763)	$ (24,500)	$ (42,821)	$ (33,832)	(65,825)	(75,749)
Reportable Segment
Segment Reporting Information [Line Items]
Sales													1,610,170	1,567,135
Adjusted Cost of sales													1,046,615	993,349
Payroll expense													206,362	225,646
Contract payments													200,545	201,781
Direct expenses													96,599	108,663
Indirect expenses													659	977
Other segment expenses, net													125,215	112,468
Net income (loss)													$ (65,825)	$ (75,749)

Equity and Earnings (Loss) Per Share - Narrative (Details) $ / shares in Units, $ in Thousands					3 Months Ended								6 Months Ended		9 Months Ended		12 Months Ended
	Dec. 20, 2024 USD ($) $ / shares	Sep. 19, 2024 USD ($) $ / shares	Sep. 18, 2024 shares	Jun. 11, 2024 $ / shares shares	May 03, 2025 USD ($) $ / shares shares	Jan. 25, 2025 $ / shares shares	Oct. 26, 2024 $ / shares shares	Jul. 27, 2024 $ / shares shares	Apr. 27, 2024 USD ($) $ / shares shares	Jan. 27, 2024 $ / shares shares	Oct. 28, 2023 $ / shares shares	Jul. 29, 2023 $ / shares shares	Oct. 26, 2024 $ / shares shares	Oct. 28, 2023 $ / shares shares	Jan. 25, 2025 $ / shares shares	Jan. 27, 2024 $ / shares shares	May 03, 2025 USD ($) $ / shares shares	Apr. 27, 2024 USD ($) $ / shares shares	May 01, 2021 USD ($) $ / shares shares	Jun. 10, 2024 shares	Jun. 05, 2024 shares	Apr. 29, 2023 USD ($) shares	Dec. 14, 2015 USD ($)
Related Party Transaction [Line Items]
Common stock, shares authorized (in shares)			200,000,000	100,000,000	200,000,000				200,000,000								200,000,000	200,000,000			10,000,000,000	200,000,000
Common stock, par value (in dollars per share) \| $ / shares				$ 0.01	$ 0.01	$ 0.01	$ 0.01	$ 0.01	$ 0.01	$ 0.01	$ 0.01	$ 0.01	$ 0.01	$ 0.01	$ 0.01	$ 0.01	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)					5,000,000				5,000,000								5,000,000	5,000,000
Preferred stock, par value (in dollars per share) \| $ / shares					$ 0.01	$ 0.01	$ 0.01	$ 0.01	$ 0.01	$ 0.01	$ 0.01	$ 0.01	$ 0.01	$ 0.01	$ 0.01	$ 0.01	$ 0.01	$ 0.01
Common stock, shares issued (in shares)					34,081,114				558,402								34,081,114	558,402
Common stock, shares outstanding (in shares)				26,204,956	34,053,847				531,564								34,053,847	531,564		2,620,495,552
Preferred stock, shares issued (in shares)					0				0								0	0
Preferred stock, shares outstanding (in shares)					0				0								0	0
Number of additional shares authorized (in shares)			2,000,000														4,500,000
Common stock, capital shares reserved for future issuance (in shares)					2,179,093												2,179,093
Stock split, conversion ratio				0.01
Share-based compensation, number of shares authorized (in shares)			2,179,093		2,179,093												2,179,093
Stock repurchase program, authorized amount \| $																							$ 50,000
Stock repurchase program, remaining authorized repurchase amount \| $					$ 26,669												$ 26,669
Shares repurchased for tax withholdings for vested stock awards (in shares)																	429	1,482
Proceeds from issuance of common stock \| $																	$ 78,450	$ 0
Premium price, contract liability \| $					13,565				$ 14,892								13,565	14,892				$ 15,356
Accrued liabilities \| $					10,410				11,310								10,410	11,310
Other long-term liabilities \| $					$ 3,155				$ 3,582								$ 3,155	$ 3,582
Rights offering bonus element (in shares)																				5.03
Weighted average common shares outstanding - Basic (in shares)					34,053,847	30,507,723	26,527,174	13,510,667	2,673,403	2,673,240	2,655,006	2,647,536	20,018,920	2,651,271	23,515,188	2,658,594	26,298,984	2,662,296
Weighted average common shares outstanding - Diluted (in shares)					34,053,847	30,642,958	26,541,804	13,510,667	2,673,403	2,673,240	2,655,799	2,647,536	20,018,920	2,651,271	23,515,188	2,658,594	26,298,984	2,662,296
Previously Reported
Related Party Transaction [Line Items]
Weighted average common shares outstanding - Basic (in shares)						30,507,723	26,527,174	13,510,667		2,673,240	2,655,006	2,647,536	20,018,920	2,651,271	23,515,188	2,658,594		2,662,296
Weighted average common shares outstanding - Diluted (in shares)						30,642,958	26,541,804	13,510,667		2,673,240	2,655,799	2,647,536	20,018,920	2,651,271	23,515,188	2,658,594		2,662,296
Previously Reported \| Pro Forma
Related Party Transaction [Line Items]
Weighted average common shares outstanding - Basic (in shares)																	26,298,984	52,935,533
Weighted average common shares outstanding - Diluted (in shares)																	26,298,984	52,935,533
ATM Transaction Sept24
Related Party Transaction [Line Items]
Sale of stock, consideration received on transaction \| $		$ 40,000
Sale of stock, price per share (in dollars per share) \| $ / shares		$ 10.06
Proceeds from sale of equity, net \| $		$ 39,200
Commission fee		2.00%
December ATM Sales Agreement
Related Party Transaction [Line Items]
Sale of stock, consideration received on transaction \| $	$ 40,000
Sale of stock, price per share (in dollars per share) \| $ / shares	$ 10.42
Proceeds from sale of equity, net \| $	$ 39,200
Commission fee	2.00%
TopLids LendCo, LLC
Related Party Transaction [Line Items]
Sale of stock, price per share (in dollars per share) \| $ / shares																			$ 6.50
Proceeds from issuance of common stock \| $																			$ 15,000
Premium price, contract liability \| $																			$ 4,131
Accrued liabilities \| $					$ 300				$ 211								$ 300	$ 211
Other long-term liabilities \| $					$ 2,905				$ 3,287								$ 2,905	$ 3,287
F/L Relationship
Related Party Transaction [Line Items]
Shares repurchased for tax withholdings for vested stock awards (in shares)																			2,307,692

Equity and Earnings (Loss) Per Share - Reconciliation (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								6 Months Ended		9 Months Ended		12 Months Ended
	May 03, 2025	Jan. 25, 2025	Oct. 26, 2024	Jul. 27, 2024	Apr. 27, 2024	Jan. 27, 2024	Oct. 28, 2023	Jul. 29, 2023	Oct. 26, 2024	Oct. 28, 2023	Jan. 25, 2025	Jan. 27, 2024	May 03, 2025	Apr. 27, 2024
Numerator for basic and diluted earnings (loss) per share:
Loss from continuing operations, net of tax		$ 17,942	$ 43,162	$ (103,925)	$ (41,989)	$ (9,621)	$ 29,091	$ (52,500)	$ (60,763)	$ (23,409)	$ (42,821)	$ (33,030)	$ (65,825)	$ (75,019)
Loss from discontinued operations		0	0	0	72	289	(674)	(417)	0	(1,091)	0	(802)	0	(730)
Net income (loss)	$ (23,004)	$ 17,942	$ 43,162	$ (103,925)	$ (41,917)	$ (9,332)	$ 28,417	$ (52,917)	$ (60,763)	$ (24,500)	$ (42,821)	$ (33,832)	$ (65,825)	$ (75,749)
Denominator for basic and diluted earnings (loss) per share:
Basic weighted average shares of Common Stock (in shares)	34,053,847	30,507,723	26,527,174	13,510,667	2,673,403	2,673,240	2,655,006	2,647,536	20,018,920	2,651,271	23,515,188	2,658,594	26,298,984	2,662,296
Diluted weighted average shares of Common Stock (in shares)	34,053,847	30,642,958	26,541,804	13,510,667	2,673,403	2,673,240	2,655,799	2,647,536	20,018,920	2,651,271	23,515,188	2,658,594	26,298,984	2,662,296
Loss per share of Common Share:
Basic, Continuing operations (in dollars per share)		$ 0.59	$ 1.63	$ (7.69)	$ (15.71)	$ (3.60)	$ 10.96	$ (19.83)	$ (3.04)	$ (8.83)	$ (1.82)	$ (12.42)	$ (2.50)	$ (28.18)
Diluted, Continuing operations (in dollars per share)		0.59	1.63	(7.69)	(15.71)	(3.60)	10.95	(19.83)	(3.04)	(8.83)	(1.82)	(12.42)	(2.50)	(28.18)
Basic, Discontinued operations (in dollars per share)		0	0	0	0.02	0.11	(0.25)	(0.16)	0	(0.41)	0	(0.30)	0	(0.28)
Diluted, Discontinued operations (in dollars per share)		0	0	0	0.02	0.11	(0.25)	(0.16)	0	(0.41)	0	(0.30)	0	(0.28)
Total Diluted Net Loss per Share (in dollars per share)	$ (0.68)	0.59	1.63	(7.69)	(15.69)	(3.49)	10.70	(19.99)	(3.04)	(9.24)	(1.82)	(12.72)	(2.50)	(28.46)
Total Basic Net Loss per Share (in dollars per share)	$ (0.68)	$ 0.59	$ 1.63	$ (7.69)	$ (15.69)	$ (3.49)	$ 10.71	$ (19.99)	$ (3.04)	$ (9.24)	$ (1.82)	$ (12.72)	$ (2.50)	$ (28.46)
Antidilutive securities (in shares)													407,763	32,304

Fair Value Measurements - Narrative (Details) - USD ($)	12 Months Ended
Fair Value Measurements - Narrative (Details) - USD ($)	May 03, 2025	Apr. 27, 2024
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other nonrecurring expense net of tax	$ 1,713,000	$ 7,166,000
Liability for phantom share units granted	0	0
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Liability for phantom share units granted	$ 0	$ 0

Fair Value Measurements - Fair Value Measurements, Nonrecurring (Details) - USD ($) $ in Thousands	3 Months Ended				9 Months Ended		12 Months Ended
	Apr. 27, 2024	Jan. 27, 2024	Oct. 28, 2023	Jul. 29, 2023	Jan. 25, 2025	Jan. 27, 2024	May 03, 2025	Apr. 27, 2024
Impaired Long-Lived Assets Held and Used [Line Items]
Carrying Value Prior to Impairment	$ 12,364						$ 2,429	$ 12,364
Fair Value	55						0	55
Impairment loss	1,368	$ 5,798	$ 0	$ 0	$ 1,713	$ 5,798	1,713	7,166
Fair Value	4,444						716	4,444
Fair Value	699						0	699
Fair Value	0						0	0
Fair Value	5,198						716	5,198
Property and equipment, net
Impaired Long-Lived Assets Held and Used [Line Items]
Carrying Value Prior to Impairment	460						314	460
Impairment loss							314	405
Operating lease right-of-use assets
Impaired Long-Lived Assets Held and Used [Line Items]
Carrying Value Prior to Impairment	8,044						1,006	8,044
Impairment loss							290	3,600
Intangible assets, net
Impaired Long-Lived Assets Held and Used [Line Items]
Carrying Value Prior to Impairment	3,860						1,109	3,860
Impairment loss							1,109	3,161
Other noncurrent assets
Impaired Long-Lived Assets Held and Used [Line Items]
Carrying Value Prior to Impairment	$ 0						0	0
Impairment loss							$ 0	$ 0

Derivative (Details) - USD ($) $ in Thousands	1 Months Ended
Derivative (Details) - USD ($) $ in Thousands	Apr. 30, 2025	May 03, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Proceeds from exchange of participation interest for litigation claim	$ 12,625
Derivative Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Other long-term liabilities
Derivative liability	$ 12,625	$ 12,625

Debt - Schedule of Debt (Details) - USD ($) $ in Thousands	May 03, 2025	Jan. 25, 2025	Oct. 26, 2024	Jul. 27, 2024	Apr. 27, 2024	Jan. 27, 2024	Oct. 28, 2023	Jul. 29, 2023
Line of Credit Facility [Line Items]
Sub-total	$ 103,100				$ 197,600
Less: Deferred financing costs, Term Loan	(11,597)				(14,160)
Long-term borrowings	103,100	$ 141,200	$ 177,551	$ 221,916	196,337	$ 30,191	$ 233,873	$ 277,663
Balance Sheet classification:
Long-term borrowings	103,100	$ 141,200	$ 177,551	$ 221,916	196,337	$ 30,191	$ 233,873	$ 277,663
Credit Facility
Line of Credit Facility [Line Items]
Long-term line of credit, noncurrent	103,100				164,947
Term Loan
Line of Credit Facility [Line Items]
Long-term line of credit, noncurrent	0				32,653
Less: Deferred financing costs, Term Loan	$ 0				$ (1,263)

- Definition

Amount, after deduction of unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(22))
-SubTopic 10
-Topic 210
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 235
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477314/942-235-S99-2

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-4

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-04(a))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-3

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 55
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482949/835-30-55-8

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03(16))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478546/942-210-S99-1

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69B

Reference 8: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69C

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1D
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1D

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 944
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-03(a)(16)(a)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478777/944-210-S99-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (b)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-4

+ Details

- Definition

The carrying value as of the balance sheet date of the noncurrent portion of long-term obligations drawn from a line of credit, which is a bank's commitment to make loans up to a specific amount. Examples of items that might be included in the application of this element may consist of letters of credit, standby letters of credit, and revolving credit arrangements, under which borrowings can be made up to a maximum amount as of any point in time conditional on satisfaction of specified terms before, as of and after the date of drawdowns on the line. Includes short-term obligations that would normally be classified as current liabilities but for which (a) postbalance sheet date issuance of a long term obligation to refinance the short term obligation on a long term basis, or (b) the enterprise has entered into a financing agreement that clearly permits the enterprise to refinance the short-term obligation on a long term basis and the following conditions are met (1) the agreement does not expire within 1 year and is not cancelable by the lender except for violation of an objectively determinable provision, (2) no violation exists at the BS date, and (3) the lender has entered into the financing agreement is expected to be financially capable of honoring the agreement.

