BARNES & NOBLE EDUCATION, INC., 10-K filed on 7/1/2024
Annual Report
v3.24.2
Document and Entity Information - USD ($)
$ / shares in Units, $ in Millions
 12 Months Ended
Apr. 27, 2024
Jun. 21, 2024
Oct. 28, 2023
Apr. 29, 2023
Document Information [Line Items]        
Document Type 10-K      
Document Annual Report true      
Document Period End Date Apr. 27, 2024      
Current Fiscal Year End Date --04-27      
Document Transition Report false      
Entity File Number 1-37499      
Entity Registrant Name BARNES & NOBLE EDUCATION, INC.      
Entity Incorporation, State or Country Code DE      
Entity Tax Identification Number 46-0599018      
Entity Address, Address Line One 120 Mountain View Blvd.      
Entity Address, City or Town Basking Ridge      
Entity Address, State or Province NJ      
Entity Address, Postal Zip Code 07920      
City Area Code (908)      
Local Phone Number 991-2665      
Entity Well-known Seasoned Issuer No      
Entity Voluntary Filers No      
Entity Current Reporting Status Yes      
Entity Interactive Data Current Yes      
Entity Emerging Growth Company false      
Entity Shell Company false      
Share Price     $ 0.97  
Entity Common Stock, Shares Outstanding   26,208,036    
Common Stock, Par or Stated Value Per Share $ 0.01     $ 0.01
Amendment Flag false      
Document Fiscal Year Focus 2024      
Document Fiscal Period Focus FY      
Entity Central Index Key 0001634117      
Entity Filer Category Non-accelerated Filer      
ICFR Auditor Attestation Flag false      
Entity Public Float     $ 45  
Entity Small Business true      
Auditor Firm ID 42      
Auditor Location Iselin, New Jersey      
Auditor Name Ernst & Young LLP      
Document Financial Statement Error Correction [Flag] false      
Common Stock [Member]        
Document Information [Line Items]        
Title of 12(b) Security Common Stock, $0.01 par value per share      
Trading Symbol BNED      
Security Exchange Name NYSE      
Series A Preferred Stock        
Document Information [Line Items]        
Title of 12(b) Security Rights to Purchase Series A Junior Participating Preferred Stock      
Trading Symbol BNED      
Security Exchange Name NYSE      
v3.24.2
Audit Information
 12 Months Ended
Apr. 27, 2024
Auditor [Line Items]  
Auditor Firm ID 42
Auditor Name Ernst & Young LLP
Auditor Location Iselin, New Jersey
v3.24.2
Consolidated Statements of Operations and Comprehensive Loss - USD ($)
shares in Thousands, $ in Thousands
 12 Months Ended
Apr. 27, 2024
Apr. 29, 2023
Sales:    
Product sales and other $ 1,430,456 $ 1,406,655
Rental income 136,679 136,553
Revenues 1,567,135 1,543,208
bned_Cost of Product and Other Cost of Sales 1,135,376 1,119,482
Rental cost of sales 74,983 74,287
Cost of Goods and Services Sold 1,210,359 1,193,769
Gross profit 356,776 349,439
Selling and administrative expenses 311,574 357,611
Depreciation and amortization expense 40,560 42,163
Impairment loss (non-cash) 7,166 6,008
Restructuring and other charges 19,409 10,103
Operating Income (Loss) (21,933) (66,446)
Interest expense, net (40,365) (22,683)
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest (62,298) (89,129)
Income tax expense 183 1,011
Income (Loss) from Continuing Operations, Net of Tax, Attributable to Parent (62,481) (90,140)
Income (Loss) from Discontinued Operations, Net of Tax, Attributable to Parent (730) (11,722)
Net income (loss) $ (63,211) $ (101,862)
Income (Loss) from Continuing Operations, Per Basic Share $ (23.47) $ (34.17)
Income (Loss) from Continuing Operations, Per Diluted Share (23.47) (34.17)
Discontinued Operation, Income (Loss) from Discontinued Operation, Net of Tax, Per Basic Share (0.28) (4.44)
Income (Loss) from Discontinued Operations and Disposal of Discontinued Operations, Net of Tax, Per Diluted Share (0.28) (4.44)
Earnings per share of common stock    
Earnings Per Share, Basic (23.75) (38.61)
Earnings Per Share, Diluted $ (23.75) $ (38.61)
Weighted average common shares outstanding    
Weighted Average Number of Shares Outstanding, Basic 2,662 2,638
Weighted Average Number of Shares Outstanding, Diluted 2,662 2,638
Discontinued Operation, Tax Effect of Discontinued Operation $ 20 $ 398
v3.24.2
Consolidated Balance Sheets - USD ($)
$ in Thousands
Apr. 27, 2024
Apr. 29, 2023
Current assets:    
Cash and cash equivalents $ 10,459 $ 14,219
Receivables, net 104,110 92,512
Merchandise inventories, net 344,037 322,979
Textbook rental inventories 32,992 30,349
Prepaid expenses and other current assets 39,158 49,512
Disposal Group, Including Discontinued Operation, Assets 0 27,430
Total current assets 530,756 537,001
Property and equipment, net 52,912 68,153
Operating Lease, Right-of-Use Asset 202,522 246,972
Intangible assets, net 94,191 110,632
Deferred Income Tax Assets, Net 0 132
Other noncurrent assets 24,703 17,889
Total assets 905,084 980,779
Current liabilities:    
Accounts payable 299,157 267,923
Accrued Liabilities, Current 77,441 85,759
Operating Lease, Liability, Current 102,206 99,980
Disposal Group, Including Discontinued Operation, Liabilities, Current 0 8,423
Total current liabilities 478,804 462,085
Deferred Income Tax Liabilities, Net 1,289 1,970
Operating Lease, Liability, Noncurrent 142,193 184,754
Other long-term liabilities 15,882 19,068
Long-term borrowings 196,337 182,151
Total liabilities 834,505 850,028
Commitments and contingencies 0 0
Preferred stock, $0.01 par value 0 0
Common stock, $0.01 par value 558 551
Additional paid-in capital 749,140 745,932
Retained Earnings (Accumulated Deficit) (656,567) (593,356)
Treasury stock, at cost (22,552) (22,376)
Total stocholders' equity 70,579 130,751
Total liabilities and Parent Company equity $ 905,084 $ 980,779
Preferred Stock, Par or Stated Value Per Share $ 0.01 $ 0.01
Preferred Stock, Shares Authorized 5,000,000 5,000,000
Preferred Stock, Shares Issued 0 0
Preferred Stock, Shares Outstanding 0 0
Common Stock, Par or Stated Value Per Share $ 0.01 $ 0.01
Common Stock, Shares Authorized 200,000,000 200,000,000
Common Stock, Shares, Issued 558,000 551,000
Common Stock, Shares, Outstanding 532,000 526,000
v3.24.2
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Apr. 27, 2024
Apr. 29, 2023
Cash flows from operating activities:    
Net income (loss) $ (63,211) $ (101,862)
Income (Loss) from Discontinued Operations, Net of Tax, Attributable to Parent (730) (11,722)
Income (Loss) from Continuing Operations, Net of Tax, Attributable to Parent (62,481) (90,140)
Adjustments to reconcile net income to net cash flows from operating activities:    
Depreciation and amortization expense 40,560 42,163
Impairment loss (non-cash) 7,166 6,008
COGS Inventory Loss and Markdown 0 0
Content amortization expenses 0 26
Amortization of deferred financing costs 13,150 3,129
Deferred taxes (550) 409
Stock-based compensation expense 3,380 4,715
Increase (Decrease) in Operating Liabilities 24 5,912
Changes in other long-term liabilities (20,997) 2,711
Changes in other operating assets and liabilities, net (15,551) (115,580)
Net Cash Provided by (Used in) Operating Activities, Continuing Operations (1,545) 90,513
Cash Provided by (Used in) Operating Activities, Discontinued Operations (3,577) 1,157
Net Cash Provided by (Used in) Operating Activities (5,122) 91,670
Cash flows from investing activities:    
Purchases of property and equipment (14,070) (25,092)
Increase (Decrease) in Other Noncurrent Assets (78) (591)
Net Cash Provided by (Used in) Investing Activities, Continuing Operations (13,992) (24,501)
Cash Provided by (Used in) Investing Activities, Discontinued Operations 21,395 (6,542)
Net Cash Provided by (Used in) Investing Activities 7,403 (31,043)
Cash flows from financing activities:    
Proceeds from borrowings on Credit Facility 563,023 590,303
Repayments of borrowings on Credit Facility (552,230) (631,849)
Payments of deferred financing costs (16,316) (7,265)
Payments for Repurchase of Common Stock (176) (864)
Proceeds from Stock Options Exercised 0 0
Net Cash Provided by (Used in) Financing Activities, Continuing Operations (5,699) (49,675)
Cash Provided by (Used in) Financing Activities, Discontinued Operations 0 0
Net Cash Provided by (Used in) Financing Activities (5,699) (49,675)
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect (3,418) 10,952
Cash and cash equivalents at beginning of period 28,570 31,988
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents, Disposal Group, Including Discontinued Operations 0 (1,057)
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents, Including Disposal Group and Discontinued Operations 28,570 30,931
Changes in other operating assets and liabilities, net:    
Receivables, net 11,598 (43,489)
Merchandise inventories 21,058 29,125
Textbook rental inventories 2,643 737
Prepaid expenses and other current assets (31,593) (19,610)
Accounts payable and accrued liabilities 19,257 82,343
Changes in other operating assets and liabilities, net (15,551) (115,580)
Supplemental Cash Flow Information [Abstract]    
Interest Paid, Excluding Capitalized Interest, Operating Activities 24,943 19,024
Income taxes paid (net of refunds) (7,293) (15,216)
Paid-in-Kind Interest $ 2,652 $ 0
v3.24.2
Consolidated Statement of Equity Statement - USD ($)
$ in Thousands
Total
Pre Reverse Stock Split
Additional Paid-in Capital [Member]
Common Stock [Member]
Retained Earnings
Treasury Stock, Common
Common Stock, Shares, Issued 54,234,000          
Treasury Stock, Value $ (21,512)          
Stockholders' Equity Attributable to Parent 228,374   $ 740,838 $ 542 $ (491,494)  
Treasury Stock, Common, Shares           2,188,000
APIC, Share-based Payment Arrangement, Increase for Cost Recognition 5,103   5,103      
Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures       906,000    
Stock Issued During Period, Value, Restricted Stock Award, Net of Forfeitures $ 0   (9) $ 9    
Share-based Payment Arrangement, Shares Withheld for Tax Withholding Obligation 347,808         348,000
Treasury Stock, Value, Acquired, Cost Method           $ 864
CostOfRepurchasedSharesForTaxWittholdingForShareBasedCompensation $ 864          
Net Income (Loss) Attributable to Parent $ (101,862)          
Common Stock, Shares, Issued 551,000 55,140,000        
Treasury Stock, Value $ (22,376)          
Stockholders' Equity Attributable to Parent 130,751   745,932 $ 551 (593,356)  
Treasury Stock, Common, Shares           2,536,000
APIC, Share-based Payment Arrangement, Increase for Cost Recognition 3,215   3,215      
Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures       700,000    
Stock Issued During Period, Value, Restricted Stock Award, Net of Forfeitures $ 0   (7) $ 7    
Share-based Payment Arrangement, Shares Withheld for Tax Withholding Obligation 147,885         148,000
Treasury Stock, Value, Acquired, Cost Method           $ 176
CostOfRepurchasedSharesForTaxWittholdingForShareBasedCompensation $ 176          
Net Income (Loss) Attributable to Parent $ (63,211)          
Stock Issued During Period, Shares, Reverse Stock Splits       (55,282,000)   (2,657,000)
Common Stock, Shares, Issued 558,000 55,840,166        
Treasury Stock, Value $ (22,552)          
Stockholders' Equity Attributable to Parent $ 70,579   $ 749,140 $ 558 $ (656,567)  
Treasury Stock, Common, Shares           27,000
v3.24.2
Organization
 12 Months Ended
Apr. 27, 2024
Organization
Note 1. Organization
Description of Business
Barnes & Noble Education, Inc. (“BNED”) is one of the largest contract operators of physical and virtual bookstores for college and university campuses and K-12 institutions across the United States. We are also one of the largest textbook wholesalers and inventory management hardware and software providers. We operate 1,245 physical, virtual, and custom bookstores and serve more than 5.8 million students, delivering essential educational content, tools and general merchandise within a dynamic omnichannel retail environment.
The strengths of our business include our ability to compete by developing new products and solutions to meet market needs, our large operating footprint with direct access to students and faculty, our well-established, deep relationships with academic partners and stable, long-term contracts and our well-recognized brands. We provide product and service offerings designed to address the most pressing issues in higher education, including equitable access, enhanced convenience and improved affordability through innovative course material delivery models designed to drive improved student experiences and outcomes. We offer our BNC First Day® equitable and inclusive access programs, consisting of First Day Complete and First Day, which provide faculty required course materials on or before the first day of class. These programs have allowed us to reverse historical long-term trends in course materials revenue declines, which has been observed at those schools where such programs have been adopted, and improve predictability of our future results. See BNC First Day Equitable and Inclusive Access Programs discussion below.
We expect to continue to introduce scalable and advanced solutions focused largely on the student and customer experience, expand our e-commerce capabilities and accelerate such capabilities through our service providers, Fanatics Retail Group Fulfillment, LLC (“Fanatics”) and Fanatics Lids College, Inc. D/B/A “Lids” (“Lids”) (collectively referred to herein as the “F/L Relationship”), win new accounts, and expand our revenue opportunities through strategic relationships. We expect gross comparable store general merchandise sales to increase over the long term, as our product assortments continue to emphasize and reflect changing consumer trends, and we evolve our presentation concepts and merchandising of products in stores and online, which we expect to be further enhanced and accelerated through the F/L Relationship. Fanatics and Lids, acting on our behalf as our service providers, provide unparalleled product assortment, e-commerce capabilities and powerful digital marketing tools to drive increased value for customers and accelerate growth of our logo general merchandise business. See Relationship with Fanatics and Lids discussion below.
The Barnes & Noble brand (licensed from our former parent) along with our subsidiary brands, BNC and MBS, are synonymous with innovation in bookselling and campus retailing, and are widely recognized and respected brands in the United States. Our large college footprint, reputation, and credibility in the marketplace not only support our marketing efforts to universities, students, and faculty, but are also important to our relationship with leading publishers who rely on us as one of their primary distribution channels.
BNC First Day Equitable and Inclusive Access Programs
We provide product and service offerings designed to address the most pressing issues in higher education, including equitable access, enhanced convenience and improved affordability through innovative course material delivery models designed to drive improved student experiences and outcomes. We offer our BNC First Day® equitable and inclusive access programs, consisting of First Day Complete and First Day, which provide faculty required course materials on or before the first day of class. During the 52 weeks ended April 27, 2024, BNC First Day total revenue increased by $127,211, or 37%, to $473,863 compared to $346,652 during the prior year period.
•First Day Complete is adopted by an institution and includes all or the majority of undergraduate classes (and on occasion graduate classes), providing students both physical and digital materials. The First Day Complete model drives substantially greater unit sales and sell-through for the bookstore. In the Spring of 2024, 160 campus stores are utilizing First Day® Complete representing enrollment of nearly 805,000 undergraduate and post graduate students (as reported by National Center for Education Statistics as of October 26, 2023), an increase of approximately 39% compared to Spring of 2023. During the 52 weeks ended April 27, 2024, First Day Complete sales increased by $94,948, or 48.0%, to $292,704 as compared to $197,756 in the prior year period.
•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"). During the 52 weeks ended April 27, 2024, First Day sales increased by $32,263, or 21.7%, to 181,159 as compared to $148,896 in the prior year period.
Offering course materials through our equitable and inclusive access First Day Complete and First Day models is an important strategic initiative of ours to meet the market demands of substantially reduced pricing to students, as well as the opportunity to improve student outcomes, while, at the same time, increasing our market share, revenue and relative gross profits of course material sales given the higher volumes of units sold in such models as compared to historical sales models that rely on individual student marketing and sales. These programs have allowed us to reverse historical long-term trends in course materials revenue declines, which has been observed at those schools where such programs have been adopted, and improve predictability of our future results. In Fiscal 2024, the growth of our BNC First Day programs offset the declines in a la carte courseware sales and closed store sales. We are moving quickly to accelerate our First Day Complete strategy. Many institutions adopted First Day Complete in Fiscal 2024, and we plan to continue to scale the number of schools adopting First Day Complete in Fiscal 2025 and beyond.
Relationship with Fanatics and Lids
In December 2020, we entered into the F/L Relationship. Fanatics and Lids, acting on our behalf as our service providers, provide unparalleled product assortment, e-commerce capabilities and powerful digital marketing tools to drive increased value for customers and accelerate growth of our logo general merchandise business. Fanatics operates as our service provider, including processing consumer personal information on our behalf, using their cutting-edge e-commerce and technology expertise to offer our campus store websites expanded product selection, a world-class online and mobile experience, and a progressive direct-to-consumer platform. Coupled with Lids, the leading standalone brick and mortar retailer focused exclusively on licensed fan and alumni products, our campus stores have improved access to trend and sales performance data on licensees, product styles, and design treatments.
We maintain our relationships with campus partners and remain responsible for staffing and managing the day-to-day operations of our campus bookstores. We also work closely with our campus partners to ensure that each campus store maintains unique aspects of in-store merchandising, including localized product assortments and specific styles and designs that reflect each campus’s brand. We leverage Fanatics’ e-commerce technology and expertise for the operational management of the emblematic merchandise and gift sections of our campus store websites. Lids manages in-store assortment planning and merchandising of emblematic apparel, headwear, and gift products for our partner campus stores, and Lids owns the inventory it manages, relieving us of the obligation to finance inventory purchases from working capital.
v3.24.2
Revenue Revenue
 12 Months Ended
Apr. 27, 2024
Revenue from Contract with Customer [Abstract]  
Disaggregation of Revenue [Table Text Block]
Disaggregation of Revenue
The following table disaggregates the revenue associated with our major product and service offerings.
52 weeks ended
April 27, 2024April 29, 2023
Retail
Course Materials Product Sales $971,950 $927,915 
General Merchandise Product Sales (a)
364,097 385,499 
Service and Other Revenue (b)
42,191 41,759 
Retail Product and Other Sales sub-total1,378,238 1,355,173 
Course Materials Rental Income136,679 136,553 
Retail Total Sales$1,514,917 $1,491,726 
Wholesale Sales$112,631 $106,366 
Eliminations (c)
$(60,413)$(54,884)
Total Sales$1,567,135 $1,543,208 
(a)Logo general merchandise sales for the Retail Segment are recognized on a net basis as commission revenue in the consolidated financial statements.
(b)Service and other revenue primarily relates to brand marketing programs and other service revenues.
(c)The sales eliminations represent the elimination of Wholesale sales and fulfillment service fees to Retail and the elimination of Retail commissions earned from Wholesale.
Schedule of Deferred Revenue Rollforward and Balance Sheet Classification The following table presents changes in deferred revenue associated with our contract liabilities:
52 weeks ended
April 27, 2024April 29, 2023
Deferred revenue at the beginning of period$15,356 $16,475 
Additions to deferred revenue during the period176,319 184,163 
Reductions to deferred revenue for revenue recognized during the period(176,783)(185,282)
Deferred revenue balance at the end of period:$14,892 $15,356 
Balance Sheet classification:
Accrued liabilities$11,310 $11,218 
Other long-term liabilities3,582 4,138 
Deferred revenue balance at the end of period:$14,892 $15,356 
As of April 27, 2024, we expect to recognize $11,310 of the deferred revenue balance within the next 12 months.
v3.24.2
Summary of Significant Accounting Policies (Notes)
 12 Months Ended
Apr. 27, 2024
Summary of Significant Accounting Policies
Note 2. Summary of Significant Accounting Policies
Basis of Presentation and Consolidation
The results of operations reflected in our consolidated financial statements are presented on a consolidated basis. All material intercompany accounts and transactions have been eliminated in consolidation. Our consolidated financial statements reflect our consolidated financial position, results of operations and cash flows in conformity with accounting principles generally accepted in the United States (“GAAP”). Net income (loss) is equal to comprehensive income (loss) on our consolidated statement of operations. In the opinion of the Company’s management, the accompanying 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.
Our fiscal year is comprised of 52 or 53 weeks, ending on the Saturday closest to the last day of April. The fiscal year periods for each of the last three fiscal years consisted of the 52 weeks ended April 27, 2024 (“Fiscal 2024”) and 52 weeks ended April 29, 2023 (“Fiscal 2023”).
