BARNES & NOBLE EDUCATION, INC., 10-Q filed on 12/9/2024
Quarterly Report
v3.24.3
Document and Entity Information - shares
 6 Months Ended
Oct. 26, 2024
Nov. 29, 2024
Document Information [Line Items]    
Document Type 10-Q  
Amendment Flag false  
Document Fiscal Year Focus 2025  
Document Fiscal Period Focus Q2  
Entity Shell Company false  
Entity Registrant Name BARNES & NOBLE EDUCATION, INC.  
Entity Central Index Key 0001634117  
Current Fiscal Year End Date --05-03  
Entity Filer Category Non-accelerated Filer  
Entity Emerging Growth Company false  
Entity Small Business true  
Entity Common Stock, Shares Outstanding   30,213,916
Document Quarterly Report true  
Trading Symbol BNED  
Security Exchange Name NYSE  
Title of 12(b) Security Common Stock, $0.01 par value per share  
Document Transition Report false  
Entity File Number 1-37499  
Local Phone Number 991-2665  
City Area Code (908)  
Entity Address, Postal Zip Code 07920  
Entity Incorporation, State or Country Code DE  
Entity Tax Identification Number 46-0599018  
Entity Address, State or Province NJ  
Entity Address, City or Town Basking Ridge,  
Entity Address, Address Line One 120 Mountain View Blvd.,  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Document Period End Date Oct. 26, 2024  
v3.24.3
Consolidated Statements of Operations and Comprehensive Loss - USD ($)
shares in Thousands, $ in Thousands
 3 Months Ended 6 Months Ended
Oct. 26, 2024
Oct. 28, 2023
Oct. 26, 2024
Oct. 28, 2023
Sales:        
Product sales and other $ 559,674 $ 569,698 $ 810,600 $ 822,348
Rental income 42,448 40,681 54,953 52,192
Total sales 602,122 610,379 865,553 874,540
bned_Cost of Product and Other Cost of Sales 442,092 451,953 651,517 658,967
Rental cost of sales 22,387 22,184 29,187 28,697
Cost of Goods and Services Sold 464,479 474,137 680,704 687,664
Gross profit 137,643 136,242 184,849 186,876
Selling and administrative expenses 72,940 85,961 139,963 163,437
Depreciation and amortization expense 8,530 10,175 21,587 20,428
Gain (Loss) on Extinguishment of Debt 0 0 55,233 0
Restructuring and other charges (150) 4,274 3,468 8,907
Operating Income (Loss) 56,323 35,832 (35,402) (5,896)
Interest expense, net 5,463 10,664 13,081 18,918
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest, Total 50,860 25,168 (48,483) (24,814)
Income tax expense (benefit) 1,125 314 1,261 303
Income (Loss) from Continuing Operations, Net of Tax, Attributable to Parent 49,735 24,854 (49,744) (25,117)
Income (Loss) from Discontinued Operations, Net of Tax, Attributable to Parent 0 (674) 0 (1,091)
Net (loss) income $ 49,735 $ 24,180 $ (49,744) $ (26,208)
(Loss) Earnings per share of common stock        
Income (Loss) from Continuing Operations, Per Basic Share $ 1.87 $ 9.36 $ (2.48) $ (9.47)
Discontinued Operation, Income (Loss) from Discontinued Operation, Net of Tax, Per Basic Share 0 (0.25) 0 (0.41)
Basic 1.87 9.11 (2.48) (9.88)
Income (Loss) from Continuing Operations, Per Diluted Share 1.87 9.36 (2.48) (9.47)
Discontinued Operation, Income (Loss) from Discontinued Operation, Net of Tax, Per Diluted Share 0 (0.25) 0 (0.41)
Diluted $ 1.87 $ 9.11 $ (2.48) $ (9.88)
Weighted average common shares outstanding        
Diluted 26,542 2,655 20,019 2,651
Basic 26,527 2,655 20,019 2,651
Discontinued Operation, Tax Effect of Discontinued Operation $ 0 $ 0 $ 0 $ 20
v3.24.3
Consolidated Balance Sheets - USD ($)
$ in Thousands
Oct. 26, 2024
Apr. 27, 2024
Oct. 28, 2023
Current assets:      
Cash and cash equivalents $ 11,619 $ 10,459 $ 15,008
Receivables, net 275,847 104,110 221,805
Merchandise inventories, net 315,469 344,037 364,292
Textbook rental inventories 49,672 32,992 51,840
Prepaid expenses and other current assets 33,425 39,158 63,410
Total current assets 686,032 530,756 716,355
Net property and equipment 44,926 52,912 61,403
Operating Lease, Right-of-Use Asset 210,271 202,522 246,531
Other noncurrent assets 25,684 24,703 16,664
Total assets 1,052,050 905,084 1,144,979
Current liabilities:      
Accounts payable 298,952 299,157 385,895
Accrued liabilities 99,670 77,441 112,075
Operating Lease, Liability, Current 124,939 102,206 126,426
Total current liabilities 523,561 478,804 624,396
Deferred Income Tax Liabilities, Net 2,050 1,289 1,936
Operating Lease, Liability, Noncurrent 129,748 142,193 160,185
Other long-term liabilities 14,334 15,882 18,625
Long-Term Debt 177,551 196,337 233,873
Liabilities 847,244 834,505 1,039,015
Preferred Stock, Value, Issued 0 0 0
Common Stock, Value, Outstanding 273 558 558
Additional Paid in Capital 933,400 749,140 747,518
Retained Earnings (Accumulated Deficit) (706,311) (656,567) (619,564)
Treasury Stock, Value (22,556) (22,552) (22,548)
Total Equity 204,806 70,579 105,964
Total liabilities and Parent Company equity $ 1,052,050 $ 905,084 $ 1,144,979
Preferred Stock, Par or Stated Value Per Share $ 0.01 $ 0.01 $ 0.01
Preferred Stock, Shares Authorized 5,000,000 5,000,000 5,000,000
Preferred Stock, Shares Issued 0 0 0
Preferred Stock, Shares Outstanding 0 0 0
Common Stock, Par or Stated Value Per Share $ 0.01 $ 0.01 $ 0.01
Common Stock, Shares Authorized 200,000,000 2,000,000 2,000,000
Common Stock, Shares, Issued 27,313,000 558,000 558,000
Common Stock, Shares, Outstanding 27,286,000 532,000 531,000
Intangible assets, net $ 85,137 $ 94,191 $ 104,026
v3.24.3
Statement of Cash Flows (Statement) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Oct. 26, 2024
Oct. 28, 2023
Oct. 26, 2024
Oct. 28, 2023
Apr. 27, 2024
Apr. 29, 2023
Statement of Cash Flows [Abstract]            
Net Income (Loss) Attributable to Parent $ 49,735 $ 24,180 $ (49,744) $ (26,208)    
Income (Loss) from Discontinued Operations, Net of Tax, Attributable to Parent 0 (674) 0 (1,091)    
Income (Loss) from Continuing Operations, Net of Tax, Attributable to Parent 49,735 24,854 (49,744) (25,117)    
Depreciation and amortization expense 8,530 10,175 21,587 20,428    
Amortization of Debt Issuance Costs 916 3,162 3,333 4,406    
Increase (Decrease) in Deferred Income Taxes     762 97    
Share-based Compensation     392 1,756    
Increase (Decrease) in Operating Liabilities     2,538 1,826    
Increase (Decrease) in Other Noncurrent Assets and Liabilities, Net     1,287 (2,311)    
Increase (Decrease) in Receivables     (171,737) (129,293)    
Increase (Decrease) in Inventories     28,568 (41,313)    
Increase (Decrease) in Rental Inventories     (16,680) (21,491)    
Increase (Decrease) in Prepaid Expense and Other Assets     4,282 2,756    
Accounts payable and accrued liabilities     23,597 140,233    
Increase (Decrease) in Other Current Assets and Liabilities, Net     (131,970) (49,108)    
Net Cash Provided by (Used in) Operating Activities, Continuing Operations     (96,582) (47,160)    
Cash Provided by (Used in) Operating Activities, Discontinued Operations     0 (3,939)    
Net Cash Provided by (Used in) Operating Activities     (96,582) (51,099)    
Payments to Acquire Property, Plant, and Equipment     (6,528) (8,196)    
Increase (Decrease) in Other Noncurrent Assets     792 78    
Net Cash Provided by (Used in) Investing Activities, Continuing Operations     (5,736) (8,118)    
Cash Provided by (Used in) Investing Activities, Discontinued Operations     0 21,395    
Net Cash Provided by (Used in) Investing Activities     (5,736) 13,277    
Proceeds from Issuance of Secured Debt       284,698    
Proceeds from Issuance of Private Placement     50,000 0    
Proceeds from Issuance of Common Stock     45,000 0    
Payments of Stock Issuance Costs (178)   (9,702) 0    
Payments of Debt Issuance Costs     (5,569) (9,381)    
Payments for Repurchase of Common Stock     (4) (172)    
Proceeds from Contributed Capital     1,190 0    
Finance Lease, Principal Payments     (398) 0    
Net Cash Provided by (Used in) Financing Activities, Continuing Operations     102,690 41,175    
Cash Provided by (Used in) Financing Activities, Discontinued Operations     0 0    
Net Cash Provided by (Used in) Financing Activities     102,690 41,175    
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect     372 3,353    
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents 28,942 35,341 28,942 35,341 $ 28,570 $ 31,988
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents, Disposal Group, Including Discontinued Operations 0 0 0 0    
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents, Including Disposal Group and Discontinued Operations   35,341   35,341    
Proceeds from sales of common stock under ATM facility, net of commissions     9,590 0    
Paid-in-Kind Interest     0 863    
Gain (Loss) on Extinguishment of Debt $ 0 $ 0 $ 55,233 $ 0    
v3.24.3
Consolidated Statement of Equity Statement - USD ($)
shares in Thousands
Total
Additional Paid-in Capital [Member]
Common Stock [Member]
Retained Earnings
Treasury Stock, Common
Rights Offering
Private Investment Equity
Principal Stockholder Expense Reimbursement
Term Loan Conversion
ATM
Common Stock, Shares, Issued     551              
Total Equity $ 130,751,000 $ 745,932,000 $ 551,000 $ (593,356,000)            
Treasury Stock, Common, Shares         26          
Treasury Stock, Value (22,376,000)                  
Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures     2              
Stock Issued During Period, Value, Restricted Stock Award, Net of Forfeitures 0 (2,000) $ 2,000              
Stock-based compensation expense 794,000 794,000                
CostOfRepurchasedSharesForTaxWittholdingForShareBasedCompensation (98,000)                  
Net Income (Loss) Attributable to Parent (50,388,000)                  
Stock Issued During Period, Value, Treasury Stock Reissued (98,000)                  
Stock Issued During Period, Shares, Treasury Stock Reissued         0          
Net Income (Loss) Attributable to Parent (26,208,000)                  
Payments of Stock Issuance Costs 0                  
Common Stock, Shares, Issued     553              
Total Equity 81,059,000 746,724,000 $ 553,000 (643,744,000)            
Treasury Stock, Common, Shares         26          
Treasury Stock, Value (22,474,000)                  
Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures     5              
Stock Issued During Period, Value, Restricted Stock Award, Net of Forfeitures 0 (5,000) $ 5,000              
Stock-based compensation expense 799,000 799,000                
CostOfRepurchasedSharesForTaxWittholdingForShareBasedCompensation (74,000)                  
Net Income (Loss) Attributable to Parent 24,180,000                  
Stock Issued During Period, Value, Treasury Stock Reissued $ (74,000)                  
Stock Issued During Period, Shares, Treasury Stock Reissued         1          
Common Stock, Shares, Issued 558   558              
Total Equity $ 105,964,000 747,518,000 $ 558,000 (619,564,000)            
Treasury Stock, Common, Shares         27          
Treasury Stock, Value $ (22,548,000)                  
Common Stock, Shares, Issued 558   558              
Total Equity $ 70,579,000 749,140,000 $ 558,000 (656,567,000)            
Treasury Stock, Common, Shares         27          
Treasury Stock, Value (22,552,000)                  
Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures     3              
Stock Issued During Period, Value, Restricted Stock Award, Net of Forfeitures 0 0 $ 0              
Stock-based compensation expense (863,000) (863,000)                
CostOfRepurchasedSharesForTaxWittholdingForShareBasedCompensation (4,000)                  
Net Income (Loss) Attributable to Parent (99,479,000)                  
Common Stock, Value, Issued           $ 90,000 $ 100,000   $ 67,000  
Stock Issued During Period, Value, Treasury Stock Reissued (4,000)                  
Stock Issued During Period, Shares, Treasury Stock Reissued         0          
Other Additional Capital           $ 44,910,000 $ 49,900,000 $ 1,940,000 86,688,000  
Adjustments to Additional Paid in Capital, Stock Split 553,000                  
Stock Issued During Period, Shares, New Issues           9,000 10,000      
Payments of Stock Issuance Costs $ (9,524,000)                  
Debt Conversion, Converted Instrument, Shares Issued 6,674                  
Stock Issued During Period, Value, Other $ (553,000)         $ 45,000,000 $ 50,000,000 $ 1,940,000 $ 86,755,000  
Other Comprehensive Income, Other, Net of Tax 0                  
Net Income (Loss) Attributable to Parent (49,744,000)                  
Payments of Stock Issuance Costs (9,702,000)         $ (9,524,000)        
Common Stock, Shares, Issued     26,235              
Total Equity 144,404,000 922,744,000 $ 262,000 (756,046,000)            
Treasury Stock, Common, Shares         27          
Treasury Stock, Value (22,556,000)                  
Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures     31              
Stock Issued During Period, Value, Restricted Stock Award, Net of Forfeitures 0 0 $ 0              
Stock-based compensation expense 1,255,000 1,255,000                
Net Income (Loss) Attributable to Parent 49,735,000                  
Common Stock, Value, Issued                   $ 11,000
Other Additional Capital                   $ 9,579,000
Stock Issued During Period, Shares, New Issues                   1,047
Payments of Stock Issuance Costs $ (178,000)                  
Stock Issued During Period, Value, Other                   $ 9,590,000
Common Stock, Shares, Issued 27,313   27,313              
Total Equity $ 204,806,000 $ 933,400,000 $ 273,000 $ (706,311,000)            
Treasury Stock, Common, Shares         27          
Treasury Stock, Value $ (22,556,000)                  
v3.24.3
Organization
 6 Months Ended
Oct. 26, 2024
Organization
Note 1. Organization
Description of Business
Barnes & Noble Education, Inc. (“BNED”) is one of the largest contract operators of physical and virtual bookstores for college and university campuses and K-12 institutions across the United States. We are also a textbook wholesaler, and bookstore management hardware and software provider. We operate 1,162 physical and virtual bookstores and serve more than 5.7 million students, 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 equitable access, enhanced convenience and improved affordability through innovative course material delivery models designed to drive improved student experiences and outcomes. We offer our BNC First Day® affordable textbook access 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.