+ References + Details

Debt - Narrative (Details)											1 Months Ended			3 Months Ended		6 Months Ended		9 Months Ended		11 Months Ended	12 Months Ended
Debt - Narrative (Details)	Dec. 05, 2025 USD ($)	Oct. 21, 2025	Aug. 08, 2025 USD ($)	Jun. 10, 2024 USD ($)	Apr. 16, 2024 d	Feb. 09, 2024 USD ($)	Dec. 12, 2023 USD ($)	Jul. 28, 2023 USD ($) director	May 24, 2023	Mar. 08, 2023 USD ($)	May 31, 2024 USD ($)	Apr. 30, 2024 USD ($)	Jan. 12, 2024 USD ($)	Jul. 27, 2024 USD ($)	Jul. 29, 2023 USD ($)	Oct. 26, 2024 USD ($)	Oct. 28, 2023 USD ($)	Jan. 25, 2025 USD ($)	Jan. 27, 2024 USD ($)	May 03, 2025 USD ($)	May 03, 2025 USD ($)	Apr. 27, 2024 USD ($)	Jun. 10, 2025	May 31, 2025	Oct. 31, 2024	Sep. 02, 2024	Mar. 12, 2024 USD ($)	Oct. 10, 2023 USD ($)	Apr. 29, 2023 USD ($)	Jun. 07, 2022 USD ($)
Debt Instrument [Line Items]
Proceeds from issuance or sale of equity				$ 95,000,000
Proceeds from private equity investment				50,000,000										$ 50,000,000	$ 0	$ 50,000,000	$ 0	$ 50,000,000	$ 0		$ 50,000,000	$ 0
Proceeds from rights offering				45,000,000										45,000,000	0	45,000,000	0	45,000,000	0		45,000,000	0
Proceeds from issuance or sale of equity, net of expenses				85,500,000
Long-term borrowings														221,916,000	277,663,000	177,551,000	233,873,000	141,200,000	30,191,000	$ 103,100,000	103,100,000	196,337,000
Proceeds from borrowings														217,647,000	145,187,000	455,044,000	284,698,000	667,355,000	454,459,000		887,055,000	563,023,000
Repayments of borrowings on credit facility														160,696,000	49,606,000	442,461,000	233,970,000	691,121,000	384,545,000		948,920,000	552,230,000
Letters of credit outstanding, amount																				575,000	575,000	3,575,000
Loss on debt extinguishment														$ 55,233,000	$ 0	55,233,000	0	55,233,000	0		55,233,000	0
Interest expense (paid-in-kind)																$ 0	$ 863,000	$ 0	$ 1,750,000		0	2,652,000
Credit Facility
Debt Instrument [Line Items]
Credit facility, borrowing capacity				$ 325,000																		380,000,000					$ 400,000,000
Commitment fee (as a percent)				1.00%
Debt instrument, basis spread on variable rate, conditional reduction, consecutive period financial conditions				6 months
Debt instrument, basis spread on variable rate, conditional reduction, period after closing				1 year
Debt instrument, basis spread on variable rate, conditional reduction (as a percent)				0.25%
Line of credit facility, commitment fee, portion paid or payable																										50.00%
Long-term line of credit, noncurrent																				103,100,000	103,100,000	164,947,000
Credit Facility \| Subsequent Event
Debt Instrument [Line Items]
Line of credit facility, covenant waiver optional extension period		45 days	75 days
Line of credit facility, commitment fee			$ 325,000
Commitment fee (as a percent)	0.10%		0.10%
Debt covenant, minimum excess availability	$ 30,000,000
Credit Facility \| Forecast
Debt Instrument [Line Items]
Consolidated fixed charge coverage ratio																								1.10
Consolidated fixed charge coverage ratio, testing period																								12 months
Line of credit facility, commitment fee, portion paid or payable																							50.00%
Credit Facility \| First 30 Days After Closing
Debt Instrument [Line Items]
Debt, covenant, line of credit availability				$ 25,000,000
Line of credit, covenant, conditional period				30 months
Credit Facility \| After The 30 Months Post Closing
Debt Instrument [Line Items]
Debt, covenant, line of credit availability				$ 30,000,000
Line of credit, covenant, conditional period				30 months
Credit Facility \| Six Month Testing Period
Debt Instrument [Line Items]
Debt instrument, covenant, consolidated EBITDA, period																									6 months
Credit Facility \| Nine Month Testing Period
Debt Instrument [Line Items]
Debt instrument, covenant, consolidated EBITDA, period																									9 months
Credit Facility \| 12 Month Testing Period
Debt Instrument [Line Items]
Debt instrument, covenant, consolidated EBITDA, period																									12 months
Credit Facility \| SOFR Floor
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)				2.50%
Credit Facility \| Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)				3.50%
Credit Facility \| Alternate Base Rate Floor
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)				3.50%
Credit Facility \| Alternate Base Rate
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)				2.50%
Term Loan
Debt Instrument [Line Items]
Long-term borrowings				$ 34,000,000
Line of Credit \| Restated ABL Facility
Debt Instrument [Line Items]
Credit facility, borrowing capacity				$ 325,000,000
Credit facility maturity term				4 years
Debt issuance costs																				3,669,000	3,669,000
Line of Credit \| July 2023 Credit Agreement
Debt Instrument [Line Items]
Commitment fee (as a percent)								1.00%		0.50%
Debt issuance costs																						11,516,000
Percent of aggregate loan cap covenant (as a percent)								0.10
Aggregate loan pap								$ 32,500,000			$ 2,500,000	$ 7,500,000								0
Reduction of advance rate basis points (as a percent)								0.1000
Number of independent directors \| director								2
Number of board members \| director								3
Line of Credit \| April 2024 Credit Agreement
Debt Instrument [Line Items]
Debt issuance costs																						851,000
S-1 filing deadline, number of business days \| d					2
Minimum ownership percentage for approval letter (as a percent)					0.20
Transaction closing, period after approval \| d					25
Line of Credit \| March 2024 Credit Agreement
Debt Instrument [Line Items]
Debt issuance costs																						1,929,000
Line of Credit \| December 2023 Credit Agreement
Debt Instrument [Line Items]
Debt issuance costs																						4,047,000
Percent of aggregate loan cap covenant (as a percent)							0.10
Aggregate loan pap						$ 25,000,000	$ 32,500,000				$ 30,000,000	$ 25,000,000	$ 20,000,000
Debt instrument fee							$ 3,800,000
Line of Credit \| October 2023 Credit Agreement
Debt Instrument [Line Items]
Debt issuance costs																						1,428,000
Debt instrument fee																												$ 3,800,000
Line of Credit \| May 2023 Credit Agreement
Debt Instrument [Line Items]
Reduction of advance rate basis points (as a percent)									0.0500
Line of Credit \| May 2023 Credit Agreement \| Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)									3.75%
Line of Credit \| May 2023 Credit Agreement \| Alternative Base Rate
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)									2.75%
Secured Debt \| Term Loan
Debt Instrument [Line Items]
Long-term borrowings																				$ 0	0	32,652,000
Debt issuance costs																													$ 431,000
Debt instrument fee								$ 50,000		$ 50,000
Debt conversion, original debt, amount				$ 34,000,000
Noncash financing activity from debt conversion				86,755,000
Loss on debt extinguishment				$ 55,233,000
Debt face amount																														$ 30,000,000
Interest expense (paid-in-kind)																					0
Repayments of long-term debt																					$ 0	0
Proceeds from issuance of debt																						$ 2,652,000
Stated interest rate (as a percent)																						11.25%
Debt term extension										6 months
Debt fee (as a percentage)								0.0150
Secured Debt \| Second Lien Term Loan
Debt Instrument [Line Items]
Maximum capacity upon repayment																														$ 75,000,000

Debt - Deferred Financing Costs (Details) - USD ($) $ in Thousands	May 03, 2025	Apr. 27, 2024
Line of Credit Facility [Line Items]
Total deferred financing costs	$ 11,597	$ 14,160
Credit Facility
Line of Credit Facility [Line Items]
Total deferred financing costs	11,597	12,897
Term Loan
Line of Credit Facility [Line Items]
Total deferred financing costs	0	1,263
Credit Facility - Prepaid and Other Current Assets \| Credit Facility
Line of Credit Facility [Line Items]
Total deferred financing costs	0	0
Credit Facility - Other noncurrent assets \| Credit Facility
Line of Credit Facility [Line Items]
Total deferred financing costs	$ 11,597	$ 12,897

Debt - Interest Expense (Details) - USD ($) $ in Thousands	3 Months Ended								6 Months Ended		9 Months Ended		12 Months Ended
Debt - Interest Expense (Details) - USD ($) $ in Thousands	May 03, 2025	Jan. 25, 2025	Oct. 26, 2024	Jul. 27, 2024	Apr. 27, 2024	Jan. 27, 2024	Oct. 28, 2023	Jul. 29, 2023	Oct. 26, 2024	Oct. 28, 2023	Jan. 25, 2025	Jan. 27, 2024	May 03, 2025	Apr. 27, 2024
Line of Credit Facility [Line Items]
Interest expense, net	$ 4,096	$ 5,083	$ 5,463	$ 7,618	$ 10,827	$ 10,620	$ 10,664	$ 8,254	$ 13,081	$ 18,918	$ 18,164	$ 29,538	$ 22,260	$ 40,365
Total Interest Incurred													17,446	28,393
Amortization of deferred financing costs				$ 2,417				$ 1,244	$ 3,333	$ 4,406	$ 4,248	$ 8,380	5,164	13,150
Interest Income, net of expense													(350)	(1,178)
Cash Interest Paid													17,912	24,943
Term Loan
Line of Credit Facility [Line Items]
Interest expense, net													1,167	3,984
Amortization of deferred financing costs													150	1,240
Credit Facility
Line of Credit Facility [Line Items]
Interest expense, net													16,279	24,409
Amortization of deferred financing costs													$ 5,014	$ 11,910

Leases - Narrative (Details)	12 Months Ended
Leases - Narrative (Details)	May 03, 2025 lease
Lessor, Lease, Description [Line Items]
Number of finance leases	1
Minimum
Lessor, Lease, Description [Line Items]
Operating lease term	1 year
Maximum
Lessor, Lease, Description [Line Items]
Operating lease term	15 years

Leases - Schedule of Lease Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	May 03, 2025	Apr. 27, 2024
Leases [Abstract]
Variable lease expense	$ 134,934	$ 132,833
Fixed lease expense	60,515	63,865
Total lease expense	$ 195,449	$ 196,698

Leases - Schedule of Operating Lease (Details) $ in Thousands	May 03, 2025 USD ($)
Leases [Abstract]
Fiscal 2026	$ 71,853
Fiscal 2027	35,457
Fiscal 2028	29,448
Fiscal 2029	26,063
Fiscal 2030	19,586
Thereafter	18,469
Total lease payments	200,876
Less: imputed interest	(20,857)
Operating lease liabilities at period end	$ 180,019

Leases - Schedule of Additional Information Related to Operating Leases (Details) - USD ($) $ in Thousands	12 Months Ended
	May 03, 2025	Apr. 27, 2024
Leases [Abstract]
Weighted average remaining lease term (in years)	4 years 7 months 6 days	4 years 7 months 6 days
Weighted average discount rate	5.50%	4.80%
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$ 72,434	$ 66,397
Operating cash flows from financing leases	32	0
Financing cash flows from financing leases	370	0
ROU assets obtained in exchange for lease obligations:
Operating leases	24,716	30,090
Financing leases	$ 1,128	$ 0

Supplementary Information (Details) $ in Thousands	3 Months Ended							6 Months Ended		9 Months Ended		12 Months Ended
Supplementary Information (Details) $ in Thousands	May 03, 2025 USD ($)	Jan. 25, 2025 USD ($)	Oct. 26, 2024 USD ($)	Jul. 27, 2024 USD ($)	Jan. 27, 2024 USD ($)	Oct. 28, 2023 USD ($)	Jul. 29, 2023 USD ($)	Oct. 26, 2024 USD ($)	Oct. 28, 2023 USD ($)	Jan. 25, 2025 USD ($)	Jan. 27, 2024 USD ($)	May 03, 2025 USD ($)	Apr. 27, 2024 USD ($)	Jul. 28, 2023 director
Restructuring Cost and Reserve [Line Items]
Other income	$ (1,228)	$ 6,268	$ 150	$ (3,618)	$ (3,413)	$ (4,274)	$ (4,633)	$ (3,468)	$ (8,907)	$ 2,800	$ (12,320)	$ 1,572	$ (19,409)
Gain from frozen retirement plan												8,780	1,339
Severance and other employee termination and benefit costs												2,095
Legal and professional service costs												2,091	19,651
Severance costs												1,963	$ 1,097
Legal fees												1,059
Number of directors on restructuring committee \| director														3
Employee Severance
Restructuring Cost and Reserve [Line Items]
Accrued liabilities	$ 1,388											$ 1,388

Related Party Transactions (Details) - USD ($) $ in Thousands	3 Months Ended						6 Months Ended		9 Months Ended		12 Months Ended
	Jan. 25, 2025	Oct. 26, 2024	Jul. 27, 2024	Jan. 27, 2024	Oct. 28, 2023	Jul. 29, 2023	Oct. 26, 2024	Oct. 28, 2023	Jan. 25, 2025	Jan. 27, 2024	May 03, 2025	Apr. 27, 2024	May 01, 2021	Jun. 10, 2024
Related Party Transaction [Line Items]
Commission revenue from related party	$ 419,663	$ 559,674	$ 250,926	$ 415,375	$ 569,698	$ 252,650	$ 810,600	$ 822,348	$ 1,230,263	$ 1,237,723	$ 1,463,245	$ 1,430,456
Accounts receivable	343,519	259,768	151,981	315,337	221,805	140,858	259,768	221,805	343,519	315,337	98,077	98,838
Accounts payable	$ 303,577	$ 298,952	$ 266,304	$ 343,100	$ 385,895	$ 275,380	$ 298,952	$ 385,895	$ 303,577	$ 343,100	148,848	299,157
Majority Shareholder
Related Party Transaction [Line Items]
Reimbursement of transaction costs											750
TopLids LendCo, LLC
Related Party Transaction [Line Items]
Common Stock ownership (more than) (as a percent)														5.00%
VitalSource
Related Party Transaction [Line Items]
Common Stock ownership (more than) (as a percent)														5.00%
MBS
Related Party Transaction [Line Items]
Rent payments											660	690
F/L Relationship
Related Party Transaction [Line Items]
Issuance of shares (in shares)													2,307,692
Commission revenue from related party											116,546	126,886
Accounts receivable											1,208	1,061
VitalSource
Related Party Transaction [Line Items]
Purchases from related party											454,502	331,232
Accounts payable											$ 38,484	$ 132,611