On June 10, 2024, subsequent to the end of Fiscal 2024, we completed various transactions, including an equity rights offering. Because the rights issuance was offered to all existing stockholders at an exercise price that was less than the fair value of our Common Stock, as of such time, the weighted average shares outstanding and basic and diluted earnings (loss) per share were adjusted retroactively to reflect the bonus element of the rights offering for all periods presented by a factor of 5.03. On June 11, 2024, subsequent to the end of Fiscal 2024, we completed a reverse stock split of our outstanding shares of common stock at a ratio of 1-for-100 in which every 100 shares of the common stock issued and outstanding was converted into one share of our common stock. The weighted average common shares and loss per common share reflect the bonus element resulting from the equity rights offering and the reverse stock split for all periods presented on the consolidated statements of operations. For additional information, see Part II - Item 8. Financial Statements and Supplementary Data - Note 17. Subsequent Events.
Liquidity and Going Concern Evaluation in conjunction with the issuance of the April 27, 2024 Consolidated Financial Statements
The accompanying consolidated financial statements are prepared in accordance with U.S. GAAP applicable to a going concern. This presentation contemplates the realization of assets and the satisfaction of liabilities in the normal course of business and does not include any adjustments relating to the recoverability and classification of recorded asset amounts or the amounts and classification of liabilities that might result from the outcome of the uncertainties described below.
Pursuant to ASC 205-40, Presentation of Financial Statements — Going Concern (“ASC 205-40”), management must evaluate whether there are conditions and events, considered in aggregate, that raise substantial doubt about the Company’s ability to continue as a going concern for one year after the date that these consolidated financial statements are issued.
Our primary sources of cash are net cash flows from operating activities and funds available under our Credit Facility. Our liquidity is highly dependent on the seasonal nature of our business, particularly with respect to course material sales, as sales are generally highest in the second and third fiscal quarters, when college students generally purchase textbooks for the upcoming Fall and Spring semesters, respectively. The tightening of our available credit commitments, including the elimination and repayment of our seasonal borrowing facility (FILO Facility) of $40,000, has had a significant impact on our liquidity during Fiscal 2023 and Fiscal 2024, including our ability to make timely vendor payments and school commission payments. Our recurring losses and projected cash needs, combined with our current liquidity levels and the maturity of our Credit Facility and Term Loan, which were originally scheduled to become due on December 28, 2024 and April 7, 2025, respectively, raised substantial doubt about our ability to continue as a going concern beyond twelve months from the issuance of our third quarter financial statements as of March 12, 2024 as disclosed in our previously filed Quarterly Report on Form 10-Q.
On June 10, 2024, subsequent to the end of Fiscal 2024, we completed various transactions, including an equity rights offering, private equity investment, Term Loan debt conversion, and Credit Facility refinancing, to substantially deleverage our consolidated balance sheet. These transactions raised additional capital for repayment of indebtedness and provide additional flexibility for working capital needs.
Upon closing of the Transactions on June 10, 2024:         
•We received gross proceeds of $95,000 of new equity capital through a $50,000 new equity investment (the “Private Investment”) led by Immersion Corporation (“Immersion”) and a $45,000 fully backstopped equity rights offering (the “Rights Offering”). The Transactions infused approximately $80,000 of net cash proceeds after transaction costs. The transaction resulted in Immersion obtaining controlling financial interest.    
•Our existing Term Loan credit agreement lenders, TopLids LendCo, LLC and Vital Fundco, LLC, converted approximately $34,000 of outstanding principal and any accrued and unpaid interest into our common stock.     
•We refinanced our Credit Facility providing access to a $325,000 facility maturing in 2028. The refinanced Credit Facility will meaningfully enhance our financial flexibility and reduce our annual interest expense.
As a result of the equity rights offering, private equity investment, Term Loan debt conversion, and Credit Facility refinancing, all executed on June 10, 2024, Management concluded that substantial doubt about the Company's ability to continue as a going concern no longer exists. For additional information related to the rights offering, new equity investment, Term Loan credit agreement debt conversion, and Credit Facility refinancing terms, see Part II - Item 8. Financial Statements and Supplementary Data - Note 7. Debt and Note 17. Subsequent Events.
Seasonality
Our business is highly seasonal. For example, our retail business is seasonal, particularly with respect to textbook sales and rentals, with the major portion of sales and operating profit realized during the second and third fiscal quarters when college students generally purchase and rent textbooks for the upcoming semesters and lowest in the first and fourth fiscal quarters. Our quarterly results also may fluctuate depending on the timing of the start of the various schools’ semesters, the ability to secure inventory on a timely basis, 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 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.
These shifts in timing may affect the comparability of our results across periods. Sales attributable to our wholesale business are generally highest in our first, second and third quarters, as it sells textbooks and other course materials for retail distribution. See Revenue Recognition and Deferred Revenue discussion below.
Use of Estimates
In preparing financial statements in conformity with GAAP, we are required to make estimates and assumptions that affect the reported amounts in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates.
Discontinued Operations
During the fourth quarter of Fiscal 2023, assets related to our Digital Student Solutions ("DSS") Segment met the criteria for classification as Assets Held for Sale and Discontinued Operations and is no longer a reportable segment. Certain assets and liabilities associated with the DSS Segment are presented in our consolidated balance sheets as "Assets Held for Sale" and "Liabilities Held for Sale". The results of operations related to the DSS Segment are included in the consolidated statements of operations as "Loss from discontinued operations, net of tax." The cash flows of the DSS Segment are also presented separately in our consolidated statements of cash flows. All corresponding prior year periods presented in our financial statements and related information in the accompanying notes have been reclassified to reflect the Asset Held for Sale and Discontinued Operations presentation.
On May 31, 2023, we completed the sale of these assets related to our DSS Segment for cash proceeds of $20,000, net of certain transaction fees, severance costs, escrow, and other considerations. During the 52 weeks ended April 27, 2024, we recorded a Gain on Sale of Business of $3,545 in Loss from Discontinued Operations, Net, related to the sale. Net cash proceeds from the sale were used for debt repayment and provided additional funds for working capital needs under our Credit Facility. The following table summarizes the operating results of the discontinued operations for the periods indicated:
52 weeks ended
Dollars in thousandsApril 27, 2024April 29, 2023
Total sales$2,784 $35,353 
Cost of sales (a)
76 7,156 
Gross profit (a)
2,708 28,197 
Selling and administrative expenses3,029 34,137 
Depreciation and amortization3 3,155 
Gain on sale of business(3,545)— 
Impairment loss (non-cash) (b)
610 — 
Restructuring costs (c)
3,308 1,848 
Transaction costs13 381 
Operating loss(710)(11,324)
Income tax expense20 398 
Loss from discontinued operations, net of tax$(730)$(11,722)
(a)    Cost of sales and Gross margin for the DSS Segment includes amortization expense (non-cash) related to content development costs of $0 and $6,594 for the 52 weeks ended April 27, 2024 and April 29, 2023, respectively.
(b)    During the 52 weeks ended April 27, 2024, we recognized an impairment loss (non-cash) of $610 (both pre-tax and after-tax), comprised of $119 and $491 of property and equipment and operating lease right-of-use assets, respectively, on the consolidated statement of operations as part of discontinued operations.
(c)    During the 52 weeks ended April 27, 2024 and April 29, 2023, we recognized restructuring and other charges of $3,308 and $1,848, respectively, comprised of severance and other employee termination costs.
The following table summarizes the assets and liabilities of the Assets Held for Sale included in the consolidated balance sheets for the periods indicated:
As of
April 27, 2024April 29, 2023
Cash and cash equivalents$— $1,057 
Receivables, net— 480 
Prepaid expenses and other current assets— 901 
Property and equipment, net— 19,523 
Intangible assets, net— 402 
Goodwill— 4,700 
Deferred tax assets, net— 130 
Other noncurrent assets— 237 
Assets held for sale$— $27,430 
Accounts payable$— $211 
Accrued liabilities— 8,212 
Other long-term liabilities— — 
Liabilities held for sale$— $8,423 
Cash and Cash Equivalents
We consider all short-term, highly liquid instruments purchased with an original maturity of three months or less to be cash equivalents.
Restricted Cash
As of April 27, 2024, we had restricted cash of $18,111, comprised of $17,146 in prepaid and other current assets in the consolidated balance sheet related to segregated funds for commission due to Lids for logo merchandise sales as per the Lids service provider merchandising agreement and $965 in other noncurrent assets in the consolidated balance sheet related to amounts held in trust for future distributions related to employee benefit plans.
As of April 29, 2023, we had restricted cash of $16,712, comprised of $15,790 in prepaid and other current assets in the consolidated balance sheet related to segregated funds for commission due to Lids for logo merchandise sales as per the Lids service provider merchandising agreement and $922 in other noncurrent assets in the consolidated balance sheet related to amounts held in trust for future distributions related to employee benefit plans.
Accounts Receivable
Receivables represent customer, private and public institutional and government billings (colleges, universities and other financial aid providers), credit/debit card receivables, advances for book buybacks, advertising and other receivables due within one year. Components of accounts receivables are as follows:
As of
April 27, 2024April 29, 2023
Trade accounts$75,026 $71,990 
Advances for book buybacks1,291 2,344 
Credit/debit card receivables9,075 4,733 
Other receivables18,718 13,445 
Total receivables, net$104,110 $92,512 
Accounts receivable are presented on our consolidated balance sheets net of allowances. An allowance for doubtful accounts is determined through an analysis of the aging of accounts receivable and assessments of collectability based on historical trends, the financial condition of our customers and an evaluation of economic conditions. We write-off uncollectible
trade receivables once collection efforts have been exhausted and record bad debt expenses related to textbook rentals that are not returned and we are unable to successfully charge the customer. Allowance for doubtful accounts were $867, and $1,156 as of April 27, 2024 and April 29, 2023, respectively.
Merchandise Inventories
Merchandise inventories, which consist of finished goods, are stated at the lower of cost or market. Market value of our inventory, which is all purchased finished goods, is determined based on its estimated net realizable value, which is generally the selling price less normally predictable costs of disposal and transportation. Reserves for non-returnable inventory are based on our history of liquidating non-returnable inventory, which includes certain significant assumptions, including markdowns, sales below cost, inventory aging and expected demand.
Cost is determined primarily by the retail inventory method for our Retail segment. Our textbook and trade book inventories, for Retail and Wholesale, are valued using the LIFO method and the related reserve was not material to the recorded amount of our inventories. There were no LIFO adjustments in Fiscal 2024 and Fiscal 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 Retail Segment fulfillment order is directed first to our wholesale business before other sources of inventory are utilized. The products that we sell originate from a wide variety of domestic and international vendors. After internal sourcing, the bookstore purchases textbooks from outside suppliers and publishers. The Retail Segment's four largest suppliers, excluding the supply sourced from our Wholesale Segment, accounted for approximately 26% of our merchandise purchased during the 52 weeks ended April 27, 2024. For our Wholesale Segment, the four largest suppliers, excluding textbooks purchased from students at our Retail Segment's bookstores, accounted for approximately 24% of merchandise purchases during the 52 weeks ended April 27, 2024.
Textbook Rental Inventories
Physical textbooks out on rent are categorized as textbook rental inventories. At the time a rental transaction is consummated, the book is removed from merchandise inventories and moved to textbook rental inventories at cost. The cost of the book is amortized down to its estimated residual value over the rental period. The related amortization expense is included in cost of goods sold. At the end of the rental period, upon return, the book is removed from textbook rental inventories and recorded in merchandise inventories at its amortized cost.
Cloud Computing Arrangements
Implementation costs incurred in a cloud computing arrangement (or hosting arrangement) that is a service contract are amortized to hosting expense over the term of the arrangement, beginning when the module or component of the hosting arrangement is ready for its intended use. Implementation costs are included in prepaid expenses and other assets in the consolidated balance sheets and amortized to selling and administrative expense in the consolidated statement of operations. Implementation costs incurred in cloud computing arrangements reflected in prepaid and other assets in the consolidated balance sheets were $6,367 and $9,359 as of April 27, 2024 and April 29, 2023, respectively. We had $4,286 and $6,460 of amortization of implementation costs in selling and administrative expense in the consolidated statement of operations, for the 52 weeks ended April 27, 2024 and April 29, 2023, respectively.
Property and Equipment
Property and equipment are carried at cost, less accumulated depreciation and amortization. Depreciation and amortization is computed using the straight-line method over estimated useful lives. Maintenance and repairs are expensed as incurred, however major maintenance and remodeling costs are capitalized if they extend the useful life of the asset. We had $27,281 and $29,401 of depreciation expense in the consolidated statement of operations for the 52 weeks ended April 27, 2024 and April 29, 2023, respectively.
Content development costs are primarily related to development of courseware. Content amortization is computed using the straight-line method over estimated useful lives. Amortization of content development costs is recorded to cost of goods sold. We had $0 and $26 of content amortization expense in the consolidated statement of operations for the 52 weeks ended April 27, 2024 and April 29, 2023, respectively.
Components of property and equipment are as follows:
As of
Useful LifeApril 27, 2024April 29, 2023
Property and equipment:
Leasehold improvements(a)$106,764 $120,687 
Machinery, equipment and display fixtures
3 - 5
246,206 253,763 
Computer hardware and capitalized software costs(b)167,347 163,098 
Office furniture and other
2 - 7
62,133 66,201 
Content development costs (c)
3 - 5
— 2,519 
Construction in progress2,361 4,644 
Total property and equipment584,811 610,912 
Less accumulated depreciation and amortization531,899 542,759 
Total property and equipment, net$52,912 $68,153 
(a)    Leasehold improvements are capitalized and depreciated over the shorter of the lease term or the useful life of the improvements, ranging from 1 - 15 years.
(b)    System costs are capitalized and amortized over their estimated useful lives, from the date the systems become operational. Purchased software is generally amortized over a period of between 2 - 5 years.
(c)    Content development costs are fully depreciated and are generally depreciated over 3 - 5 years.
Intangible Assets
Amortizable intangible assets as of April 27, 2024 and April 29, 2023 are as follows:
  As of April 27, 2024
Amortizable intangible assetsEstimated Useful LifeGross
Carrying
Amount		Accumulated
Amortization		Total
Customer relationships
6 - 10
$225,337 $(132,138)$93,199 
Other (a)
1 - 3
3,500 (2,508)992 
$228,837 $(134,646)$94,191 
  As of April 29, 2023
Amortizable intangible assetsEstimated Useful LifeGross
Carrying
Amount		Accumulated
Amortization		Total
Customer relationships
7 - 11
$239,955 $(130,667)$109,288 
Technology
3
1,500 (1,500)— 
Other (a)
1 - 4
4,162 (2,818)1,344 
$245,617 $(134,985)$110,632 
(a)    Other consists of recognized intangibles for non-compete agreements and trade names
All amortizable intangible assets are being amortized over their useful life on a straight-line basis.
Aggregate Amortization Expense: 
For the 52 weeks ended April 27, 2024$13,279 
For the 52 weeks ended April 29, 2023$12,761 
Estimated Amortization Expense: (Fiscal Year) 
2025$9,757 
2026$9,757 
2027$9,699 
2028$9,407 
2029$9,407 
After 2029$46,164 
See Impairment of Long-Lived Assets below for discussion of impairment loss related to intangible assets.
Leases
We recognize lease assets and lease liabilities on the consolidated balance sheet for all operating lease arrangements based on the present value of future lease payments as required by Accounting Standards Codification ("ASC") Topic 842, Leases. We do not recognize lease assets or lease liabilities for short-term leases (i.e., those with a term of twelve months or less). We recognize lease expense on a straight-line basis over the lease term for contracts with fixed lease payments, including those with fixed annual minimums, or over a rolling twelve-month period for leases where the annual guarantee resets at the start of each contract year, in order to best reflect the pattern of usage of the underlying leased asset. We recognize lease expense related to our college and university contracts as cost of sales in our consolidated statement of operations and we recognize lease expense related to our various office spaces as selling and administrative expenses in our consolidated statement of operations. For additional information, see Part II - Item 8. Financial Statements and Supplementary Data - Note 8. Leases.
Impairment of Long-Lived Assets
As of April 27, 2024, our other long-lived assets include property and equipment, operating lease right-of-use assets, amortizable intangibles, and other noncurrent assets of $52,912, $202,522, $94,191, and $24,703, respectively, on our consolidated balance sheet. As of April 29, 2023, our other long-lived assets include property and equipment, operating lease right-of-use assets, amortizable intangibles, and other noncurrent assets of $68,153, $246,972, $110,632, and $17,889, respectively, on our consolidated balance sheet.
We review our long-lived assets for impairment whenever events or changes in circumstances, including but not limited to contractual changes, renewals or amendments are made to agreements with our college, university, or K-12 schools, indicate that the carrying amount of an asset may not be recoverable in accordance with ASC 360-10, Accounting for the Impairment or Disposal of Long-Lived Assets. We evaluate the long-lived assets of the reporting units for impairment at the lowest asset group level for which individual cash flows can be identified. When evaluating long-lived assets for potential impairment, we first compared the carrying amount of the asset group to the estimated future undiscounted cash flows. The impairment loss calculation compares the carrying amount of the assets to the fair value based on estimated discounted future cash flows. If required, an impairment loss is recorded for that portion of the asset’s carrying value in excess of fair value.
Many college and universities are providing alternatives to traditional in-person instruction, including online and hybrid learning options. Additionally, enrollment trends have been negatively impacted at physical campuses. Many other events, such as parent and alumni weekends and prospective student campus tour activities, offer a virtual option. These combined events have reduced on-campus activity, as well as increased competition and disintermediation, continue to impact the Company’s course materials and general merchandise business.
During Fiscal 2024, we evaluated certain of our store-level long-lived assets in the Retail segment for impairment. Based on the results of the impairment tests, we recognized an impairment loss (non-cash) of $7,166 (both pre-tax and after-tax), comprised of $405, $3,600, and $3,161 of property and equipment, operating lease right-of-use assets, and amortizable intangibles, respectively, on the consolidated statements of operations.
During Fiscal 2023, we evaluated certain of our store-level long-lived assets in the Retail segment for impairment. Based on the results of the impairment tests, we recognized an impairment loss (non-cash) of $6,008 (both pre-tax and after-tax), comprised of $708, $1,697, $3,599 and $4 of property and equipment, operating lease right-of-use assets, amortizable intangibles, and other noncurrent assets, respectively, on the consolidated statement of operations.
The fair value of the impaired long-lived assets were determined using an income approach (Level 3 input), using the Company’s best estimates of the amount and timing of future discounted cash flows, based on historical experience, market conditions, current trends and performance expectations. The significant assumptions used in the income approach included annual revenue growth rates, gross margin rates and the estimated relationship of selling and administrative costs to revenue
used to estimate the projected cash-flow directly related to the future operation of the stores as well as the weighted average cost of capital used to calculate the fair value. Significant assumptions used to determine the fair values of certain operating right-of-use assets included the current market rent and discount rate. For additional information, see Part II - Item 8. Financial Statements and Supplementary Data - Note 6. Fair Value Measurements.
Revenue Recognition and Deferred Revenue
Product sales and rentals
The majority of our revenue is derived from the sale of products through our bookstore locations, including virtual bookstores, and our bookstore affiliated e-commerce websites, and contains a single performance obligation. Revenue from sales of our products is recognized at the point in time when control of the products is transferred to our customers in an amount that reflects the consideration we expect to be entitled to in exchange for the products. For additional information, see Part II - Item 8. Financial Statements and Supplementary Data - Note 3. Revenue.
Retail product revenue is recognized when the customer takes physical possession of our products, which occurs either at the point of sale for products purchased at physical locations or upon receipt of our products by our customers for products ordered through our websites and virtual bookstores. Wholesale product revenue is recognized upon shipment of physical textbooks at which point title passes and risk of loss is transferred to the customer. Additional revenue is recognized for shipping charges billed to customers and shipping costs are accounted for as fulfillment costs within cost of goods sold.
Revenue from the sale of digital textbooks, which contains a single performance obligation, is recognized when the customer accesses the digital content as product revenue in our consolidated financial statements. A software feature is embedded within the content of our digital textbooks, such that upon expiration of the term the customer is no longer able to access the content. While the sale of the digital textbook allows the customer to access digital content for a fixed period of time, once the digital content is delivered to the customer, our performance obligation is complete.
Revenue from the rental of physical textbooks is deferred and recognized over the rental period based on the passage of time commencing at the point of sale, when control of the product transfers to the customer and is recognized as rental income in our consolidated financial statements. Rental periods are typically for a single semester and are always less than one year in duration. We offer a buyout option to allow the purchase of a rented physical textbook at the end of the rental period if the customer desires to do so. We record the buyout purchase when the customer exercises and pays the buyout option price which is determined at the time of the buyout. In these instances, we accelerate any remaining deferred rental revenue at the point of sale.