v3.24.3
Employees Benefit Plan
 6 Months Ended
Oct. 26, 2024
Employees' Defined Contribution Plan
Note 11. Employee Benefit Plans
We sponsor defined contribution plans for the benefit of substantially all of the employees of BNC. MBS maintains a profit sharing plan covering substantially all full-time employees of MBS. For all plans, we are responsible to fund the employer contributions directly. Total employee benefit expense for these plans was $0 and $590 during the 13 weeks ended October 26, 2024 and October 28, 2023, respectively. Total employee benefit expense for these plans was $0 and $1,687 during the 26 weeks ended October 26, 2024 and October 28, 2023, respectively. Commencing in September 2023, we revised the 401(k)-retirement savings plan to an annual end of plan year discretionary match, in lieu of the current pay period match.
v3.24.3
Organization - Additional Information
Person in Thousands
 6 Months Ended
Oct. 26, 2024
Person
Store
Organization Consolidation And Presentation Of Financial Statements [Line Items]  
Number of students covered to build relationships and derive sales | Person 5,700
Number of Stores | Store 1,162
v3.24.3
Employees Benefit Plans - Additional Information - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Oct. 26, 2024
Oct. 28, 2023
Oct. 26, 2024
Oct. 28, 2023
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]        
Company contributions, employee benefit expenses $ 0 $ 590 $ 0 $ 1,687
v3.24.3
Summary of Significant Accounting Policies (Notes)
 6 Months Ended
Oct. 26, 2024
Summary of Significant Accounting Policies
Note 2. Summary of Significant Accounting Policies
Basis of Presentation and Consolidation
Our condensed consolidated financial statements reflect our condensed consolidated financial position, results of operations and cash flows in conformity with accounting principles generally accepted in the United States (“GAAP”). Net income (loss) is equal to comprehensive income (loss) on our condensed consolidated statements of operations. In the opinion of the Company’s management, the accompanying unaudited condensed consolidated financial statements of the Company contain all adjustments (consisting of only normal recurring adjustments) necessary to present fairly its consolidated financial position and the results of its operations and cash flows for the periods reported. These consolidated financial statements are condensed and therefore do not include all of the information and footnotes required by GAAP. All material intercompany accounts and transactions have been eliminated in consolidation.
Our fiscal year is comprised of 52 or 53 weeks, ending on the Saturday closest to the last day of April. Due to the seasonal nature of the business, the results of operations for the 13 and 26 weeks ended October 26, 2024 are not indicative of the results expected for the 53 weeks ending May 3, 2025 (“Fiscal 2025”).
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 customer accesses the digital content compared to: (i) the rental of a physical textbook where revenue is recognized over the rental period, and (ii) ala 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.
Use of Estimates
In preparing financial statements in conformity with GAAP, we are required to make estimates and assumptions that affect the reported amounts in the condensed consolidated financial statements and accompanying notes. Actual results could differ from those estimates.
Discontinued Operations
On May 31, 2023, we completed the sale of assets related to our former Digital Student Solutions (“DSS”) segment, which met the criteria for classification as Assets Held for Sale and Discontinued Operations. The results of operations related to the DSS Segment for Fiscal 2024 are included in the condensed consolidated statements of operations as “Loss from discontinued operations, net of tax.” The cash flows of our former DSS segment are also presented separately in our condensed consolidated statements of cash flows.
13 weeks ended26 weeks ended
October 28, 2023October 28, 2023
Total sales$— $2,784 
Cost of sales
— 76 
Gross profit — 2,708 
Selling and administrative expenses643 2,924 
Depreciation and amortization3 3 
Gain on sale of business— (3,068)
Impairment loss (non-cash) — 610 
Restructuring costs 10 3,297 
Transaction costs18 13 
Operating loss(674)(1,071)
Income tax expense— 20 
Loss from discontinued operations, net of tax$(674)$(1,091)
Restricted Cash
As of October 26, 2024, October 28, 2023, and April 27, 2024, we had restricted cash of $17,323, $20,333, and $18,111, respectively, comprised of $14,945, $19,388, and $17,146, respectively, in prepaid and other current assets in the condensed consolidated balance sheets related to segregated funds for commission due to Fanatics Lids College, Inc. D/B.A “Lids” for logo merchandise sales as per the Lids service provider merchandising agreement, and $2,378, $945, and $965, respectively, in other noncurrent assets in the condensed consolidated balance sheets related to amounts held in trust for future distributions related to employee benefit plans.
Merchandise Inventories
Merchandise inventories, which consist of finished goods, are stated at the lower of cost or net realizable value. Market value of our inventory, which is all purchased finished goods, is determined based on its estimated net realizable value, which is generally the selling price less normally predictable costs of disposal and transportation. Reserves for non-returnable inventory are based on our history of liquidating non-returnable inventory, which includes certain significant assumptions, including markdowns, sales below cost, inventory aging and expected demand.
Cost is determined primarily by the retail inventory method for our physical bookstore inventory. Our textbook for our fulfillment inventory and trade book inventory are valued using the LIFO method and the related reserve was not material to the recorded amount of our inventories. There were no LIFO adjustments during the 26 weeks ended October 26, 2024 and October 28, 2023.
For our physical bookstores, we also estimate and accrue shortage for the period between the last physical count of inventory and the balance sheet date. Shortage rates are estimated and accrued based on historical rates and can be affected by changes in merchandise mix and changes in actual shortage trends.
The 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. The related amortization expense is included in cost of sales. At the end of the rental period, upon return, the book is removed from textbook rental inventories and recorded in merchandise inventories at its amortized cost.
Leases
We recognize lease assets and lease liabilities on the condensed consolidated balance sheets for all operating lease arrangements based on the present value of future lease payments as required by Accounting Standards Codification (“ASC”) Topic 842, Leases. We do not recognize lease assets or lease liabilities for short-term leases (i.e., those with a term of twelve months or less). We recognize lease expense on a straight-line basis over the lease term for contracts with fixed lease payments, including those with fixed annual minimums, or over a rolling twelve-month period for leases where the annual guarantee resets at the start of each contract year, in order to best reflect the pattern of usage of the underlying leased asset. We recognize lease expense related to our college and university contracts as cost of sales in our condensed consolidated statements of operations and we recognize lease expense related to our various office spaces as selling and administrative expenses in our condensed consolidated statements of operations. For additional information, see Note 8. Leases.
Revenue Recognition and Deferred Revenue
Product sales and rentals
The majority of our revenue is derived from the sale of products through our bookstore locations, including virtual bookstores, and our bookstore affiliated e-commerce websites, and contains a single performance obligation. Revenue from sales of our products is recognized at the point in time when control of the products is transferred to our customers in an amount that reflects the consideration we expect to be entitled to in exchange for the products. For additional information, see Note 3. Revenue.
Product sales 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. Product sales from our wholesale operations 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 sales.
Revenue from the sale of digital textbooks, which contains a single performance obligation, is recognized when the customer accesses the digital content as product sales in our condensed consolidated financial statements. A software feature is embedded within the content of our digital textbooks, such that upon expiration of the term the customer is no longer able to access the content. While the sale of the digital textbook allows the customer to access digital content for a fixed period of time, once the digital content is delivered to the customer, our performance obligation is complete.
Revenue from the rental of physical textbooks is deferred and recognized over the rental period based on the passage of time commencing at the point of sale, when control of the product transfers to the customer and is recognized as rental income in our condensed consolidated financial statements. Rental periods are typically for a single semester and are always less than one year in duration. We offer a buyout option to allow the purchase of a rented physical textbook at the end of the rental period if the customer desires to do so. We record the buyout purchase when the customer exercises and pays the buyout option price
which is determined at the time of the buyout. In these instances, we accelerate any remaining deferred rental revenue at the point of sale.
Revenue recognized for our BNC First Day® offerings is consistent with our policies outlined above for product, digital and rental sales, net of an anticipated opt-out or return provision. Given the growth of BNC First Day® programs, the timing of cash collection from our school partners may shift to periods subsequent to when the revenue is recognized. When a school adopts our BNC First Day® affordable textbook access offerings, cash collection from the school generally occurs after the institution's drop/add dates, which is later in the working capital cycle, particularly in our third quarter given the timing of the Spring Term and our quarterly reporting period, as compared to direct-to-student point-of-sale transactions where cash is generally collected during the point-of-sale transaction or within a few days from the credit card processor.
We estimate returns based on an analysis of historical experience. A provision for anticipated merchandise returns is provided through a reduction of sales and cost of sales in the period that the related sales are recorded.
For sales and rentals involving third-party products, we evaluate whether we are acting as a principal or an agent. Our determination is based on our evaluation of whether we control the specified goods or services prior to transferring them to the customer. There are significant judgments involved in determining whether we control the specified goods or services prior to transferring them to the customer including whether we have the ability to direct the use of the good or service and obtain substantially all of the remaining benefits from the good or service. For those transactions where we are the principal, we record revenue on a gross basis, and for those transactions where we are an agent to a third-party, we record revenue on a net basis.
As the logo and emblematic general merchandise sales are fulfilled by Lids and Fanatics Retail Group Fulfillment, LLC (“Fanatics”, collectively, F/L Relationship), we recognize commission revenue earned for these sales on a net basis in our condensed consolidated financial statements.
We do not have gift card or customer loyalty programs. We do not treat any promotional offers as expenses. Sales tax collected from our customers is excluded from reported revenues. Our payment terms are generally 30 days and do not extend beyond one year.
Service and other revenue
Service and other revenue is primarily derived from brand 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, content development cost amortization, warehouse costs related to inventory management and order fulfillment, insurance, certain payroll costs, and management service agreement costs, including rent expense, related to our college and university contracts and other facility related expenses.
Selling and Administrative Expenses
Our selling and administrative expenses consist primarily of store payroll and store operating expenses. Selling and administrative expenses also include long-term incentive plan compensation expense and general office expenses, such as merchandising, procurement, field support, finance and accounting, and shared-service costs such as human resources, legal, treasury, information technology, and various other corporate level expenses and other governance functions.