Employees Benefit Plans (Details) - USD ($) $ in Thousands	12 Months Ended
Employees Benefit Plans (Details) - USD ($) $ in Thousands	May 03, 2025	Apr. 27, 2024
Retirement Benefits [Abstract]
Employee benefit expense	$ 0	$ 1,687

Long-Term Incentive Compensation Expense - Narrative (Details) $ in Thousands							12 Months Ended
	Mar. 31, 2025 shares	Mar. 12, 2025 shares	Feb. 21, 2025 shares	Sep. 20, 2024 shares	Jun. 18, 2024 shares	Jun. 11, 2024	May 03, 2025 USD ($) installment shares	Apr. 27, 2024 USD ($)	Sep. 18, 2024 shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share-based compensation, number of shares authorized (in shares)							2,179,093		2,179,093
Liability for phantom share units granted \| $							$ 0	$ 0
Options exercisable, number of installments \| installment							4
Stock split, conversion ratio						0.01
Aggregate grant date fair value of stock options, vested \| $							$ 566	1,540
Fair value of vested share awards \| $							2,258	$ 4,405
Unrecognized compensation cost related to unvested awards \| $							$ 11,384
Share-based payment arrangement, weighted-average period							1 year 10 months 9 days
Restricted Stock and Performance Shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Requisite service period							3 years
Restricted Stock Awards
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Award vesting period				1 year			1 year
Awards granted (in shares)				81,720	29,764		111,484
Restricted Stock Units
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Awards granted (in shares)				61,290	7,441		68,731
Restricted Stock Units \| Maximum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Award vesting period							3 years
Restricted Stock Units \| Minimum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Award vesting period							1 year
Phantom Shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Award vesting period							1 year
Number of vesting installments \| installment							3
Awards granted (in shares)							0
Performance Share Units
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Award vesting period	7 years	7 years	7 years	7 years
Awards granted (in shares)	7,500	112,000	77,000	1,533,250			1,729,750
Stock Option
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Award vesting period							1 year
Award term							10 years

Long-Term Incentive Compensation Expense - Long-Term Incentive Compensation Activity (Details) - $ / shares						12 Months Ended
	Mar. 31, 2025	Mar. 12, 2025	Feb. 21, 2025	Sep. 20, 2024	Jun. 18, 2024	May 03, 2025
Restricted Stock Awards
Number of Shares
Beginning balance (in shares)						0
Granted (in shares)				81,720	29,764	111,484
Vested (in shares)						(29,764)
Forfeited (in shares)						0
Ending balance (in shares)						81,720
Weighted Average Grant Date Fair Value
Beginning balance (in dollars per share)						$ 0
Granted (in dollars per share)						9.79
Vested (in dollars per share)						9.79
Forfeited (in dollars per share)						0
Ending balance (in dollars per share)						$ 9.79
Restricted Stock Units
Number of Shares
Beginning balance (in shares)						4,853
Granted (in shares)				61,290	7,441	68,731
Vested (in shares)						(9,515)
Forfeited (in shares)						(2,076)
Ending balance (in shares)						61,993
Weighted Average Grant Date Fair Value
Beginning balance (in dollars per share)						$ 503.72
Granted (in dollars per share)						9.46
Vested (in dollars per share)						147.17
Forfeited (in dollars per share)						448.33
Ending balance (in dollars per share)						$ 12.39
Phantom Shares
Number of Shares
Beginning balance (in shares)						468
Granted (in shares)						0
Vested (in shares)						(428)
Forfeited (in shares)						(40)
Ending balance (in shares)						0
Weighted Average Grant Date Fair Value
Beginning balance (in dollars per share)						$ 850.00
Granted (in dollars per share)						0
Vested (in dollars per share)						0
Forfeited (in dollars per share)						0
Ending balance (in dollars per share)						$ 0
Performance Share Units
Number of Shares
Beginning balance (in shares)						0
Granted (in shares)	7,500	112,000	77,000	1,533,250		1,729,750
Vested (in shares)						0
Forfeited (in shares)						(92,800)
Ending balance (in shares)						1,636,950
Weighted Average Grant Date Fair Value
Beginning balance (in dollars per share)						$ 0
Granted (in dollars per share)						9.55
Vested (in dollars per share)						0
Forfeited (in dollars per share)						9.61
Ending balance (in dollars per share)						$ 9.55

Long-Term Incentive Compensation Expense - Valuation Assumptions (Details) - Performance Share Units - $ / shares					12 Months Ended
	Mar. 31, 2025	Mar. 12, 2025	Feb. 21, 2025	Sep. 20, 2024	May 03, 2025
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Grant date fair value per award (in dollars per share)					$ 9.55
PSU Tranche #1
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Performance Milestone (VWAP) (in dollars per share)	$ 10.00	$ 10.00	$ 10.00	$ 10.00
Risk-free interest rate	4.03%	4.13%	4.27%	3.53%
Company volatility	120.68%	120.51%	120.50%	119.84%
Derived service period	4 months 24 days	4 months 28 days	4 months 24 days	1 year
Grant date fair value per award (in dollars per share)	$ 10.41	$ 8.46	$ 10.10	$ 9.74
PSU Tranche #2
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Performance Milestone (VWAP) (in dollars per share)	$ 15.00	$ 15.00	$ 15.00	$ 15.00
Risk-free interest rate	4.03%	4.13%	4.27%	3.53%
Company volatility	120.68%	120.51%	120.50%	119.84%
Derived service period	7 months 17 days	10 months 13 days	8 months 1 day	2 years
Grant date fair value per award (in dollars per share)	$ 10.32	$ 8.38	$ 10.02	$ 9.62
PSU Tranche #3
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Performance Milestone (VWAP) (in dollars per share)	$ 20.00	$ 20.00	$ 20.00	$ 20.00
Risk-free interest rate	4.03%	4.13%	4.27%	3.53%
Company volatility	120.68%	120.51%	120.50%	119.84%
Derived service period	11 months 15 days	1 year 2 months 15 days	1 year	3 years
Grant date fair value per award (in dollars per share)	$ 10.24	$ 8.29	$ 9.94	$ 9.46

Long-Term Incentive Compensation Expense - Stock Options Activity (Details)	12 Months Ended
	May 03, 2025 $ / shares shares
Number of Shares
Beginning balance (in shares) \| shares	25,190
Granted (in shares) \| shares	0
Exercised (in shares) \| shares	0
Forfeited (in shares) \| shares	(6,978)
Expired (in shares) \| shares	(14,394)
Ending balance (in shares) \| shares	3,818
Exercisable (in shares) \| shares	3,200
Weighted Average Grant Date Fair Value
Beginning balance (in dollars per share)	$ 241.00
Granted (in dollars per share)	0
Exercised (in dollars per share)	0
Forfeited (in dollars per share)	269.24
Expired (in dollars per share)	222.71
Ending balance (in dollars per share)	261.35
Exercisable (in dollars per share)	248.85
Weighted Average Exercise Price
Beginning balance (in dollars per share)	524.00
Granted (in dollars per share)	0
Exercised (in dollars per share)	0
Forfeited (in dollars per share)	562.92
Expired (in dollars per share)	496.92
Ending balance (in dollars per share)	552.07
Exercisable (in dollars per share)	$ 533.70

Long-Term Incentive Compensation Expense - Long-Term Incentive Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		9 Months Ended		12 Months Ended
	Jul. 27, 2024	Jul. 29, 2023	Oct. 26, 2024	Oct. 28, 2023	Jan. 25, 2025	Jan. 27, 2024	May 03, 2025	Apr. 27, 2024
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock-based compensation expense	$ (863)	$ 957	$ 392	$ 1,756	$ 2,953	$ 2,568	$ 5,386	$ 3,380
Total compensation expense for long-term incentive awards							5,382	3,226
Restricted Stock Awards
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock-based compensation expense							667	11
Restricted Stock Units
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock-based compensation expense							604	2,041
Performance Share Units
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock-based compensation expense							4,913	0
Stock Option
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock-based compensation expense							(798)	1,328
Phantom Shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Phantom share units expense							$ (4)	$ (154)

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(v)
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Section 50
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-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 2
-Subparagraph (f)(2)(iii)
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-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Name Accounting Standards Codification
-Section 50
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-Subparagraph (f)(2)(iv)
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Section 50
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 35
-Paragraph 1D
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480483/718-10-35-1D

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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-Section 35
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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Reference 24: http://www.xbrl.org/2003/role/disclosureRef
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Reference 25: http://www.xbrl.org/2003/role/disclosureRef
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Reference 26: http://www.xbrl.org/2003/role/disclosureRef
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Reference 27: http://www.xbrl.org/2003/role/disclosureRef
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Reference 28: http://www.xbrl.org/2003/role/disclosureRef
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Reference 29: http://www.xbrl.org/2003/role/disclosureRef
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Reference 30: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

+ Details

Income Taxes - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended						6 Months Ended		9 Months Ended		12 Months Ended
Income Taxes - Narrative (Details) - USD ($) $ in Thousands	Jan. 25, 2025	Oct. 26, 2024	Jul. 27, 2024	Jan. 27, 2024	Oct. 28, 2023	Jul. 29, 2023	Oct. 26, 2024	Oct. 28, 2023	Jan. 25, 2025	Jan. 27, 2024	May 03, 2025	Apr. 27, 2024	Apr. 29, 2023	May 01, 2021
Effective Income Tax Rate Reconciliation [Line Items]
Income tax benefit	$ 4,108	$ 1,480	$ (2,358)	$ (487)	$ (532)	$ (89)	$ (878)	$ (621)	$ 3,230	$ (1,108)	$ (4,256)	$ (858)		$ 7,164
Income tax refund											2,403	7,621	$ 15,774
Effective income tax rate, percentage point dollar value											616
Unrecognized tax benefits											0	0
Income tax penalties and interest accrued											0	0
Valuation allowance											84,566	$ 79,065
Valuation allowance, deferred tax asset, increase, amount											5,501
Foreign withholding tax											229
Disallowed interest expense carryforward											60,195
Operating loss carryforwards and credits potentially available in future											63,092
State and Local Jurisdiction
Effective Income Tax Rate Reconciliation [Line Items]
Operating loss carryforwards											406,041
Tax credit carryforwards											295
Domestic Tax Authority
Effective Income Tax Rate Reconciliation [Line Items]
Operating loss carryforwards											211,913
Tax credit carryforwards											$ 1,071

Income Taxes - Schedule of Income Tax Benefits (Details) - USD ($) $ in Thousands	3 Months Ended						6 Months Ended		9 Months Ended		12 Months Ended
	Jan. 25, 2025	Oct. 26, 2024	Jul. 27, 2024	Jan. 27, 2024	Oct. 28, 2023	Jul. 29, 2023	Oct. 26, 2024	Oct. 28, 2023	Jan. 25, 2025	Jan. 27, 2024	May 03, 2025	Apr. 27, 2024	May 01, 2021
Current:
Federal											$ 3,484	$ 0
State											1,329	318
International											272	417
Total Current											5,085	735
Deferred:
Federal											(829)	123
State											0	0
International											0	0
Total Deferred											(829)	123
Total	$ (4,108)	$ (1,480)	$ 2,358	$ 487	$ 532	$ 89	$ 878	$ 621	$ (3,230)	$ 1,108	$ 4,256	$ 858	$ (7,164)

Income Taxes - Schedule of Effective Income Tax Rate Reconciliation (Details)	12 Months Ended
	May 03, 2025	Apr. 27, 2024
Income Tax Disclosure [Abstract]
Federal statutory income tax rate (as percent)	21.00%	21.00%
State income taxes, net of federal income tax benefit (as percent)	(0.40%)	2.50%
Permanent book / tax differences (as percent)	(18.10%)	(1.40%)
Changes in valuation allowance (as percent)	(8.90%)	(23.20%)
Other, net (as percent)	(0.50%)	(0.10%)
Effective income tax rate (as percent)	(6.90%)	(1.20%)

Income Taxes - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	May 03, 2025	Apr. 27, 2024
Deferred tax assets:
Estimated accrued liabilities	$ 7,061	$ 3,279
Inventory	18,964	19,402
Stock-based compensation	1,809	979
Operating lease liabilities	43,582	52,070
Tax credits	1,072	1,131
Goodwill	6,395	7,329
Divestitures & Capital Losses	2,796	0
Net operating losses	65,404	81,714
Interest carryforwards	14,889	14,897
Property and equipment	2,514	795
Other	1,398	4,071
Gross deferred tax assets	165,884	185,667
Valuation allowance	(84,566)	(79,065)
Net deferred tax assets	81,318	106,602
Deferred tax liabilities:
Intangible asset amortization	(16,304)	(19,757)
Operating lease right-of-use assets	(46,955)	(55,417)
Deferred Financing Costs	(2,250)	0
LIFO inventory valuation	(16,944)	(33,392)
Gross deferred tax liabilities	(82,453)	(108,566)
Net deferred tax liability	$ (1,135)	$ (1,964)

Commitments and Contingencies (Details) $ in Thousands	May 03, 2025 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Less Than 1 Year	$ 9,970
1-3 Years	4,209
3-5 Years	2,074
Total	$ 16,253

Concentration Risk (Details)	12 Months Ended
Concentration Risk (Details)	May 03, 2025
Customer Concentration Risk \| Customer Financing \| Supplier
Concentration Risk [Line Items]
Concentration risk (as a percent)	45.00%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 275
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482861/275-10-50-18

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 275
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-Name Accounting Standards Codification
-Section 50
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482861/275-10-50-18

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147482861/275-10-50-20

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Topic 275
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-Section 55
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478785/954-310-50-2

+ Details

- Definition

For an entity that discloses a concentration risk in relation to quantitative amount, which serves as the "benchmark" (or denominator) in the equation, this concept represents the concentration percentage derived from the division.