Revenue recognized for our BNC First Day offerings is consistent with our policies outlined above for product, digital and rental sales, net of an anticipated opt-out or return provision. Given the growth of BNC First Day programs, the timing of cash collection from our school partners may shift to periods subsequent to when the revenue is recognized. When a school adopts our BNC First Day equitable and inclusive access offerings, cash collection from the school generally occurs after the institution's drop/add dates, which is later in the working capital cycle, particularly in our third quarter given the timing of the Spring Term and our quarterly reporting period, as compared to direct-to-student point-of-sale transactions where cash is generally collected during the point-of-sale transaction or within a few days from the credit card processor.
We estimate returns based on an analysis of historical experience. A provision for anticipated merchandise returns is provided through a reduction of sales and cost of goods sold in the period that the related sales are recorded.
For sales and rentals involving third-party products, we evaluate whether we are acting as a principal or an agent. Our determination is based on our evaluation of whether we control the specified goods or services prior to transferring them to the customer. There are significant judgments involved in determining whether we control the specified goods or services prior to transferring them to the customer including whether we have the ability to direct the use of the good or service and obtain substantially all of the remaining benefits from the good or service. For those transactions where we are the principal, we record revenue on a gross basis, and for those transactions where we are an agent to a third-party, we record revenue on a net basis.
Effective in April 2021, as contemplated by the F/L Relationship's merchandising agreement and e-commerce agreement, we began to transition the fulfillment of our logo general merchandise sales to Lids and Fanatics. As the logo and emblematic general merchandise sales are fulfilled by Lids and Fanatics, we recognize commission revenue earned for these sales on a net basis in our consolidated financial statements, as compared to the recognition of logo and emblematic general merchandise sales on a gross basis prior to April 2021.
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 overtime for advertising efforts as measured based upon the passage of time for contracts that are based on a stated period of time or the number of impressions delivered for contracts with a fixed number of impressions.
Cost of Sales
Our cost of sales primarily includes costs such as merchandise costs, textbook rental amortization, content development cost amortization, warehouse costs related to inventory management and order fulfillment, insurance, certain payroll costs, and management service agreement costs, including rent expense, related to our college and university contracts and other facility related expenses.
Selling and Administrative Expenses
Our selling and administrative expenses consist primarily of store payroll and store operating expenses. Selling and administrative expenses also include long-term incentive plan compensation expense and general office expenses, such as merchandising, procurement, field support, finance and accounting. Shared-service costs such as human resources, legal, treasury, information technology, and various other corporate level expenses and other governance functions, are not allocated to a specific reporting segment and are recorded in Corporate Services.
Long-Term Incentive Compensation
We have granted awards in accordance with the Barnes & Noble Education Inc. Equity Incentive Plan (the “Equity Incentive Plan”). Types of equity awards that can be granted under the Equity Incentive Plan include options, restricted stock, restricted stock units, performance shares, performance share units, and phantom share units. See Part II - Item 8. Financial Statements and Supplementary Data - Note 12. Long-Term Incentive Compensation Expense for additional information regarding expense recognition for each type of award.
Advertising Costs
The costs of advertising are expensed as incurred during the year pursuant to ASC No. 720-35, Advertising Costs. Advertising costs charged to selling and administrative expenses were $5,784 and $9,139 in the consolidated statement of operations for the 52 weeks ended April 27, 2024 and April 29, 2023, respectively.
Income Taxes
The provision for income taxes includes federal, state and local income taxes currently payable and those deferred because of temporary differences between the financial statement and tax basis of assets and liabilities. The deferred tax assets and liabilities are measured using the enacted tax rates and laws that are expected to be in effect when the differences reverse. We regularly review deferred tax assets for recoverability and establish a valuation allowance, if determined to be necessary. For additional information, see Part II - Item 8. Financial Statements and Supplementary Data - Note 13. Income Taxes.
Recent Accounting Pronouncements
In December 2023, the Financial Accounting Standards Board ("FASB") issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures to improve annual income tax disclosure requirements, primarily to (1) disclose specific categories in the rate reconciliation (2) provide additional information for reconciling items that meet a quantitative threshold, and (3) enhance cash tax payment disclosures. This ASU, which can be applied either prospectively or retrospectively, is effective for annual periods beginning after December 15, 2024, with early adoption permitted. We are currently assessing this guidance and determining the impact on our consolidated financial statements.
In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. This guidance will be effective for the Company for the annual report for the fiscal year ending April 26, 2025 and subsequent interim periods. Early adoption is permitted, and retrospective adoption is required for all prior periods presented. We are currently assessing this guidance and determining the impact on our consolidated financial statements.
v3.24.2
Revenue Revenue (Notes)
 12 Months Ended
Apr. 27, 2024
Revenue from Contract with Customer [Abstract]  
Revenue from Contract with Customer [Text Block]
Note 3. Revenue
Revenue from sales of our products and services is recognized either at the point in time when control of the products is transferred to our customers or over time as services are provided in an amount that reflects the consideration we expect to be entitled to in exchange for the products or services.
See Part II - Item 8. Financial Statements and Supplementary Data - Note 2. Summary of Significant Accounting Pronouncements for additional information related to our revenue recognition policies and Part II - Item 8. Financial Statements and Supplementary Data - Note 4. Segment Reporting for a description of each segment's product and service offerings.
Disaggregation of Revenue
The following table disaggregates the revenue associated with our major product and service offerings.
52 weeks ended
April 27, 2024April 29, 2023
Retail
Course Materials Product Sales $971,950 $927,915 
General Merchandise Product Sales (a)
364,097 385,499 
Service and Other Revenue (b)
42,191 41,759 
Retail Product and Other Sales sub-total1,378,238 1,355,173 
Course Materials Rental Income136,679 136,553 
Retail Total Sales$1,514,917 $1,491,726 
Wholesale Sales$112,631 $106,366 
Eliminations (c)
$(60,413)$(54,884)
Total Sales$1,567,135 $1,543,208 
(a)Logo general merchandise sales for the Retail Segment are recognized on a net basis as commission revenue in the consolidated financial statements.
(b)Service and other revenue primarily relates to brand marketing programs and other service revenues.
(c)The sales eliminations represent the elimination of Wholesale sales and fulfillment service fees to Retail and the elimination of Retail commissions earned from Wholesale.
Contract Assets and Contract Liabilities
Contract assets represent the sale of goods or services to a customer before we have the right to obtain consideration from the customer. Contract assets consist of unbilled amounts at the reporting date and are transferred to accounts receivable when the rights become unconditional. Contract assets (unbilled receivables) were $0 as of both April 27, 2024 and April 29, 2023 on our consolidated balance sheets.
Contract liabilities represent an obligation to transfer goods or services to a customer for which we have received consideration and consists of our deferred revenue liability (deferred revenue). Deferred revenue consists of the following:
•advanced payments from customers related to textbook rental performance obligations, which are recognized ratably over the terms of the related rental period;
•unsatisfied performance obligations associated with partnership marketing services, which are recognized when the contracted services are provided to our partnership marketing customers; and
•unsatisfied performance obligations associated with the premium paid for the sale of treasury shares, which are expected to be recognized over the term of the merchandising contracts for Fanatics and Lids. respectively as discussed in Part II - Item 8. Financial Statements and Supplementary Data - Note 5. Equity and Earnings Per Share - Sale of Treasury Shares.
The following table presents changes in deferred revenue associated with our contract liabilities:
52 weeks ended
April 27, 2024April 29, 2023
Deferred revenue at the beginning of period$15,356 $16,475 
Additions to deferred revenue during the period176,319 184,163 
Reductions to deferred revenue for revenue recognized during the period(176,783)(185,282)
Deferred revenue balance at the end of period:$14,892 $15,356 
Balance Sheet classification:
Accrued liabilities$11,310 $11,218 
Other long-term liabilities3,582 4,138 
Deferred revenue balance at the end of period:$14,892 $15,356 
As of April 27, 2024, we expect to recognize $11,310 of the deferred revenue balance within the next 12 months.
v3.24.2
Segment Reporting (Notes)
 12 Months Ended
Apr. 27, 2024
Segment Reporting
Note 4. Segment Reporting
During the fourth quarter of Fiscal 2023, assets related to our DSS Segment met the criteria for classification as Assets Held for Sale and Discontinued Operations and is no longer a reportable segment. On May 31, 2023, we completed the sale of these assets related to our DSS Segment. For additional information, see Part II - Item 8. Financial Statements and Supplementary Data - Note 2. Summary of Significant Accounting Policies.
We have two reportable segments: Retail and Wholesale. Additionally, unallocated shared-service costs, which include various corporate level expenses and other governance functions, are not allocated to a specific reporting segment and continue to be presented as “Corporate Services”. We identify our segments in accordance with the way our business is managed (focusing on the financial information distributed) and the manner in which our chief operating decision maker allocates resources and assesses financial performance. The following summarizes the two segments. For additional information about this segment's operations, see Part I - Item 1. Business.
Retail Segment
The Retail Segment operates 1,245 college, university, and K-12 school bookstores, comprised of 707 physical bookstores and 538 virtual bookstores. Our bookstores typically operate under agreements with the colleges, universities, or K-12 schools to be the official bookstore and the exclusive seller of course materials and supplies, including physical and digital products. The majority of the physical campus bookstores have school-branded e-commerce websites, which we operate independently or along with our merchant service providers, and which offer students access to required and recommended course materials and affinity products, including emblematic apparel and gifts. The Retail Segment offers our BNC First Day® equitable and inclusive access programs, consisting of First Day Complete and First Day, which provide faculty required course materials on or before the first day of class. Additionally, the Retail Segment offers a suite of digital content and services to colleges and universities, including a variety of open educational resource-based courseware.
Wholesale Segment
The Wholesale Segment is comprised of our wholesale textbook business and is one of the largest textbook wholesalers in the country. The Wholesale Segment centrally sources, sells, and distributes new and used textbooks to approximately 2,750 physical bookstores (including our Retail Segment's 707 physical bookstores) and sources and distributes new and used textbooks to our 538 virtual bookstores. Additionally, the Wholesale Segment sells hardware and a software suite of applications that provides inventory management and point-of-sale solutions to approximately 325 college bookstores.
Corporate Services
Corporate Services represents unallocated shared-service costs which include corporate level expenses and other governance functions, including executive functions, such as accounting, legal, treasury, information technology, and human resources.
Intercompany Eliminations
The eliminations are primarily related to the following intercompany activities:
•The sales eliminations represent the elimination of Wholesale sales and fulfillment service fees to Retail and the elimination of Retail commissions earned from Wholesale, and
•These cost of sales eliminations represent (i) the recognition of intercompany profit for Retail inventory that was purchased from Wholesale in a prior period that was subsequently sold to external customers during the current period and the elimination of Wholesale service fees charged for fulfillment of inventory for virtual store sales, net of (ii) the elimination of intercompany profit for Wholesale inventory purchases by Retail that remain in ending inventory at the end of the current period.
Our international operations are not material, and the majority of the revenue and total assets are within the United States.
As of
April 27, 2024April 29, 2023
Total Assets
Retail $748,378 $785,900 
Wholesale 143,390 160,868 
Corporate Services13,316 6,581 
Sub-Total905,084 953,349 
Assets Held for Sale— 27,430 
Total Assets$905,084 $980,779 
52 weeks ended
April 27, 2024April 29, 2023
Capital Expenditures from Continuing Operations
Retail$12,483 $23,098 
Wholesale1,573 1,959 
Corporate Services14 35 
Total Capital Expenditures$14,070 $25,092 
Summarized financial information for our reportable segments is reported below:
52 weeks ended
April 27, 2024April 29, 2023
Sales:
Retail$1,514,917 $1,491,726 
Wholesale112,631 106,366 
Eliminations (60,413)(54,884)
Total Sales$1,567,135 $1,543,208 
Gross Profit
Retail
$332,947 $331,344 
Wholesale22,799 18,275 
Eliminations 1,030 (180)
Total Gross Profit$356,776 $349,439 
Selling and Administrative Expenses
Retail$278,459 $320,730 
Wholesale13,439 15,036 
Corporate Services19,679 22,000 
Eliminations(3)(155)
Total Selling and Administrative Expenses$311,574 $357,611 
Depreciation and Amortization
Retail$35,294 $36,737 
Wholesale5,228 5,373 
Corporate Services38 53 
Total Depreciation and Amortization$40,560 $42,163 
Impairment loss (non-cash) - Retail (a)
$7,166 $6,008 
Restructuring and Other Charges (b)
Retail$571 $2,964 
Wholesale(813)916 
Corporate Services19,651 6,223 
Total Restructuring and Other Charges$19,409 $10,103 
Operating Income (Loss)
Retail$11,457 $(35,095)
Wholesale
4,945 (3,050)
Corporate Services(39,368)(28,276)
Eliminations 1,033 (25)
Total Operating Loss $(21,933)$(66,446)
The following is a reconciliation of segment Operating Loss from Continuing Operations to consolidated Loss from Continuing Operations Before Income Taxes
Total Operating Loss$(21,933)$(66,446)
Interest Expense, net(40,365)(22,683)
Total Loss from Continuing Operations Before Income Taxes$(62,298)$(89,129)
(a)See Part II - Item 8. Financial Statements and Supplementary Data - Note 2. Summary of Significant Accounting Policies - Impairment of Long-Lived Assets.
(b)See Part II - Item 8. Financial Statements and Supplementary Data - Note 9. Supplementary Information.
v3.24.2
Equity and Earnings Per Share (Notes)
 12 Months Ended
Apr. 27, 2024
Equity and Earnings Per Share [Text Block]
Note 5. Equity and Earnings Per Share
Equity
As of April 27, 2024, our authorized capital stock consists of 200,000,000 shares of common stock, par value $0.01 per share, and 5,000,000 shares of preferred stock, par value $0.01 per share. As of April 27, 2024, 55,840,166 shares and 53,156,369 shares of our common stock were issued and outstanding, respectively, and 0 shares of our preferred stock were both issued and outstanding. Our common stock trades on the New York Stock Exchange (“NYSE”) under the symbol “BNED”.
On October 5, 2023, our shareholders approved an amendment and restatement of the Equity Incentive Plan to increase the number of shares available for issuance by an additional 4,500,000 of our Common Stock. We have reserved an aggregate of 17,909,345 shares of common stock for future grants in accordance with the Barnes & Noble Education Inc. Equity Incentive Plan. See Item 8. Financial Statements and Supplementary Data - Note 12. Long-Term Incentive Compensation Expense.
On June 5, 2024, our shareholders approved an amendment to our Amended and Restated Certificate of Incorporation, as amended, to increase the aggregate number of authorized shares of Common Stock from 200,000,000 shares to 10,000,000,000 shares.
On June 10, 2024, subsequent to the end of Fiscal 2024, we completed various transactions, including an equity rights offering, private equity investment, Term Loan debt conversion, and Credit Facility refinancing, to substantially deleverage our consolidated balance sheet. These transactions raised additional capital for repayment of indebtedness and provide additional flexibility for working capital needs. For additional information, see Part II - Item 8. Financial Statements and Supplementary Data - Note 17. Subsequent Events.
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. 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 June 11, 2024) to approximately 26,204,956 shares, subject to adjustment for rounding. For additional information, see Part II - Item 8. Financial Statements and Supplementary Data - Note 17. Subsequent Events.
The holders of our common stock are entitled to one vote for each share held of record on all matters submitted to a vote of the stockholders. Holders of shares of our common stock do not have cumulative voting rights in the election of directors. The holders of our common stock will be entitled to share ratably in our assets legally available for distribution to our stockholders, subject to the prior distribution rights of preferred stock, if any, then outstanding. The holders of our common stock do not have preemptive rights or preferential rights to subscribe for shares of our capital stock.
Repurchase of Shares
On December 14, 2015, our Board of Directors authorized a stock repurchase program of up to $50,000, in the aggregate, of our outstanding common stock. The stock repurchase program is carried out at the direction of management (which may include a plan under Rule 10b5-1 of the Securities Exchange Act of 1934). The stock repurchase program may be suspended, terminated, or modified at any time. Any repurchased shares will be held as treasury stock and will be available for general corporate purposes. During Fiscal 2024 and Fiscal 2023, we did not purchase shares under the stock repurchase program. As of April 27, 2024, approximately $26,669 remains available under the stock repurchase program.
During Fiscal 2024 and Fiscal 2023, we also repurchased 147,885 shares and 347,808 shares of our common stock in connection with employee tax withholding obligations for vested stock awards, respectively.
Sale of Treasury Shares
In December 2020 (Fiscal 2021), we entered into a merchandising agreement with Fanatics and Lids which included a strategic equity investment in the Company. Fanatics, Inc. and Lids Holdings, Inc,. jointly as TopLids LendCo, LLC (“TopLids”), purchased an aggregate 2,307,692 of our common shares (issued from treasury shares) for $15,000, representing a share price of $6.50 per share. The premium price paid above the fair market value of our common stock at closing was
approximately $4,131 and was recorded as a contract liability which is recognized over the term of the merchandising contracts for Fanatics and Lids ($211 and $211, respectively, in accrued liabilities, and $3,287 and $3,498, respectively, as of April 27, 2024 and April 29, 2023, in other long-term liabilities our consolidated balance sheet) which is expected to be recognized over the term of the merchandising contracts for Fanatics and Lids, as discussed in Part II - Item 8. Financial Statements and Supplementary Data - Note 1. Organization - Relationship with Fanatics and Lids. For information related to additional equity investments by TopLids subsequent to the end of Fiscal 2024, see Part II - Item 8. Financial Statements and Supplementary Data - Note 10. Related Party Transactions and Note 17 Subsequent Events.
Dividends
We paid no other dividends to common stockholders during Fiscal 2024 and Fiscal 2023. We do not intend to pay dividends on our common stock in the foreseeable future and dividend payments are not permitted under current or future financing arrangements. See Part II - Item 8. Financial Statements and Supplementary Data - Note 7 - Debt and Note 17. Subsequent Event for details.
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 will entitle 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 will be exercisable only if a person or group acquires 10% or more of our outstanding common stock and various other criteria are met (the “Distribution Date”). Until the Distribution Date, the rights will not be exercisable; the rights will not be evidenced by separate rights certificates; and the rights will be transferable by, and only in connection with, the transfer of common stock. The rights will expire no later than January 31, 2025.
Earnings Per Share
Basic EPS is computed based upon the weighted average number of common shares outstanding for the year. Diluted EPS is computed based upon the weighted average number of common shares outstanding for the year plus the dilutive effect of common stock equivalents using the treasury stock method and the average market price of our common stock for the year. We include participating securities (unvested share-based payment awards that contain non-forfeitable rights to dividends or dividend equivalents) in the computation of EPS pursuant to the two-class method. Our participating securities consist solely of unvested restricted stock awards, which have contractual participation rights equivalent to those of stockholders of unrestricted common stock. The two-class method of computing earnings per share is an allocation method that calculates earnings per share for common stock and participating securities. During periods of net loss, no effect is given to the participating securities because they do not share in the losses of the Company. During Fiscal 2024 and Fiscal 2023, average shares of 32,304 and 47,404, respectively, were excluded from the diluted earnings per share calculation using the two-class method as their inclusion would have been antidilutive.
On June 10, 2024, subsequent to the end of Fiscal 2024, we completed various transactions, including an equity rights offering, private equity investment, Term Loan debt conversion, and Credit Facility refinancing, to substantially deleverage our consolidated balance sheet. For additional information, see Part II - Item 8. Financial Statements and Supplementary Data - Note 17. Subsequent Events. Because the rights issuance was offered to all existing stockholders at an exercise price that was less than the fair value of our Common Stock, as of such time, the weighted average shares outstanding and basic and diluted earnings (loss) per share were adjusted retroactively to reflect the bonus element of the rights offering for all periods presented by a factor of 5.03.
On June 11, 2024, we completed a reverse stock split of the Company’s outstanding shares of common stock at a ratio of 1-for-100 (the “Reverse Stock Split”), which was approved by stockholders at a special meeting held on June 5, 2024. In connection with the Reverse Stock Split, every 100 shares of the common stock issued and outstanding was converted into one share of the Company’s common stock. For additional information, see Part II - Item 8. Financial Statements and Supplementary Data - Note 17. Subsequent Events.
Weighted average shares for both basic and diluted, prior to giving effect to the bonus element of the rights offering and the Reverse Stock Split was 52,935,533 for the 52 weeks ended April 27, 2024. The weighted average common shares and loss per common share reflect the bonus element resulting from the equity rights offering and the Reverse Stock Split for all periods presented on the consolidated statements of operations.