Income Taxes
The provision for income taxes includes federal, state and local income taxes currently payable and those deferred because of temporary differences between the financial statement and tax basis of assets and liabilities. The deferred tax assets and
liabilities are measured using the enacted tax rates and laws that are expected to be in effect when the differences reverse. We regularly review deferred tax assets for recoverability and establish a valuation allowance, if determined to be necessary.
Recent Accounting Pronouncements
In November 2024, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses to require public companies to disclose, in the notes to financial statements, specified information about certain costs and expenses at each interim and annual reporting period. The amendments require an entity: (1) disclose the amounts of (a) purchases of inventory, (b) employee compensation, (c) depreciation, (d) intangible asset amortization, and (e) depreciation, depletion, and amortization recognized as part of oil and gas-producing activities included in each relevant expense caption; (2) include certain amounts that are already required to be disclosed under current generally accepted accounting principles in the same disclosure as the other disaggregation requirements; (3) disclose a qualitative description of the amounts remaining in relevant expense captions that are not separately disaggregated quantitatively; and (4) disclose the total amount of selling expenses and an entity’s definition of selling expenses. This ASU, which can be applied either prospectively or retrospectively, is effective for annual and interim periods beginning after December 15, 2026 (our Fiscal 2028), with early adoption permitted. We are currently assessing this guidance and determining the impact on our condensed consolidated financial statements.
In December 2023, the FASB issued ASU No. 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 (our Fiscal 2026), with early adoption permitted. We are currently assessing this guidance and determining the impact on our condensed consolidated financial statements.
In November 2023, the FASB issued ASU No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. This guidance will be effective for the Company for the annual report for the fiscal year ending May 3, 2025 and subsequent interim periods. Early adoption is permitted, and retrospective adoption is required for all prior periods presented. We are currently assessing this guidance and determining the impact on our condensed consolidated financial statements.
v3.24.3
Revenue (Notes)
 6 Months Ended
Oct. 26, 2024
Revenue from Contract with Customer [Abstract]  
Revenue from Contract with Customer [Text Block]
Note 3. Revenue
Revenue from sales of our products and services is recognized either at the point in time when control of the products is transferred to our customers or over time as services are provided in an amount that reflects the consideration we expect to be entitled to in exchange for the products or services. See Note 2. Summary of Significant Accounting Policies for additional information related to our revenue recognition policies. The following table disaggregates the revenue associated with our major product and service offerings:
13 weeks ended26 weeks ended
October 26, 2024October 28, 2023October 26, 2024October 28, 2023
Product and Other Sales
Course Materials Product Sales $431,443 $435,370 $583,595 $573,906 
General Merchandise Product Sales (a)
99,659 105,022 176,202 193,702 
Service and Other Revenue (b)
28,572 29,306 50,803 54,740 
Product and Other Sales sub-total559,674 569,698 810,600 822,348 
Course Materials Rental Income42,448 40,681 54,953 52,192 
Total Sales$602,122 $610,379 $865,553 $874,540 
(a)Logo general merchandise sales are recognized on a net basis as commission revenue in the condensed consolidated financial statements.
(b)Service and other revenue primarily relates to brand partnership marketing and other service revenues.
Contract Assets and Liabilities
Accounts receivables were $275,847, $221,805, $104,110 and $92,512 as of October 26, 2024, October 28, 2023, April 27, 2024 and April 29, 2023, respectively.
Contract liabilities represent an obligation to transfer goods or services to a customer for which we have received consideration and consists of our deferred revenue liability (deferred revenue). Deferred revenue consists of the following:
•advanced payments from customers related to textbook rental performance obligations, which are recognized ratably over the terms of the related rental period;
•unsatisfied performance obligations associated with brand partnership marketing services, which are recognized when the contracted services are provided to our brand partnership marketing customers; and
•unsatisfied performance obligations associated with the premium paid for the sale of treasury shares, which are expected to be recognized over the term of the e-commerce and merchandising contracts for Fanatics and Lids, respectively.
The following table presents changes in deferred revenue associated with our contract liabilities:
26 weeks ended
October 26, 2024October 28, 2023
Deferred revenue at the beginning of period$14,892 $15,356 
Additions to deferred revenue during the period97,238 97,773 
Reductions to deferred revenue for revenue recognized during the period(71,253)(71,164)
Deferred revenue balance at the end of period:$40,877 $41,965 
Balance Sheet classification:
Accrued liabilities$37,662 $38,105 
Other long-term liabilities3,215 3,860 
Deferred revenue balance at the end of period:$40,877 $41,965 
v3.24.3
Segment Reporting (Notes)
 6 Months Ended
Oct. 26, 2024
Segment Reporting
Note 4. 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.
Our international operations are not material, and the majority of the revenue and total assets are within the United States.
v3.24.3
Equity and Earnings Per Share (Notes)
 6 Months Ended
Oct. 26, 2024
Net Earnings (Loss) Per Share
Note 5. Equity and Earnings Per Share
Equity
During the 13 and 26 weeks ended October 26, 2024, we did not repurchase shares of our Common Stock under the stock repurchase program and, as of October 26, 2024, approximately $26,669 remains available under the stock repurchase program.
During the 13 and 26 weeks ended October 26, 2024, we repurchased 0 and 429 shares of our Common Stock, respectively, outside of the stock repurchase program in connection with employee tax withholding obligations for vested stock awards.
On April 16, 2024, our Board of Directors approved the adoption of a short-term stockholder rights plan and declared a dividend distribution of one preferred share purchase right on each outstanding share of the Company's Common Stock. Each right entitled stockholders to buy one one-thousandth of a share of our preferred stock at an established exercise price. The dividend was payable to holders of record as of the close of business on April 29, 2024. The rights were exercisable only if a person or group acquired 10% or more of our outstanding Common Stock and various other criteria were met (the “Distribution Date”). Until the Distribution Date, the rights were not exercisable; the rights were not evidenced by separate rights certificates;
and the rights were transferable by, and only in connection with, the transfer of Common Stock. On July 3, 2024, the Company amended the rights plan to terminate the distributed rights effective July 3, 2024. At the time of the termination of the rights plan, all of the rights, which were previously distributed to holders of the Company's issued and outstanding Common Stock, expired. For additional information, please see the Company's Current Report on Form 8-K filed with the SEC on July 3, 2024.
On June 5, 2024, our stockholders 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 (post- reverse stock split).
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).
Milestone Financing Transactions
On June 10, 2024, we completed various transactions, including a private equity investment, an equity rights offering, Term Loan debt conversion, and a Credit Facility refinancing, to substantially deleverage our consolidated balance sheet. These transactions also raised additional capital for repayment of indebtedness and provide additional flexibility for future working capital needs. For additional information, see Note 7. Debt. 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 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 a controlling interest in the Company. See Private Investment, Rights Offering, and Backstop Commitment below;          
•Our existing Term Loan Credit Agreement lenders, TopLids LendCo, LLC (“TopLids”) and Vital Fundco, LLC (“VitalSource”), converted approximately $34,000 of outstanding principal and any accrued and unpaid interest into shares of our Common Stock. See Term Loan Credit Agreement Debt Conversion below.
Private Investment, Rights Offering, and Backstop Commitment
Immersion and VitalSource purchased approximately $45,000 and $5,000, respectively, in shares of our Common Stock, at the Subscription Price, defined below, in a private placement exempt from the registration requirements under the Securities Act and separate from the Rights Offering (the “Private Investment”). The Private Investment is in addition to shares of Common Stock purchased by Immersion pursuant to the Backstop Commitment discussed below.
Through the Rights Offering, we issued 9,000,000 shares (post-reverse stock split) of our Common Stock at a cash subscription price of $0.05 per share (the “Subscription Price”). In the Rights Offering, we distributed to each holder of Common Stock, one non-transferable subscription right (each, a “Subscription Right”) for every share of Common Stock owned by such holder on May 14, 2024 (the “Record Date”), and each Subscription Right entitled the holder to purchase 17 shares of Common Stock. Each holder that fully exercised their Subscription Rights was entitled to rights to subscribe for additional shares of Common Stock that remain unsubscribed as a result of any unexercised Subscription Rights (“Over-Subscription Rights”), which allowed such holder to subscribe for additional shares of Common Stock up to the number of shares purchased under such holder’s basic Subscription Right at $0.05 per share. We received approximately $32,100 in gross proceeds from the exercise of Subscriptions Rights and Over-Subscription Rights from the Company's stockholders.
For those Subscription Rights which remained unexercised, upon the expiration of the Rights Offering after accounting for all Over-Subscription Rights exercised, the standby purchasers, led by Immersion, Outerbridge Capital Management, LLC (“Outerbridge”) and Selz Family 2011 Trust (“Selz”), collectively purchased the unexercised Subscription Rights at the Subscription Price (“Backstop Commitment”). We received approximately $12,900 in gross proceeds for the exercise of Subscription Rights not subscribed for by the Company’s stockholders. We paid Immersion and Selz approximately $2,850 and $350, respectively, comprised of commitment fees in consideration for the Backstop Commitment, and expense reimbursements for all out-of-pocket costs, fees and expenses incurred in connection with the transactions and we paid Outerbridge approximately $1,250 for expense reimbursements for all out-of-pocket costs, fees and expenses incurred in connection with the transactions.
During the 26 weeks ended October 26, 2024, we incurred equity issuance costs totaling $9,524 related to the Rights Offering and Private Investment which are presented in additional paid in capital in the condensed consolidated balance sheet.
The Rights Offering was offered to all existing stockholders at a Subscription 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.
Term Loan Credit Agreement Debt Conversion
Upon closing of the Rights Offering on June 10, 2024, we converted, at the Subscription Price, all outstanding principal and any accrued and unpaid interest under the Term Loan Credit Agreement, totaling $34,000, into 6,674 shares of our Common Stock. We recognized a loss on extinguishment of debt of $55,233 in the condensed consolidated statement of operations in connection with 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 documentation was terminated.
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 was 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 will not change the authorized number of shares of Common Stock or preferred stock. No fractional shares will be issued in connection with the reverse split; instead any fractional shares as a result of the Reverse Stock Split will be rounded up to the next whole number of post-split shares of Common Stock.
At-the-Market Equity Offerings
On September 19, 2024, we entered into an At-the-Market (“ATM”) sales agreement (the “Sales Agreement”) with BTIG, LLC (“BTIG”), under which we sold our Common Stock from time to time through BTIG as its sales agent. BTIG sold an aggregate offering of up to $40,000 of our Common Stock from time to time, based upon our instructions (including any price, time or size limits or other customary parameters or conditions we may impose). We paid BTIG a commission of 2% of the gross sales proceeds of any Common Stock sold under the Sales Agreement. We were not obligated to make any sales of Common Stock under the Sales Agreement. During the 13 and 26 weeks ended October 26, 2024, we issued and sold 1,046,460 shares of our Common Stock under the Sales Agreement at a weighted-average price of $9.35 per share and received $9,590 in proceeds, net of commissions. For information regarding additional sales of shares of our Common Stock under the Sales Agreement, see Note 14. Subsequent Event.
Earnings 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 period 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. During the 13 weeks ended October 26, 2024 and October 28, 2023, average shares of 59,329 and 31,497 were excluded from the diluted earnings per share calculation as their inclusion would have been antidilutive, respectively. During the 26 weeks ended October 26, 2024 and October 28, 2023, average shares of 68,832 and 34,538 were excluded from the diluted earnings per share calculation as their inclusion would have been antidilutive, respectively. The following is a reconciliation of the basic and diluted earnings per share calculation:
13 weeks ended26 weeks ended
(shares in thousands)October 26, 2024October 28, 2023October 26, 2024October 28, 2023
Numerator for basic earnings per share:
Net income (loss) from continuing operations$49,735 $24,854 $(49,744)$(25,117)
Less allocation of earnings to participating securities(64)(3)— — 
Net income (loss) from continuing operations available to common shareholders49,671 24,851 (49,744)(25,117)
Loss from discontinued operations, net of tax— (674)— (1,091)
Net income (loss) available to common shareholders$49,671 $24,177 $(49,744)$(26,208)
Numerator for diluted earnings per share:
Net income (loss) from continuing operations$49,671 $24,851 $(49,744)$(25,117)
Allocation of earnings to participating securities64 3 — — 
Less diluted allocation of earnings to participating securities(64)(3)— — 
Net income (loss) from continuing operations available to common shareholders49,671 24,851 (49,744)(25,117)
Loss from discontinued operations, net of tax— (674)— (1,091)
Net income (loss) available to common shareholders$49,671 $24,177 $(49,744)$(26,208)
Denominator for basic earnings per share:
Basic weighted average shares of Common Stock26,527 2,655 20,019 2,651 
Denominator for diluted earnings per share:
Basic weighted average shares of Common Stock26,527 2,655 20,019 2,651 
Average dilutive restricted stock units15 — — — 
Average dilutive restricted shares— — — — 
Average dilutive stock options— — — — 
Diluted weighted average shares of Common Stock26,542 2,655 20,019 2,651 
Earnings (Loss) per share of Common Stock:
Basic
Continuing operations$1.87 $9.36 $(2.48)$(9.47)
Discontinuing operations— (0.25)— (0.41)
Total Basic Earnings per share$1.87 $9.11 $(2.48)$(9.88)
Diluted
Continuing operations$1.87 $9.36 $(2.48)$(9.47)
Discontinuing operations— (0.25)— (0.41)
Total Diluted Earnings per share$1.87 $9.11 $(2.48)$(9.88)
v3.24.3
Fair Values of Financial Instruments (Notes)
 6 Months Ended
Oct. 26, 2024
Fair Value Disclosures
Note 6. Fair Value Measurements
In accordance with ASC No. 820, Fair Value Measurements and Disclosures, the fair value of an asset is considered to be the price at which the asset could be sold in an orderly transaction between unrelated knowledgeable and willing parties. A liability’s fair value is defined as the amount that would be paid to transfer the liability to a new obligor, not the amount that would be paid to settle the liability with the creditor.