+ References + Details

Selected Quarterly Financial Information (Unaudited) (Details) $ / shares in Units, $ in Thousands		3 Months Ended								6 Months Ended		9 Months Ended		12 Months Ended
	Jun. 11, 2024	May 03, 2025 USD ($) $ / shares shares	Jan. 25, 2025 USD ($) $ / shares shares	Oct. 26, 2024 USD ($) $ / shares shares	Jul. 27, 2024 USD ($) $ / shares shares	Apr. 27, 2024 USD ($) $ / shares shares	Jan. 27, 2024 USD ($) $ / shares shares	Oct. 28, 2023 USD ($) $ / shares shares	Jul. 29, 2023 USD ($) $ / shares shares	Oct. 26, 2024 USD ($) $ / shares shares	Oct. 28, 2023 USD ($) $ / shares shares	Jan. 25, 2025 USD ($) $ / shares shares	Jan. 27, 2024 USD ($) $ / shares shares	May 03, 2025 USD ($) $ / shares shares	Apr. 27, 2024 USD ($) $ / shares shares	Jun. 10, 2024 shares
Quarterly Financial Information Disclosure [Abstract]
Sales		$ 281,792	$ 462,825	$ 602,122	$ 263,431	$ 235,922	$ 456,673	$ 610,379	$ 264,161	$ 865,553	$ 874,540	$ 1,328,378	$ 1,331,213	$ 1,610,170	$ 1,567,135
Gross profit		70,581	93,750	128,477	44,996	55,410	100,601	140,697	48,205	173,473	188,902	267,223	289,503	337,804	344,913
(Loss) income from continuing operations, net of tax			17,942	43,162	(103,925)	(41,989)	(9,621)	29,091	(52,500)	(60,763)	(23,409)	(42,821)	(33,030)	(65,825)	(75,019)
Loss from discontinued operations			0	0	0	72	289	(674)	(417)	0	(1,091)	0	(802)	0	(730)
Net (loss) income		$ (23,004)	$ 17,942	$ 43,162	$ (103,925)	$ (41,917)	$ (9,332)	$ 28,417	$ (52,917)	$ (60,763)	$ (24,500)	$ (42,821)	$ (33,832)	$ (65,825)	$ (75,749)
(Loss) earnings per common share:
Basic, Continuing operations (in dollars per share) \| $ / shares			$ 0.59	$ 1.63	$ (7.69)	$ (15.71)	$ (3.60)	$ 10.96	$ (19.83)	$ (3.04)	$ (8.83)	$ (1.82)	$ (12.42)	$ (2.50)	$ (28.18)
Basic, Discontinued operations (in dollars per share) \| $ / shares			0	0	0	0.02	0.11	(0.25)	(0.16)	0	(0.41)	0	(0.30)	0	(0.28)
Total Basic Net Loss per Share (in dollars per share) \| $ / shares		$ (0.68)	0.59	1.63	(7.69)	(15.69)	(3.49)	10.71	(19.99)	(3.04)	(9.24)	(1.82)	(12.72)	(2.50)	(28.46)
Diluted, Continuing operations (in dollars per share) \| $ / shares			0.59	1.63	(7.69)	(15.71)	(3.60)	10.95	(19.83)	(3.04)	(8.83)	(1.82)	(12.42)	(2.50)	(28.18)
Diluted, Discontinued operations (in dollars per share) \| $ / shares			0	0	0	0.02	0.11	(0.25)	(0.16)	0	(0.41)	0	(0.30)	0	(0.28)
Total Diluted Net Loss per Share (in dollars per share) \| $ / shares		$ (0.68)	$ 0.59	$ 1.63	$ (7.69)	$ (15.69)	$ (3.49)	$ 10.70	$ (19.99)	$ (3.04)	$ (9.24)	$ (1.82)	$ (12.72)	$ (2.50)	$ (28.46)
Weighted average common shares outstanding - Basic (in shares) \| shares		34,053,847	30,507,723	26,527,174	13,510,667	2,673,403	2,673,240	2,655,006	2,647,536	20,018,920	2,651,271	23,515,188	2,658,594	26,298,984	2,662,296
Weighted average common shares outstanding - Diluted (in shares) \| shares		34,053,847	30,642,958	26,541,804	13,510,667	2,673,403	2,673,240	2,655,799	2,647,536	20,018,920	2,651,271	23,515,188	2,658,594	26,298,984	2,662,296
Legal and professional service costs						$ 7,089	$ 3,413	$ 4,274	$ 4,633
Impairment loss		$ 0	$ 1,713	$ 0	$ 0		5,798					$ 1,713	$ 5,798	$ 1,713	$ 7,166
Impairment loss						1,368	5,798	0	0			1,713	5,798	1,713	7,166
Interest expense, net		$ 4,096	$ 5,083	$ 5,463	$ 7,618	$ 10,827	$ 10,620	$ 10,664	$ 8,254	$ 13,081	$ 18,918	$ 18,164	$ 29,538	$ 22,260	$ 40,365
Rights offering bonus element (in shares) \| shares																5.03
Stock split, conversion ratio	0.01
Restructuring Charges, Statement of Income or Comprehensive Income [Extensible Enumeration]						Other (income) expense	Other (income) expense	Other (income) expense	Other (income) expense

Restatement of Quarterly Financial Information (Unaudited) - Quarterly Income Statement Restatements (Details) - USD ($) $ in Thousands	3 Months Ended								6 Months Ended		9 Months Ended		12 Months Ended
	May 03, 2025	Jan. 25, 2025	Oct. 26, 2024	Jul. 27, 2024	Apr. 27, 2024	Jan. 27, 2024	Oct. 28, 2023	Jul. 29, 2023	Oct. 26, 2024	Oct. 28, 2023	Jan. 25, 2025	Jan. 27, 2024	May 03, 2025	Apr. 27, 2024	May 01, 2021
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Total Sales	$ 281,792	$ 462,825	$ 602,122	$ 263,431	$ 235,922	$ 456,673	$ 610,379	$ 264,161	$ 865,553	$ 874,540	$ 1,328,378	$ 1,331,213	$ 1,610,170	$ 1,567,135
Product and other cost of sales		343,559	451,026	211,385		332,113	448,073	209,280	662,411	657,353	1,005,970	989,466	1,193,015	1,144,973
Rental cost of sales		25,516	22,619	7,050		23,959	21,609	6,676	29,669	28,285	55,185	52,244	79,351	77,249
Depreciation and amortization expense		7,827	8,542	13,071		10,148	10,175	10,253	21,613	20,428	29,440	30,576	37,939	40,560
Other (income) expense	$ 1,228	(6,268)	(150)	3,618		3,413	4,274	4,633	3,468	8,907	(2,800)	12,320	(1,572)	19,409
Income tax expense (benefit)		(4,108)	(1,480)	2,358		487	532	89	878	621	(3,230)	1,108	$ 4,256	858	$ (7,164)
Adjustments
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Total Sales		(3,500)	0	0	0	0	0	0	0	0	(3,500)	0		0
Product and other cost of sales		(1,057)	8,934	1,960	11,826	(615)	(3,880)	2,266	10,894	(1,614)	9,837	(2,229)		9,597
Rental cost of sales		186	232	250	2,628	50	(575)	163	482	(412)	668	(362)		2,266
Depreciation and amortization expense		13	12	14	0	0	0	0	26	0	39	0		0
Other (income) expense		1,300	0	0	0	0	0	0	0	0	1,300	0		0
Income tax expense (benefit)		(14,772)	(2,605)	2,222	99	258	218	100	$ (383)	$ 318	$ (15,155)	$ 576		675
Adjustments \| Restatement for Recording Cost of Digital Sales
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Total Sales		(3,500)	0	0	0	0	0	0
Product and other cost of sales		(2,050)	12,409	(659)	8,252	(2,513)	0	0						5,739
Rental cost of sales		143	641	0	0	0	0	0
Income tax expense (benefit)		(12,655)	(2,542)	2,458	0	0	0	0
Adjustments \| Restatement for Store Operating Agreements Under 842
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Product and other cost of sales		993	(3,475)	2,619	3,574	1,898	(3,880)	2,266						3,858
Rental cost of sales		43	(409)	250	689	50	(575)	163						327
Depreciation and amortization expense		13	12	14	0	0	0	0
Income tax expense (benefit)		(2,117)	(63)	(236)	99	258	218	100
Adjustments \| Restatement for Legal Settlement and Rental Inventory Reserves
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Rental cost of sales		0	0	0	1,939	0	0	0						1,939
Other (income) expense		$ 1,300	$ 0	$ 0	$ 0	$ 0	$ 0	$ 0
Income tax expense (benefit)														$ 675

Restatement of Quarterly Financial Information (Unaudited) - Quarterly Balance Sheet Restatements (Details) - USD ($) $ in Thousands	3 Months Ended								6 Months Ended		9 Months Ended		12 Months Ended
	May 03, 2025	Jan. 25, 2025	Oct. 26, 2024	Jul. 27, 2024	Apr. 27, 2024	Jan. 27, 2024	Oct. 28, 2023	Jul. 29, 2023	Oct. 26, 2024	Oct. 28, 2023	Jan. 25, 2025	Jan. 27, 2024	May 03, 2025	Apr. 27, 2024	Apr. 29, 2023
Reclassification [Line Items]
Accounts receivable	$ 98,077	$ 343,519	$ 259,768	$ 151,981	$ 98,838	$ 315,337	$ 221,805	$ 140,858	$ 259,768	$ 221,805	$ 343,519	$ 315,337	$ 98,077	$ 98,838
Prepaid expenses and other current assets	32,249	33,496	33,366	30,930	39,158	54,337	63,410	59,012	33,366	63,410	33,496	54,337	32,249	39,158
Deferred tax assets, net		0				0					0	0
Textbook rental inventories	26,439	36,356	44,995	5,643	28,315	41,783	49,102	4,122	44,995	49,102	36,356	41,783	26,439	28,315
Property and equipment, net	40,229	42,153	45,137	48,488	52,912	57,273	61,403	64,438	45,137	61,403	42,153	57,273	40,229	52,912
Operating lease right-of-use assets	183,695	195,806	206,734	218,903	217,336	233,062	243,233	252,668	206,734	243,233	195,806	233,062	183,695	217,336
Accrued liabilities	65,853	147,990	123,035	94,154	98,622	189,183	132,015	106,441	123,035	132,015	147,990	189,183	65,853	98,622
Current operating lease liabilities	64,524	72,601	77,468	85,329	76,960	82,203	79,845	85,576	77,468	79,845	72,601	82,203	64,524	76,960
Long-term deferred taxes, net	1,135	4,924	2,098	1,981	1,964	2,586	2,254	1,936	2,098	2,254	4,924	2,586	1,135	1,964
Long-term operating lease liabilities	115,495	123,425	130,863	138,171	140,627	151,606	156,405	166,750	130,863	156,405	123,425	151,606	115,495	140,627
Other long-term liabilities	19,142	6,521	6,506	15,553	15,882	17,451	18,625	23,016	6,506	18,625	6,521	17,451	19,142	15,882
Comprehensive Income			7,828				0		7,828	0
Accumulated deficit	(712,571)	(689,567)	(707,509)	(750,671)	(646,746)	(604,829)	(595,497)	(623,914)	(707,509)	(595,497)	(689,567)	(604,829)	(712,571)	(646,746)
Net (loss) income	(23,004)	17,942	43,162	(103,925)	(41,917)	(9,332)	28,417	(52,917)	(60,763)	(24,500)	(42,821)	(33,832)	(65,825)	(75,749)
Operating leases													24,716	30,090
Adjustments
Reclassification [Line Items]
Accounts receivable		(10,722)	(16,079)	(2,424)	(5,272)	211	0	0	(16,079)	0	(10,722)	211		(5,272)
Prepaid expenses and other current assets		6,767	(59)	(2,222)	0	0	0	0	(59)	0	6,767	0		0
Deferred tax assets, net		(1,055)	0	0	0	0	0	0	0	0	(1,055)	0		0
Textbook rental inventories		(4,677)	(4,677)	(4,677)	(1,939)	(2,738)	(2,738)	(2,738)	(4,677)	(2,738)	(4,677)	(2,738)		(1,939)
Property and equipment, net		197	211	224	0	0	0	0	211	0	197	0		0
Operating lease right-of-use assets		15,096	(3,537)	(22,949)	3,019	12,824	(3,298)	(30,428)	(3,537)	(3,298)	15,096	12,824		3,019
Accrued liabilities		17,921	23,365	18,441	5,999	32,309	19,940	16,649	23,365	19,940	17,921	32,309		5,999
Current operating lease liabilities		(28,461)	(47,471)	(62,510)	(3,076)	(43,342)	(46,581)	(65,341)	(47,471)	(46,581)	(28,461)	(43,342)		(3,076)
Long-term deferred taxes, net		4,924	48	675	675	576	318	100	48	318	4,924	576		675
Long-term operating lease liabilities		1,590	1,115	5,971	4,748	(3,620)	(3,780)	(4,404)	1,115	(3,780)	1,590	(3,620)		4,748
Other long-term liabilities		0	(7,828)	0	0	0	0	0	(7,828)	0	0	0		0
Comprehensive Income		0	7,828	0	0	0	0	0	7,828	0	0	0		0
Accumulated deficit		9,632	(1,198)	5,375	(12,538)	24,374	24,067	19,830	(1,198)	24,067	9,632	24,374		(12,538)
Net (loss) income		10,830	(6,573)	(4,446)		307	4,237	(2,529)	(11,019)	1,708	(189)	2,015		(12,538)
Adjustments \| Restatement for Recording Cost of Digital Sales
Reclassification [Line Items]
Accounts receivable		(10,722)	(16,079)	(2,424)	(5,272)	211	0	0	(16,079)	0	(10,722)	211		(5,272)
Prepaid expenses and other current assets		3,700	(59)	(1,811)	0	0	0	0	(59)	0	3,700	0		0
Deferred tax assets, net		(1,055)	0	0	0	0	0	0	0	0	(1,055)	0		0
Accrued liabilities		(4,691)	2,245	2,656	467	(2,298)	0	0	2,245	0	(4,691)	(2,298)		467
Long-term deferred taxes, net		3,598	(337)	647	0	0	0	0	(337)	0	3,598	0		0
Accumulated deficit		(6,984)	(18,046)	(7,538)	(5,739)	2,509	0	0	(18,046)	0	(6,984)	2,509		(5,739)
Adjustments \| Restatement for Store Operating Agreements Under 842
Reclassification [Line Items]
Prepaid expenses and other current assets		3,067	0	(411)	0	0	0	0	0	0	3,067	0		0
Property and equipment, net		197	211	224	0	0	0	0	211	0	197	0		0
Operating lease right-of-use assets		15,096	(3,537)	(22,949)	14,814	12,824	(3,298)	(30,428)	(3,537)	(3,298)	15,096	12,824		14,814
Accrued liabilities		21,312	21,120	15,785	20,714	34,607	19,940	16,649	21,120	19,940	21,312	34,607		20,714
Current operating lease liabilities		(28,461)	(47,471)	(62,510)	(25,246)	(43,342)	(46,581)	(65,341)	(47,471)	(46,581)	(28,461)	(43,342)		(25,246)
Long-term deferred taxes, net		1,326	385	28	675	576	318	100	385	318	1,326	576		675
Long-term operating lease liabilities		1,590	1,115	5,971	(1,566)	(3,620)	(3,780)	(4,404)	1,115	(3,780)	1,590	(3,620)		(1,566)
Accumulated deficit		22,593	21,525	17,590	20,237	24,603	26,805	22,568	21,525	26,805	22,593	24,603		20,237	$ 25,097
Adjustments \| Restatement for Legal Settlement and Rental Inventory Reserves
Reclassification [Line Items]
Textbook rental inventories		(4,677)	(4,677)	(4,677)	(4,677)	(2,738)	(2,738)	(2,738)	(4,677)	(2,738)	(4,677)	(2,738)		(4,677)
Accrued liabilities		1,300	0	0	0	0	0		0	0	1,300	0		0
Other long-term liabilities		0	(7,828)	0	0	0	0	0	(7,828)	0	0	0		0
Comprehensive Income		0	7,828	0	0	0	0	0	7,828	0	0	0		0
Accumulated deficit		(5,977)	$ (4,677)	$ (4,677)	(4,677)	$ (2,738)	$ (2,738)	$ (2,738)	$ (4,677)	$ (2,738)	(5,977)	$ (2,738)		(4,677)	$ (2,738)
Accrued legal settlement	$ (1,300)	$ 1,300									$ 1,300		$ (1,300)
Textbook rental inventory reserve					$ 1,939									$ 1,939