The following is a reconciliation of the basic and diluted earnings per share calculation:
52 weeks ended
(shares in thousands)
April 27, 2024
April 29, 2023
Numerator for basic and diluted earnings per share:
Loss from continuing operations, net of tax$(62,481)$(90,140)
Loss from discontinued operations, net of tax(730)(11,722)
Net loss available to common shareholders$(63,211)$(101,862)
Denominator for basic and diluted earnings per share:
Basic and diluted weighted average shares of Common Stock 2,662 2,638 
Loss per share of Common Stock:
Basic and Diluted
Continuing operations$(23.47)$(34.17)
Discontinued operations(0.28)(4.44)
Basic and diluted loss per share of Common Stock$(23.75)$(38.61)
v3.24.2
Fair Values of Financial Instruments (Notes)
 12 Months Ended
Apr. 27, 2024
Fair Values of Financial Instruments
Note 6. Fair Values 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 values of cash and cash equivalents, receivables, accrued liabilities and accounts payable approximates their carrying values because of the short-term nature of these instruments, which are all considered Level 1. The fair value of short-term and long-term debt approximates its carrying value.
Non-Financial Assets and Liabilities
Our non-financial assets include property and equipment, operating lease right-of-use assets, and intangible assets. Such assets are reported at their carrying values and are not subject to recurring fair value measurements. We review our long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable in accordance with ASC 360-10, Accounting for the Impairment or Disposal of Long-Lived Assets.
During the 52 weeks ended April 27, 2024 and April 29, 2023, we evaluated certain of our store-level long-lived assets in the Retail segment for impairment, and we recognized an impairment loss (non-cash) of $7,166 and $6,008, respectively, on the consolidated statement of operations. The fair value of the impaired long-lived assets were determined using an income approach (Level 3 input), using our best estimates of the amount and timing of future discounted cash flows, based on historical experience, market conditions, current trends and performance expectations. For additional information, see Part II - Item 8. Financial Statements and Supplementary Data - Note 2. Summary of Significant Accounting Policies.
The following table shows the fair values of our non-financial assets and liabilities that were required to be remeasured at fair value on a non-recurring basis for each respective period and the total impairments recorded as a result of the remeasurement process:
52 weeks ended April 27, 202452 weeks ended April 29, 2023
Carrying Value
Prior to Impairment		Fair ValueImpairment Loss
(non-cash)		Carrying Value
Prior to Impairment		Fair ValueImpairment Loss
(non-cash)
Property and equipment, net$460 $55 $405 $708 $— $708 
Operating lease right-of-use assets8,044 4,444 3,600 3,002 1,305 1,697 
Intangible assets, net3,860 699 3,161 3,599 — 3,599 
Other noncurrent assets— — — 4 — 4 
Total$12,364 $5,198 $7,166 $7,313 $1,305 $6,008 
Non-Financial Liabilities
We granted phantom share units as long-term incentive awards which are settled in cash based on the fair market value of a share of common stock of the Company at each vesting date. The fair value of the liability for the cash-settled phantom share unit awards will be remeasured at the end of each reporting period through settlement to reflect current risk-free rate and volatility assumptions. As of April 27, 2024, we recorded a liability of $8 (Level 2 input) which is reflected in accrued liabilities on the consolidated balance sheet. As of April 29, 2023, we recorded a liability of $777 (Level 2 input) which is reflected in accrued liabilities ($734) and other long-term liabilities ($42) on the consolidated balance sheet. For additional information, see Part II - Item 8. Financial Statements and Supplementary Data - Note 12. Long-Term Incentive Compensation Expense.
v3.24.2
Credit Facility (Notes)
 12 Months Ended
Apr. 27, 2024
Credit Facility
Note 7. Debt
As of
Maturity Date (a)
April 27, 2024April 29, 2023
Credit FacilityDecember 28, 2024$164,947 $154,154 
Term LoanApril 7, 202532,653 30,000 
sub-total197,600 184,154 
Less: Deferred financing costs, Term Loan (b)
(1,263)(2,003)
Total debt$196,337 $182,151 
Balance Sheet classification:
Long-term borrowings$196,337 $182,151 
(a)    On June 10, 2024, subsequent to the end of Fiscal 2024, we completed various transactions, including amending and extending the maturity date of the Credit Facility to June 9, 2028 and converting all outstanding principal and interest amounts owed under our Term Loan Credit Agreement into shares of our Common Stock. For additional information, see Part II - Item 8. Financial Statements and Supplementary Data - Note 17. Subsequent Events.
(b)    For additional information, see Deferred Financing Costs below.
On June 10, 2024, subsequent to the end of Fiscal 2024, we completed various transactions, including an equity rights offering, private equity investment, Term Loan debt conversion, and Credit Facility refinancing, to substantially deleverage our consolidated balance sheet. These transactions raised additional capital for repayment of indebtedness and provide additional flexibility for working capital needs, which will also allow us to strategically invest in innovation and continue to execute our strategic initiatives, including but not limited to the growth of our First Day Complete program.
Upon closing of the Transactions on June 10, 2024:         
•We received gross proceeds of $95,000 of new equity capital through a $50,000 new equity investment (the “Private Investment”) led by Immersion Corporation (“Immersion”) and a $45,000 fully backstopped equity rights offering (the “Rights Offering”). The Transactions infused approximately $80,000 of net cash proceeds after transaction costs. The transaction resulted in Immersion obtaining controlling financial interest.          
•Our existing Term Loan credit agreement lenders, TopLids LendCo, LLC and Vital Fundco, LLC, converted approximately $34,000 of outstanding principal and any accrued and unpaid interest into our common stock.     
•We refinanced our Credit Facility providing access to a $325,000 facility maturing in 2028. The refinanced Credit Facility will meaningfully enhance our financial flexibility and reduce our annual interest expense.
For additional information, see Part II - Item 8. Financial Statements and Supplementary Data - Note 17. Subsequent Events.
Credit Facility
As of April 27, 2024, we are party to a credit agreement (the “Credit Agreement”), which was amended from time to time including on April 16, 2024, March 12, 2024, December 12, 2023, October 10, 2023, July 28, 2023, May 24, 2023, March 8, 2023, March 31, 2021, and March 1, 2019, under which the lenders originally committed to provide us with a 5 year asset-backed revolving credit facility in an aggregate committed principal amount of $400,000 (the “Credit Facility”) effective from the March 1, 2019 amendment. We had the option to request an increase in commitments under the Credit Facility of up to $100,000, subject to certain restrictions. Proceeds from the Credit Facility are used for general corporate purposes, including seasonal working capital needs. The agreement included an incremental first in, last out seasonal loan facility (the “FILO Facility”) for $100,000 maintaining the maximum availability under the Credit Agreement at $500,000. As of July 31, 2022, the FILO Facility was repaid and eliminated according to its terms and future commitments under the FILO Facility were reduced to $0.
On June 10, 2024, subsequent to the end of Fiscal 2024, we completed various transactions, including an equity rights offering, private equity investment, Term Loan debt conversion, and Credit Facility refinancing, to substantially deleverage our consolidated balance sheet. See Part II - Item 8. Financial Statements and Supplementary Data - Note 17. Subsequent Events.
The Credit Facility is secured by substantially all of the inventory, accounts receivable and related assets of the borrowers under the Credit Facility. This is considered an all asset lien (inclusive of proceeds from tax refunds payable to the Company and a pledge of equity from subsidiaries, exclusive of real estate).
As of April 27, 2024, and through the date of this filing, we were in compliance with all debt covenants under the Credit Agreement.
During the 52 weeks ended April 27, 2024, we borrowed $563,023 and repaid $552,230 under the Credit Agreement, with $164,947 of outstanding borrowings under the Credit Facility as of April 27, 2024. During the 52 weeks ended April 29, 2023, we borrowed $590,303 and repaid $631,849 under the Credit Agreement, with $154,154 of outstanding borrowings as of April 29, 2023, comprised entirely of borrowing under the Credit Facility and $0 under the FILO Facility, which was repaid on August 1, 2022. As of April 27, 2024 and April 29, 2023, we issued $3,575 and $2,059, respectively, in letters of credit under the Credit Facility.
The following is a summary of the various Credit Agreement amendments.
March 2023 Credit Agreement Amendment
On March 8, 2023, we amended our existing Credit Agreement to (i) extend the maturity date of the Credit Agreement by six months to August 29, 2024, (ii) reduce the commitments under the Credit Agreement by $20,000 to $380,000, (iii) increase the applicable margin with respect to the interest rate under the Credit Agreement to 3.375% per annum, in the case of interest accruing based on a Secured Overnight Financing Rate, and 2.375%, in the case of interest accruing based on an alternative base rate, in each case, without regard to a pricing grid, (iv) reduce advance rates with respect to the borrowing base (x) by 500 basis points upon the achievement of certain liquidity events, which may include a sale of equity interests or of assets (a “Specified Event”), or, if such a Specified Event shall not have occurred, no later than May 31, 2023 (see discussion below) and (y) by an additional 500 basis points on September 29, 2023, (v) amend certain negative covenants and add certain additional covenants, (vi) amend the financial maintenance covenant to require Availability (as defined in the Credit Agreement) to be at all times greater than the greater of 10% of the Aggregate Loan Cap (as defined in the Credit Agreement) and $32,500 and (vii) require repayment of the loans under the Credit Agreement upon a Specified Event. For additional information related to the
Credit Agreement amendment, see the Company’s Report on Form 8-K dated March 8, 2023 and filed with the SEC on March 9, 2023.
As noted above, the amendment required the achievement of a Special Event by no later than May 31, 2023 (as such date may be extended pursuant to the terms of the Credit Agreement). See Note 2. Summary of Significant Accounting Policies for information related to the sale of our DSS segment on May 31, 2023.
We paid a fee of 0.25% of the outstanding principal amount of the commitments under the Credit Agreement on the amendment closing date and we will pay an additional fee of 1.00% of the outstanding principal amount of the commitments under the Credit Agreement on September 29, 2023 (see July 2023 Credit Agreement Amendment below for the change in payment terms)
During the 52 weeks ended April 29, 2023, we incurred debt issuance costs totaling $4,081 related to the March 2023 Credit Agreement amendment. The debt issuance costs have been deferred and are presented as prepaid and other current assets and other noncurrent assets in the consolidated balance sheets, and subsequently amortized ratably over the term of the Credit Agreement.
May 2023 Credit Agreement Amendment
On May 24, 2023, we amended our existing Credit Agreement to (i) increase the applicable margin with respect to the interest rate under the Credit Agreement to 3.75% per annum, in the case of interest accruing based on SOFR, and 2.75%, in the case of interest accruing based on an alternative base rate, in each case, without regard to a pricing grid, (ii) defer the reduction of advance rates used to calculate our borrowing capacity by an amount equal to 500 basis points previously required on May 31, 2023 to September 1, 2023, (iii) require cash flow reporting and variance testing commencing June 3, 2023 and (iv) defer partial prepayment of the term loan from the DSS segment sale proceeds to September 1, 2023. We did not incur debt issuance costs related to the May 2023 Credit Agreement amendment. For additional information related to the Credit Agreement amendment, see the Company’s Report on Form 8-K dated May 24, 2023 and filed with the SEC on May 31, 2023.
July 2023 Credit Agreement Amendment
On July 28, 2023, we amended our existing Credit Agreement to (i) extend the maturity date of the Credit Agreement to December 28, 2024, (ii) reduce advance rates with respect to the borrowing base by 1000 basis points on September 2, 2024 (in lieu of the reductions previously contemplated for September 2023), (iii) subject to the conditions set forth in such amendment, add a CARES Act tax refund claim to the borrowing base, from April 1, 2024 through July 31, 2024, (iv) amend the financial maintenance covenant to require Availability (as defined in the Credit Agreement) at all times greater than the greater of (x) 10% of the Aggregate Loan Cap (as defined in the Credit Agreement) and (y) (A) $32,500 minus, subject to the conditions set forth in such amendment, (B) (a) $7,500 for the period of April 1, 2024 through and including April 30, 2024, (b) $2,500 for the period of May 1, 2024 through and including May 31, 2024 and (c) $0 at all other times, (v) add a minimum Consolidated EBITDA (as defined in the Credit Agreement) financial maintenance covenant, and (vi) amend certain negative and affirmative covenants and add certain additional covenants, all as more particularly set forth in such amendment. The amendment also requires that we appoint a Chief Restructuring Officer and that, by August 11, 2023, we (i) appoint two independent members to the board of directors of the Company from prospective candidates that have been previously disclosed to the Administrative Agent and the Lenders and (ii) appoint a committee of the board of directors of the Company to consist of three board members (two of whom will be the new independent directors). The committee’s responsibilities will include, among other things, to explore, consider, solicit expressions of interest or proposals for, respond to any communications, inquiries or proposals regarding, and advise as to all strategic alternatives to effect a “Specified Liquidity Transaction” (as defined in the Credit Agreement). There can be no guarantee or assurances that any such transaction or transactions be consummated. We must pay (i) a fee of 0.50% of the outstanding principal amount of the commitments under the Credit Agreement March 2023 amendment (as defined in the Credit Agreement) on the closing date (in lieu of the deferred fee previously contemplated in connection with the March 2023 amendment (as defined in the Credit Agreement)) and (ii) a fee of 1.00% of the outstanding principal amount of the commitments under the Credit Agreement as of the closing date on the earlier to occur of September 2, 2024 and an Event of Default (as defined in the Credit Agreement). For additional information related to the Credit Agreement amendment, see the Company's Report on Form 8-K filed with the SEC on July 28, 2023.
During the 52 weeks ended April 27, 2024, we incurred debt issuance costs totaling $11,516 related to the July 2023 Credit Agreement amendment. The debt issuance costs have been deferred and are presented as prepaid and other current assets and other noncurrent assets in the consolidated balance sheets, and subsequently amortized ratably over the term of the Credit Agreement.
October 2023 Credit Agreement Amendment
On October 10, 2023, we amended our existing Credit Agreement to revise certain reporting requirements to the administrative agent and lenders under the Credit Agreement. The amendment introduced a Specified Liquidity Transaction Fee of $3,800 that would become due and payable at the earlier to occur of (a) January 31, 2024, to the extent a Specified Liquidity Transaction (as defined in the Credit Agreement) has not been consummated prior to such date (or such later date that is up to thirty days thereafter to the extent agreed to in writing by the Administrative Agent in its sole discretion) or (b) an Event of Default under the Credit Agreement. During the 52 weeks ended April 27, 2024, we incurred debt issuance costs totaling $1,428 related to the October 2023 Credit Agreement amendment. The debt issuance costs have been deferred and are presented as prepaid and other current assets and other noncurrent assets in the consolidated balance sheets, and subsequently amortized ratably over the term of the Credit Agreement.
December 2023 Credit Agreement Amendment
On December 12, 2023, we amended our existing Credit Agreement to, among other things: (i) amend the financial maintenance covenant to require Availability (as defined in the Credit Agreement) at all times to be greater than the greater of (x) 10% of the Aggregate Loan Cap (as defined in the Credit Agreement) and (y) (A) $32,500 or, subject to the satisfaction of certain conditions relating to the repayment of the Credit Agreement in full, (B) (a) $20,000 for the period of December 8, 2023 through January 12, 2024, (b) $25,000 for the period from January 26, 2024 through February 9, 2024, (c) $25,000 for the period of April 1, 2024 through April 30, 2024 and (d) $30,000 for the period of May 1, 2024 through May 31, 2024, and (ii) revise certain reporting requirements under the Credit Agreement. The amendment also revised the Specified Liquidity Transaction Fee introduced in the October 2023 Credit Agreement Amendment such that the $3,800 became due and was paid on January 31, 2024. During the 52 weeks ended April 27, 2024, we incurred debt issuance costs totaling $4,047 related to the December 2023 Credit Agreement amendment. The debt issuance costs have been deferred and are presented as prepaid and other current assets and other noncurrent assets in the consolidated balance sheets, and subsequently amortized ratably over the term of the Credit Agreement. For additional information related to the Credit Agreement amendment, see the Company’s Report on Form 8-K dated December 12, 2023 and filed with the SEC on December 13, 2023.
March 2024 Credit Agreement Amendment
On March 12, 2024, we amended our existing Credit Agreement to, among other things, (i) revise certain reporting requirements under the Credit Agreement and (ii) set certain milestones for liquidity and refinancing contingency plans, with respect to which we must execute a binding commitment no later than April 3, 2024 (as may be extended by the administrative agent to April 10, 2024). During the 52 weeks ended April 27, 2024, we incurred debt issuance costs totaling $1,929 related to the March 2024 Credit Agreement amendment.
April 2024 Credit Agreement Amendment
On April 16, 2024, we amended our existing Credit Agreement to, among other things, revise certain milestones related to the previously-disclosed liquidity and refinancing contingency plans to align such milestones with the Transactions contemplated by the Purchase Agreement (as defined in Note 17. Subsequent Events) (the “Twelfth Amendment to Credit Agreement”), which milestones include (i) filing the Form S-1 no later than two (2) business days after the date of such amendment, (ii) obtaining receipt of support letters in support of the Transactions from persons owning not less than 20% of the outstanding voting stock of the Company by no later than May 3, 2024 (or such later date as agreed to in writing by the administrative agent in its sole discretion), (iii) obtaining receipt of the Securities and Exchange Commission (“SEC”) approval with respect to such Form S-1 on or before May 24, 2024 (or such later date as agreed to in writing by the administrative agent in its sole discretion) and (iv) closing the Transactions contemplated by the Purchase Agreement on or before the date that is 25 days after the receipt of SEC approval with respect to the Form S-1. During the 52 weeks ended April 27, 2024, we incurred debt issuance costs totaling $851 related to the April 2024 Credit Agreement amendment.
On June 10, 2024, subsequent to the end of the quarter, we amended and extended the Credit Agreement to provide access to a $325,000 facility (the “ABL Facility”) maturing in 2028. The refinanced ABL Facility will meaningfully enhance our financial flexibility and reduce our annual interest expense. For information on the refinanced Credit Agreement terms, see Part II - Item 8. Financial Statements and Supplementary Data - Note 17. Subsequent Events.
Term Loan
On June 7, 2022, we entered into a Term Loan Credit Agreement (the “Term Loan Credit Agreement”) with TopLids LendCo, LLC and Vital Fundco, LLC and we entered into an amendment to our existing Credit Agreement, which permitted us
to incur the Term Loan Facility (as defined below). For additional information, see the Company’s Report on Form 8-K dated June 7, 2022 and filed with the SEC on June 10, 2022.
The Term Loan Credit Agreement provides for term loans in an amount equal to $30,000 (the “Term Loan Facility” and, the loans thereunder, the “Term Loans”) and matures on April 7, 2025. The proceeds of the Term Loans are being used to finance working capital, and to pay fees and expenses related to the Term Loan Facility. During the 52 weeks ended April 27, 2024, we incurred $2,652 for interest in kind on the Term Loans and repaid $0 under the Term Loan Credit Agreement, with $32,652 of outstanding borrowings as of April 27, 2024. During the 52 weeks ended April 29, 2023, we borrowed $30,000 and repaid $0 under the Term Loan Credit Agreement, with $30,000 of outstanding borrowings as of April 29, 2023.
The Term Loans accrue interest at a rate equal to 11.25%, payable quarterly. All interest on the Term Loan prior to July 29, 2023 was paid in cash. Subsequent to July 29, 2023, all interest incurred on the Term Loan was incurred in kind as permitted under the July 2023 Term Loan Amendment and is part of the outstanding debt balance. The Term Loans do not amortize prior to maturity.
The Term Loan Credit Agreement does not contain a financial covenant, but otherwise contains representations and warranties, covenants and events of default that are substantially the same as those in the Credit Agreement, including restrictions on the ability of the Company and its subsidiaries to incur additional debt, incur or permit liens on assets, make investments and acquisitions, consolidate or merge with any other company, engage in asset sales and make dividends and distributions. The Term Loan Facility is secured by second-priority liens on all assets securing the obligations under the Credit Agreement, which is all of the assets of the Company and the Guarantors, subject to customary exclusions and limitations set forth in the Term Loan Credit Agreement and the other loan documents executed in connection therewith.
The Credit Agreement amendment permitted us to incur the Term Loan Facility and also provides that, upon repayment of the Term Loan Credit Agreement (and, if applicable, any replacement credit facility thereof), we may incur second lien secured debt in an aggregate principal amount not to exceed $75,000.