Assets and liabilities recorded at fair value are measured using a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value. These tiers include:
Level 1—Observable inputs that reflect quoted prices in active markets
Level 2—Inputs other than quoted prices in active markets that are either directly or indirectly observable
Level 3—Unobservable inputs in which little or no market data exists, therefore requiring us to develop our own assumptions
Our financial instruments include cash and cash equivalents, receivables, accrued liabilities and accounts payable. The fair value of cash and cash equivalents, receivables, accrued liabilities and accounts payable approximates their carrying values because of the short-term nature of these instruments, which are all considered Level 1. The fair value of long-term debt approximates its carrying value.
Non-Financial Assets and Liabilities
Our non-financial assets include property and equipment, operating lease right-of-use assets, and intangible assets. Such assets are reported at their carrying values and are not subject to recurring fair value measurements. We review our long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable in accordance with ASC 360-10, Accounting for the Impairment or Disposal of Long-Lived Assets.
v3.24.3
Debt (Notes)
 6 Months Ended
Oct. 26, 2024
Debt Disclosure
Note 7. Debt
As of
Maturity Date
October 26, 2024October 28, 2023April 27, 2024
Credit FacilityJune 9, 2028$177,551 $204,881 $164,947 
Term Loan— 30,863 32,653 
sub-total177,551 235,744 197,600 
Less: Deferred financing costs, Term Loan (a)
— (1,871)(1,263)
Total debt$177,551 $233,873 $196,337 
Balance Sheet classification:
Long-term borrowings$177,551 $233,873 $196,337 
(a) For additional information on Credit Facility and Term Loan deferred financing costs, see Deferred Financing Costs below.
On June 10, 2024, we completed various transactions, including a private equity investment, an equity rights offering, Term Loan debt conversion, and a Credit Facility refinancing, to substantially deleverage our consolidated balance sheet. These transactions also raised additional capital for repayment of indebtedness and provide additional flexibility for future working capital needs.
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 and the $45,000 Rights Offering. The transactions infused approximately $85,500 of net cash proceeds after transaction costs. The transaction resulted in Immersion obtaining a controlling interest in the Company. See Note 5. Equity and Earnings Per Share.          
•Our existing Term Loan credit agreement lenders, TopLids and VitalSource, converted approximately $34,000 of outstanding principal and any accrued and unpaid interest into our Common Stock. As a result of the Term Loan Debt Conversion, the Term Loan and its related documentation was terminated. See Note 5. Equity and Earnings Per Share.     
•We refinanced our Credit Facility providing access to a $325,000 facility maturing in 2028. The refinanced Credit Facility will enhance our financial flexibility and reduce our annual interest expense. See discussion below.
Credit Facility
As of October 26, 2024, we are party to a credit agreement (the “Credit Agreement”), which was amended and restated (the “A&R Credit Agreement”) on June 10, 2024 (the “Closing Date”), after having been amended numerous times between March 2019 and April 2024, under which the lenders originally committed to provide us with an asset-backed revolving credit facility in an aggregate principal amount of $400,000 (the “Credit Facility”), which was reduced to $380,000 by the April 2024 amendment.
Under the A&R Credit Agreement, on the Closing Date, we restructured the Credit Facility to provide an aggregate committed principal amount to up to $325,000 and extended the maturity of the Credit Facility by four years to June 9, 2028. 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, the 1.00% fee payable in connection with the eighth amendment to the Credit Facility (prior to its having been amended and restated), 50% was paid on September 2, 2024 and 50% is due and payable on June 10, 2025.
As of October 26, 2024, and through the date of this filing, we believe we were in compliance with the covenants under the A&R Credit Agreement.
During the 26 weeks ended October 26, 2024, we borrowed $455,044 and repaid $442,461 under the Credit Facility, and had outstanding borrowings of $177,551 as of October 26, 2024. During the 26 weeks ended October 28, 2023, we borrowed $284,698 and repaid $233,970 under the Credit Facility, and had outstanding borrowings of $204,881 as of October 28, 2023. As of October 26, 2024 and October 28, 2023, we have issued $3,575 and $575, respectively, in letters of credit under the Credit Facility.
Term Loan
On June 7, 2022, we entered into a Term Loan Credit Agreement (the “Term Loan”) with TopLids LendCo, LLC and Vital Fundco, LLC. 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.
On June 10, 2024, our existing Term Loan credit agreement 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 $55,233 in the condensed consolidated statement of operations in connection with the Term Loan debt conversion which represents the difference between the Common Stock fair value issued upon conversion and the net carrying value of the Term Loan, plus unamortized deferred financing costs related to the Term Loan. As a result of the Term Loan Debt Conversion, the Term Loan and its related documentation was terminated. See Note 5. Equity and Earnings Per Share.     
Deferred Financing Costs
The debt issuance costs have been deferred and are presented as noted below in the condensed consolidated balance sheets, and are subsequently amortized ratably over the term of respective debt.
As of
Balance Sheet Location
Maturity Date/
Amortization Term
October 26, 2024October 28, 2023April 27, 2024
Credit Facility - Prepaid and Other Current Assets
June 9, 2028$— $12,159 $— 
Credit Facility - Other noncurrent assets
13,428 2,026 12,897 
Credit Facility - sub-total
13,428 14,185 12,897 
Term Loan - Contra Debt
— 1,871 1,263 
Total deferred financing costs
$13,428 $16,056 $14,160 
Interest Expense
The following table disaggregates interest expense for the 13 and 26 week periods:
13 weeks ended26 weeks ended
October 26, 2024October 28, 2023October 26, 2024October 28, 2023
Interest Incurred
Credit Facility$4,834 $6,824 $9,618 $12,539 
Term Loan— 861 453 2,167 
Total Interest Incurred$4,834 $7,685 $10,071 $14,706 
Amortization of Deferred Financing Costs
Credit Facility$916 $2,850 $3,183 $3,794 
Term Loan— 312 150 612 
Total Amortization of Deferred Financing Costs$916 $3,162 $3,333 $4,406 
Interest Income, net of expense$(287)$(183)$(323)$(194)
Total Interest Expense$5,463 $10,664 $13,081 $18,918 
Cash interest paid during the 13 weeks ended October 26, 2024 and October 28, 2023 was $5,134 and $7,576, respectively, and cash interest paid during the 26 weeks ended October 26, 2024 and October 28, 2023 was $9,866 and $13,972, respectively.
v3.24.3
Leases (Notes)
 6 Months Ended
Oct. 26, 2024
Leases [Abstract]  
Lessee, Operating Leases
Note 8. Leases
We recognize lease assets and lease liabilities on the condensed consolidated balance sheets for substantially all lease arrangements as required by FASB ASC 842, Leases (Topic 842). Our portfolio of leases consists of operating leases comprised of operations agreements which grant us the right to operate on-campus bookstores at colleges and universities; real estate leases for office and warehouse operations; and vehicle leases. We do not have finance leases or short-term leases (i.e., those with a term of twelve months or less).
We recognize a right of use (“ROU”) asset and lease liability in our condensed consolidated balance sheets for leases with a term greater than twelve months. Options to extend or terminate a lease are included in the determination of the ROU asset and lease liability when it is reasonably certain that such options will be exercised. Our lease terms generally range from one year to fifteen years and a number of agreements contain minimum annual guarantees, many of which are adjusted at the start of each contract year based on the actual sales activity of the leased premises for the most recently completed contract year.
Payment terms are based on the fixed rates explicit in the lease, including minimum annual guarantees, and/or variable rates based on: i) a percentage of revenues or sales arising at the relevant premises (“variable commissions”), and/or ii) operating expenses, such as common area charges, real estate taxes and insurance. For contracts with fixed lease payments, including those with minimum annual guarantees, we recognize lease expense on a straight-line basis over the lease term or over the contract year in order to best reflect the pattern of usage of the underlying leased asset and our minimum obligations arising from these types of leases. Our lease agreements do not contain any material residual value guarantees, material restrictions or covenants.
We used our incremental borrowing rates to determine the present value of fixed lease payments based on the information available at the lease commencement date, as the rate implicit in the lease is not readily determinable. We utilized an estimated collateralized incremental borrowing rate as of the effective date or the commencement date of the lease, whichever is later.
We recognized lease expense related to our college and university contracts as cost of sales in our condensed consolidated statements of operations as follows:
13 weeks ended26 weeks ended
October 26, 2024October 28, 2023October 26, 2024October 28, 2023
Variable lease expense$26,039 $25,436 $38,843 $37,665 
Operating lease expense43,877 46,902 65,208 69,291 
Net lease expense$69,916 $72,338 $104,051 $106,956 
The following table summarizes our minimum fixed lease obligations, excluding variable commissions:
As of October 26, 2024
Remainder of Fiscal 2025
$108,940 
Fiscal 2026
44,073 
Fiscal 2027
33,817 
Fiscal 2028
28,537 
Fiscal 2029
25,455 
Thereafter38,004 
Total lease payments278,826 
Less: imputed interest(24,139)
Operating lease liabilities at period end$254,687 
Future lease payment obligations related to leases that were entered into, but did not commence as of October 26, 2024, were not material.
The following summarizes additional information related to our operating leases:
As of
October 26, 2024October 28, 2023
Weighted average remaining lease term (in years)4.1 years4.6 years
Weighted average discount rate4.5 %4.3 %
Supplemental cash flow information:
Cash payments for lease liabilities within operating activities$62,624 $68,580 
Right-of-use assets obtained in exchange for lease liabilities from initial recognition$69,193 $69,959 
v3.24.3
Supplementary Information (Notes)
 6 Months Ended
Oct. 26, 2024
Supplementary info [Abstract]  
Supplementary Information [Text Block]
Note 9. Supplementary Information
Restructuring and other charges
During the 13 and 26 weeks ended October 26, 2024, we recognized restructuring and other charges totaling $(150) and $3,468, respectively, comprised primarily of $981 and $2,072, respectively, related to severance and other employee termination and benefit costs associated with elimination of various positions as part of cost reduction initiatives, $0 and $1,963, respectively, of severance primarily related to the resignation of our former Chief Executive Officer on June 11, 2024, ($1,789 is included in accrued liabilities in the condensed consolidated balance sheet as of October 26, 2024), $256 and $820, respectively, for legal and advisory professional service costs for restructuring and process improvements and other charges, and $(1,387) for both periods related to the termination of liabilities related to a frozen retirement benefit plan (non-cash). We recognized an increase to additional paid in capital on the condensed 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 13 and 26 weeks ended October 28, 2023, we recognized restructuring and other charges totaling $4,274 and $8,907, respectively, comprised primarily of $4,245 and $7,827, respectively, of professional service costs for restructuring and process improvements, and $29 and $1,080, respectively, of severance and other employee termination and benefit costs associated with elimination of various positions as part of cost reduction initiatives.
v3.24.3
Stock-Based Compensation Stock-Based Compensation (Notes)
 6 Months Ended
Oct. 26, 2024
Share-Based Payment Arrangement [Abstract]  
Disclosure of Compensation Related Costs, Share-based Payments [Text Block]
Note 10. Long-Term Incentive Plan Compensation Expense
We recognize compensation expense for restricted stock 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. 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.