Restatement of Quarterly Financial Information (Unaudited) - Condensed Consolidated Statements of Operations (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								6 Months Ended		9 Months Ended		12 Months Ended
	May 03, 2025	Jan. 25, 2025	Oct. 26, 2024	Jul. 27, 2024	Apr. 27, 2024	Jan. 27, 2024	Oct. 28, 2023	Jul. 29, 2023	Oct. 26, 2024	Oct. 28, 2023	Jan. 25, 2025	Jan. 27, 2024	May 03, 2025	Apr. 27, 2024	May 01, 2021
Sales:
Product sales and other		$ 419,663	$ 559,674	$ 250,926		$ 415,375	$ 569,698	$ 252,650	$ 810,600	$ 822,348	$ 1,230,263	$ 1,237,723	$ 1,463,245	$ 1,430,456
Rental income		43,162	42,448	12,505		41,298	40,681	11,511	54,953	52,192	98,115	93,490	146,925	136,679
Total sales	$ 281,792	$ 462,825	$ 602,122	$ 263,431	$ 235,922	$ 456,673	$ 610,379	$ 264,161	$ 865,553	$ 874,540	$ 1,328,378	$ 1,331,213	$ 1,610,170	$ 1,567,135
Revenue from Contract with Customer, Product and Service [Extensible Enumeration]		Product [Member]	Product [Member]	Product [Member]		Product [Member]	Product [Member]	Product [Member]	Product [Member]	Product [Member]	Product [Member]	Product [Member]	Product [Member]	Product [Member]
Cost of sales (exclusive of depreciation and amortization expense):
Product and other cost of sales		$ 343,559	$ 451,026	$ 211,385		$ 332,113	$ 448,073	$ 209,280	$ 662,411	$ 657,353	$ 1,005,970	$ 989,466	$ 1,193,015	$ 1,144,973
Rental cost of sales		25,516	22,619	7,050		23,959	21,609	6,676	29,669	28,285	55,185	52,244	79,351	77,249
Total cost of sales		369,075	473,645	218,435		356,072	469,682	215,956	692,080	685,638	1,061,155	1,041,710	1,272,366	1,222,222
Gross profit	70,581	93,750	128,477	44,996	55,410	100,601	140,697	48,205	173,473	188,902	267,223	289,503	337,804	344,913
Selling and administrative expenses		71,561	72,940	67,023		79,756	85,961	77,476	139,963	163,437	211,524	243,193	283,800	311,574
Depreciation and amortization expense		7,827	8,542	13,071		10,148	10,175	10,253	21,613	20,428	29,440	30,576	37,939	40,560
Loss on extinguishment of debt				0				0	0	0	0	0
Impairment loss	0	1,713	0	0		5,798					1,713	5,798	1,713	7,166
Loss on debt extinguishment				55,233				0	55,233	0	55,233	0	55,233	0
Other expense	1,228	(6,268)	(150)	3,618		3,413	4,274	4,633	3,468	8,907	(2,800)	12,320	(1,572)	19,409
Operating income (loss)		18,917	47,145	(38,716)		1,486	40,287	(44,157)	8,429	(3,870)	27,346	(2,384)	15,924	(33,796)
Interest expense, net	4,096	5,083	5,463	7,618	10,827	10,620	10,664	8,254	13,081	18,918	18,164	29,538	22,260	40,365
Income (loss) from continuing operations before income taxes		13,834	41,682	(101,567)		(9,134)	29,623	(52,411)	(59,885)	(22,788)	(46,051)	(31,922)	(61,569)	(74,161)
Income tax expense (benefit)		(4,108)	(1,480)	2,358		487	532	89	878	621	(3,230)	1,108	4,256	858	$ (7,164)
Income (loss) from continuing operations		17,942	43,162	(103,925)	(41,989)	(9,621)	29,091	(52,500)	(60,763)	(23,409)	(42,821)	(33,030)	(65,825)	(75,019)
Loss from discontinued operations		0	0	0	72	289	(674)	(417)	0	(1,091)	0	(802)	0	(730)
Net income (loss)	$ (23,004)	$ 17,942	$ 43,162	$ (103,925)	$ (41,917)	$ (9,332)	$ 28,417	$ (52,917)	$ (60,763)	$ (24,500)	$ (42,821)	$ (33,832)	$ (65,825)	$ (75,749)
Income (loss) per share of Common Stock
Basic, Continuing operations (in dollars per share)		$ 0.59	$ 1.63	$ (7.69)	$ (15.71)	$ (3.60)	$ 10.96	$ (19.83)	$ (3.04)	$ (8.83)	$ (1.82)	$ (12.42)	$ (2.50)	$ (28.18)
Basic, Discontinued operations (in dollars per share)		0	0	0	0.02	0.11	(0.25)	(0.16)	0	(0.41)	0	(0.30)	0	(0.28)
Total Basic Net Loss per Share (in dollars per share)	$ (0.68)	0.59	1.63	(7.69)	(15.69)	(3.49)	10.71	(19.99)	(3.04)	(9.24)	(1.82)	(12.72)	(2.50)	(28.46)
Diluted, Continuing operations (in dollars per share)		0.59	1.63	(7.69)	(15.71)	(3.60)	10.95	(19.83)	(3.04)	(8.83)	(1.82)	(12.42)	(2.50)	(28.18)
Diluted, Discontinued operations (in dollars per share)		0	0	0	0.02	0.11	(0.25)	(0.16)	0	(0.41)	0	(0.30)	0	(0.28)
Total Diluted Net Loss per Share (in dollars per share)	$ (0.68)	$ 0.59	$ 1.63	$ (7.69)	$ (15.69)	$ (3.49)	$ 10.70	$ (19.99)	$ (3.04)	$ (9.24)	$ (1.82)	$ (12.72)	$ (2.50)	$ (28.46)
Weighted average shares of common stock outstanding - Basic and Diluted
Weighted average common shares outstanding - Basic (in shares)	34,053,847	30,507,723	26,527,174	13,510,667	2,673,403	2,673,240	2,655,006	2,647,536	20,018,920	2,651,271	23,515,188	2,658,594	26,298,984	2,662,296
Weighted average common shares outstanding - Diluted (in shares)	34,053,847	30,642,958	26,541,804	13,510,667	2,673,403	2,673,240	2,655,799	2,647,536	20,018,920	2,651,271	23,515,188	2,658,594	26,298,984	2,662,296
As Previously Reported
Sales:
Product sales and other		$ 423,163	$ 559,674	$ 250,926		$ 415,375	$ 569,698	$ 252,650	$ 810,600	$ 822,348	$ 1,233,763	$ 1,237,723		$ 1,430,456
Rental income		43,162	42,448	12,505		41,298	40,681	11,511	54,953	52,192	98,115	93,490		136,679
Total sales		466,325	602,122	263,431		456,673	610,379	264,161	865,553	874,540	1,331,878	1,331,213		1,567,135
Cost of sales (exclusive of depreciation and amortization expense):
Product and other cost of sales		344,616	442,092	209,425		332,728	451,953	207,014	651,517	658,967	996,133	991,695		1,135,376
Rental cost of sales		25,330	22,387	6,800		23,909	22,184	6,513	29,187	28,697	54,517	52,606		74,983
Total cost of sales		369,946	464,479	216,225		356,637	474,137	213,527	680,704	687,664	1,050,650	1,044,301		1,210,359
Gross profit		96,379	137,643	47,206		100,036	136,242	50,634	184,849	186,876	281,228	286,912		356,776
Selling and administrative expenses		71,561	72,940	67,023		79,756	85,961	77,476	139,963	163,437	211,524	243,193		311,574
Depreciation and amortization expense		7,814	8,530	13,057		10,148	10,175	10,253	21,587	20,428	29,401	30,576		40,560
Loss on extinguishment of debt				55,233				0	55,233	0	55,233	0
Impairment loss		1,713				5,798					1,713	5,798		7,166
Loss on debt extinguishment				0				0	0	0	0	0
Other expense		(7,568)	(150)	3,618		3,413	4,274	4,633	3,468	8,907	(4,100)	12,320		19,409
Operating income (loss)		22,859	56,323	(91,725)		921	35,832	(41,728)	(35,402)	(5,896)	(12,543)	(4,975)		(21,933)
Interest expense, net		5,083	5,463	7,618		10,620	10,664	8,254	13,081	18,918	18,164	29,538		40,365
Income (loss) from continuing operations before income taxes		17,776	50,860	(99,343)		(9,699)	25,168	(49,982)	(48,483)	(24,814)	(30,707)	(34,513)		(62,298)
Income tax expense (benefit)		10,664	1,125	136		229	314	(11)	1,261	303	11,925	532		183
Income (loss) from continuing operations		7,112	49,735	(99,479)		(9,928)	24,854	(49,971)	(49,744)	(25,117)	(42,632)	(35,045)		(62,481)
Loss from discontinued operations		0	0	0		289	(674)	(417)	0	(1,091)	0	(802)		(730)
Net income (loss)		$ 7,112	$ 49,735	$ (99,479)		$ (9,639)	$ 24,180	$ (50,388)	$ (49,744)	$ (26,208)	$ (42,632)	$ (35,847)		$ (63,211)
Income (loss) per share of Common Stock
Basic, Continuing operations (in dollars per share)		$ 0.23	$ 1.87	$ (7.36)		$ (3.71)	$ 9.36	$ (18.87)	$ (2.48)	$ (9.47)	$ (1.81)	$ (13.18)		$ (23.47)
Basic, Discontinued operations (in dollars per share)		0	0	0		0.11	(0.25)	(0.16)	0	(0.41)	0	(0.30)		(0.28)
Total Basic Net Loss per Share (in dollars per share)		0.23	1.87	(7.36)		(3.60)	9.11	(19.03)	(2.48)	(9.88)	(1.81)	(13.48)		(23.75)
Diluted, Continuing operations (in dollars per share)		0.23	1.87	(7.36)		(3.71)	9.36	(18.87)	(2.48)	(9.47)	(1.81)	(13.18)		(23.47)
Diluted, Discontinued operations (in dollars per share)		0	0	0		0.11	(0.25)	(0.16)	0	(0.41)	0	(0.30)		(0.28)
Total Diluted Net Loss per Share (in dollars per share)		$ 0.23	$ 1.87	$ (7.36)		$ (3.60)	$ 9.11	$ (19.03)	$ (2.48)	$ (9.88)	$ (1.81)	$ (13.48)		$ (23.75)
Weighted average shares of common stock outstanding - Basic and Diluted
Weighted average common shares outstanding - Basic (in shares)		30,507,723	26,527,174	13,510,667		2,673,240	2,655,006	2,647,536	20,018,920	2,651,271	23,515,188	2,658,594		2,662,296
Weighted average common shares outstanding - Diluted (in shares)		30,642,958	26,541,804	13,510,667		2,673,240	2,655,799	2,647,536	20,018,920	2,651,271	23,515,188	2,658,594		2,662,296
Adjustments
Sales:
Product sales and other		$ (3,500)	$ 0	$ 0		$ 0	$ 0	$ 0	$ 0	$ 0	$ (3,500)	$ 0		$ 0
Rental income		0	0	0		0	0	0	0	0	0	0		0
Total sales		(3,500)	0	0	$ 0	0	0	0	0	0	(3,500)	0		0
Cost of sales (exclusive of depreciation and amortization expense):
Product and other cost of sales		(1,057)	8,934	1,960	11,826	(615)	(3,880)	2,266	10,894	(1,614)	9,837	(2,229)		9,597
Rental cost of sales		186	232	250	2,628	50	(575)	163	482	(412)	668	(362)		2,266
Total cost of sales		(871)	9,166	2,210		(565)	(4,455)	2,429	11,376	(2,026)	10,505	(2,591)		11,863
Gross profit		(2,629)	(9,166)	(2,210)		565	4,455	(2,429)	(11,376)	2,026	(14,005)	2,591		(11,863)
Selling and administrative expenses		0	0	0		0	0	0	0	0	0	0		0
Depreciation and amortization expense		13	12	14	0	0	0	0	26	0	39	0		0
Loss on extinguishment of debt				(55,233)				0	(55,233)	0	(55,233)	0
Impairment loss		0				0					0	0		0
Loss on debt extinguishment				55,233				0	55,233	0	55,233	0
Other expense		1,300	0	0	0	0	0	0	0	0	1,300	0		0
Operating income (loss)		(3,942)	(9,178)	53,009		565	4,455	(2,429)	43,831	2,026	39,889	2,591		(11,863)
Interest expense, net		0	0	0		0	0	0	0	0	0	0		0
Income (loss) from continuing operations before income taxes		(3,942)	(9,178)	(2,224)		565	4,455	(2,429)	(11,402)	2,026	(15,344)	2,591		(11,863)
Income tax expense (benefit)		(14,772)	(2,605)	2,222	$ 99	258	218	100	(383)	318	(15,155)	576		675
Income (loss) from continuing operations		10,830	(6,573)	(4,446)		307	4,237	(2,529)	(11,019)	1,708	(189)	2,015		(12,538)
Loss from discontinued operations		0	0	0		0	0	0	0	0	0	0		0
Net income (loss)		$ 10,830	$ (6,573)	$ (4,446)		$ 307	$ 4,237	$ (2,529)	$ (11,019)	$ 1,708	$ (189)	$ 2,015		$ (12,538)
Income (loss) per share of Common Stock
Basic, Continuing operations (in dollars per share)		$ 0.36	$ (0.24)	$ (0.33)		$ 0.11	$ 1.60	$ (0.96)	$ (0.56)	$ 0.64	$ (0.01)	$ 0.76		$ (4.71)
Basic, Discontinued operations (in dollars per share)		0	0	0		0	0	0	0	0	0	0		0
Total Basic Net Loss per Share (in dollars per share)		0.36	(0.24)	(0.33)		0.11	1.60	(0.96)	(0.56)	0.64	(0.01)	0.76		(4.71)
Diluted, Continuing operations (in dollars per share)		0.36	(0.24)	(0.33)		0.11	1.59	(0.96)	(0.56)	0.64	(0.01)	0.76		(4.71)
Diluted, Discontinued operations (in dollars per share)		0	0	0		0	0	0	0	0	0	0		0
Total Diluted Net Loss per Share (in dollars per share)		$ 0.36	$ (0.24)	$ (0.33)		$ 0.11	$ 1.59	$ (0.96)	$ (0.56)	$ 0.64	$ (0.01)	$ 0.76		$ (4.71)
Weighted average shares of common stock outstanding - Basic and Diluted
Weighted average common shares outstanding - Basic (in shares)		0	0	0		0	0	0	0	0	0	0
Weighted average common shares outstanding - Diluted (in shares)		0	0	0		0	0	0	0	0	0	0