On June 10, 2024, subsequent to the end of Fiscal 2024, we completed certain equity transactions to substantially deleverage our consolidated balance sheet, including converting all outstanding principal and interest amounts owed under our Term Loan Credit Agreement into shares of our Common Stock. For information on the Term Loan Credit Agreement conversion transaction subsequent to the end of Fiscal 2024, see Part II - Item 8. Financial Statements and Supplementary Data - Note 17. Subsequent Events.
The following is a summary of the various Term Loan Credit Agreement amendments.
March 2023 Term Loan Credit Agreement Amendment
On March 8, 2023, we amended the Term Loan Credit Agreement to (i) extend the maturity date of the Term Loan Credit Agreement by six months to December 7, 2024, (ii) permit the application of certain proceeds to the repayment of the loans under Credit Agreement and (iii) amend certain negative covenants and add certain additional covenants to conform to the Credit Agreement. In addition, the amendment requires the achievement of a Specified Event (as described above) by no later than May 31, 2023 (as such date may be extended under the Credit Agreement, but no later than August 31, 2023 without consent from lenders under the Term Loan Credit Agreement). For additional information, see the Company's Report on Form 8-K dated March 8, 2023 and filed with the SEC on March 9, 2023.
During the 52 weeks ended April 29, 2023, we incurred debt issuance costs totaling $431 related to the March 2023 Term Loan Credit Agreement amendment. We paid a fee of $50 on the amendment closing date to the lenders under the Term Loan Credit Agreement. The debt issuance costs have been deferred and are presented as a reduction to long-term borrowings in the consolidated balance sheets, and subsequently amortized ratably over the term of the Term Loan Facility.
July 2023 Term Loan Credit Agreement Amendment
On July 28, 2023, we amended our Term Loan to (i) extend the maturity date of the Term Loan Agreement to April 7, 2025, (ii) allow for interest to be paid in kind until September 2, 2024, (iii) amend the 1.50% anniversary fee to recur on June 7 of each year that the Term Loan Agreement remains outstanding, with 2024 fee deferred to the earlier of September 2, 2024 and the Termination Date (as defined in the Term Loan Agreement) and (iv) amend certain negative covenants and affirmative and add certain additional covenants. We must pay a fee of $50 to the lenders under the Term Loan Agreement on the earlier of September 2, 2024 and the Termination Date (as defined in the Term Loan Agreement). For additional information, see the Company's Report on Form 8-K filed with the SEC on July 28, 2023.
During the 52 weeks ended April 27, 2024, we incurred debt issuance costs totaling $499 related to the July 2023 Term Loan Credit Agreement amendment. The debt issuance costs have been deferred and are presented as a reduction to long-term borrowings in the consolidated balance sheets, and subsequently amortized ratably over the term of the Term Loan Facility.
Deferred Financing Costs
The debt issuance costs have been deferred and are presented as noted below in the consolidated balance sheets and are subsequently amortized ratably over the term of respective debt.
Dollars in thousandsAs of
Balance Sheet Location
Maturity Date/
Amortization Term (a)
April 27, 2024April 29, 2023
Credit Facility - Prepaid and Other Current Assets
December 28, 2024$— $3,776 
Credit Facility - Other noncurrent assets
12,897 1,259 
Credit Facility - sub-total
12,897 5,035 
Term Loan - Contra Debt
April 7, 20251,263 2,003 
Total deferred financing costs
$14,160 $7,038 
(a)    On June 10, 2024, subsequent to the end of Fiscal 2024, we completed various transactions, including amending and extending the maturity date of the Credit Facility to June 9, 2028 and converting all outstanding principal and interest amounts owed under our Term Loan Credit Agreement into shares of our Common Stock. For additional information, see Part II - Item 8. Financial Statements and Supplementary Data - Note 17. Subsequent Events.
Interest Expense
The following table presents interest expense on the consolidated statement of operations and cash interest paid during the 52 week periods:
52 weeks ended
April 27, 2024April 29, 2023
Interest Incurred
Credit Facility$24,409 $16,994 
Term Loan3,984 3,078 
Total Interest Incurred$28,393 $20,072 
Amortization of Deferred Financing Costs
Credit Facility$11,910 $1,948 
Term Loan1,240 1,181 
Total Amortization of Deferred Financing Costs$13,150 $3,129 
Interest Income, net of expense$(1,178)$(518)
Total Interest Expense$40,365 $22,683 
Cash Interest Paid
$24,943 $19,024 
v3.24.2
Leases (Notes)
 12 Months Ended
Apr. 27, 2024
Leases [Abstract]  
Lessee, Operating Leases
Note 8. Leases
We recognize lease assets and lease liabilities on the consolidated balance sheets for substantially all lease arrangements based on the present value of future lease payments as required by ASC 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 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.
The following table summarizes lease expense:
52 weeks ended
April 27, 2024April 29, 2023
Variable lease expense$69,550 $69,570 
Operating lease expense122,963 135,037 
Net lease expense$192,513 $204,607 
The decrease in lease expense is primarily due to lower commission rates related to the shift from physical to digital course materials, closed stores, and the impact of the timing due to contract renewals, partially offset by higher sales for contracts based on a percentage of sales.
The following table summarizes our minimum fixed lease obligations, excluding variable commissions, as of April 27, 2024:
As of
April 27, 2024
Fiscal 2025$111,590 
Fiscal 202642,360 
Fiscal 202731,060 
Fiscal 202825,875 
Fiscal 202922,821 
Thereafter37,960 
Total lease payments271,666 
Less: imputed interest(27,267)
Operating lease liabilities at period end$244,399 
Future lease payment obligations related to leases that were entered into, but did not commence as of April 27, 2024, were not material.
The following summarizes additional information related to our operating leases:
As of
April 27, 2024April 29, 2023
Weighted average remaining lease term (in years)4.6 years5.3 years
Weighted average discount rate4.8 %4.7 %
Supplemental cash flow information:
Cash payments for lease liabilities within operating activities$123,115 $127,582 
ROU assets obtained in exchange for lease liabilities from initial recognition$85,572 $97,926 
v3.24.2
Supplementary Information Supplementary Information (Notes)
 12 Months Ended
Apr. 27, 2024
Other Income and Expenses [Abstract]  
Supplementary Information [Text Block]
Note 9. Supplementary Information
Restructuring and Other Charges
During the 52 weeks ended April 27, 2024, we recognized restructuring and other charges totaling $19,409, comprised primarily of $19,651 for costs associated with professional service costs for restructuring (as discussed below) and process improvements, and $1,097 for severance and other employee termination and benefit costs associated with elimination of various positions as part of cost reduction objectives ($33 is included in accrued liabilities in the consolidated balance sheet as of April 27, 2024), partially offset by a $1,339 in an actuarial gain related to a frozen retirement benefit plan (non-cash).
Pursuant to the July 28, 2023 Credit Agreement amendment, the Board established a committee consisting of three independent directors to explore, consider, solicit expressions of interest or proposals for, respond to any communications, inquiries or proposals regarding, and advise as to all strategic alternatives to effect a “Specified Liquidity Transaction” (as defined in the Credit Agreement). Restructuring and other charges include costs associated with the costs of this committee, as well as other related legal and advisory professional service costs. On June 10, 2024, subsequent to the end of Fiscal 2024, we completed various transactions, including an equity rights offering, private equity investment, Term Loan debt conversion, and Credit Facility refinancing, to substantially deleverage our consolidated balance sheet. and provide additional flexibility for working capital needs. For additional information, see Part II - Item 8. Financial Statements and Supplementary Data - Note 17. Subsequent Events.
During the 52 weeks ended April 29, 2023, we recognized restructuring and other charges totaling $10,103, comprised primarily of $4,359 for severance and other employee termination and benefit costs associated with elimination of various positions as part of cost reduction objectives, ($1,712 is included in accrued liabilities in the consolidated balance sheet as of April 29, 2023), and $5,744 for costs primarily associated with professional service costs for restructuring and process improvements.
v3.24.2
Related Party Transactions Related Party Transctions (Notes)
 12 Months Ended
Apr. 27, 2024
Related Party Transactions [Abstract]  
Related Party Transactions Disclosure [Text Block]
Note 10. Related Party Transactions
MBS Textbook Exchange, LLC
Prior to the acquisition of MBS on February 27, 2017, MBS was considered a related-party as it was majority-owned by Leonard Riggio, who is a principal owner holding substantial shares of our common stock, and other members of the Riggio family. Subsequent to the acquisition, the consolidated financial statements include the accounts of MBS and all material intercompany accounts and transactions have been eliminated in consolidation.
MBS leases its main warehouse and distribution facility located in Columbia, Missouri from MBS Realty Partners L.P. which is majority-owned by Leonard Riggio, with the remaining ownership by other sellers of MBS. The lease was originally entered into in 1991 and included a renewal option which extended the lease through September 1, 2023. Effective January 1, 2023, MBS amended the lease agreement to lower the rent and extend the term to December 31, 2024. Rent payments to MBS Realty Partners L.P. were approximately $690 and $1,150 during the 52 weeks ended April 27, 2024 and April 29, 2023, respectively.
TopLids LendCo, LLC
In December 2020 (Fiscal 2021), we entered into the F/L Relationship to execute a merchandising agreement with Fanatics and Lids which included a strategic equity investment in the Company. Fanatics, Inc. and Lids Holdings, Inc,. jointly as
TopLids LendCo, LLC (“TopLids”), purchased an aggregate 2,307,692 of our common shares. On June 7, 2022, we entered into a Term Loan Credit Agreement with TopLids LendCo, LLC and Vital Fundco, LLC (see discussion below). On June 10, 2024, subsequent to the end of Fiscal 2024, we completed various transactions, including an equity rights offering, private equity investment, Term Loan debt conversion, and Credit Facility refinancing, to substantially deleverage our consolidated balance sheet. TopLids will own more than 5% of our Common Stock outstanding following the closing of the transactions. Total commission revenue from the F/L Relationship was $126,886 and $145,416, during the 52 weeks ended April 27, 2024 and April 29, 2023, respectively. For additional information, see Part II - Item 8. Financial Statements and Supplementary Data - Note 1. Organization, Note 5. Equity and Earnings Per Share, Note 7. Debt, and Note 17. Subsequent Events.
VitalSource Technologies, Inc.
On June 7, 2022, we entered into a Term Loan Credit Agreement with TopLids LendCo, LLC (see discussion above) and Vital Fundco, LLC (a subsidiary of Vital Technologies, Inc. (“VitalSource”)). We have contracted with VitalSource to provide digitally formatted courseware, from all major publishers. On June 10, 2024, subsequent to the end of Fiscal 2024, we completed various transactions, including an equity rights offering, private equity investment, Term Loan debt conversion, and Credit Facility refinancing, to substantially deleverage our consolidated balance sheet. VitalSource will own more than 5% of our Common Stock outstanding following the closing of the transactions. Total purchases from the VitalSource were $331,232 and $249,464, during the 52 weeks ended April 27, 2024 and April 29, 2023, respectively. For additional information, see Part II - Item 8. Financial Statements and Supplementary Data - Note 1. Organization, Note 5. Equity and Earnings Per Share, Note 7. Debt, and Note 17. Subsequent Events.
v3.24.2
Employees' Defined Contribution Plan
 12 Months Ended
Apr. 27, 2024
Equity [Abstract]  
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, if any. Total employee benefit expense for these plans was $1,687 and $4,391, during the 52 weeks ended April 27, 2024 and April 29, 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.
v3.24.2
Stock-Based Compensation (Notes)
 12 Months Ended
Apr. 27, 2024
Share-Based Payment Arrangement [Abstract]  
Share-based Payment Arrangement [Text Block]
Note 12. Long-Term Incentive Compensation Expense
We have reserved 17,909,345 shares of our common stock for future grants in accordance with the Barnes & Noble Education Inc. Equity Incentive Plan. Types of equity awards that can be granted under the Equity Incentive Plan include options, restricted stock (“RS”), restricted stock units (“RSU”), performance shares (“PS”), performance share units (“PSU”), and stock options. During the 52 weeks ended April 27, 2024, no equity share awards were granted to employees or board members.
We recognize compensation expense for restricted stock awards and performance share awards ratably over the requisite service period of the award, which is generally three years. We recognize compensation expense for these awards based on the number of awards expected to vest, which includes an estimated average forfeiture rate. We calculate the fair value of these awards based on the closing stock price on the date the award was granted. For those awards with market conditions, we have determined the grant date fair value using the Monte Carlo simulation model and compensation expense is recognized ratably over the requisite service period regardless of whether the market condition is satisfied.
Restricted Stock Awards
A RS award is an award of common stock that is subject to certain restrictions during a specified period. Restricted stock awards are generally subject to forfeiture if employment terminates prior to the release of the restrictions. The grantee cannot transfer the shares before the restricted shares vest. Shares of unvested restricted stock have the same voting rights as common stock, are entitled to receive dividends and other distributions thereon (although payment may be deferred until the shares have vested) and are considered to be currently issued and outstanding. Restricted stock awards will have a minimum vesting period of one year.
A RSU is a grant valued in terms of our common stock, but no stock is issued at the time of grant. Each restricted stock unit may be redeemed for one share of our common stock once vested. Restricted stock units are generally subject to forfeiture if employment terminates prior to the release of the restrictions. The grantee cannot transfer the units except in very limited circumstances and with the consent of the compensation committee. Shares associated with unvested restricted stock units have no voting rights but are entitled to receive dividends and other distributions thereon (although payment may be deferred until
the units have vested). Restricted stock units generally vest over a period of three years, but will have a minimum vesting period of one year.
Phantom Shares
Phantom share units were granted to employees. Each phantom share represents the economic equivalent to one share of the Company's common stock and will be settled in cash based on the fair market value of a share of common stock at each vesting date in an amount not to exceed a specific value per share. The phantom shares vest and settle in three equal installments commencing one year after the date of grant. The fair value of the phantom shares was determined using the closing stock price on the date of the award less the fair value of the call option which was estimated using the Black-Scholes model. The fair value of the liability for the cash-settled phantom share unit awards will be remeasured at the end of each reporting period through settlement to reflect current risk-free rate and volatility assumptions.
As of April 27, 2024, we recorded a liability of $8 (Level 2 input) related to phantom share units grants which is reflected in accrued liabilities on the consolidated balance sheet. As of April 29, 2023, we recorded a liability of $777 (Level 2 input) related to phantom share units grants of which $734 and $42 is reflected in accrued liabilities and other long-term liabilities, respectively, on the consolidated balance sheet, respectively.
Stock Options
For stock options granted with an "at market" exercise price, we determined the grant fair value using the Black-Scholes model and for stock options granted with "a premium" exercise price, we determined the grant date fair value using the Monte Carlo simulation model. The fair value models for stock options use assumptions that include the risk-free interest rate, expected volatility, expected dividend yield and expected term of the options. The risk-free interest rate is based on United States Treasury yields in effect at the date of grant for periods corresponding to the expected stock option term. The expected stock option term represents the weighted average period of time that stock options granted are expected to be outstanding, based on vesting schedules and the contractual term of the stock options. Volatility is based on the historical volatility of the Company’s common stock over a period of time corresponding to the expected stock option term. The stock options are exercisable in four equal annual installments commencing one year after the date of grant and have a ten year term. Holders are not entitled to receive dividends (if any) prior to vesting and exercise of the options.

Long-Term Incentive Compensation Activity
On June 11, 2024, we completed 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 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. For additional information, see Part II - Item 8. Financial Statements and Supplementary Data - Note 17. Subsequent Events. The following table presents a summary of awards activity related to our current Equity Incentive Plan and reflects the Reverse Stock Split for all periods presented:
Restricted Stock AwardsRestricted Stock UnitsPhantom Shares
Number of 
Shares		Weighted 
Average
Grant Date
Fair Value		Number of 
Shares		Weighted 
Average
Grant Date Fair Value		Number of 
Shares		Weighted 
Average
Grant Date
Fair Value
Balance, April 29, 2023118 $230.0010,910 $533.006,021 $301.00
Granted— $—— $—— $—
Vested(118)$230.00(4,260)$541.00(5,048)$253.00
Forfeited— $—(1,797)$590.00(505)$273.00
Balance, April 27, 2024— $—4,853 $504.00468 $850.00
Stock Options
Number of 
Shares		Weighted 
Average
Grant Date
Fair Value		Weighted 
Average
Exercise Price
Balance, April 29, 202327,623 $240.00$521.00
Granted— $—$—
Exercised (a)
— $—$—
Forfeited — $—$—
Expired(2,433)$219.00$490.00
Balance, April 27, 202425,190 $241.00$524.00
Exercisable, April 27, 202415,369 $223.00$498.00
(a) During the period ended April 27, 2024, no options were exercised with a total intrinsic value of $0.

The aggregate grant date fair value of stock options that vested during the 52 weeks ended April 27, 2024 and April 29, 2023 was $1,540 and $1,903, respectively.

Total fair value of vested share awards during the periods ended April 27, 2024 and April 29, 2023 was $4,405 and $8,851, respectively.
Long-Term Incentive Compensation Expense
We recognized compensation expense for long-term incentive plan awards in selling and administrative expenses as follows:
52 weeks ended
April 27, 2024
April 29, 2023
Stock-based awards
Restricted stock expense$11 $172 
Restricted stock units expense 2,041 2,813 
Performance share units expense (a)
— 10 
Stock option expense1,328 1,720 
Sub-total stock-based awards:$3,380 $4,715 
Cash settled awards
Phantom share units expense$(154)$(299)
Total compensation expense for long-term incentive awards$3,226 $4,416 
(a)     Long-term incentive compensation expense reflects cumulative adjustments to reflect changes to the expected level of achievement of the respective grants.
Total unrecognized compensation cost related to unvested awards as of April 27, 2024 was $2,352 and is expected to be recognized over a weighted-average period of 1.08 years.
v3.24.2
Income Taxes Income Taxes (Notes)
 12 Months Ended
Apr. 27, 2024
Income Tax Disclosure [Abstract]  
Income Tax Disclosure [Text Block]
Note 13. Income Taxes - Continuing Operations
For Fiscal 2024 and Fiscal 2023, we had no material revenue or expense in jurisdictions outside the United States other than India.
Impact of U.S. Tax Reform
On March 27, 2020, the Coronavirus Aid, Relief, and Economic Security Act (The “CARES Act”) was enacted. We have analyzed the provisions, which provide for a technical correction to allow for full expensing of qualified leasehold improvements, modifications to charitable contribution and net operating loss limitations (“NOLs”), modifications to the deductibility of business interest expense, as well as Alternative Minimum Tax (“AMT”) credit acceleration. The most significant impact of the legislation for the Company was an income tax benefit of $7,164 for the carryback of NOLs to higher
tax rate years, recorded in Fiscal 2021. As of April 29, 2024, we recognized a current income tax receivable for NOL carrybacks in prepaid and other current assets on the consolidated balance sheet. We received a $15,774 refund in Fiscal 2023 and a $7,621 refund in Fiscal 2024 and expect to receive additional refunds of approximately $2,403 in Fiscal 2025.
Income tax benefits for Fiscal 2024 and Fiscal 2023 are as follows:
52 weeks ended
April 27, 2024April 29, 2023
Current:
Federal $— $— 
State318 301 
International417 252 
Total Current735 553 
Deferred:
Federal (552)458 
State— — 
International— — 
Total Deferred(552)458 
Total US tax provision$183 $1,011 
Reconciliation between the effective income tax rate and the federal statutory income tax rate is as follows:
52 weeks ended
April 27, 2024April 29, 2023
Federal statutory income tax rate (a)
21.0 %21.0 %
State income taxes, net of federal income tax benefit
4.0 3.6 
Permanent book / tax differences(1.7)(1.2)
Changes in valuation allowance
(23.0)(24.6)
Other, net(0.6)0.1 
Effective income tax rate(0.3)%(1.1)%
The effective tax rate for Fiscal 2024 is materially consistent with the prior year.
One percentage point on our Fiscal 2024 effective tax rate is approximately $623. The other permanent book/tax differences are principally comprised of non-deductible officer's compensation, and non-deductible stock compensation.
We account for income taxes using the asset and liability method. Deferred taxes are recorded based on differences between the financial statement basis and tax basis of assets and liabilities and available tax loss and credit carryforwards.