During the 26 weeks ended October 26, 2024, we granted the following awards under the Equity Incentive Plan:
•On June 18, 2024, we granted 7,441 restricted stock units ("RSUs") and 29,764 restricted stock awards ("RSAs") to Board of Director members. The restricted stock awards vested on September 18, 2024.
•On September 20, 2024, we granted 61,290 RSUs and 81,720 RSAs to Board of Director members. 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 performance share units ("PSUs") 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-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.
PSU Tranche #1PSU Tranche #2PSU Tranche #3
Performance Milestone (VWAP)$10.00 $15.00 $20.00 
Valuation method utilizedMonte CarloMonte CarloMonte Carlo
Risk-free interest rate3.53 %3.53 %3.53 %
Company volatility120 %120 %120 %
Derived service period1.0 year2.0 years3.0 years
Grant date fair value per award$9.74 $9.62 $9.46 
We recognized compensation expense for long-term incentive plan awards in selling and administrative expenses as follows:
13 weeks ended26 weeks ended
October 26,
2024		October 28,
2023		October 26,
2024		October 28,
2023
Stock-based awards
Restricted stock expense$200 $4 $267 $11 
Restricted stock units expense 315 448 232 1,016 
Performance share units expense 748 — 748 — 
Stock option expense(8)346 (855)729 
Sub-total stock-based awards:$1,255 $798 $392 $1,756 
Cash settled awards
Phantom share units expense$1 $(40)$(4)$(129)
Total compensation expense for long-term incentive awards$1,256 $758 $388 $1,627 
The negative long-term incentive plan is primarily due to forfeitures of $1,562 resulting from the resignation of our former Chief Executive Officer on June 11, 2024.
Total unrecognized compensation cost related to unvested awards as of October 26, 2024 was $15,404 and is expected to be recognized over a weighted-average period of 1.8 years.
v3.24.3
Income Taxes Income Taxes (Notes)
 6 Months Ended
Oct. 26, 2024
Income Tax Disclosure [Abstract]  
Income Tax Disclosure [Text Block]
Note 12. Income Taxes
We recorded an income tax expense of $1,125 on pre-tax income of $50,860 during the 13 weeks ended October 26, 2024, which represented an effective income tax rate of 2.2% and an income tax expense of $314 on pre-tax income of $25,168 during the 13 weeks ended October 28, 2023, which represented an effective income tax rate of 1.2%. We recorded an income tax expense of $1,261 on pre-tax loss of $(48,483) during the 26 weeks ended October 26, 2024, which represented an effective income tax rate of (2.6)% and an income tax expense of $303 on pre-tax loss of $(24,814) during the 26 weeks ended October 28, 2023, which represented an effective income tax rate of (1.2)%. The effective tax rate for the 26 weeks ended October 26, 2024 is materially consistent with the prior year comparable period.
In assessing the realizability of the deferred tax assets, management considered whether it is more likely than not that some or all of the deferred tax assets would be realized. As of October 26, 2024, we determined that it was more likely than not that
we would not realize all deferred tax assets and our tax rate for the current fiscal year reflects this determination. We will continue to evaluate this position.
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 intends to perform a study to determine if an ownership change has occurred. If it is determined that an ownership change has occurred under Section 382 and 383, we expect any corresponding annual limitations to impact the future utilization of our tax attributes including our $265,522 NOL carryforward.
v3.24.3
Legal Proceedings (Notes)
 6 Months Ended
Oct. 26, 2024
Legal Proceedings
Note 13. Legal Proceedings
We are involved in a variety of claims, suits, investigations and proceedings that arise from time to time in the ordinary course of our business, including actions with respect to contracts, intellectual property, taxation, employment, benefits, personal injuries and other matters. The results of these proceedings in the ordinary course of business are not expected to have a material adverse effect on our condensed consolidated financial position, results of operations, or cash flows.
v3.24.3
Pay vs Performance Disclosure - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Oct. 26, 2024
Jul. 27, 2024
Oct. 28, 2023
Jul. 29, 2023
Oct. 26, 2024
Oct. 28, 2023
Pay vs Performance Disclosure            
Net Income (Loss) Attributable to Parent $ 49,735 $ (99,479) $ 24,180 $ (50,388) $ (49,744) $ (26,208)
v3.24.3
Insider Trading Arrangements
 3 Months Ended
Oct. 26, 2024
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
v3.24.3
Summary of Significant Accounting Policies (Policies)
 6 Months Ended
Oct. 26, 2024
Use of Estimates
Use of Estimates
In preparing financial statements in conformity with GAAP, we are required to make estimates and assumptions that affect the reported amounts in the condensed consolidated financial statements and accompanying notes. Actual results could differ from those estimates.
Merchandise Inventories
Merchandise Inventories
Merchandise inventories, which consist of finished goods, are stated at the lower of cost or net realizable value. Market value of our inventory, which is all purchased finished goods, is determined based on its estimated net realizable value, which is generally the selling price less normally predictable costs of disposal and transportation. Reserves for non-returnable inventory are based on our history of liquidating non-returnable inventory, which includes certain significant assumptions, including markdowns, sales below cost, inventory aging and expected demand.
Cost is determined primarily by the retail inventory method for our physical bookstore inventory. Our textbook for our fulfillment inventory and trade book inventory are valued using the LIFO method and the related reserve was not material to the recorded amount of our inventories. There were no LIFO adjustments during the 26 weeks ended October 26, 2024 and October 28, 2023.
For our physical bookstores, we also estimate and accrue shortage for the period between the last physical count of inventory and the balance sheet date. Shortage rates are estimated and accrued based on historical rates and can be affected by changes in merchandise mix and changes in actual shortage trends.
The 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. The related amortization expense is included in cost of sales. At the end of the rental period, upon return, the book is removed from textbook rental inventories and recorded in merchandise inventories at its amortized cost.
Revenue Recognition
Revenue Recognition and Deferred Revenue
Product sales and rentals
The majority of our revenue is derived from the sale of products through our bookstore locations, including virtual bookstores, and our bookstore affiliated e-commerce websites, and contains a single performance obligation. Revenue from sales of our products is recognized at the point in time when control of the products is transferred to our customers in an amount that reflects the consideration we expect to be entitled to in exchange for the products. For additional information, see Note 3. Revenue.
Product sales 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. Product sales from our wholesale operations 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 sales.
Revenue from the sale of digital textbooks, which contains a single performance obligation, is recognized when the customer accesses the digital content as product sales in our condensed consolidated financial statements. A software feature is embedded within the content of our digital textbooks, such that upon expiration of the term the customer is no longer able to access the content. While the sale of the digital textbook allows the customer to access digital content for a fixed period of time, once the digital content is delivered to the customer, our performance obligation is complete.
Revenue from the rental of physical textbooks is deferred and recognized over the rental period based on the passage of time commencing at the point of sale, when control of the product transfers to the customer and is recognized as rental income in our condensed consolidated financial statements. Rental periods are typically for a single semester and are always less than one year in duration. We offer a buyout option to allow the purchase of a rented physical textbook at the end of the rental period if the customer desires to do so. We record the buyout purchase when the customer exercises and pays the buyout option price
which is determined at the time of the buyout. In these instances, we accelerate any remaining deferred rental revenue at the point of sale.
Revenue recognized for our BNC First Day® offerings is consistent with our policies outlined above for product, digital and rental sales, net of an anticipated opt-out or return provision. Given the growth of BNC First Day® programs, the timing of cash collection from our school partners may shift to periods subsequent to when the revenue is recognized. When a school adopts our BNC First Day® affordable textbook access offerings, cash collection from the school generally occurs after the institution's drop/add dates, which is later in the working capital cycle, particularly in our third quarter given the timing of the Spring Term and our quarterly reporting period, as compared to direct-to-student point-of-sale transactions where cash is generally collected during the point-of-sale transaction or within a few days from the credit card processor.
We estimate returns based on an analysis of historical experience. A provision for anticipated merchandise returns is provided through a reduction of sales and cost of sales in the period that the related sales are recorded.
For sales and rentals involving third-party products, we evaluate whether we are acting as a principal or an agent. Our determination is based on our evaluation of whether we control the specified goods or services prior to transferring them to the customer. There are significant judgments involved in determining whether we control the specified goods or services prior to transferring them to the customer including whether we have the ability to direct the use of the good or service and obtain substantially all of the remaining benefits from the good or service. For those transactions where we are the principal, we record revenue on a gross basis, and for those transactions where we are an agent to a third-party, we record revenue on a net basis.
As the logo and emblematic general merchandise sales are fulfilled by Lids and Fanatics Retail Group Fulfillment, LLC (“Fanatics”, collectively, F/L Relationship), we recognize commission revenue earned for these sales on a net basis in our condensed consolidated financial statements.
We do not have gift card or customer loyalty programs. We do not treat any promotional offers as expenses. Sales tax collected from our customers is excluded from reported revenues. Our payment terms are generally 30 days and do not extend beyond one year.
Service and other revenue
Service and other revenue is primarily derived from brand 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.
Lessee, Leases [Policy Text Block]
We recognize lease assets and lease liabilities on the condensed consolidated balance sheets for substantially all lease arrangements as required by FASB ASC 842, Leases (Topic 842). Our portfolio of leases consists of operating leases comprised of operations agreements which grant us the right to operate on-campus bookstores at colleges and universities; real estate leases for office and warehouse operations; and vehicle leases. We do not have finance leases or short-term leases (i.e., those with a term of twelve months or less).
We recognize a right of use (“ROU”) asset and lease liability in our condensed consolidated balance sheets for leases with a term greater than twelve months. Options to extend or terminate a lease are included in the determination of the ROU asset and lease liability when it is reasonably certain that such options will be exercised. Our lease terms generally range from one year to fifteen years and a number of agreements contain minimum annual guarantees, many of which are adjusted at the start of each contract year based on the actual sales activity of the leased premises for the most recently completed contract year.
Payment terms are based on the fixed rates explicit in the lease, including minimum annual guarantees, and/or variable rates based on: i) a percentage of revenues or sales arising at the relevant premises (“variable commissions”), and/or ii) operating expenses, such as common area charges, real estate taxes and insurance. For contracts with fixed lease payments, including those with minimum annual guarantees, we recognize lease expense on a straight-line basis over the lease term or over the contract year in order to best reflect the pattern of usage of the underlying leased asset and our minimum obligations arising from these types of leases. Our lease agreements do not contain any material residual value guarantees, material restrictions or covenants.
We used our incremental borrowing rates to determine the present value of fixed lease payments based on the information available at the lease commencement date, as the rate implicit in the lease is not readily determinable. We utilized an estimated collateralized incremental borrowing rate as of the effective date or the commencement date of the lease, whichever is later.
Cost of Sales, Policy [Policy Text Block]
Cost of Sales
Our cost of sales primarily includes costs such as merchandise costs, textbook rental amortization, content development cost amortization, warehouse costs related to inventory management and order fulfillment, insurance, certain payroll costs, and management service agreement costs, including rent expense, related to our college and university contracts and other facility related expenses.
Selling, General and Administrative Expenses, Policy [Policy Text Block]
Selling and Administrative Expenses
Fair Values of Financial Instruments
In accordance with ASC No. 820, Fair Value Measurements and Disclosures, the fair value of an asset is considered to be the price at which the asset could be sold in an orderly transaction between unrelated knowledgeable and willing parties. A liability’s fair value is defined as the amount that would be paid to transfer the liability to a new obligor, not the amount that would be paid to settle the liability with the creditor.
Assets and liabilities recorded at fair value are measured using a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value. These tiers include:
Level 1—Observable inputs that reflect quoted prices in active markets
Level 2—Inputs other than quoted prices in active markets that are either directly or indirectly observable
Level 3—Unobservable inputs in which little or no market data exists, therefore requiring us to develop our own assumptions
Our financial instruments include cash and cash equivalents, receivables, accrued liabilities and accounts payable. The fair value of cash and cash equivalents, receivables, accrued liabilities and accounts payable approximates their carrying values because of the short-term nature of these instruments, which are all considered Level 1. The fair value of long-term debt approximates its carrying value.
Net Earnings (Loss) Per Share
Earnings Per Share
Basic EPS is computed based upon the weighted average number of common shares outstanding for the period. Diluted EPS is computed based upon the weighted average number of common shares outstanding for the period 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.
Income Tax, Policy [Policy Text Block]
Income Taxes
The provision for income taxes includes federal, state and local income taxes currently payable and those deferred because of temporary differences between the financial statement and tax basis of assets and liabilities. The deferred tax assets and
liabilities are measured using the enacted tax rates and laws that are expected to be in effect when the differences reverse. We regularly review deferred tax assets for recoverability and establish a valuation allowance, if determined to be necessary.