Restatement of Quarterly Financial Information (Unaudited) - Condensed Consolidated Balance Sheets (Details) - USD ($) $ in Thousands	May 03, 2025	Jan. 25, 2025	Oct. 26, 2024	Jul. 27, 2024	Apr. 27, 2024	Jan. 27, 2024	Oct. 28, 2023	Jul. 29, 2023	Apr. 29, 2023
Current assets:
Cash and cash equivalents	$ 9,058	$ 9,185	$ 11,619	$ 8,212	$ 10,459	$ 8,123	$ 15,008	$ 7,657
Accounts receivable	98,077	343,519	259,768	151,981	98,838	315,337	221,805	140,858
Merchandise inventories, net	299,562	326,825	315,469	395,272	344,037	341,544	364,292	384,185
Textbook rental inventories	26,439	36,356	44,995	5,643	28,315	41,783	49,102	4,122
Prepaid expenses and other current assets	32,249	33,496	33,366	30,930	39,158	54,337	63,410	59,012
Total current assets	465,385	749,381	665,217	592,038	520,807	761,124	713,617	595,834
Property and equipment, net	40,229	42,153	45,137	48,488	52,912	57,273	61,403	64,438
Operating lease right-of-use assets	183,695	195,806	206,734	218,903	217,336	233,062	243,233	252,668
Intangible assets, net	78,241	81,630	85,137	87,828	94,191	97,947	104,026	107,413
Deferred tax assets, net		0				0
Other noncurrent assets	22,735	24,217	25,684	25,930	24,703	12,488	16,664	17,298
Total assets	790,285	1,093,187	1,027,909	973,187	909,949	1,161,894	1,138,943	1,037,651
Current liabilities:
Accounts payable	148,848	303,577	298,952	266,304	299,157	343,100	385,895	275,380
Accrued liabilities	65,853	147,990	123,035	94,154	98,622	189,183	132,015	106,441
Current operating lease liabilities	64,524	72,601	77,468	85,329	76,960	82,203	79,845	85,576
Short-term borrowings		0				224,067
Total current liabilities	279,225	524,168	499,455	445,787	474,739	838,553	597,755	467,397
Long-term deferred taxes, net	1,135	4,924	2,098	1,981	1,964	2,586	2,254	1,936
Long-term operating lease liabilities	115,495	123,425	130,863	138,171	140,627	151,606	156,405	166,750
Other long-term liabilities	19,142	6,521	6,506	15,553	15,882	17,451	18,625	23,016
Long-term borrowings	103,100	141,200	177,551	221,916	196,337	30,191	233,873	277,663
Total liabilities	518,097	800,238	816,473	823,408	829,549	1,040,387	1,008,912	936,762
Commitments and contingencies
Stockholders' equity:
Preferred stock, $0.01 par value	0	0	0	0	0	0	0	0
Common stock, $0.01 par value	341	341	274	263	6	6	6	6
Additional paid-in capital	1,006,974	1,004,731	933,399	922,743	749,692	748,882	748,070	747,271
Other Comprehensive Income			7,828				0
Accumulated deficit	(712,571)	(689,567)	(707,509)	(750,671)	(646,746)	(604,829)	(595,497)	(623,914)
Treasury stock, at cost	(22,556)	(22,556)	(22,556)	(22,556)	(22,552)	(22,552)	(22,548)	(22,474)
Total stockholders' equity	272,188	292,949	211,436	149,779	80,400	121,507	130,031	100,889	$ 153,110
Total liabilities and stockholders' equity	$ 790,285	1,093,187	1,027,909	973,187	909,949	1,161,894	1,138,943	1,037,651
As Previously Reported
Current assets:
Cash and cash equivalents		9,185	11,619	8,212	10,459	8,123	15,008	7,657
Accounts receivable		354,241	275,847	154,405	104,110	315,126	221,805	140,858
Merchandise inventories, net		326,825	315,469	395,272	344,037	341,544	364,292	384,185
Textbook rental inventories		41,033	49,672	10,320	32,992	44,521	51,840	6,860
Prepaid expenses and other current assets		26,729	33,425	33,152	39,158	54,337	63,410	59,012
Total current assets		758,013	686,032	601,361	530,756	763,651	716,355	598,572
Property and equipment, net		41,956	44,926	48,264	52,912	57,273	61,403	64,438
Operating lease right-of-use assets		180,710	210,271	241,852	202,522	220,238	246,531	283,096
Intangible assets, net		81,630	85,137	87,828	94,191	97,947	104,026	107,413
Deferred tax assets, net		1,055				0
Other noncurrent assets		24,217	25,684	25,930	24,703	12,488	16,664	17,298
Total assets		1,087,581	1,052,050	1,005,235	905,084	1,151,597	1,144,979	1,070,817
Current liabilities:
Accounts payable		303,577	298,952	266,304	299,157	343,100	385,895	275,380
Accrued liabilities		130,069	99,670	75,713	77,441	156,874	112,075	89,792
Current operating lease liabilities		101,062	124,939	147,839	102,206	125,545	126,426	150,917
Short-term borrowings		0				224,067
Total current liabilities		534,708	523,561	489,856	478,804	849,586	624,396	516,089
Long-term deferred taxes, net		0	2,050	1,306	1,289	2,010	1,936	1,836
Long-term operating lease liabilities		121,835	129,748	132,200	142,193	155,226	160,185	171,154
Other long-term liabilities		6,521	14,334	15,553	15,882	17,451	18,625	23,016
Long-term borrowings		141,200	177,551	221,916	196,337	30,191	233,873	277,663
Total liabilities		804,264	847,244	860,831	834,505	1,054,464	1,039,015	989,758
Commitments and contingencies
Stockholders' equity:
Preferred stock, $0.01 par value		0	0	0	0	0	0	0
Common stock, $0.01 par value		341	274	263	6	6	6	6
Additional paid-in capital		1,004,731	933,399	922,743	749,692	748,882	748,070	747,271
Other Comprehensive Income			0				0
Accumulated deficit		(699,199)	(706,311)	(756,046)	(656,567)	(629,203)	(619,564)	(643,744)
Treasury stock, at cost		(22,556)	(22,556)	(22,556)	(22,552)	(22,552)	(22,548)	(22,474)
Total stockholders' equity		283,317	204,806	144,404	70,579	97,133	105,964	81,059	$ 130,751
Total liabilities and stockholders' equity		1,087,581	1,052,050	1,005,235	905,084	1,151,597	1,144,979	1,070,817
Opening Adjustments
Current assets:
Cash and cash equivalents					0
Accounts receivable					0
Merchandise inventories, net					0
Textbook rental inventories					(2,738)
Prepaid expenses and other current assets					0
Total current assets					(2,738)
Property and equipment, net					0
Operating lease right-of-use assets					11,795
Intangible assets, net					0
Other noncurrent assets					0
Total assets					9,057
Current liabilities:
Accounts payable					0
Accrued liabilities					15,182
Current operating lease liabilities					(22,170)
Total current liabilities					(6,988)
Long-term deferred taxes, net					0
Long-term operating lease liabilities					(6,314)
Other long-term liabilities					0
Long-term borrowings					0
Total liabilities					(13,302)
Commitments and contingencies
Stockholders' equity:
Preferred stock, $0.01 par value					0
Common stock, $0.01 par value					0
Additional paid-in capital					0
Accumulated deficit					22,359
Treasury stock, at cost					0
Total stockholders' equity					22,359
Total liabilities and stockholders' equity					9,057
Adjustments
Current assets:
Cash and cash equivalents		0	0	0	0	0	0	0
Accounts receivable		(10,722)	(16,079)	(2,424)	(5,272)	211	0	0
Merchandise inventories, net		0	0	0	0	0	0	0
Textbook rental inventories		(4,677)	(4,677)	(4,677)	(1,939)	(2,738)	(2,738)	(2,738)
Prepaid expenses and other current assets		6,767	(59)	(2,222)	0	0	0	0
Total current assets		(8,632)	(20,815)	(9,323)	(7,211)	(2,527)	(2,738)	(2,738)
Property and equipment, net		197	211	224	0	0	0	0
Operating lease right-of-use assets		15,096	(3,537)	(22,949)	3,019	12,824	(3,298)	(30,428)
Intangible assets, net		0	0	0	0	0	0	0
Deferred tax assets, net		(1,055)	0	0	0	0	0	0
Other noncurrent assets		0	0	0	0	0	0	0
Total assets		5,606	(24,141)	(32,048)	(4,192)	10,297	(6,036)	(33,166)
Current liabilities:
Accounts payable		0	0	0	0	0	0	0
Accrued liabilities		17,921	23,365	18,441	5,999	32,309	19,940	16,649
Current operating lease liabilities		(28,461)	(47,471)	(62,510)	(3,076)	(43,342)	(46,581)	(65,341)
Short-term borrowings		0				0
Total current liabilities		(10,540)	(24,106)	(44,069)	2,923	(11,033)	(26,641)	(48,692)
Long-term deferred taxes, net		4,924	48	675	675	576	318	100
Long-term operating lease liabilities		1,590	1,115	5,971	4,748	(3,620)	(3,780)	(4,404)
Other long-term liabilities		0	(7,828)	0	0	0	0	0
Long-term borrowings		0	0	0	0	0	0	0
Total liabilities		(4,026)	(30,771)	(37,423)	8,346	(14,077)	(30,103)	(52,996)
Commitments and contingencies
Stockholders' equity:
Preferred stock, $0.01 par value		0	0	0	0	0	0	0
Common stock, $0.01 par value		0	0	0	0	0	0	0
Additional paid-in capital		0	0	0	0	0	0	0
Other Comprehensive Income		0	7,828	0	0	0	0	0
Accumulated deficit		9,632	(1,198)	5,375	(12,538)	24,374	24,067	19,830
Treasury stock, at cost		0	0	0	0	0	0	0
Total stockholders' equity		9,632	6,630	5,375	(12,538)	24,374	24,067	19,830
Total liabilities and stockholders' equity		$ 5,606	$ (24,141)	$ (32,048)	$ (4,192)	$ 10,297	$ (6,036)	$ (33,166)

Restatement of Quarterly Financial Information (Unaudited) - Condensed Consolidated Balance Sheets (Parenthetical) (Details) - $ / shares	May 03, 2025	Jan. 25, 2025	Oct. 26, 2024	Jul. 27, 2024	Jun. 11, 2024	Apr. 27, 2024	Jan. 27, 2024	Oct. 28, 2023	Jul. 29, 2023
Accounting Changes and Error Corrections [Abstract]
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01	$ 0.01	$ 0.01		$ 0.01	$ 0.01	$ 0.01	$ 0.01
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01	$ 0.01	$ 0.01	$ 0.01	$ 0.01	$ 0.01	$ 0.01	$ 0.01