The significant components of our deferred taxes consisted of the following:
As of
April 27, 2024April 29, 2023
Deferred tax assets:
Estimated accrued liabilities$3,279 $5,840 
Inventory19,402 19,426 
Stock-based compensation979 1,145 
Insurance liability— 347 
Operating lease liabilities53,628 65,471 
Tax credits1,131 886 
Goodwill7,329 8,314 
Net operating losses79,182 70,503 
Interest carryforwards14,897 7,246 
Property and equipment795 — 
Other4,052 2,456 
Gross deferred tax assets184,674 181,634 
Valuation allowance(81,174)(56,962)
Net deferred tax assets103,500 124,672 
Deferred tax liabilities:
Intangible asset amortization(19,757)(23,555)
Operating lease right-of-use assets(51,640)(63,201)
LIFO inventory valuation(33,392)(33,999)
Property and equipment— (5,755)
Gross deferred tax liabilities(104,789)(126,510)
Net deferred tax liability$(1,289)$(1,838)
As of April 27, 2024 and April 29, 2023, we had $0 of unrecognized tax benefits.
Our policy is to recognize interest and penalties related to income tax matters in income tax expense. As of both April 27, 2024 and April 29, 2023, we had accrued $0 for net interest and penalties. 
In assessing the realizability of the deferred tax assets, management considered whether it is more likely than not that some or all of the deferred tax assets would be realized. In evaluating our ability to utilize our deferred tax assets, we considered all available evidence, both positive and negative, in determining future taxable income on a jurisdiction by jurisdiction basis. As of April 27, 2024, we recorded a valuation allowance of $81,174 compared to $56,962 as of April 29, 2023.
As of April 27, 2024, we had state net operating loss carryforwards (“NOLs”) of approximately $457,609 which will begin to expire in 2026, state tax credit carryforwards totaling $430 which will begin to expire in 2024, federal tax credit carryforward of $1,131 which will begin to expire in 2040 and federal NOLs of approximately $265,522 which have an indefinite carryforward period.
As of April 27, 2024, we recorded $201 of foreign withholding tax related to repatriations of earnings from certain foreign subsidiaries. If additional earnings in these foreign subsidiaries were repatriated in the future, additional income and withholding tax expense would be incurred. Additional income and withholding tax expense on any future repatriated earnings is estimated to be less than $100.
We are subject to U.S. federal income tax, as well as income tax in jurisdictions of each state having an income tax. The tax years that remain subject to examination are primarily Fiscal 2018 and forward. Some earlier years remain open for a small minority of states.
Potential Limitation to Future Tax Attribute Utilization
Under Sections 382 and 383 of the Internal Revenue Code of 1986, as amended, or 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 debt conversion completed on June 10, 2024, we may have experienced an ownership changes 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 severely impact the future utilization of our tax attributes including our $265,522 NOL carryforward. For additional information, see Part II - Item 8. Financial Statements and Supplementary Data - Note 17. Subsequent Events.
v3.24.2
Legal Proceedings (Notes)
 12 Months Ended
Apr. 27, 2024
Legal Proceedings
Note 14. 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 consolidated financial position, results of operations, or cash flows.
v3.24.2
Commitments and Contingencies Commitments and Contingencies (Notes)
 12 Months Ended
Apr. 27, 2024
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies Disclosure [Text Block]
Note 15. Commitments and Contingencies
We generally operate our physical bookstores pursuant to multi-year school management contracts under which a school designates us to operate the official school physical bookstore on campus and we provide the school with regular payments that represent a percentage of store sales and, in some cases, include a minimum fixed guaranteed payment. We account for these service agreements for our physical bookstores under lease accounting. We recognize lease assets and lease liabilities on the consolidated balance sheets for substantially all fixed lease arrangements (excluding variable obligations) with a term greater than twelve months. For additional information on lease expense and minimum fixed lease obligations, excluding variable commissions, see Part II - Item 8. Financial Statements and Supplementary Data - Note 8. Leases.
Purchase obligations, which includes information technology contracts, as of April 27, 2024 are as follows: 
Less Than 1 Year$12,066 
1-3 Years6,497 
Total$18,563 
v3.24.2
Quarterly Earnings
 12 Months Ended
Apr. 27, 2024
Text Block [Abstract]  
Quarterly Financial Information [Text Block]
Note 16. Selected Quarterly Financial Information (Unaudited)
A summary of quarterly financial information for the 52 weeks ended April 27, 2024 and April 29, 2023 is as follows:
13 weeks ended (a)
52 weeks ended
July 29, 2023October 28, 2023January 27, 2024 April 27, 2024April 27, 2024
Sales$264,161 $610,379 $456,673 $235,922 $1,567,135 
Gross profit$50,634 $136,242 $100,036 $69,864 $356,776 
(Loss) income from continuing operations, net of tax (b)(c)(d)
$(49,971)$24,854 $(9,928)$(27,436)$(62,481)
Loss from discontinued operations, net of tax$(417)$(674)$289 $72 $(730)
Net (loss) income (b)(c)(d)
$(50,388)$24,180 $(9,639)$(27,364)$(63,211)
(Loss) earnings per common share: (e)
Basic and Diluted
Continuing operations$(18.87)$9.36 $(3.71)$(10.27)$(23.47)
Discontinued operations(0.16)(0.25)0.11 0.03 (0.28)
Total Basic and Diluted Earnings per share$(19.03)$9.11 $(3.60)$(10.24)$(23.75)
Weighted average common shares outstanding - Basic:2,648 2,655 2,673 2,673 2,662 
Weighted average common shares outstanding - Diluted:2,648 2,655 2,673 2,673 2,662 
(a)    For information related to quarterly seasonality and other variance components, see Part II - Item 7. Management Discussion and Analysis - Results of Operations and Item 8. Financial Statements and Supplementary Data - Note 2. Summary of Significant Accounting Policies - Seasonality.
(b)    Includes $4,633, $4,274, $3,413, and $7,089 of restructuring and other charges for the 13 weeks ended July 29, 2023, October 28, 2023, January 27, 2024 and April 27, 2024, respectively, and $19,409 for the 52 weeks ended April 27, 2024.
(c)    Includes $0, $0, $5,798, and $1,368 of impairment loss (non-cash) for the 13 weeks ended July 29, 2023, October 28, 2023, January 27, 2024 and April 27, 2024, respectively, and $7,166 for the 52 weeks ended April 27, 2024.
(d)    Includes $8,254, $10,664, $10,620, and $10,827 of interest expense for the 13 weeks ended July 29, 2023, October 28, 2023, January 27, 2024 and April 27, 2024, respectively, and $40,365 for the 52 weeks ended April 27, 2024. The increase in interest expense is primarily due to higher borrowings, higher interest rates and increased amortization of deferred financing costs.
(e)    On June 10, 2024, subsequent to the end of Fiscal 2024, we completed various transactions, including an equity rights offering. Because the rights issuance was offered to all existing stockholders at an exercise price that was less than the fair value of our Common Stock, as of such time, the weighted average shares outstanding and basic and diluted earnings (loss) per share were adjusted retroactively to reflect the bonus element of the rights offering for all periods presented by a factor of 5.03.
On June 11, 2024, subsequent to the end of Fiscal 2024, we completed a reverse stock split of our outstanding shares of common stock at a ratio of 1-for-100 in which every 100 shares of the common stock issued and outstanding was converted into one share of our common stock.
The weighted average common shares and loss per common share reflect the bonus element resulting from the equity rights offering and the reverse stock split for all periods presented on the consolidated statements of operations. For additional information, see Part II - Item 8. Financial Statements and Supplementary Data - Note 17. Subsequent Events.
13 weeks ended (a)
52 weeks ended
July 30, 2022October 29, 2022January 28, 2023April 29, 2023April 29, 2023
Sales$254,674 $608,633 $438,054 $241,847 $1,543,208 
Gross profit$56,005 $138,141 $97,011 $58,282 $349,439 
(Loss) income from continuing operations, net of tax (b)(c)(d)
$(50,322)$24,168 $(22,134)$(41,852)$(90,140)
Loss from discontinued operations, net of tax$(2,385)$(2,024)$(2,915)$(4,398)$(11,722)
Net (loss) income (b)(c)(d)
$(52,707)$22,144 $(25,049)$(46,250)$(101,862)
(Loss) earnings per common share: (e)
Basic
Continuing operations$(19.18)$9.16 $(8.37)$(15.82)$(34.17)
Discontinued operations(0.91)(0.77)(1.10)(1.66)(4.44)
Total Basic Earnings per share
$(20.09)$8.39 $(9.47)$(17.48)$(38.61)
Weighted average common shares outstanding - Basic:2,624 2,637 2,646 2,646 2,638 
Diluted
Continuing operations$(19.18)$9.14 $(8.37)$(15.82)$(34.17)
Discontinued operations(0.91)(0.77)(1.10)(1.66)(4.44)
Total Diluted Earnings per share$(20.09)$8.37 $(9.47)$(17.48)$(38.61)
Weighted average common shares outstanding - Diluted:2,624 2,645 2,646 2,646 2,638 
(a)    For information related to quarterly seasonality and other variance components, see Part II - Item 7. Management Discussion and Analysis - Results of Operations and Item 8. Financial Statements and Supplementary Data - Note 2. Summary of Significant Accounting Policies - Seasonality.
(b)    Includes $375, $260, $4,127, and $5,341 of restructuring and other charges for the 13 weeks ended July 30, 2022, October 29, 2022, January 28, 2023 and April 29, 2023, respectively, and $10,103 for the 52 weeks ended April 29, 2023.
(c)    Includes $0, $0, $6,008, and $0 of impairment loss (non-cash) for the 13 weeks ended July 30, 2022, October 29, 2022, January 28, 2023 and April 29, 2023, respectively, and $6,008 for the 52 weeks ended April 29, 2023.
(d)    Includes $3,868, $4,886, $6,918, and $7,011 of interest expense for the 13 weeks ended July 30, 2022, October 29, 2022, January 28, 2023 and April 29, 2023, respectively, and $22,683 for the 52 weeks ended April 29, 2023.
(e)    On June 10, 2024, subsequent to the end of Fiscal 2024, we completed various transactions, including an equity rights offering. Because the rights issuance was offered to all existing stockholders at an exercise price that was less than the fair value of our Common Stock, as of such time, the weighted average shares outstanding and basic and diluted earnings (loss) per share were adjusted retroactively to reflect the bonus element of the rights offering for all periods presented by a factor of 5.03.
On June 11, 2024, subsequent to the end of Fiscal 2024, we completed a reverse stock split of our outstanding shares of common stock at a ratio of 1-
for-100 in which every 100 shares of the common stock issued and outstanding was converted into one share of our common stock.
The weighted average common shares and loss per common share reflect the bonus element resulting from the equity rights offering and the reverse stock split for all periods presented on the consolidated statements of operations. For additional information, see Part II - Item 8. Financial Statements and Supplementary Data - Note 17. Subsequent Events.
v3.24.2
Subsequent Events
 12 Months Ended
Apr. 27, 2024
Subsequent Events [Abstract]  
Subsequent Events
Note 17. Subsequent Events
On June 5, 2024, our shareholders approved an amendment to our Amended and Restated Certificate of Incorporation, as amended, to increase the aggregate number of authorized shares of Common Stock from 200,000,000 shares to 10,000,000,000 shares, and approved the transactions (the “Transactions”) as outlined below pursuant to a Standby, Securities Purchase and Debt Conversion Agreement, dated as of April 16, 2024, by and among the Company and certain investors (the “Purchase Agreement”).
On June 10, 2024, subsequent to the end of Fiscal 2024, we completed various Transactions to substantially deleverage our consolidated balance sheet. These Transactions raised additional capital for repayment of indebtedness and provide additional flexibility for working capital needs, which will also allow us to strategically invest in innovation and continue to execute our strategic initiatives, including but not limited to the growth of our First Day Complete program. The proceeds will be used to reduce the balance under the Company’s existing Credit Facility and pay expenses in connection with the Transactions.
For additional information related to the Transactions, see the Company’s Report on Form 8-K dated June 11, 2024. For information related to the Credit Agreement and Term Loan Credit Agreement prior to the execution of these Transaction, see Part II - Item 8. Financial Statements and Supplementary Data - 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 Corporation (“Immersion”) and a $45,000 fully backstopped equity rights offering (the “Rights Offering”). The Transactions infused approximately $80,000 of net cash proceeds after transaction costs. The transaction resulted in Immersion obtaining controlling financial interest. 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; and     
•We amended and extended our existing asset based loan facility (the “Credit Facility”) providing access to a $325,000 revolving loan facility (the “Restated ABL Facility”) maturing in 2028. The amended ABL Facility will meaningfully enhance our financial flexibility and reduce our annual interest expense. See Restated ABL Facility terms 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 900,000,000 shares of our common stock at a cash subscription price (the “Subscription Price”) of $0.05 per share. 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 Over-Subscription Rights to subscribe for additional shares of Common Stock that remain unsubscribed as a result of any unexercised 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.
The Rights Offering was offered to all existing stockholders at an exercise price that was less than the fair value of our Common Stock, as of such time, the weighted average shares outstanding and basic and diluted earnings (loss) per share were adjusted retroactively to reflect the bonus element of the rights offering for all periods presented by a factor of 5.03.
Term Loan Credit Agreement Debt Conversion
Upon closing of the Rights Offering, we converted all outstanding principal and any accrued and unpaid interest under the Term Loan Credit Agreement, totaling $34,000, into shares of our Common Stock.
Restated ABL Facility
On June 10, 2024 (the “Closing Date”), we amended and restated and extended the maturity of our existing asset-based Credit Facility with Bank of America, N.A., as administrative agent, collateral agent and swing line lender, and other lenders from time to time party thereto (such amended and restated credit facility, the “Restated ABL Facility”). Pursuant to the Restated ABL Facility, the lenders thereunder have committed to provide a four-year asset-backed revolving credit facility in an aggregate committed principal amount of up to $325,000. The Restated ABL Facility has a maturity date of June 9, 2028.
Interest under the Restated ABL 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 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 and other specified payments, merge with other entities, dispose of or acquire assets, or engage in transactions with affiliates, among other things. Additionally, the Restated ABL Facility 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 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 May 31, 2025, the Company is required to maintain a Consolidated Fixed Charge Coverage Ratio (as defined in the Restated ABL Facility) 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 October 31, 2024, the Company is required to maintain a minimum Consolidated EBITDA (as defined in the Restated ABL Facility), 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 Restated ABL Facility does not require the retention of a chief restructuring officer or the formation or maintenance of any special committees of the board of directors of the company.
The Credit Agreement contains customary events of default, including for non-payment of obligations owing under the Restated ABL 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 Credit Agreement also contains customary affirmative covenants and representations and warranties.
In connection with the Restated ABL Facility, the 1.00% fee payable in connection with the eighth amendment to the Restated ABL Facility (prior to its having been restated) is due and payable (x) 50% on September 2, 2024 and (y) 50% on June 10, 2025.
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 will be 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 is 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 will also be 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.
v3.24.2
Schedule II Valuation and Qualifying Accounts Schedule II Valuation and Qualifying Accounts (Notes)
 12 Months Ended
Apr. 27, 2024
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract]  
SEC Schedule, 12-09, Schedule of Valuation and Qualifying Accounts Disclosure [Text Block]
Schedule II—Valuation and Qualifying Accounts

Receivables Valuation and Qualifying Accounts
(In thousands)


Balance at
beginning
of period		Charge
(recovery) to
costs and
expenses		Write-offsBalance at
end
of period
Allowance for Doubtful Accounts
April 27, 2024$1,156 $1,595 $(1,884)$867 
April 29, 2023$2,243 $575 $(1,662)$1,156 
Balance at
beginning
of period		Addition
Charged to
Costs		DeductionsBalance at
end
of period
Sales Returns Reserves
April 27, 2024$2,426 $142,660 $(142,905)$2,182 
April 29, 2023$2,723 $122,831 $(123,128)$2,426 

All other schedules are omitted because the conditions requiring their filing do not exist, or because the required information is provided in the consolidated financial statements, including the notes thereto.
v3.24.2
Pay vs Performance Disclosure - USD ($)
$ in Thousands
 3 Months Ended 12 Months Ended
Apr. 27, 2024
Jan. 27, 2024
Oct. 28, 2023
Jul. 29, 2023
Apr. 29, 2023
Jan. 28, 2023
Oct. 29, 2022
Jul. 30, 2022
Apr. 27, 2024
Apr. 29, 2023
Pay vs Performance Disclosure                    
Net Income (Loss) Attributable to Parent $ (27,364) $ (9,639) $ 24,180 $ (50,388) $ (46,250) $ (25,049) $ 22,144 $ (52,707) $ (63,211) $ (101,862)
v3.24.2
Insider Trading Arrangements
 12 Months Ended
Apr. 27, 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
v3.24.2
Summary of Significant Accounting Policies (Policies)
 12 Months Ended
Apr. 27, 2024
Cash and Cash Equivalents, Policy [Policy Text Block]
Cash and Cash Equivalents
We consider all short-term, highly liquid instruments purchased with an original maturity of three months or less to be cash equivalents.
Cash and Cash Equivalents, Restricted Cash and Cash Equivalents, Policy [Policy Text Block]
Restricted Cash
As of April 27, 2024, we had restricted cash of $18,111, comprised of $17,146 in prepaid and other current assets in the consolidated balance sheet related to segregated funds for commission due to Lids for logo merchandise sales as per the Lids service provider merchandising agreement and $965 in other noncurrent assets in the consolidated balance sheet related to amounts held in trust for future distributions related to employee benefit plans.
As of April 29, 2023, we had restricted cash of $16,712, comprised of $15,790 in prepaid and other current assets in the consolidated balance sheet related to segregated funds for commission due to Lids for logo merchandise sales as per the Lids service provider merchandising agreement and $922 in other noncurrent assets in the consolidated balance sheet related to amounts held in trust for future distributions related to employee benefit plans.
Merchandise Inventories
Merchandise Inventories
Merchandise inventories, which consist of finished goods, are stated at the lower of cost or market. Market value of our inventory, which is all purchased finished goods, is determined based on its estimated net realizable value, which is generally the selling price less normally predictable costs of disposal and transportation. Reserves for non-returnable inventory are based on our history of liquidating non-returnable inventory, which includes certain significant assumptions, including markdowns, sales below cost, inventory aging and expected demand.
Cost is determined primarily by the retail inventory method for our Retail segment. Our textbook and trade book inventories, for Retail and Wholesale, are valued using the LIFO method and the related reserve was not material to the recorded amount of our inventories. There were no LIFO adjustments in Fiscal 2024 and Fiscal 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 Retail Segment fulfillment order is directed first to our wholesale business before other sources of inventory are utilized. The products that we sell originate from a wide variety of domestic and international vendors. After internal sourcing, the bookstore purchases textbooks from outside suppliers and publishers. The Retail Segment's four largest suppliers, excluding the supply sourced from our Wholesale Segment, accounted for approximately 26% of our merchandise purchased during the 52 weeks ended April 27, 2024. For our Wholesale Segment, the four largest suppliers, excluding textbooks purchased from students at our Retail Segment's bookstores, accounted for approximately 24% of merchandise purchases during the 52 weeks ended April 27, 2024.
Textbook Rentals Inventories
Textbook Rental Inventories
Physical textbooks out on rent are categorized as textbook rental inventories. At the time a rental transaction is consummated, the book is removed from merchandise inventories and moved to textbook rental inventories at cost. The cost of the book is amortized down to its estimated residual value over the rental period. The related amortization expense is included in cost of goods sold. At the end of the rental period, upon return, the book is removed from textbook rental inventories and recorded in merchandise inventories at its amortized cost.
Cloud Computing Policy
Cloud Computing Arrangements
Implementation costs incurred in a cloud computing arrangement (or hosting arrangement) that is a service contract are amortized to hosting expense over the term of the arrangement, beginning when the module or component of the hosting arrangement is ready for its intended use. Implementation costs are included in prepaid expenses and other assets in the consolidated balance sheets and amortized to selling and administrative expense in the consolidated statement of operations.
Property, Plant and Equipment, Planned Major Maintenance Activities, Policy [Policy Text Block]
Property and Equipment
Property and equipment are carried at cost, less accumulated depreciation and amortization. Depreciation and amortization is computed using the straight-line method over estimated useful lives. Maintenance and repairs are expensed as incurred, however major maintenance and remodeling costs are capitalized if they extend the useful life of the asset. We had $27,281 and $29,401 of depreciation expense in the consolidated statement of operations for the 52 weeks ended April 27, 2024 and April 29, 2023, respectively.
Content development costs are primarily related to development of courseware. Content amortization is computed using the straight-line method over estimated useful lives. Amortization of content development costs is recorded to cost of goods sold. We had $0 and $26 of content amortization expense in the consolidated statement of operations for the 52 weeks ended April 27, 2024 and April 29, 2023, respectively.