Cash and Cash Equivalents, Restricted Cash and Cash Equivalents, Policy Restricted Cash
As of October 26, 2024, October 28, 2023, and April 27, 2024, we had restricted cash of $17,323, $20,333, and $18,111, respectively, comprised of $14,945, $19,388, and $17,146, respectively, in prepaid and other current assets in the condensed consolidated balance sheets related to segregated funds for commission due to Fanatics Lids College, Inc. D/B.A “Lids” for logo merchandise sales as per the Lids service provider merchandising agreement, and $2,378, $945, and $965, respectively, in other noncurrent assets in the condensed consolidated balance sheets related to amounts held in trust for future distributions related to employee benefit plans.
New Accounting Pronouncements, Policy
Recent Accounting Pronouncements
In November 2024, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses to require public companies to disclose, in the notes to financial statements, specified information about certain costs and expenses at each interim and annual reporting period. The amendments require an entity: (1) disclose the amounts of (a) purchases of inventory, (b) employee compensation, (c) depreciation, (d) intangible asset amortization, and (e) depreciation, depletion, and amortization recognized as part of oil and gas-producing activities included in each relevant expense caption; (2) include certain amounts that are already required to be disclosed under current generally accepted accounting principles in the same disclosure as the other disaggregation requirements; (3) disclose a qualitative description of the amounts remaining in relevant expense captions that are not separately disaggregated quantitatively; and (4) disclose the total amount of selling expenses and an entity’s definition of selling expenses. This ASU, which can be applied either prospectively or retrospectively, is effective for annual and interim periods beginning after December 15, 2026 (our Fiscal 2028), with early adoption permitted. We are currently assessing this guidance and determining the impact on our condensed consolidated financial statements.
In December 2023, the FASB issued ASU No. 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 (our Fiscal 2026), with early adoption permitted. We are currently assessing this guidance and determining the impact on our condensed consolidated financial statements.
In November 2023, the FASB issued ASU No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. This guidance will be effective for the Company for the annual report for the fiscal year ending May 3, 2025 and subsequent interim periods. Early adoption is permitted, and retrospective adoption is required for all prior periods presented. We are currently assessing this guidance and determining the impact on our condensed consolidated financial statements.
Basis of Accounting, Policy
Basis of Presentation and Consolidation
Our condensed consolidated financial statements reflect our condensed consolidated financial position, results of operations and cash flows in conformity with accounting principles generally accepted in the United States (“GAAP”). Net income (loss) is equal to comprehensive income (loss) on our condensed consolidated statements of operations. In the opinion of the Company’s management, the accompanying unaudited condensed consolidated financial statements of the Company contain all adjustments (consisting of only normal recurring adjustments) necessary to present fairly its consolidated financial position and the results of its operations and cash flows for the periods reported. These consolidated financial statements are condensed and therefore do not include all of the information and footnotes required by GAAP. All material intercompany accounts and transactions have been eliminated in consolidation.
v3.24.3
Segment Reporting (Policies)
 6 Months Ended
Oct. 26, 2024
Segment Reporting [Abstract]  
Consolidation, Subsidiaries or Other Investments, Consolidated Entities, Policy [Policy Text Block] Our international operations are not material, and the majority of the revenue and total assets are within the United States.
v3.24.3
Leases (Policies)
 6 Months Ended
Oct. 26, 2024
Leases [Abstract]  
Lessee, Leases [Policy Text Block]
We recognize lease assets and lease liabilities on the condensed consolidated balance sheets for substantially all lease arrangements as required by FASB ASC 842, Leases (Topic 842). Our portfolio of leases consists of operating leases comprised of operations agreements which grant us the right to operate on-campus bookstores at colleges and universities; real estate leases for office and warehouse operations; and vehicle leases. We do not have finance leases or short-term leases (i.e., those with a term of twelve months or less).
We recognize a right of use (“ROU”) asset and lease liability in our condensed consolidated balance sheets for leases with a term greater than twelve months. Options to extend or terminate a lease are included in the determination of the ROU asset and lease liability when it is reasonably certain that such options will be exercised. Our lease terms generally range from one year to fifteen years and a number of agreements contain minimum annual guarantees, many of which are adjusted at the start of each contract year based on the actual sales activity of the leased premises for the most recently completed contract year.
Payment terms are based on the fixed rates explicit in the lease, including minimum annual guarantees, and/or variable rates based on: i) a percentage of revenues or sales arising at the relevant premises (“variable commissions”), and/or ii) operating expenses, such as common area charges, real estate taxes and insurance. For contracts with fixed lease payments, including those with minimum annual guarantees, we recognize lease expense on a straight-line basis over the lease term or over the contract year in order to best reflect the pattern of usage of the underlying leased asset and our minimum obligations arising from these types of leases. Our lease agreements do not contain any material residual value guarantees, material restrictions or covenants.
We used our incremental borrowing rates to determine the present value of fixed lease payments based on the information available at the lease commencement date, as the rate implicit in the lease is not readily determinable. We utilized an estimated collateralized incremental borrowing rate as of the effective date or the commencement date of the lease, whichever is later.
v3.24.3
Debt (Tables)
 6 Months Ended
Oct. 26, 2024
Debt Disclosure [Abstract]  
Schedule of Discontinued Operations Statement of Income
13 weeks ended26 weeks ended
October 28, 2023October 28, 2023
Total sales$— $2,784 
Cost of sales
— 76 
Gross profit — 2,708 
Selling and administrative expenses643 2,924 
Depreciation and amortization3 3 
Gain on sale of business— (3,068)
Impairment loss (non-cash) — 610 
Restructuring costs 10 3,297 
Transaction costs18 13 
Operating loss(674)(1,071)
Income tax expense— 20 
Loss from discontinued operations, net of tax$(674)$(1,091)
v3.24.3
Revenue (Tables)
 6 Months Ended
Oct. 26, 2024
Disaggregation of Revenue [Line Items]  
Disaggregation of Revenue [Table Text Block] The following table disaggregates the revenue associated with our major product and service offerings:
13 weeks ended26 weeks ended
October 26, 2024October 28, 2023October 26, 2024October 28, 2023
Product and Other Sales
Course Materials Product Sales $431,443 $435,370 $583,595 $573,906 
General Merchandise Product Sales (a)
99,659 105,022 176,202 193,702 
Service and Other Revenue (b)
28,572 29,306 50,803 54,740 
Product and Other Sales sub-total559,674 569,698 810,600 822,348 
Course Materials Rental Income42,448 40,681 54,953 52,192 
Total Sales$602,122 $610,379 $865,553 $874,540 
(a)Logo general merchandise sales are recognized on a net basis as commission revenue in the condensed consolidated financial statements.
(b)Service and other revenue primarily relates to brand partnership marketing and other service revenues.
Contract with Customer, Asset and Liability [Table Text Block] The following table presents changes in deferred revenue associated with our contract liabilities:
26 weeks ended
October 26, 2024October 28, 2023
Deferred revenue at the beginning of period$14,892 $15,356 
Additions to deferred revenue during the period97,238 97,773 
Reductions to deferred revenue for revenue recognized during the period(71,253)(71,164)
Deferred revenue balance at the end of period:$40,877 $41,965 
Balance Sheet classification:
Accrued liabilities$37,662 $38,105 
Other long-term liabilities3,215 3,860 
Deferred revenue balance at the end of period:$40,877 $41,965 
v3.24.3
Net Earnings (Loss) Per Share (Tables)
 6 Months Ended
Oct. 26, 2024
Reconciliation of Basic and Diluted Loss Per Share The following is a reconciliation of the basic and diluted earnings per share calculation:
13 weeks ended26 weeks ended
(shares in thousands)October 26, 2024October 28, 2023October 26, 2024October 28, 2023
Numerator for basic earnings per share:
Net income (loss) from continuing operations$49,735 $24,854 $(49,744)$(25,117)
Less allocation of earnings to participating securities(64)(3)— — 
Net income (loss) from continuing operations available to common shareholders49,671 24,851 (49,744)(25,117)
Loss from discontinued operations, net of tax— (674)— (1,091)
Net income (loss) available to common shareholders$49,671 $24,177 $(49,744)$(26,208)
Numerator for diluted earnings per share:
Net income (loss) from continuing operations$49,671 $24,851 $(49,744)$(25,117)
Allocation of earnings to participating securities64 3 — — 
Less diluted allocation of earnings to participating securities(64)(3)— — 
Net income (loss) from continuing operations available to common shareholders49,671 24,851 (49,744)(25,117)
Loss from discontinued operations, net of tax— (674)— (1,091)
Net income (loss) available to common shareholders$49,671 $24,177 $(49,744)$(26,208)
Denominator for basic earnings per share:
Basic weighted average shares of Common Stock26,527 2,655 20,019 2,651 
Denominator for diluted earnings per share:
Basic weighted average shares of Common Stock26,527 2,655 20,019 2,651 
Average dilutive restricted stock units15 — — — 
Average dilutive restricted shares— — — — 
Average dilutive stock options— — — — 
Diluted weighted average shares of Common Stock26,542 2,655 20,019 2,651 
Earnings (Loss) per share of Common Stock:
Basic
Continuing operations$1.87 $9.36 $(2.48)$(9.47)
Discontinuing operations— (0.25)— (0.41)
Total Basic Earnings per share$1.87 $9.11 $(2.48)$(9.88)
Diluted
Continuing operations$1.87 $9.36 $(2.48)$(9.47)
Discontinuing operations— (0.25)— (0.41)
Total Diluted Earnings per share$1.87 $9.11 $(2.48)$(9.88)
v3.24.3
Debt (Tables)
 6 Months Ended
Oct. 26, 2024
Debt Disclosure [Abstract]  
Schedule of Debt
As of
Maturity Date
October 26, 2024October 28, 2023April 27, 2024
Credit FacilityJune 9, 2028$177,551 $204,881 $164,947 
Term Loan— 30,863 32,653 
sub-total177,551 235,744 197,600 
Less: Deferred financing costs, Term Loan (a)
— (1,871)(1,263)
Total debt$177,551 $233,873 $196,337 
Balance Sheet classification:
Long-term borrowings$177,551 $233,873 $196,337 
(a) For additional information on Credit Facility and Term Loan deferred financing costs, see Deferred Financing Costs below.
Interest Income and Interest Expense Disclosure
The following table disaggregates interest expense for the 13 and 26 week periods:
13 weeks ended26 weeks ended
October 26, 2024October 28, 2023October 26, 2024October 28, 2023
Interest Incurred
Credit Facility$4,834 $6,824 $9,618 $12,539 
Term Loan— 861 453 2,167 
Total Interest Incurred$4,834 $7,685 $10,071 $14,706 
Amortization of Deferred Financing Costs
Credit Facility$916 $2,850 $3,183 $3,794 
Term Loan— 312 150 612 
Total Amortization of Deferred Financing Costs$916 $3,162 $3,333 $4,406 
Interest Income, net of expense$(287)$(183)$(323)$(194)
Total Interest Expense$5,463 $10,664 $13,081 $18,918 
Schedule of Deferred Financing Costs [Table]
Deferred Financing Costs
The debt issuance costs have been deferred and are presented as noted below in the condensed consolidated balance sheets, and are subsequently amortized ratably over the term of respective debt.