Restatement of Quarterly Financial Information (Unaudited) - Condensed Consolidated Statements of Cash Flows (Details) - USD ($) $ in Thousands		3 Months Ended								6 Months Ended		9 Months Ended		12 Months Ended
	Jun. 10, 2024	May 03, 2025	Jan. 25, 2025	Oct. 26, 2024	Jul. 27, 2024	Apr. 27, 2024	Jan. 27, 2024	Oct. 28, 2023	Jul. 29, 2023	Oct. 26, 2024	Oct. 28, 2023	Jan. 25, 2025	Jan. 27, 2024	May 03, 2025	Apr. 27, 2024
Cash flows from operating activities:
Net income (loss)		$ (23,004)	$ 17,942	$ 43,162	$ (103,925)	$ (41,917)	$ (9,332)	$ 28,417	$ (52,917)	$ (60,763)	$ (24,500)	$ (42,821)	$ (33,832)	$ (65,825)	$ (75,749)
Less: Loss from discontinued operations, net of tax			0	0	0	72	289	(674)	(417)	0	(1,091)	0	(802)	0	(730)
Loss from continuing operations, net of tax			17,942	43,162	(103,925)	(41,989)	(9,621)	29,091	(52,500)	(60,763)	(23,409)	(42,821)	(33,030)	(65,825)	(75,019)
Adjustments to reconcile net loss from continuing operations to net cash flows from operating activities from continuing operations:
Depreciation and amortization expense			7,827	8,542	13,071		10,148	10,175	10,253	21,613	20,428	29,440	30,576	37,939	40,560
Amortization of deferred financing costs					2,417				1,244	3,333	4,406	4,248	8,380	5,164	13,150
Loss on debt extinguishment					55,233				0	55,233	0	55,233	0
Impairment loss (non cash)						1,368	5,798	0	0			1,713	5,798	1,713	7,166
Interest expense (paid-in-kind)										0	863	0	1,750	0	2,652
Deferred taxes					17				97	135	415	2,960	747	(829)	125
Pension adjustments										7,828	0
Stock-based compensation expense					(863)				957	392	1,756	2,953	2,568	5,386	3,380
Changes in operating lease right-of-use assets and liabilities					4,345				1,684	1,345	(4,957)	(322)	47	(4,218)	(1,322)
Changes in other long-term assets and liabilities and other, net					1,156				4,056	(6,541)	(2,311)	(6,006)	(2,961)	7,072	(20,997)
Changes in other operating assets and liabilities, net:
Receivables, net					(53,143)				(48,346)	(160,931)	(129,293)	(244,681)	(222,825)	761	(6,326)
Merchandise inventories					(51,235)				(61,206)	28,568	(41,313)	17,212	(18,565)	44,475	(21,058)
Textbook rental inventories					22,672				23,489	(16,680)	(21,491)	(8,041)	(14,172)	1,876	(704)
Prepaid expenses and other current assets					2,537				(12,168)	4,341	2,756	(5,535)	2,436	7,096	31,593
Accounts payable and accrued liabilities					(35,784)				12,582	26,035	144,990	55,610	156,030	(181,256)	25,255
Changes in other operating assets and liabilities, net					(114,953)				(85,649)	(118,667)	(44,351)	(185,435)	(97,096)	(127,048)	28,760
Net cash flows used in operating activities from continuing operations					(143,502)				(119,858)	(96,092)	(47,160)	(138,037)	(83,221)	(85,413)	(1,545)
Net cash flows used in operating activities from discontinued operations					0				(3,266)	0	(3,939)	0	(3,650)	0	(3,577)
Net cash flows used in operating activities					(143,502)				(123,124)	(96,092)	(51,099)	(138,037)	(86,871)	(85,413)	(5,122)
Cash flows from investing activities:
Purchases of property and equipment					(3,960)				(4,219)	(7,018)	(8,196)	(9,790)	(11,459)	(12,894)	(14,070)
Proceeds from the sale of fixed assets					223				78	792	78	792	78	793	78
Net cash flows used in investing activities from continuing operations					(3,737)				(4,141)	(6,226)	(8,118)	(8,998)	(11,381)	(12,101)	(13,992)
Net cash flows provided by investing activities from discontinued operations					0				21,395	0	21,395	0	21,395	0	21,395
Net cash flows (used in) provided by investing activities					(3,737)				17,254	(6,226)	13,277	(8,998)	10,014	(12,101)	7,403
Cash flows from financing activities:
Proceeds from borrowings					217,647				145,187	455,044	284,698	667,355	454,459	887,055	563,023
Repayments of borrowings					(160,696)				(49,606)	(442,461)	(233,970)	(691,121)	(384,545)	(948,920)	(552,230)
Proceeds from Private Equity Investment	$ 50,000				50,000				0	50,000	0	50,000	0	50,000	0
Proceeds from Rights Offering	$ 45,000				45,000				0	45,000	0	45,000	0	45,000	0
Shares sold under at-the-market offering, net of commissions										9,590		78,450	0
Payment of equity issuance costs					(9,524)				0	(9,702)	0	(9,724)	0	(9,914)	0
Payment of deferred financing costs					(3,669)				(2,307)	(5,569)	(9,381)	(5,569)	(9,845)	(5,569)	(16,316)
Purchase of treasury shares					(4)				(98)	(4)	(172)	(4)	(176)	(5)	(176)
Proceeds from principal stockholder expense reimbursement					1,190				0	1,190	0	1,190	0	1,940	0
Payment of finance lease principal										(398)		(385)	0
Net cash flows provided by (used in) financing activities					139,944				93,176	102,690	41,175	135,192	59,893	97,667	(5,699)
Net increase (decrease) in cash, cash equivalents, and restricted cash					(7,295)				(12,694)	372	3,353	(11,843)	(16,964)	153	(3,418)
Cash, cash equivalents, and restricted cash at beginning of year		16,727	28,942	21,275	28,570	15,024	35,341	19,294	31,988	28,570	31,988	28,570	31,988	28,570	31,988
Cash, cash equivalents, and restricted cash of continuing operations at end of year		28,723	16,727	28,942	21,275	28,570	15,024	35,341	19,294	28,942	35,341	16,727	15,024	28,723	28,570
Less: Cash, cash equivalents and restricted cash of discontinued operations at end of period			0	0	0		0	0	0	0	0	0	0
Cash, cash equivalents, and restricted cash of continuing operations at end of period			16,727	28,942	21,275		15,024	35,341	19,294	28,942	35,341	16,727	15,024
As Previously Reported
Cash flows from operating activities:
Net income (loss)			7,112	49,735	(99,479)		(9,639)	24,180	(50,388)	(49,744)	(26,208)	(42,632)	(35,847)		(63,211)
Less: Loss from discontinued operations, net of tax			0	0	0		289	(674)	(417)	0	(1,091)	0	(802)		(730)
Loss from continuing operations, net of tax			7,112	49,735	(99,479)		(9,928)	24,854	(49,971)	(49,744)	(25,117)	(42,632)	(35,045)		(62,481)
Adjustments to reconcile net loss from continuing operations to net cash flows from operating activities from continuing operations:
Depreciation and amortization expense			7,814	8,530	13,057		10,148	10,175	10,253	21,587	20,428	29,401	30,576		40,560
Amortization of deferred financing costs					2,417				1,244	3,333	4,406	4,248	8,380		13,150
Loss on debt extinguishment					55,233				0	55,233	0	55,233	0
Impairment loss (non cash)												1,713	5,798		7,166
Interest expense (paid-in-kind)										0	863	0	1,750		2,652
Deferred taxes					17				(3)	762	97	(2,344)	171		(550)
Pension adjustments										0	0
Stock-based compensation expense					(863)				957	392	1,756	2,953	2,568		3,380
Changes in operating lease right-of-use assets and liabilities					(3,691)				721	2,538	1,826	19	19,553		24
Changes in other long-term assets and liabilities and other, net					2,446				4,056	1,287	(2,311)	(6,006)	(2,961)		(20,997)
Changes in other operating assets and liabilities, net:
Receivables, net					(50,295)				(48,346)	(171,737)	(129,293)	(250,131)	(222,614)		(11,598)
Merchandise inventories					(51,235)				(61,206)	28,568	(41,313)	17,212	(18,565)		(21,058)
Textbook rental inventories					22,672				23,489	(16,680)	(21,491)	(8,041)	(14,172)		(2,643)
Prepaid expenses and other current assets					315				(12,168)	4,282	2,756	1,232	2,436		31,593
Accounts payable and accrued liabilities					(34,586)				11,116	23,597	140,233	58,616	138,904		19,257
Changes in other operating assets and liabilities, net					(113,129)				(87,115)	(131,970)	(49,108)	(181,112)	(114,011)		15,551
Net cash flows used in operating activities from continuing operations					(143,992)				(119,858)	(96,582)	(47,160)	(138,527)	(83,221)		(1,545)
Net cash flows used in operating activities from discontinued operations					0				(3,266)	0	(3,939)	0	(3,650)		(3,577)
Net cash flows used in operating activities					(143,992)				(123,124)	(96,582)	(51,099)	(138,527)	(86,871)		(5,122)
Cash flows from investing activities:
Purchases of property and equipment					(3,470)				(4,219)	(6,528)	(8,196)	(9,300)	(11,459)		(14,070)
Proceeds from the sale of fixed assets					223				78	792	78	792	78		78
Net cash flows used in investing activities from continuing operations					(3,247)				(4,141)	(5,736)	(8,118)	(8,508)	(11,381)		(13,992)
Net cash flows provided by investing activities from discontinued operations					0				21,395	0	21,395	0	21,395		21,395
Net cash flows (used in) provided by investing activities					(3,247)				17,254	(5,736)	13,277	(8,508)	10,014		7,403
Cash flows from financing activities:
Proceeds from borrowings					217,647				145,187	455,044	284,698	667,355	454,459		563,023
Repayments of borrowings					(160,696)				(49,606)	(442,461)	(233,970)	(691,121)	(384,545)		(552,230)
Proceeds from Private Equity Investment					50,000				0	50,000	0	50,000	0
Proceeds from Rights Offering					45,000				0	45,000	0	45,000	0
Shares sold under at-the-market offering, net of commissions										9,590		78,450	0
Payment of equity issuance costs					(9,524)				0	(9,702)	0	(9,724)	0
Payment of deferred financing costs					(3,669)				(2,307)	(5,569)	(9,381)	(5,569)	(9,845)		(16,316)
Purchase of treasury shares					(4)				(98)	(4)	(172)	(4)	(176)		(176)
Proceeds from principal stockholder expense reimbursement					1,190				0	1,190	0	1,190	0
Payment of finance lease principal										(398)		(385)	0
Net cash flows provided by (used in) financing activities					139,944				93,176	102,690	41,175	135,192	59,893		(5,699)
Net increase (decrease) in cash, cash equivalents, and restricted cash					(7,295)				(12,694)	372	3,353	(11,843)	(16,964)		(3,418)
Cash, cash equivalents, and restricted cash at beginning of year		16,727	28,942	21,275	28,570	15,024	35,341	19,294	31,988	28,570	31,988	28,570	31,988	28,570	31,988
Cash, cash equivalents, and restricted cash of continuing operations at end of year			16,727	28,942	21,275	28,570	15,024	35,341	19,294	28,942	35,341	16,727	15,024		28,570
Less: Cash, cash equivalents and restricted cash of discontinued operations at end of period			0	0	0		0	0	0	0	0	0	0
Cash, cash equivalents, and restricted cash of continuing operations at end of period			16,727	28,942	21,275		15,024	35,341	19,294	28,942	35,341	16,727	15,024
Adjustments
Cash flows from operating activities:
Net income (loss)			10,830	(6,573)	(4,446)		307	4,237	(2,529)	(11,019)	1,708	(189)	2,015		(12,538)
Less: Loss from discontinued operations, net of tax			0	0	0		0	0	0	0	0	0	0		0
Loss from continuing operations, net of tax			10,830	(6,573)	(4,446)		307	4,237	(2,529)	(11,019)	1,708	(189)	2,015		(12,538)
Adjustments to reconcile net loss from continuing operations to net cash flows from operating activities from continuing operations:
Depreciation and amortization expense			13	12	14	0	0	0	0	26	0	39	0		0
Amortization of deferred financing costs					0				0	0	0	0	0		0
Loss on debt extinguishment					0				0	0	0	0	0
Impairment loss (non cash)												0	0		0
Interest expense (paid-in-kind)										0	0	0	0		0
Deferred taxes					0				100	(627)	318	5,304	576		675
Pension adjustments										7,828	0
Stock-based compensation expense					0				0	0	0	0	0		0
Changes in operating lease right-of-use assets and liabilities					8,036				963	(1,193)	(6,783)	(341)	(19,506)		(1,346)
Changes in other long-term assets and liabilities and other, net					(1,290)				0	(7,828)	0	0	0		0
Changes in other operating assets and liabilities, net:
Receivables, net					(2,848)				0	10,806	0	5,450	(211)		5,272
Merchandise inventories					0				0	0	0	0	0		0
Textbook rental inventories					0				0	0	0	0	0		1,939
Prepaid expenses and other current assets					2,222				0	59	0	(6,767)	0		0
Accounts payable and accrued liabilities					(1,198)				1,466	2,438	4,757	(3,006)	17,126		5,998
Changes in other operating assets and liabilities, net					(1,824)				1,466	13,303	4,757	(4,323)	16,915		13,209
Net cash flows used in operating activities from continuing operations					490				0	490	0	490	0		0
Net cash flows used in operating activities from discontinued operations					0				0	0	0	0	0		0
Net cash flows used in operating activities					490				0	490	0	490	0		0
Cash flows from investing activities:
Purchases of property and equipment					(490)				0	(490)	0	(490)	0		0
Proceeds from the sale of fixed assets					0				0	0	0	0	0		0
Net cash flows used in investing activities from continuing operations					(490)				0	(490)	0	(490)	0		0
Net cash flows provided by investing activities from discontinued operations					0				0	0	0	0	0		0
Net cash flows (used in) provided by investing activities					(490)				0	(490)	0	(490)	0		0
Cash flows from financing activities:
Proceeds from borrowings					0				0	0	0	0	0		0
Repayments of borrowings					0				0	0	0	0	0		0
Proceeds from Private Equity Investment					0				0	0	0	0	0
Proceeds from Rights Offering					0				0	0	0	0	0
Shares sold under at-the-market offering, net of commissions										0	0	0	0
Payment of equity issuance costs					0				0	0	0	0	0
Payment of deferred financing costs					0				0	0	0	0	0		0
Purchase of treasury shares					0				0	0	0	0	0		0
Proceeds from principal stockholder expense reimbursement					0				0	0	0	0	0
Payment of finance lease principal										0	0	0	0
Net cash flows provided by (used in) financing activities					0				0	0	0	0	0		0
Net increase (decrease) in cash, cash equivalents, and restricted cash					0				0	0	0	0	0		0
Cash, cash equivalents, and restricted cash at beginning of year		$ 0	0	0	0	0	0	0	0	0	0	0	0	$ 0	0
Cash, cash equivalents, and restricted cash of continuing operations at end of year			0	0	0	$ 0	0	0	0	0	0	0	0		$ 0
Less: Cash, cash equivalents and restricted cash of discontinued operations at end of period			0	0	0		0	0	0	0	0	0	0
Cash, cash equivalents, and restricted cash of continuing operations at end of period			$ 0	$ 0	$ 0		$ 0	$ 0	$ 0	$ 0	$ 0	$ 0	$ 0

Restatement of Quarterly Financial Information (Unaudited) - Condensed Consolidated Statements of Equity (Details) - USD ($)
$ in Thousands