Components of property and equipment are as follows:
As of
Useful LifeApril 27, 2024April 29, 2023
Property and equipment:
Leasehold improvements(a)$106,764 $120,687 
Machinery, equipment and display fixtures
3 - 5
246,206 253,763 
Computer hardware and capitalized software costs(b)167,347 163,098 
Office furniture and other
2 - 7
62,133 66,201 
Content development costs (c)
3 - 5
— 2,519 
Construction in progress2,361 4,644 
Total property and equipment584,811 610,912 
Less accumulated depreciation and amortization531,899 542,759 
Total property and equipment, net$52,912 $68,153 
(a)    Leasehold improvements are capitalized and depreciated over the shorter of the lease term or the useful life of the improvements, ranging from 1 - 15 years.
(b)    System costs are capitalized and amortized over their estimated useful lives, from the date the systems become operational. Purchased software is generally amortized over a period of between 2 - 5 years.
(c)    Content development costs are fully depreciated and are generally depreciated over 3 - 5 years.
Lessee, Leases [Policy Text Block]
We recognize lease assets and lease liabilities on the consolidated balance sheets for substantially all lease arrangements based on the present value of future lease payments as required by ASC 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 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.
Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block] ASC 360-10, Accounting for the Impairment or Disposal of Long-Lived Assets. We evaluate the long-lived assets of the reporting units for impairment at the lowest asset group level for which individual cash flows can be identified. When evaluating long-lived assets for potential impairment, we first compared the carrying amount of the asset group to the estimated future undiscounted cash flows. The impairment loss calculation compares the carrying amount of the assets to the fair value based on estimated discounted future cash flows. If required, an impairment loss is recorded for that portion of the asset’s carrying value in excess of fair value.
Many college and universities are providing alternatives to traditional in-person instruction, including online and hybrid learning options. Additionally, enrollment trends have been negatively impacted at physical campuses. Many other events, such as parent and alumni weekends and prospective student campus tour activities, offer a virtual option. These combined events have reduced on-campus activity, as well as increased competition and disintermediation, continue to impact the Company’s course materials and general merchandise business.
During Fiscal 2024, we evaluated certain of our store-level long-lived assets in the Retail segment for impairment. Based on the results of the impairment tests, we recognized an impairment loss (non-cash) of $7,166 (both pre-tax and after-tax), comprised of $405, $3,600, and $3,161 of property and equipment, operating lease right-of-use assets, and amortizable intangibles, respectively, on the consolidated statements of operations.
During Fiscal 2023, we evaluated certain of our store-level long-lived assets in the Retail segment for impairment. Based on the results of the impairment tests, we recognized an impairment loss (non-cash) of $6,008 (both pre-tax and after-tax), comprised of $708, $1,697, $3,599 and $4 of property and equipment, operating lease right-of-use assets, amortizable intangibles, and other noncurrent assets, respectively, on the consolidated statement of operations.
The fair value of the impaired long-lived assets were determined using an income approach (Level 3 input), using the Company’s best estimates of the amount and timing of future discounted cash flows, based on historical experience, market conditions, current trends and performance expectations. The significant assumptions used in the income approach included annual revenue growth rates, gross margin rates and the estimated relationship of selling and administrative costs to revenue
used to estimate the projected cash-flow directly related to the future operation of the stores as well as the weighted average cost of capital used to calculate the fair value. Significant assumptions used to determine the fair values of certain operating right-of-use assets included the current market rent and discount rate. For additional information, see Part II - Item 8. Financial Statements and Supplementary Data - Note 6. Fair Value Measurements.
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 Part II - Item 8. Financial Statements and Supplementary Data - Note 3. Revenue.
Retail product revenue is recognized when the customer takes physical possession of our products, which occurs either at the point of sale for products purchased at physical locations or upon receipt of our products by our customers for products ordered through our websites and virtual bookstores. Wholesale product revenue is recognized upon shipment of physical textbooks at which point title passes and risk of loss is transferred to the customer. Additional revenue is recognized for shipping charges billed to customers and shipping costs are accounted for as fulfillment costs within cost of goods sold.
Revenue from the sale of digital textbooks, which contains a single performance obligation, is recognized when the customer accesses the digital content as product revenue in our consolidated financial statements. A software feature is embedded within the content of our digital textbooks, such that upon expiration of the term the customer is no longer able to access the content. While the sale of the digital textbook allows the customer to access digital content for a fixed period of time, once the digital content is delivered to the customer, our performance obligation is complete.
Revenue from the rental of physical textbooks is deferred and recognized over the rental period based on the passage of time commencing at the point of sale, when control of the product transfers to the customer and is recognized as rental income in our consolidated financial statements. Rental periods are typically for a single semester and are always less than one year in duration. We offer a buyout option to allow the purchase of a rented physical textbook at the end of the rental period if the customer desires to do so. We record the buyout purchase when the customer exercises and pays the buyout option price which is determined at the time of the buyout. In these instances, we accelerate any remaining deferred rental revenue at the point of sale.
Revenue recognized for our BNC First Day offerings is consistent with our policies outlined above for product, digital and rental sales, net of an anticipated opt-out or return provision. Given the growth of BNC First Day programs, the timing of cash collection from our school partners may shift to periods subsequent to when the revenue is recognized. When a school adopts our BNC First Day equitable and inclusive access offerings, cash collection from the school generally occurs after the institution's drop/add dates, which is later in the working capital cycle, particularly in our third quarter given the timing of the Spring Term and our quarterly reporting period, as compared to direct-to-student point-of-sale transactions where cash is generally collected during the point-of-sale transaction or within a few days from the credit card processor.
We estimate returns based on an analysis of historical experience. A provision for anticipated merchandise returns is provided through a reduction of sales and cost of goods sold in the period that the related sales are recorded.
For sales and rentals involving third-party products, we evaluate whether we are acting as a principal or an agent. Our determination is based on our evaluation of whether we control the specified goods or services prior to transferring them to the customer. There are significant judgments involved in determining whether we control the specified goods or services prior to transferring them to the customer including whether we have the ability to direct the use of the good or service and obtain substantially all of the remaining benefits from the good or service. For those transactions where we are the principal, we record revenue on a gross basis, and for those transactions where we are an agent to a third-party, we record revenue on a net basis.
Effective in April 2021, as contemplated by the F/L Relationship's merchandising agreement and e-commerce agreement, we began to transition the fulfillment of our logo general merchandise sales to Lids and Fanatics. As the logo and emblematic general merchandise sales are fulfilled by Lids and Fanatics, we recognize commission revenue earned for these sales on a net basis in our consolidated financial statements, as compared to the recognition of logo and emblematic general merchandise sales on a gross basis prior to April 2021.
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 overtime for advertising efforts as measured based upon the passage of time for contracts that are based on a stated period of time or the number of impressions delivered for contracts with a fixed number of impressions.
Cost of Goods and Service [Policy Text Block]
Cost of Sales
Our cost of sales primarily includes costs such as merchandise costs, textbook rental amortization, content development cost amortization, warehouse costs related to inventory management and order fulfillment, insurance, certain payroll costs, and management service agreement costs, including rent expense, related to our college and university contracts and other facility related expenses.
Selling, General and Administrative Expenses, Policy [Policy Text Block]
Selling and Administrative Expenses
Our selling and administrative expenses consist primarily of store payroll and store operating expenses. Selling and administrative expenses also include long-term incentive plan compensation expense and general office expenses, such as merchandising, procurement, field support, finance and accounting. Shared-service costs such as human resources, legal, treasury, information technology, and various other corporate level expenses and other governance functions, are not allocated to a specific reporting segment and are recorded in Corporate Services.
Share-based Payment Arrangement [Policy Text Block]
We have reserved 17,909,345 shares of our common stock for future grants in accordance with the Barnes & Noble Education Inc. Equity Incentive Plan. Types of equity awards that can be granted under the Equity Incentive Plan include options, restricted stock (“RS”), restricted stock units (“RSU”), performance shares (“PS”), performance share units (“PSU”), and stock options. During the 52 weeks ended April 27, 2024, no equity share awards were granted to employees or board members.
We recognize compensation expense for restricted stock awards and performance share awards ratably over the requisite service period of the award, which is generally three years. We recognize compensation expense for these awards based on the number of awards expected to vest, which includes an estimated average forfeiture rate. We calculate the fair value of these awards based on the closing stock price on the date the award was granted. For those awards with market conditions, we have determined the grant date fair value using the Monte Carlo simulation model and compensation expense is recognized ratably over the requisite service period regardless of whether the market condition is satisfied.
Restricted Stock Awards
A RS award is an award of common stock that is subject to certain restrictions during a specified period. Restricted stock awards are generally subject to forfeiture if employment terminates prior to the release of the restrictions. The grantee cannot transfer the shares before the restricted shares vest. Shares of unvested restricted stock have the same voting rights as common stock, are entitled to receive dividends and other distributions thereon (although payment may be deferred until the shares have vested) and are considered to be currently issued and outstanding. Restricted stock awards will have a minimum vesting period of one year.
A RSU is a grant valued in terms of our common stock, but no stock is issued at the time of grant. Each restricted stock unit may be redeemed for one share of our common stock once vested. Restricted stock units are generally subject to forfeiture if employment terminates prior to the release of the restrictions. The grantee cannot transfer the units except in very limited circumstances and with the consent of the compensation committee. Shares associated with unvested restricted stock units have no voting rights but are entitled to receive dividends and other distributions thereon (although payment may be deferred until
the units have vested). Restricted stock units generally vest over a period of three years, but will have a minimum vesting period of one year.
Phantom Shares
Phantom share units were granted to employees. Each phantom share represents the economic equivalent to one share of the Company's common stock and will be settled in cash based on the fair market value of a share of common stock at each vesting date in an amount not to exceed a specific value per share. The phantom shares vest and settle in three equal installments commencing one year after the date of grant. The fair value of the phantom shares was determined using the closing stock price on the date of the award less the fair value of the call option which was estimated using the Black-Scholes model. The fair value of the liability for the cash-settled phantom share unit awards will be remeasured at the end of each reporting period through settlement to reflect current risk-free rate and volatility assumptions.
As of April 27, 2024, we recorded a liability of $8 (Level 2 input) related to phantom share units grants which is reflected in accrued liabilities on the consolidated balance sheet. As of April 29, 2023, we recorded a liability of $777 (Level 2 input) related to phantom share units grants of which $734 and $42 is reflected in accrued liabilities and other long-term liabilities, respectively, on the consolidated balance sheet, respectively.
Stock Options
For stock options granted with an "at market" exercise price, we determined the grant fair value using the Black-Scholes model and for stock options granted with "a premium" exercise price, we determined the grant date fair value using the Monte Carlo simulation model. The fair value models for stock options use assumptions that include the risk-free interest rate, expected volatility, expected dividend yield and expected term of the options. The risk-free interest rate is based on United States Treasury yields in effect at the date of grant for periods corresponding to the expected stock option term. The expected stock option term represents the weighted average period of time that stock options granted are expected to be outstanding, based on vesting schedules and the contractual term of the stock options. Volatility is based on the historical volatility of the Company’s common stock over a period of time corresponding to the expected stock option term. The stock options are exercisable in four equal annual installments commencing one year after the date of grant and have a ten year term. Holders are not entitled to receive dividends (if any) prior to vesting and exercise of the options.
Advertising Cost [Policy Text Block]
Advertising Costs
The costs of advertising are expensed as incurred during the year pursuant to ASC No. 720-35, Advertising Costs. Advertising costs charged to selling and administrative expenses were $5,784 and $9,139 in the consolidated statement of operations for the 52 weeks ended April 27, 2024 and April 29, 2023, respectively.
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. For additional information, see Part II - Item 8. Financial Statements and Supplementary Data - Note 13. Income Taxes.
Segment Reporting, Policy [Policy Text Block]
We have two reportable segments: Retail and Wholesale. Additionally, unallocated shared-service costs, which include various corporate level expenses and other governance functions, are not allocated to a specific reporting segment and continue to be presented as “Corporate Services”. We identify our segments in accordance with the way our business is managed (focusing on the financial information distributed) and the manner in which our chief operating decision maker allocates resources and assesses financial performance. The following summarizes the two segments. For additional information about this segment's operations, see Part I - Item 1. Business.
Retail Segment
The Retail Segment operates 1,245 college, university, and K-12 school bookstores, comprised of 707 physical bookstores and 538 virtual bookstores. Our bookstores typically operate under agreements with the colleges, universities, or K-12 schools to be the official bookstore and the exclusive seller of course materials and supplies, including physical and digital products. The majority of the physical campus bookstores have school-branded e-commerce websites, which we operate independently or along with our merchant service providers, and which offer students access to required and recommended course materials and affinity products, including emblematic apparel and gifts. The Retail Segment offers our BNC First Day® equitable and inclusive access programs, consisting of First Day Complete and First Day, which provide faculty required course materials on or before the first day of class. Additionally, the Retail Segment offers a suite of digital content and services to colleges and universities, including a variety of open educational resource-based courseware.
Wholesale Segment
The Wholesale Segment is comprised of our wholesale textbook business and is one of the largest textbook wholesalers in the country. The Wholesale Segment centrally sources, sells, and distributes new and used textbooks to approximately 2,750 physical bookstores (including our Retail Segment's 707 physical bookstores) and sources and distributes new and used textbooks to our 538 virtual bookstores. Additionally, the Wholesale Segment sells hardware and a software suite of applications that provides inventory management and point-of-sale solutions to approximately 325 college bookstores.
Corporate Services
Corporate Services represents unallocated shared-service costs which include corporate level expenses and other governance functions, including executive functions, such as accounting, legal, treasury, information technology, and human resources.
Intercompany Eliminations
The eliminations are primarily related to the following intercompany activities:
•The sales eliminations represent the elimination of Wholesale sales and fulfillment service fees to Retail and the elimination of Retail commissions earned from Wholesale, and
•These cost of sales eliminations represent (i) the recognition of intercompany profit for Retail inventory that was purchased from Wholesale in a prior period that was subsequently sold to external customers during the current period and the elimination of Wholesale service fees charged for fulfillment of inventory for virtual store sales, net of (ii) the elimination of intercompany profit for Wholesale inventory purchases by Retail that remain in ending inventory at the end of the current period.
Commitments and Contingencies, Policy [Policy Text Block]
We generally operate our physical bookstores pursuant to multi-year school management contracts under which a school designates us to operate the official school physical bookstore on campus and we provide the school with regular payments that represent a percentage of store sales and, in some cases, include a minimum fixed guaranteed payment. We account for these service agreements for our physical bookstores under lease accounting. We recognize lease assets and lease liabilities on the consolidated balance sheets for substantially all fixed lease arrangements (excluding variable obligations) with a term greater than twelve months. For additional information on lease expense and minimum fixed lease obligations, excluding variable commissions, see Part II - Item 8. Financial Statements and Supplementary Data - Note 8. Leases.
New Accounting Pronouncements, Policy
Recent Accounting Pronouncements
In December 2023, the Financial Accounting Standards Board ("FASB") issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures to improve annual income tax disclosure requirements, primarily to (1) disclose specific categories in the rate reconciliation (2) provide additional information for reconciling items that meet a quantitative threshold, and (3) enhance cash tax payment disclosures. This ASU, which can be applied either prospectively or retrospectively, is effective for annual periods beginning after December 15, 2024, with early adoption permitted. We are currently assessing this guidance and determining the impact on our consolidated financial statements.
In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. This guidance will be effective for the Company for the annual report for the fiscal year ending April 26, 2025 and subsequent interim periods. Early adoption is permitted, and retrospective adoption is required for all prior periods presented. We are currently assessing this guidance and determining the impact on our consolidated financial statements
Basis of Accounting, Policy
Basis of Presentation and Consolidation
The results of operations reflected in our consolidated financial statements are presented on a consolidated basis. All material intercompany accounts and transactions have been eliminated in consolidation. Our consolidated financial statements reflect our consolidated financial position, results of operations and cash flows in conformity with accounting principles generally accepted in the United States (“GAAP”). Net income (loss) is equal to comprehensive income (loss) on our consolidated statement of operations. In the opinion of the Company’s management, the accompanying 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.
v3.24.2
Segment Reporting Segment Reporting (Policies)
 12 Months Ended
Apr. 27, 2024
Segment Reporting [Abstract]  
Segment Reporting, Policy [Policy Text Block]
We have two reportable segments: Retail and Wholesale. Additionally, unallocated shared-service costs, which include various corporate level expenses and other governance functions, are not allocated to a specific reporting segment and continue to be presented as “Corporate Services”. We identify our segments in accordance with the way our business is managed (focusing on the financial information distributed) and the manner in which our chief operating decision maker allocates resources and assesses financial performance. The following summarizes the two segments. For additional information about this segment's operations, see Part I - Item 1. Business.
Retail Segment
The Retail Segment operates 1,245 college, university, and K-12 school bookstores, comprised of 707 physical bookstores and 538 virtual bookstores. Our bookstores typically operate under agreements with the colleges, universities, or K-12 schools to be the official bookstore and the exclusive seller of course materials and supplies, including physical and digital products. The majority of the physical campus bookstores have school-branded e-commerce websites, which we operate independently or along with our merchant service providers, and which offer students access to required and recommended course materials and affinity products, including emblematic apparel and gifts. The Retail Segment offers our BNC First Day® equitable and inclusive access programs, consisting of First Day Complete and First Day, which provide faculty required course materials on or before the first day of class. Additionally, the Retail Segment offers a suite of digital content and services to colleges and universities, including a variety of open educational resource-based courseware.
Wholesale Segment
The Wholesale Segment is comprised of our wholesale textbook business and is one of the largest textbook wholesalers in the country. The Wholesale Segment centrally sources, sells, and distributes new and used textbooks to approximately 2,750 physical bookstores (including our Retail Segment's 707 physical bookstores) and sources and distributes new and used textbooks to our 538 virtual bookstores. Additionally, the Wholesale Segment sells hardware and a software suite of applications that provides inventory management and point-of-sale solutions to approximately 325 college bookstores.
Corporate Services
Corporate Services represents unallocated shared-service costs which include corporate level expenses and other governance functions, including executive functions, such as accounting, legal, treasury, information technology, and human resources.
Intercompany Eliminations
The eliminations are primarily related to the following intercompany activities:
•The sales eliminations represent the elimination of Wholesale sales and fulfillment service fees to Retail and the elimination of Retail commissions earned from Wholesale, and
•These cost of sales eliminations represent (i) the recognition of intercompany profit for Retail inventory that was purchased from Wholesale in a prior period that was subsequently sold to external customers during the current period and the elimination of Wholesale service fees charged for fulfillment of inventory for virtual store sales, net of (ii) the elimination of intercompany profit for Wholesale inventory purchases by Retail that remain in ending inventory at the end of the current period.
v3.24.2
Equity and Earnings Per Share Equity and Earnings Per Share (Policies)
 12 Months Ended
Apr. 27, 2024
Earnings Per Share [Abstract]  
Share Repurchase [Policy Text Block]
Repurchase of Shares
On December 14, 2015, our Board of Directors authorized a stock repurchase program of up to $50,000, in the aggregate, of our outstanding common stock. The stock repurchase program is carried out at the direction of management (which may include a plan under Rule 10b5-1 of the Securities Exchange Act of 1934). The stock repurchase program may be suspended, terminated, or modified at any time. Any repurchased shares will be held as treasury stock and will be available for general corporate purposes.
Dividend [Policy Text Block]
Dividends
We paid no other dividends to common stockholders during Fiscal 2024 and Fiscal 2023. We do not intend to pay dividends on our common stock in the foreseeable future and dividend payments are not permitted under current or future financing arrangements. See Part II - Item 8. Financial Statements and Supplementary Data - Note 7 - Debt and Note 17. Subsequent Event for details.
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 will entitle 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 will be exercisable only if a person or group acquires 10% or more of our outstanding common stock and various other criteria are met (the “Distribution Date”). Until the Distribution Date, the rights will not be exercisable; the rights will not be evidenced by separate rights certificates; and the rights will be transferable by, and only in connection with, the transfer of common stock. The rights will expire no later than January 31, 2025.
Earnings Per Share, Policy [Policy Text Block]
Earnings Per Share
Basic EPS is computed based upon the weighted average number of common shares outstanding for the year. Diluted EPS is computed based upon the weighted average number of common shares outstanding for the year plus the dilutive effect of common stock equivalents using the treasury stock method and the average market price of our common stock for the year. We include participating securities (unvested share-based payment awards that contain non-forfeitable rights to dividends or dividend equivalents) in the computation of EPS pursuant to the two-class method. Our participating securities consist solely of unvested restricted stock awards, which have contractual participation rights equivalent to those of stockholders of unrestricted common stock. The two-class method of computing earnings per share is an allocation method that calculates earnings per share for common stock and participating securities. During periods of net loss, no effect is given to the participating securities because they do not share in the losses of the Company.
v3.24.2
Fair Values of Financial Instruments Fair Value of Financial Instruments (Policies)
 12 Months Ended
Apr. 27, 2024
Fair Value Disclosures [Abstract]  
Fair Value Measurement, Policy [Policy Text Block]
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 values of cash and cash equivalents, receivables, accrued liabilities and accounts payable approximates their carrying values because of the short-term nature of these instruments, which are all considered Level 1. The fair value of short-term and long-term debt approximates its carrying value.