As of
Balance Sheet Location
Maturity Date/
Amortization Term
October 26, 2024October 28, 2023April 27, 2024
Credit Facility - Prepaid and Other Current Assets
June 9, 2028$— $12,159 $— 
Credit Facility - Other noncurrent assets
13,428 2,026 12,897 
Credit Facility - sub-total
13,428 14,185 12,897 
Term Loan - Contra Debt
— 1,871 1,263 
Total deferred financing costs
$13,428 $16,056 $14,160 
v3.24.3
Leases (Tables)
 6 Months Ended
Oct. 26, 2024
Leases [Abstract]  
Lessee, Operating Lease, Liability, Maturity [Table Text Block]
The following table summarizes our minimum fixed lease obligations, excluding variable commissions:
As of October 26, 2024
Remainder of Fiscal 2025
$108,940 
Fiscal 2026
44,073 
Fiscal 2027
33,817 
Fiscal 2028
28,537 
Fiscal 2029
25,455 
Thereafter38,004 
Total lease payments278,826 
Less: imputed interest(24,139)
Operating lease liabilities at period end$254,687 
Supplemental Operating Lease Disclosures [Table Text Block]
The following summarizes additional information related to our operating leases:
As of
October 26, 2024October 28, 2023
Weighted average remaining lease term (in years)4.1 years4.6 years
Weighted average discount rate4.5 %4.3 %
Supplemental cash flow information:
Cash payments for lease liabilities within operating activities$62,624 $68,580 
Right-of-use assets obtained in exchange for lease liabilities from initial recognition$69,193 $69,959 
Lease, Cost
We recognized lease expense related to our college and university contracts as cost of sales in our condensed consolidated statements of operations as follows:
13 weeks ended26 weeks ended
October 26, 2024October 28, 2023October 26, 2024October 28, 2023
Variable lease expense$26,039 $25,436 $38,843 $37,665 
Operating lease expense43,877 46,902 65,208 69,291 
Net lease expense$69,916 $72,338 $104,051 $106,956 
v3.24.3
Stock-Based Compensation Stock-Based Compensation (Tables)
 6 Months Ended
Oct. 26, 2024
Share-Based Payment Arrangement [Abstract]  
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Table Text Block]
We recognized compensation expense for long-term incentive plan awards in selling and administrative expenses as follows:
13 weeks ended26 weeks ended
October 26,
2024		October 28,
2023		October 26,
2024		October 28,
2023
Stock-based awards
Restricted stock expense$200 $4 $267 $11 
Restricted stock units expense 315 448 232 1,016 
Performance share units expense 748 — 748 — 
Stock option expense(8)346 (855)729 
Sub-total stock-based awards:$1,255 $798 $392 $1,756 
Cash settled awards
Phantom share units expense$1 $(40)$(4)$(129)
Total compensation expense for long-term incentive awards$1,256 $758 $388 $1,627 
v3.24.3
Summary of Significant Accounting Policies Summary of Significant Accounting Policies (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 10, 2024
Oct. 26, 2024
Oct. 28, 2023
Oct. 26, 2024
Oct. 28, 2023
Apr. 27, 2024
Restricted Cash   $ 17,323 $ 20,333 $ 17,323 $ 20,333 $ 18,111
Restricted Cash, Current   14,945 19,388 14,945 19,388 17,146
Restricted Cash, Noncurrent   2,378 945 2,378 945 965
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents, Including Disposal Group and Discontinued Operations     35,341   35,341  
Income (Loss) from Continuing Operations, Net of Tax, Attributable to Parent   49,735 24,854 (49,744) (25,117)  
Interest expense, net   5,463 10,664 13,081 18,918  
Disposal Group, Including Discontinued Operation, Revenue     0   2,784  
Disposal Group, Including Discontinued Operations, Impairment Expense     0   610  
Disposal Group, Including Discontinued Operation, Costs of Goods Sold     0   76  
Disposal Group, Including Discontinued Operation, Gross Profit (Loss)     0   2,708  
Disposal Group, Including Discontinued Operation, General and Administrative Expense     643   2,924  
Disposal Group, Including Discontinued Operation, Depreciation and Amortization     3   3  
Disposal Group, Including Discontinued Operation, Other Income     0   (3,068)  
Disposal Group, Including Discontinued Operation, Other Expense     10   3,297  
Disposal Group, Including Discontinued Operation, Transaction Costs     18   13  
Net Cash Provided by (Used in) Operating Activities, Continuing Operations       (96,582) (47,160)  
Disposal Group, Including Discontinued Operation, Operating Income (Loss)     (674)   (1,071)  
Discontinued Operation, Tax Effect of Discontinued Operation   0 0 0 20  
Income (Loss) from Discontinued Operations, Net of Tax, Attributable to Parent   0 (674) 0 (1,091)  
Variable Lease, Cost   26,039 25,436 38,843 37,665  
Restructuring and other charges   (150) 4,274 3,468 8,907  
Property, Plant and Equipment, Net   44,926 61,403 44,926 61,403 52,912
Operating Lease, Right-of-Use Asset   210,271 246,531 210,271 246,531 202,522
Intangible assets, net   85,137 104,026 85,137 104,026 94,191
Other noncurrent assets   25,684 16,664 25,684 16,664 24,703
New Credit Facility [Member]            
Interest expense, net   $ 4,834 6,824 $ 9,618 12,539  
Long-term Debt, Description 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, the 1.00% fee payable in connection with the eighth amendment to the Credit Facility (prior to its having been amended and restated), 50% was paid on September 2, 2024 and 50% is due and payable on June 10, 2025.          
Line of Credit Facility, Maximum Borrowing Capacity $ 325,000   400,000   400,000 380,000
Line of Credit Facility, Maximum Borrowing Capacity $ 325,000   $ 400,000   $ 400,000 $ 380,000
v3.24.3
Revenue (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Oct. 26, 2024
Oct. 28, 2023
Oct. 29, 2022
Oct. 26, 2024
Oct. 28, 2023
Apr. 27, 2024
Apr. 29, 2023
Disaggregation of Revenue [Line Items]              
Revenues $ 602,122 $ 610,379 $ 610,379 $ 865,553 $ 874,540    
Product sales and other 559,674 569,698   810,600 822,348    
Rental income 42,448 40,681   54,953 52,192    
Receivables, net 275,847 221,805   275,847 221,805 $ 104,110 $ 92,512
Deferred Revenue 40,877 41,965   40,877 41,965 $ 14,892 $ 15,356
Deferred Revenue, Additions       97,238 97,773    
Contract with Customer, Liability, Revenue Recognized       (71,253) (71,164)    
Deferred Revenue, Current 37,662 38,105   37,662 38,105    
Deferred Revenue, Noncurrent 3,215 3,860   3,215 3,860    
Transferred at Point in Time              
Disaggregation of Revenue [Line Items]              
Product sales and other 559,674 569,698   810,600 822,348    
Course Materials Product              
Disaggregation of Revenue [Line Items]              
Revenues 431,443 435,370   583,595 573,906    
General Merchandise Product              
Disaggregation of Revenue [Line Items]              
Revenues 99,659 105,022   176,202 193,702    
Service and Other [Member]              
Disaggregation of Revenue [Line Items]              
Revenues $ 28,572 $ 29,306   $ 50,803 $ 54,740    
v3.24.3
Segment Reporting Segment Reporting (Details)
$ in Thousands
 3 Months Ended 6 Months Ended
Oct. 26, 2024
USD ($)
Store
Oct. 28, 2023
USD ($)
Oct. 29, 2022
USD ($)
Oct. 26, 2024
USD ($)
segment
Store
Oct. 28, 2023
USD ($)
Oct. 29, 2022
USD ($)
Segment Reporting Information [Line Items]            
Number of Reportable Segments | segment       1    
Revenues $ 602,122 $ 610,379 $ 610,379 $ 865,553 $ 874,540  
Gross Profit 137,643 136,242   184,849 186,876  
Depreciation and amortization expense 8,530 10,175   21,587 20,428  
Operating Income (Loss) 56,323 35,832   (35,402) (5,896)  
Interest expense, net 5,463 10,664   13,081 18,918  
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest 50,860 25,168   (48,483) (24,814)  
Selling and administrative expenses 72,940 85,961   139,963 163,437  
Restructuring and other charges (150) 4,274   3,468 8,907  
Gain (Loss) on Extinguishment of Debt $ 0 $ 0   $ (55,233) $ 0 $ 0
Number of Stores | Store 1,162     1,162    
v3.24.3
Net Earnings (Loss) Per Share - Additional Information (Detail) - USD ($)
$ / shares in Units, $ in Thousands
 3 Months Ended 6 Months Ended
Oct. 26, 2024
Oct. 28, 2023
Oct. 26, 2024
Oct. 28, 2023
Sep. 20, 2024
Jun. 10, 2024
Jun. 05, 2024
Apr. 27, 2024
Apr. 29, 2023
Jun. 07, 2022
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]                    
Shares Paid for Tax Withholding for Share Based Compensation 0     429            
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount 59,329 31,497 68,832 34,538            
Earnings Per Share, Basic $ 1.87 $ 9.11 $ (2.48) $ (9.88)            
Earnings Per Share, Diluted $ 1.87 $ 9.11 $ (2.48) $ (9.88)            
Basic 26,527,000 2,655,000 20,019,000 2,651,000            
Weighted Average Number of Shares Outstanding, Diluted 26,542,000 2,655,000 20,019,000 2,651,000            
Stock Repurchase Program, Remaining Authorized Repurchase Amount $ 26,669   $ 26,669              
Income (Loss) from Continuing Operations, Net of Tax, Attributable to Parent 49,735 $ 24,854 (49,744) $ (25,117)            
Undistributed Earnings, Basic 64 3 0 0            
Undistributed Earnings (Loss) Allocated to Participating Securities, Diluted (64) (3) 0 0            
Net Income (Loss) from Continuing Operations Available to Common Shareholders, Diluted 49,671 24,851 (49,744) (25,117)            
Undistributed Earnings (Loss) Available to Common Shareholders, Basic (64) (3) 0 0            
Net Income (Loss) from Continuing Operations Available to Common Shareholders, Basic 49,671 24,851 (49,744) (25,117)            
Income (Loss) from Discontinued Operations, Net of Tax, Attributable to Parent 0 (674) 0 (1,091)            
Net Income (Loss) Attributable to Parent, Diluted $ 49,671 $ 24,177 $ (49,744) $ (26,208)            
Income (Loss) from Continuing Operations, Per Diluted Share $ 1.87 $ 9.36 $ (2.48) $ (9.47)            
Discontinued Operation, Income (Loss) from Discontinued Operation, Net of Tax, Per Diluted Share 0 (0.25) 0 (0.41)            
Income (Loss) from Continuing Operations, Per Basic Share 1.87 9.36 (2.48) (9.47)            
Discontinued Operation, Income (Loss) from Discontinued Operation, Net of Tax, Per Basic Share $ 0 $ (0.25) $ 0 $ (0.41)            
Net Income (Loss) Available to Common Stockholders, Basic $ 49,671 $ 24,177 $ (49,744) $ (26,208)            
Common Stock, Shares Authorized 200,000,000 2,000,000 200,000,000 2,000,000 200,000,000   10,000,000,000 2,000,000 200,000,000  
Proceeds from Issuance or Sale of Equity     $ 95,000              
Proceeds from Issuance or Sale of Equity, Net of Expenses     85,500              
Long-Term Debt $ 177,551 $ 233,873 $ 177,551 $ 233,873       $ 196,337    
Common Stock, Shares, Issued 27,313,000 558,000 27,313,000 558,000       558,000    
Proceeds from sales of common stock under ATM facility, net of commissions     $ 9,590 $ 0            
Shares Issued, Price Per Share           $ 0.05        
Restricted Stock Units (RSUs) [Member]                    
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]                    
Weighted Average Number of Shares Outstanding, Diluted, Adjustment 15,000 0 0 0            
Restricted Stock [Member]                    
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]                    
Weighted Average Number of Shares Outstanding, Diluted, Adjustment 0 0 0 0            
Option on Securities                    
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]                    
Weighted Average Number of Shares Outstanding, Diluted, Adjustment 0 0 0 0            
Term Loan                    
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]                    
Long-Term Debt           $ 34,000       $ 30,000
Rights Offering                    
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]                    
Proceeds from Issuance or Sale of Equity     $ 45,000              
Common Stock, Shares, Issued           9,000,000        
v3.24.3
Equity Issuance (Details) - USD ($)
 3 Months Ended 6 Months Ended
Jun. 11, 2024
Jun. 10, 2024
Oct. 26, 2024
Jul. 27, 2024
Oct. 28, 2023
Oct. 26, 2024
Oct. 28, 2023
Oct. 29, 2022
Nov. 27, 2024
Sep. 20, 2024
Jun. 05, 2024
Apr. 27, 2024
Apr. 29, 2023
Jun. 07, 2022
Rights Offering Bonus Element   5.03                        
Debt Conversion, Converted Instrument, Shares Issued   6,674,000   6,674,000                    
Stockholders' Equity, Reverse Stock Split Reverse Stock SplitOn 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 was 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 will not change the authorized number of shares of Common Stock or preferred stock. No fractional shares will be issued in connection with the reverse split; instead any fractional shares as a result of the Reverse Stock Split will be rounded up to the next whole number of post-split shares of Common Stock.                          