3 Months Ended

6 Months Ended

9 Months Ended

12 Months Ended

May 03, 2025

Jan. 25, 2025

Oct. 26, 2024

Jul. 27, 2024

Apr. 27, 2024

Jan. 27, 2024

Oct. 28, 2023

Jul. 29, 2023

Oct. 26, 2024

Oct. 28, 2023

Jan. 25, 2025

Jan. 27, 2024

May 03, 2025

Apr. 27, 2024

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Common Stock, beginning shares (in shares)

558,402

Equity, beginning balance

$ 292,949

$ 211,436

$ 149,779

$ 80,400

$ 121,507

$ 130,031

$ 100,889

$ 153,110

$ 80,400

$ 153,110

$ 80,400

$ 153,110

$ 80,400

$ 153,110

Stock-based compensation expense

2,561

1,255

(863)

812

799

794

392

1,593

2,953

2,405

$ 5,386

3,215

Shares repurchased for tax withholdings for vested stock awards

(4)

(74)

(98)

(4)

(172)

(4)

(176)

$ (176)

Shares repurchased for tax withholdings for vested stock awards (in shares)

429

1,482

Equity issuance costs

(22)

(178)

(9,524)

(9,702)

(9,724)

$ (9,914)

Pension adjustments

(7,828)

7,828

Term Loan debt conversion

86,755

Principal stockholder expense reimbursement

1,940

Adjustment to Additional Paid-In Capital, reverse stock split

0

Adjustment to Additional Paid-In Capital, reverse stock split

78,450

Net loss

$ (23,004)

17,942

43,162

(103,925)

$ (41,917)

(9,332)

28,417

(52,917)

(60,763)

(24,500)

(42,821)

(33,832)

$ (65,825)

$ (75,749)

Common Stock, ending shares (in shares)

34,081,114

558,402

34,081,114

558,402

Equity, ending balance

$ 272,188

292,949

211,436

149,779

$ 80,400

$ 121,507

$ 130,031

$ 100,889

211,436

$ 130,031

292,949

$ 121,507

$ 272,188

$ 80,400

Private Equity Investment

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Equity sale and issuance

50,000

Rights Offering

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Equity sale and issuance

$ 45,000

45,000

$ 45,000

45,000

ATM Agreements

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Equity sale and issuance

$ 68,860

$ 9,590

$ 78,450

Common Stock

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Common Stock, beginning shares (in shares)

34,081,114

27,313,038

26,235,303

558,402

^[1]

558,402

553,402

551,402

^[1]

558,402

^[1]

551,402

^[1]

558,402

^[1]

551,402

^[1]

558,402

^[1]

551,402

^[1]

Equity, beginning balance

$ 341

$ 274

$ 263

$ 6

^[2]

$ 6

^[2]

$ 6

^[2]

$ 6

^[2]

$ 6

^[2]

$ 6

^[2]

$ 6

^[2]

$ 6

^[2]

Vested equity awards (in shares)

31,275

2,923

5,000

2,000

34,198

7,000

34,198

7,000

Shares repurchased for tax withholdings for vested stock awards (in shares)

0

(429)

^[1]

Equity sale and issuance (in shares)

7,814,536

Equity sale and issuance

$ 78

Term Loan debt conversion (in shares)

6,673,978

^[1]

Term Loan debt conversion

$ 67

^[2]

Common Stock, ending shares (in shares)

34,081,114

^[1]

34,081,114

27,313,038

26,235,303

558,402

^[1]

558,402

553,402

27,313,038

558,402

34,081,114

558,402

34,081,114

^[1]

558,402

^[1]

Equity, ending balance

$ 341

^[2]

$ 341

$ 274

$ 263

$ 6

^[2]

$ 6

$ 274

$ 6

$ 341

$ 6

$ 341

^[2]

$ 6

^[2]

Common Stock | Private Equity Investment

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Equity sale and issuance (in shares)

10,000,000

^[1]

Equity sale and issuance

$ 100

^[2]

Common Stock | Rights Offering

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Equity sale and issuance (in shares)

9,000,000

^[1]

Equity sale and issuance

$ 90

^[2]

Common Stock | ATM Agreements

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Equity sale and issuance (in shares)

6,768,076

1,046,460

7,814,965

^[1]

Equity sale and issuance

$ 67

$ 11

$ 78

^[2]

Additional Paid-in Capital

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Equity, beginning balance

1,004,731

933,399

922,743

749,692

^[2]

748,882

748,070

747,271

746,477

^[2]

749,692

^[2]

746,477

^[2]

749,692

^[2]

746,477

^[2]

749,692

^[2]

746,477

^[2]

Stock-based compensation expense

2,561

1,255

(863)

812

799

794

392

1,593

2,953

2,405

5,386

^[2]

3,215

^[2]

Equity issuance costs

(22)

(178)

(9,524)

(9,702)

(9,724)

(9,914)

^[2]

Term Loan debt conversion

86,688

^[2]

Principal stockholder expense reimbursement

1,940

^[2]

Adjustment to Additional Paid-In Capital, reverse stock split

78,372

Equity, ending balance

1,006,974

^[2]

1,004,731

933,399

922,743

749,692

^[2]

748,882

748,070

747,271

933,399

748,070

1,004,731

748,882

1,006,974

^[2]

749,692

^[2]

Additional Paid-in Capital | Private Equity Investment

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Equity sale and issuance

49,900

^[2]

Additional Paid-in Capital | Rights Offering

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Equity sale and issuance

44,910

^[2]

Additional Paid-in Capital | ATM Agreements

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Equity sale and issuance

68,793

9,579

78,372

^[2]

Accumulated Deficit

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Equity, beginning balance

(689,567)

(707,509)

(750,671)

(646,746)

(604,829)

(595,497)

(623,914)

(570,997)

(646,746)

(570,997)

(646,746)

(570,997)

(646,746)

(570,997)

Net loss

17,942

43,162

(103,925)

(9,332)

28,417

(52,917)

(60,763)

(24,500)

(42,821)

(33,832)

(65,825)

(75,749)

Equity, ending balance

(712,571)

(689,567)

(707,509)

(750,671)

(646,746)

(604,829)

(595,497)

(623,914)

(707,509)

(595,497)

(689,567)

(604,829)

(712,571)

(646,746)

Treasury Stock

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Equity, beginning balance

$ (22,556)

$ (22,552)

$ (22,548)

$ (22,474)

$ (22,376)

$ (22,552)

$ (22,376)

$ (22,552)

$ (22,376)

$ (22,552)

$ (22,376)

Treasury Stock, beginning balance (in shares)

27,267

26,838

^[1]

26,838

26,138

25,359

^[1]

26,838

^[1]

25,359

^[1]

26,838

^[1]

25,359

^[1]

26,838

^[1]

25,359

^[1]

Shares repurchased for tax withholdings for vested stock awards

$ (4)

$ (74)

$ (98)

$ (4)

$ (172)

$ (4)

$ (176)

$ (4)

$ (176)

Shares repurchased for tax withholdings for vested stock awards (in shares)

429

700

779

429

1,479

(429)

1,479

429

^[1]

1,479

^[1]

Equity, ending balance

$ (22,556)

$ (22,552)

$ (22,548)

$ (22,474)

$ (22,556)

$ (22,548)

$ (22,556)

$ (22,552)

$ (22,556)

$ (22,552)

Treasury Stock, ending balance (in shares)

27,267

^[1]

27,267

26,838

^[1]

26,838

26,138

27,267

26,838

27,267

26,838

27,267

^[1]

26,838

^[1]

Other Comprehensive Income

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Equity, beginning balance

$ 0

$ 7,828

$ 0

Pension adjustments

(7,828)

7,828

Equity, ending balance

0

7,828

0

$ 0

7,828

0

$ 0

As Previously Reported

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Equity, beginning balance

$ 283,317

204,806

144,404

70,579

97,133

$ 105,964

$ 81,059

$ 130,751

70,579

$ 130,751

70,579

$ 130,751

$ 70,579

130,751

Stock-based compensation expense

2,561

1,255

(863)

812

799

794

392

1,593

2,953

2,405

Vested equity awards

0

Shares repurchased for tax withholdings for vested stock awards

(4)

(74)

(98)

(4)

(172)

(4)

(176)

Equity issuance costs

(22)

(178)

(9,524)

(9,702)

(9,724)

Term Loan debt conversion

86,755

Principal stockholder expense reimbursement

1,940

Adjustment to Additional Paid-In Capital, reverse stock split

0

Adjustment to Additional Paid-In Capital, reverse stock split

78,450

Adjustment to Additional Paid-In Capital, reverse stock split

0

Net loss

7,112

49,735

(99,479)

(9,639)

24,180

(50,388)

(49,744)

(26,208)

(42,632)

(35,847)

(63,211)

Equity, ending balance

283,317

204,806

144,404

$ 70,579

$ 97,133

$ 105,964

$ 81,059

204,806

$ 105,964

283,317

$ 97,133

$ 70,579

As Previously Reported | Private Equity Investment

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Equity sale and issuance

50,000

As Previously Reported | Rights Offering

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Equity sale and issuance

$ 45,000

45,000

$ 45,000

As Previously Reported | ATM Agreements

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Equity sale and issuance

$ 68,860

$ 9,590

As Previously Reported | Common Stock

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Common Stock, beginning shares (in shares)

34,081,114

27,313,038

26,235,303

558,402

553,402

551,402

558,402

551,402

558,402

551,402

558,402

551,402

Equity, beginning balance

$ 341

$ 273

$ 262

$ 558

$ 553

$ 551

$ 558

$ 551

$ 558

$ 551

$ 558

$ 551

Vested equity awards (in shares)

31,275

2,923

5,000

2,000

34,198

7,000

34,198

7,000

Vested equity awards

$ 5

$ 2

$ 7

Equity sale and issuance (in shares)

7,814,536

Equity sale and issuance

$ 79

Term Loan debt conversion (in shares)

6,673,978

Term Loan debt conversion

$ 67

Adjustment to Additional Paid-In Capital, reverse stock split

$ (553)

Common Stock, ending shares (in shares)

34,081,114

27,313,038

26,235,303

558,402

553,402

27,313,038

558,402

34,081,114

558,402

Equity, ending balance

$ 341

$ 273

$ 262

$ 558

$ 553

$ 273

$ 558

$ 341

$ 558

As Previously Reported | Common Stock | Private Equity Investment

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Equity sale and issuance (in shares)

10,000,000

Equity sale and issuance

$ 100

As Previously Reported | Common Stock | Rights Offering

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Equity sale and issuance (in shares)

9,000,000

Equity sale and issuance

$ 90

As Previously Reported | Common Stock | ATM Agreements

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Equity sale and issuance (in shares)

6,768,076

1,046,460

Equity sale and issuance

$ 68

$ 11

As Previously Reported | Additional Paid-in Capital

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Equity, beginning balance

1,004,731

933,400

922,744

749,140

748,330

747,518

746,724

745,932

749,140

745,932

749,140

745,932

749,140

745,932

Stock-based compensation expense

2,561

1,255

(863)

812

799

794

392

1,593

2,953

2,405

Vested equity awards

(5)

(2)

(7)

Equity issuance costs

(22)

(178)

(9,524)

(9,702)

(9,724)

Term Loan debt conversion

86,688

Principal stockholder expense reimbursement

1,940

Adjustment to Additional Paid-In Capital, reverse stock split

553

Adjustment to Additional Paid-In Capital, reverse stock split

78,371

Adjustment to Additional Paid-In Capital, reverse stock split

553

Equity, ending balance

1,004,731

933,400

922,744

749,140

748,330

747,518

746,724

933,400

747,518

1,004,731

748,330

749,140

As Previously Reported | Additional Paid-in Capital | Private Equity Investment

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Equity sale and issuance

49,900

As Previously Reported | Additional Paid-in Capital | Rights Offering

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Equity sale and issuance

44,910

As Previously Reported | Additional Paid-in Capital | ATM Agreements

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Equity sale and issuance

68,792

9,579

As Previously Reported | Accumulated Deficit

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Equity, beginning balance

(699,199)

(706,311)

(756,046)

(656,567)

(629,203)

(619,564)

(643,744)

(593,356)

(656,567)

(593,356)

(656,567)

(593,356)

(656,567)

(593,356)

Net loss

7,112

49,735

(99,479)

(9,639)

24,180

(50,388)

(49,744)

(26,208)

(42,632)

(35,847)

Equity, ending balance

(699,199)

(706,311)

(756,046)

(656,567)

(629,203)

(619,564)

(643,744)

(706,311)

(619,564)

(699,199)

(629,203)

(656,567)

As Previously Reported | Treasury Stock

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Equity, beginning balance

$ (22,556)

$ (22,552)

$ (22,548)

$ (22,474)

$ (22,376)

$ (22,552)

$ (22,376)

$ (22,552)

$ (22,376)

$ (22,552)

$ (22,376)

Treasury Stock, beginning balance (in shares)

27,267

26,838

26,138

25,359

26,838

25,359

26,838

25,359

26,838

25,359

Shares repurchased for tax withholdings for vested stock awards

$ (4)

$ (74)

$ (98)

$ (4)

$ (172)

$ (4)

$ (176)

Shares repurchased for tax withholdings for vested stock awards (in shares)

429

700

779

429

1,479

(429)

1,479

Equity, ending balance

$ (22,556)

$ (22,552)

$ (22,548)

$ (22,474)

$ (22,556)

$ (22,548)

$ (22,556)

$ (22,552)

Treasury Stock, ending balance (in shares)

27,267

26,838

26,138

27,267

26,838

27,267

26,838

As Previously Reported | Other Comprehensive Income

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Equity, beginning balance

$ 0

Equity, ending balance

$ 0

[1]	Shares for all years are post-split amounts (restated to reflect the reverse stock split in fiscal 2025).
[2]	Reflects the reclassification of dollar amounts between Common Stock and Additional Paid-In-Capital in the year the stock split occurred.

Schedule II—Valuation and Qualifying Accounts (Details) - USD ($) $ in Thousands	12 Months Ended
	May 03, 2025	Apr. 27, 2024
Allowance for Doubtful Accounts
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Balance at beginning of period	$ 867	$ 1,156
Charge (recovery) to costs and expenses	1,775	1,595
Write-offs / Deductions	(494)	(1,884)
Balance at end of period	2,148	867
Sales Returns Reserves
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Balance at beginning of period	2,181	2,426
Addition Charged to Costs	165,055	142,660
Write-offs / Deductions	(165,406)	(142,905)
Balance at end of period	$ 1,830	$ 2,181