Gain (Loss) on Extinguishment of Debt     $ 0   $ 0 $ 55,233,000 $ 0 $ 0            
Long-Term Debt     177,551,000   $ 233,873,000 177,551,000 233,873,000         $ 196,337,000    
Payments of Stock Issuance Costs     $ 178,000 $ 9,524,000   9,702,000 $ 0              
Proceeds from Issuance or Sale of Equity           $ 95,000,000                
Financial Instruments Subject to Mandatory Redemption, Settlement Terms, Share Value, Amount   $ 17                        
Shares Issued, Price Per Share   $ 0.05                        
Common Stock, Shares Authorized     200,000,000   2,000,000 200,000,000 2,000,000     200,000,000 10,000,000,000 2,000,000 200,000,000  
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Additional Shares Authorized     2,000,000                      
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Authorized     2,179,093     2,179,093                
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount     59,329   31,497 68,832 34,538              
Common Stock, Shares, Issued     27,313,000   558,000 27,313,000 558,000         558,000    
Term Loan                            
Long-Term Debt   $ 34,000,000                       $ 30,000,000
Debt Conversion, Original Debt, Amount   $ 34,000,000                        
Private Investment Equity                            
Proceeds from Issuance or Sale of Equity           $ 50,000,000                
Rights Offering                            
Payments of Stock Issuance Costs           9,524,000                
Proceeds from Issuance or Sale of Equity           45,000,000                
Common Stock, Shares, Issued   9,000,000                        
ATM Transaction Sept24                            
Proceeds from Issuance or Sale of Equity           $ 40,000                
Shares Issued, Price Per Share     $ 9.35     $ 9.35     $ 10.32          
Common Stock, Shares, Issued     1,046,460     1,046,460     2,928,145          
Immersion | Private Investment Equity                            
Proceeds from Issuance or Sale of Equity           $ 45,000,000                
Immersion | Rights Offering                            
Payments of Stock Issuance Costs     $ 2,850,000                      
VitalSource [Member] | Private Investment Equity                            
Proceeds from Issuance or Sale of Equity           $ 5,000,000                
Subscribers [Member] | Rights Offering                            
Proceeds from Issuance or Sale of Equity     32,100,000                      
Backstop Commitment [Member] | Rights Offering                            
Proceeds from Issuance or Sale of Equity     12,900,000                      
Selz [Member] | Rights Offering                            
Payments of Stock Issuance Costs     350,000                      
Outerbridge [Member] | Rights Offering                            
Payments of Stock Issuance Costs     $ 1,250,000                      
v3.24.3
Debt - Additional Information (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 10, 2024
Oct. 26, 2024
Oct. 28, 2023
Oct. 26, 2024
Oct. 28, 2023
Oct. 29, 2022
Apr. 27, 2024
Jun. 07, 2022
Line of Credit Facility [Line Items]                
Proceeds from Lines of Credit       $ 455,044 $ 284,698      
Repayments of Lines of Credit       442,461 233,970      
Letters of Credit Outstanding, Amount   $ 3,575 $ 575 3,575 575      
Debt, Long-term and Short-term, Combined Amount   177,551 233,873 177,551 233,873   $ 196,337  
Long-Term Debt   177,551 233,873 177,551 233,873   196,337  
Debt Issuance Costs, Net   13,428 16,056 13,428 16,056   14,160  
Total Debt excluding Deferred Financing Costs   177,551 235,744 177,551 235,744   197,600  
Interest Paid, Excluding Capitalized Interest, Operating Activities   5,134 7,576 9,866 13,972      
Interest expense, net   5,463 10,664 13,081 18,918      
Interest Costs Incurred   4,834 7,685 10,071 14,706      
Amortization of Debt Issuance Costs   916 3,162 $ 3,333 4,406      
Schedule of Deferred Financing Costs [Table]      
Deferred Financing Costs
The debt issuance costs have been deferred and are presented as noted below in the condensed consolidated balance sheets, and are subsequently amortized ratably over the term of respective debt.
As of
Balance Sheet Location
Maturity Date/
Amortization Term
October 26, 2024October 28, 2023April 27, 2024
Credit Facility - Prepaid and Other Current Assets
June 9, 2028$— $12,159 $— 
Credit Facility - Other noncurrent assets
13,428 2,026 12,897 
Credit Facility - sub-total
13,428 14,185 12,897 
Term Loan - Contra Debt
— 1,871 1,263 
Total deferred financing costs
$13,428 $16,056 $14,160 
        
Proceeds from Issuance or Sale of Equity       $ 95,000        
Proceeds from Issuance or Sale of Equity, Net of Expenses       85,500        
Gain (Loss) on Extinguishment of Debt   0 0 55,233 0 $ 0    
Debt Instrument, Convertible, Carrying Amount of Equity Component $ 86,755              
Interest and Other Income   (287) (183) (323) (194)      
Private Investment Equity                
Line of Credit Facility [Line Items]                
Proceeds from Issuance or Sale of Equity       50,000        
Rights Offering                
Line of Credit Facility [Line Items]                
Proceeds from Issuance or Sale of Equity       45,000        
Term Loan                
Line of Credit Facility [Line Items]                
Long-Term Debt 34,000             $ 30,000
Debt Issuance Costs, Net   0 1,871 0 1,871   1,263  
Interest expense, net   0 861 453 2,167      
Amortization of Debt Issuance Costs   0 312 150 612      
Debt Conversion, Original Debt, Amount 34,000              
New Credit Facility [Member]                
Line of Credit Facility [Line Items]                
Line of Credit Facility, Maximum Borrowing Capacity $ 325,000   400,000   400,000   380,000  
Debt, Long-term and Short-term, Combined Amount     204,881   204,881      
Long-Term Debt, Description 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, the 1.00% fee payable in connection with the eighth amendment to the Credit Facility (prior to its having been amended and restated), 50% was paid on September 2, 2024 and 50% is due and payable on June 10, 2025.              
Debt Issuance Costs, Net   13,428 14,185 13,428 14,185   12,897  
Long-term Line of Credit, Noncurrent   177,551 204,881 177,551 204,881   164,947  
Interest expense, net   4,834 6,824 9,618 12,539      
Amortization of Debt Issuance Costs   916 2,850 3,183 3,794      
New Credit Facility [Member] | Prepaid Expenses and Other Current Assets                
Line of Credit Facility [Line Items]                
Debt Issuance Costs, Net   0 12,159 0 12,159   0  
New Credit Facility [Member] | Other Noncurrent Assets                
Line of Credit Facility [Line Items]                
Debt Issuance Costs, Net   13,428 2,026 13,428 2,026   12,897  
Term Loan                
Line of Credit Facility [Line Items]                
Debt Issuance Costs, Net   0 1,871 0 1,871   1,263  
Long-term Line of Credit, Noncurrent   $ 0 $ 30,863 $ 0 $ 30,863   $ 32,653  
v3.24.3
Leases Leases (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Oct. 26, 2024
Oct. 28, 2023
Oct. 26, 2024
Oct. 28, 2023
Leases [Abstract]        
Operating Lease, Weighted Average Remaining Lease Term 4 years 1 month 6 days 4 years 7 months 6 days 4 years 1 month 6 days 4 years 7 months 6 days
Variable Lease, Cost $ 26,039 $ 25,436 $ 38,843 $ 37,665
Lease, Cost 43,877 46,902 65,208 69,291
Operating Lease, Expense 69,916 $ 72,338 104,051 $ 106,956
Lessee, Operating Lease, Liability, to be Paid, Year One 108,940   108,940  
Lessee, Operating Lease, Liability, Payments, Due Year Two 44,073   44,073  
Lessee, Operating Lease, Liability, Payments, Due Year Three 33,817   33,817  
Lessee, Operating Lease, Liability, Payments, Due Year Four 28,537   28,537  
Lessee, Operating Lease, Liability, Payments, Due Year Five 25,455   25,455  
Lessee, Operating Lease, Liability, Payments, Due after Year Five 38,004   38,004  
Lessee, Operating Lease, Liability, Payments, Due 278,826   278,826  
Lessee, Operating Lease, Liability, Undiscounted Excess Amount 24,139   24,139  
Operating Lease, Liability $ 254,687   $ 254,687  
Operating Lease, Weighted Average Discount Rate, Percent 4.50% 4.30% 4.50% 4.30%
Operating Lease, Payments     $ 62,624 $ 68,580
ROU Asst Obtained in Exchange for Lease Liabilites     $ 69,193 $ 69,959
v3.24.3
Supplementary Information (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Oct. 26, 2024
Oct. 28, 2023
Oct. 26, 2024
Oct. 28, 2023
Restructuring and other charges $ (150) $ 4,274 $ 3,468 $ 8,907
Employee Severance [Member]        
Restructuring and other charges       1,080
One-time Termination Benefits [Member]        
Other Nonrecurring Expense 0   1,963  
Other Expense [Member]        
Other Nonrecurring Expense $ 256   $ 820 $ 7,827
v3.24.3
Stock-Based Compensation Stock-Based Compensation (Details) - USD ($)
$ / shares in Units, $ in Thousands
 3 Months Ended 6 Months Ended
Oct. 26, 2024
Jul. 27, 2024
Oct. 28, 2023
Oct. 26, 2024
Oct. 28, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Share-based Compensation       $ 392 $ 1,756
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount $ 15,404     $ 15,404  
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition       1 year 9 months 18 days  
Shares Granted, Value, Share-Based Payment Arrangement, before Forfeiture       $ 1,562  
Restricted Stock [Member] | BOD Member          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period 81,720 29,764      
Restricted Stock Units (RSUs) [Member] | BOD Member          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period 61,290 7,441      
Performance Shares [Member]          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period 1,533,250        
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Risk Free Interest Rate 3.53%        
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Expected Volatility Rate 120.00%        
Performance Shares [Member] | PSU Tranche 1          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Expected Term 1 year        
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Exercise Price $ 9.74     $ 9.74  
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions and Methodology [Abstract]          
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Rights 10.00        
Performance Shares [Member] | PSU Tranche 2          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Expected Term 2 years        
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Exercise Price $ 9.62     9.62  
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions and Methodology [Abstract]          
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Rights 15.00        
Performance Shares [Member] | PSU Tranche 3          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Expected Term 3 years        
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Exercise Price $ 9.46     $ 9.46  
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions and Methodology [Abstract]          
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Rights 20.00        
Selling, General and Administrative Expenses [Member]          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Share-based Compensation $ 1,255   $ 798 $ 392 1,756
us-gaap_LongTermIncentivePlanCompensation [Line Items] 1,256   758 388 1,627
Selling, General and Administrative Expenses [Member] | Restricted Stock [Member]          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Share-based Compensation 200   4 267 11
Selling, General and Administrative Expenses [Member] | Restricted Stock Units (RSUs) [Member]          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Share-based Compensation 315   448 232 1,016
Selling, General and Administrative Expenses [Member] | Equity Option          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Share-based Compensation (8)   346 (855) 729
Selling, General and Administrative Expenses [Member] | Phantom Share Units (PSUs)          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Deferred Compensation Arrangement with Individual, Compensation Expense 1   (40) (4) (129)
Selling, General and Administrative Expenses [Member] | Performance Share Units (PSUs) [Member]          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Share-based Compensation $ 748   $ 0 $ 748 $ 0
v3.24.3
Income Taxes Income Taxes (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Oct. 26, 2024
Oct. 28, 2023
Oct. 26, 2024
Oct. 28, 2023
Income Tax Disclosure [Abstract]        
Income Tax Expense (Benefit) $ 1,125 $ 314 $ 1,261 $ 303
Effective Income Tax Rate Reconciliation, Percent 2.20% 1.20% (2.60%) (1.20%)
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest $ 50,860 $ 25,168 $ (48,483) $ (24,814)
Domestic Tax Jurisdiction        
Income Tax Disclosure [Abstract]        
Operating Loss Carryforwards 265,522   265,522  
Operating Loss Carryforwards [Line Items]        
Operating Loss Carryforwards $ 265,522   $ 265,522  
v3.24.3
Subsequent Events (Details) - USD ($)
$ / shares in Units, $ in Thousands
 1 Months Ended 6 Months Ended
Nov. 27, 2024
Oct. 26, 2024
Oct. 28, 2023
Jun. 10, 2024
Apr. 27, 2024
Subsequent Event [Line Items]          
Proceeds from Issuance or Sale of Equity   $ 95,000      
Common Stock, Shares, Issued   27,313,000 558,000   558,000
Shares Issued, Price Per Share       $ 0.05  
Proceeds from sales of common stock under ATM facility, net of commissions   $ 9,590 $ 0    
ATM Transaction Sept24          
Subsequent Event [Line Items]          
Proceeds from Issuance or Sale of Equity   $ 40      
Common Stock, Shares, Issued 2,928,145 1,046,460      
Shares Issued, Price Per Share $ 10.32 $ 9.35      
Proceeds from sales of common stock under ATM facility, net of commissions $ 29,660 $ 9,590