Non-Financial Assets and Liabilities
Our non-financial assets include property and equipment, operating lease right-of-use assets, and intangible assets. Such assets are reported at their carrying values and are not subject to recurring fair value measurements. We review our long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable in accordance with ASC 360-10, Accounting for the Impairment or Disposal of Long-Lived Assets.
v3.24.2
Leases (Policies)
 12 Months Ended
Apr. 27, 2024
Leases [Abstract]  
Lessee, Leases [Policy Text Block]
We recognize lease assets and lease liabilities on the consolidated balance sheets for substantially all lease arrangements based on the present value of future lease payments as required by ASC 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 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.
v3.24.2
Income Taxes Income Taxes (Policies)
 12 Months Ended
Apr. 27, 2024
Income Tax Disclosure [Abstract]  
us-gaap_IncomeTaxPolicyTextBlock
For Fiscal 2024 and Fiscal 2023, we had no material revenue or expense in jurisdictions outside the United States other than India.
Impact of U.S. Tax Reform
On March 27, 2020, the Coronavirus Aid, Relief, and Economic Security Act (The “CARES Act”) was enacted. We have analyzed the provisions, which provide for a technical correction to allow for full expensing of qualified leasehold improvements, modifications to charitable contribution and net operating loss limitations (“NOLs”), modifications to the deductibility of business interest expense, as well as Alternative Minimum Tax (“AMT”) credit acceleration. The most significant impact of the legislation for the Company was an income tax benefit of $7,164 for the carryback of NOLs to higher
tax rate years, recorded in Fiscal 2021. As of April 29, 2024, we recognized a current income tax receivable for NOL carrybacks in prepaid and other current assets on the consolidated balance sheet. We received a $15,774 refund in Fiscal 2023 and a $7,621 refund in Fiscal 2024 and expect to receive additional refunds of approximately $2,403 in Fiscal 2025.
v3.24.2
Commitments and Contingencies Commitments and Contingencies (Policies)
 12 Months Ended
Apr. 27, 2024
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies, Policy [Policy Text Block]
We generally operate our physical bookstores pursuant to multi-year school management contracts under which a school designates us to operate the official school physical bookstore on campus and we provide the school with regular payments that represent a percentage of store sales and, in some cases, include a minimum fixed guaranteed payment. We account for these service agreements for our physical bookstores under lease accounting. We recognize lease assets and lease liabilities on the consolidated balance sheets for substantially all fixed lease arrangements (excluding variable obligations) with a term greater than twelve months. For additional information on lease expense and minimum fixed lease obligations, excluding variable commissions, see Part II - Item 8. Financial Statements and Supplementary Data - Note 8. Leases.
v3.24.2
Summary of Significant Accounting Policies Summary of Significant Accounting Policies (Tables)
 12 Months Ended
Apr. 27, 2024
Summary of Significant Accounting Policies [Abstract]  
Schedule of Discontinued Operations Statement of Income
52 weeks ended
Dollars in thousandsApril 27, 2024April 29, 2023
Total sales$2,784 $35,353 
Cost of sales (a)
76 7,156 
Gross profit (a)
2,708 28,197 
Selling and administrative expenses3,029 34,137 
Depreciation and amortization3 3,155 
Gain on sale of business(3,545)— 
Impairment loss (non-cash) (b)
610 — 
Restructuring costs (c)
3,308 1,848 
Transaction costs13 381 
Operating loss(710)(11,324)
Income tax expense20 398 
Loss from discontinued operations, net of tax$(730)$(11,722)
(a)    Cost of sales and Gross margin for the DSS Segment includes amortization expense (non-cash) related to content development costs of $0 and $6,594 for the 52 weeks ended April 27, 2024 and April 29, 2023, respectively.
(b)    During the 52 weeks ended April 27, 2024, we recognized an impairment loss (non-cash) of $610 (both pre-tax and after-tax), comprised of $119 and $491 of property and equipment and operating lease right-of-use assets, respectively, on the consolidated statement of operations as part of discontinued operations.
(c)    During the 52 weeks ended April 27, 2024 and April 29, 2023, we recognized restructuring and other charges of $3,308 and $1,848, respectively, comprised of severance and other employee termination costs.
Schedule of Discontinued Operations Balance Sheet
The following table summarizes the assets and liabilities of the Assets Held for Sale included in the consolidated balance sheets for the periods indicated:
As of
April 27, 2024April 29, 2023
Cash and cash equivalents$— $1,057 
Receivables, net— 480 
Prepaid expenses and other current assets— 901 
Property and equipment, net— 19,523 
Intangible assets, net— 402 
Goodwill— 4,700 
Deferred tax assets, net— 130 
Other noncurrent assets— 237 
Assets held for sale$— $27,430 
Accounts payable$— $211 
Accrued liabilities— 8,212 
Other long-term liabilities— — 
Liabilities held for sale$— $8,423 
Accounts Receivable [Table Text Block] Components of accounts receivables are as follows:
As of
April 27, 2024April 29, 2023
Trade accounts$75,026 $71,990 
Advances for book buybacks1,291 2,344 
Credit/debit card receivables9,075 4,733 
Other receivables18,718 13,445 
Total receivables, net$104,110 $92,512 
Property and Equipment [Table Text Block]
Components of property and equipment are as follows:
As of
Useful LifeApril 27, 2024April 29, 2023
Property and equipment:
Leasehold improvements(a)$106,764 $120,687 
Machinery, equipment and display fixtures
3 - 5
246,206 253,763 
Computer hardware and capitalized software costs(b)167,347 163,098 
Office furniture and other
2 - 7
62,133 66,201 
Content development costs (c)
3 - 5
— 2,519 
Construction in progress2,361 4,644 
Total property and equipment584,811 610,912 
Less accumulated depreciation and amortization531,899 542,759 
Total property and equipment, net$52,912 $68,153 
(a)    Leasehold improvements are capitalized and depreciated over the shorter of the lease term or the useful life of the improvements, ranging from 1 - 15 years.
(b)    System costs are capitalized and amortized over their estimated useful lives, from the date the systems become operational. Purchased software is generally amortized over a period of between 2 - 5 years.
(c)    Content development costs are fully depreciated and are generally depreciated over 3 - 5 years.
Schedule of Finite-Lived Intangible Assets
Amortizable intangible assets as of April 27, 2024 and April 29, 2023 are as follows:
  As of April 27, 2024
Amortizable intangible assetsEstimated Useful LifeGross
Carrying
Amount		Accumulated
Amortization		Total
Customer relationships
6 - 10
$225,337 $(132,138)$93,199 
Other (a)
1 - 3
3,500 (2,508)992 
$228,837 $(134,646)$94,191 
  As of April 29, 2023
Amortizable intangible assetsEstimated Useful LifeGross
Carrying
Amount		Accumulated
Amortization		Total
Customer relationships
7 - 11
$239,955 $(130,667)$109,288 
Technology
3
1,500 (1,500)— 
Other (a)
1 - 4
4,162 (2,818)1,344 
$245,617 $(134,985)$110,632 
(a)    Other consists of recognized intangibles for non-compete agreements and trade names
Finite-lived Intangible Assets Amortization Expense [Table Text Block]
All amortizable intangible assets are being amortized over their useful life on a straight-line basis.
Aggregate Amortization Expense: 
For the 52 weeks ended April 27, 2024$13,279 
For the 52 weeks ended April 29, 2023$12,761 
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block]
Estimated Amortization Expense: (Fiscal Year) 
2025$9,757 
2026$9,757 
2027$9,699 
2028$9,407 
2029$9,407 
After 2029$46,164 
v3.24.2
Segment Reporting Segment (Tables)
 12 Months Ended
Apr. 27, 2024
Segment Reporting Information [Line Items]  
Reconciliation of Assets from Segment to Consolidated [Table Text Block]
As of
April 27, 2024April 29, 2023
Total Assets
Retail $748,378 $785,900 
Wholesale 143,390 160,868 
Corporate Services13,316 6,581 
Sub-Total905,084 953,349 
Assets Held for Sale— 27,430 
Total Assets$905,084 $980,779 
Reconciliation of Other Significant Reconciling Items from Segments to Consolidated [Table Text Block]
52 weeks ended
April 27, 2024April 29, 2023
Capital Expenditures from Continuing Operations
Retail$12,483 $23,098 
Wholesale1,573 1,959 
Corporate Services14 35 
Total Capital Expenditures$14,070 $25,092 
Schedule of Segment Reporting Information, by Segment [Table Text Block]
Summarized financial information for our reportable segments is reported below:
52 weeks ended
April 27, 2024April 29, 2023
Sales:
Retail$1,514,917 $1,491,726 
Wholesale112,631 106,366 
Eliminations (60,413)(54,884)
Total Sales$1,567,135 $1,543,208 
Gross Profit
Retail
$332,947 $331,344 
Wholesale22,799 18,275 
Eliminations 1,030 (180)
Total Gross Profit$356,776 $349,439 
Selling and Administrative Expenses
Retail$278,459 $320,730 
Wholesale13,439 15,036 
Corporate Services19,679 22,000 
Eliminations(3)(155)
Total Selling and Administrative Expenses$311,574 $357,611 
Depreciation and Amortization
Retail$35,294 $36,737 
Wholesale5,228 5,373 
Corporate Services38 53 
Total Depreciation and Amortization$40,560 $42,163 
Impairment loss (non-cash) - Retail (a)
$7,166 $6,008 
Restructuring and Other Charges (b)
Retail$571 $2,964 
Wholesale(813)916 
Corporate Services19,651 6,223 
Total Restructuring and Other Charges$19,409 $10,103 
Operating Income (Loss)
Retail$11,457 $(35,095)
Wholesale
4,945 (3,050)
Corporate Services(39,368)(28,276)
Eliminations 1,033 (25)
Total Operating Loss $(21,933)$(66,446)
The following is a reconciliation of segment Operating Loss from Continuing Operations to consolidated Loss from Continuing Operations Before Income Taxes
Total Operating Loss$(21,933)$(66,446)
Interest Expense, net(40,365)(22,683)
Total Loss from Continuing Operations Before Income Taxes$(62,298)$(89,129)
(a)See Part II - Item 8. Financial Statements and Supplementary Data - Note 2. Summary of Significant Accounting Policies - Impairment of Long-Lived Assets.
(b)See Part II - Item 8. Financial Statements and Supplementary Data - Note 9. Supplementary Information.
v3.24.2
Equity and Earnings Per Share (Tables)
 12 Months Ended
Apr. 27, 2024
Reconciliation of Basic and Diluted Loss Per Share
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 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. For additional information, see Part II - Item 8. Financial Statements and Supplementary Data - Note 17. Subsequent Events.
Weighted average shares for both basic and diluted, prior to giving effect to the bonus element of the rights offering and the Reverse Stock Split was 52,935,533 for the 52 weeks ended April 27, 2024. The weighted average common shares and loss per common share reflect the bonus element resulting from the equity rights offering and the Reverse Stock Split for all periods presented on the consolidated statements of operations.
The following is a reconciliation of the basic and diluted earnings per share calculation:
52 weeks ended
(shares in thousands)
April 27, 2024
April 29, 2023
Numerator for basic and diluted earnings per share:
Loss from continuing operations, net of tax$(62,481)$(90,140)
Loss from discontinued operations, net of tax(730)(11,722)
Net loss available to common shareholders$(63,211)$(101,862)
Denominator for basic and diluted earnings per share:
Basic and diluted weighted average shares of Common Stock 2,662 2,638 
Loss per share of Common Stock:
Basic and Diluted
Continuing operations$(23.47)$(34.17)
Discontinued operations(0.28)(4.44)
Basic and diluted loss per share of Common Stock$(23.75)$(38.61)
v3.24.2
Contractors (Tables)
 12 Months Ended
Apr. 27, 2024
Contractors [Abstract]  
Fair Value Measurements, Nonrecurring
The following table shows the fair values of our non-financial assets and liabilities that were required to be remeasured at fair value on a non-recurring basis for each respective period and the total impairments recorded as a result of the remeasurement process:
52 weeks ended April 27, 202452 weeks ended April 29, 2023
Carrying Value
Prior to Impairment		Fair ValueImpairment Loss
(non-cash)		Carrying Value
Prior to Impairment		Fair ValueImpairment Loss
(non-cash)
Property and equipment, net$460 $55 $405 $708 $— $708 
Operating lease right-of-use assets8,044 4,444 3,600 3,002 1,305 1,697 
Intangible assets, net3,860 699 3,161 3,599 — 3,599 
Other noncurrent assets— — — 4 — 4 
Total$12,364 $5,198 $7,166 $7,313 $1,305 $6,008 
v3.24.2
Debt (Tables)
 12 Months Ended
Apr. 27, 2024
Debt Disclosure [Abstract]  
Schedule of Debt
As of
Maturity Date (a)
April 27, 2024April 29, 2023
Credit FacilityDecember 28, 2024$164,947 $154,154 
Term LoanApril 7, 202532,653 30,000 
sub-total197,600 184,154 
Less: Deferred financing costs, Term Loan (b)
(1,263)(2,003)
Total debt$196,337 $182,151 
Balance Sheet classification:
Long-term borrowings$196,337 $182,151 
(a)    On June 10, 2024, subsequent to the end of Fiscal 2024, we completed various transactions, including amending and extending the maturity date of the Credit Facility to June 9, 2028 and converting all outstanding principal and interest amounts owed under our Term Loan Credit Agreement into shares of our Common Stock. For additional information, see Part II - Item 8. Financial Statements and Supplementary Data - Note 17. Subsequent Events.
(b)    For additional information, see Deferred Financing Costs below.
On June 10, 2024, subsequent to the end of Fiscal 2024, we completed various transactions, including an equity rights offering, private equity investment, Term Loan debt conversion, and Credit Facility refinancing, to substantially deleverage our consolidated balance sheet. These transactions raised additional capital for repayment of indebtedness and provide additional flexibility for working capital needs, which will also allow us to strategically invest in innovation and continue to execute our strategic initiatives, including but not limited to the growth of our First Day Complete program.
Upon closing of the Transactions on June 10, 2024:         
•We received gross proceeds of $95,000 of new equity capital through a $50,000 new equity investment (the “Private Investment”) led by Immersion Corporation (“Immersion”) and a $45,000 fully backstopped equity rights offering (the “Rights Offering”). The Transactions infused approximately $80,000 of net cash proceeds after transaction costs. The transaction resulted in Immersion obtaining controlling financial interest.          
•Our existing Term Loan credit agreement lenders, TopLids LendCo, LLC and Vital Fundco, LLC, converted approximately $34,000 of outstanding principal and any accrued and unpaid interest into our common stock.     
•We refinanced our Credit Facility providing access to a $325,000 facility maturing in 2028. The refinanced Credit Facility will meaningfully enhance our financial flexibility and reduce our annual interest expense.
For additional information, see Part II - Item 8. Financial Statements and Supplementary Data - Note 17. Subsequent Events.
Schedule of deferred financing costs [Table]
Deferred Financing Costs
The debt issuance costs have been deferred and are presented as noted below in the consolidated balance sheets and are subsequently amortized ratably over the term of respective debt.
Dollars in thousandsAs of
Balance Sheet Location
Maturity Date/
Amortization Term (a)
April 27, 2024April 29, 2023
Credit Facility - Prepaid and Other Current Assets
December 28, 2024$— $3,776 
Credit Facility - Other noncurrent assets
12,897 1,259 
Credit Facility - sub-total
12,897 5,035 
Term Loan - Contra Debt
April 7, 20251,263 2,003 
Total deferred financing costs
$14,160 $7,038 
(a)    On June 10, 2024, subsequent to the end of Fiscal 2024, we completed various transactions, including amending and extending the maturity date of the Credit Facility to June 9, 2028 and converting all outstanding principal and interest amounts owed under our Term Loan Credit Agreement into shares of our Common Stock. For additional information, see Part II - Item 8. Financial Statements and Supplementary Data - Note 17. Subsequent Events.
Interest Income and Interest Expense Disclosure
Interest Expense
The following table presents interest expense on the consolidated statement of operations and cash interest paid during the 52 week periods:
52 weeks ended
April 27, 2024April 29, 2023
Interest Incurred
Credit Facility$24,409 $16,994 
Term Loan3,984 3,078 
Total Interest Incurred$28,393 $20,072 
Amortization of Deferred Financing Costs
Credit Facility$11,910 $1,948 
Term Loan1,240 1,181 
Total Amortization of Deferred Financing Costs$13,150 $3,129 
Interest Income, net of expense$(1,178)$(518)
Total Interest Expense$40,365 $22,683 
Cash Interest Paid
$24,943 $19,024 
v3.24.2
Leases (Tables)
 12 Months Ended
Apr. 27, 2024
Leases [Abstract]  
Schedule of Rent Expense [Table Text Block]
The following table summarizes lease expense:
52 weeks ended
April 27, 2024April 29, 2023
Variable lease expense$69,550 $69,570 
Operating lease expense122,963 135,037 
Net lease expense$192,513 $204,607 
The decrease in lease expense is primarily due to lower commission rates related to the shift from physical to digital course materials, closed stores, and the impact of the timing due to contract renewals, partially offset by higher sales for contracts based on a percentage of sales.
Lessee, Operating Lease, Liability, Maturity [Table Text Block]
The following table summarizes our minimum fixed lease obligations, excluding variable commissions, as of April 27, 2024:
As of
April 27, 2024
Fiscal 2025$111,590 
Fiscal 202642,360 
Fiscal 202731,060 
Fiscal 202825,875 
Fiscal 202922,821 
Thereafter37,960 
Total lease payments271,666 
Less: imputed interest(27,267)
Operating lease liabilities at period end$244,399 
Schedule of Operating Lease Disclosures
The following summarizes additional information related to our operating leases:
As of
April 27, 2024April 29, 2023
Weighted average remaining lease term (in years)4.6 years5.3 years
Weighted average discount rate4.8 %4.7 %
Supplemental cash flow information:
Cash payments for lease liabilities within operating activities$123,115 $127,582 
ROU assets obtained in exchange for lease liabilities from initial recognition$85,572 $97,926 
v3.24.2
Stock-Based Compensation (Tables)
 12 Months Ended
Apr. 27, 2024
Share-Based Payment Arrangement [Abstract]  
Share-based Payment Arrangement, Activity [Table Text Block] The following table presents a summary of awards activity related to our current Equity Incentive Plan and reflects the Reverse Stock Split for all periods presented:
Restricted Stock AwardsRestricted Stock UnitsPhantom Shares
Number of 
Shares		Weighted 
Average
Grant Date
Fair Value		Number of 
Shares		Weighted 
Average
Grant Date Fair Value		Number of 
Shares		Weighted 
Average
Grant Date
Fair Value
Balance, April 29, 2023118 $230.0010,910 $533.006,021 $301.00
Granted— $—— $—— $—
Vested(118)$230.00(4,260)$541.00(5,048)$253.00
Forfeited— $—(1,797)$590.00(505)$273.00
Balance, April 27, 2024— $—4,853 $504.00468 $850.00
Stock Options
Number of 
Shares		Weighted 
Average
Grant Date
Fair Value		Weighted 
Average
Exercise Price
Balance, April 29, 202327,623 $240.00$521.00
Granted— $—$—
Exercised (a)
— $—$—
Forfeited — $—$—
Expired(2,433)$219.00$490.00
Balance, April 27, 202425,190 $241.00$524.00
Exercisable, April 27, 202415,369 $223.00$498.00
(a) During the period ended April 27, 2024, no options were exercised with a total intrinsic value of $0.
Disclosure of Share-based Compensation Arrangements by Share-based Payment Award [Table Text Block]
We recognized compensation expense for long-term incentive plan awards in selling and administrative expenses as follows:
52 weeks ended
April 27, 2024
April 29, 2023
Stock-based awards
Restricted stock expense$11 $172 
Restricted stock units expense 2,041 2,813 
Performance share units expense (a)
— 10 
Stock option expense1,328 1,720 
Sub-total stock-based awards:$3,380 $4,715 
Cash settled awards
Phantom share units expense$(154)$(299)
Total compensation expense for long-term incentive awards$3,226 $4,416 
(a)     Long-term incentive compensation expense reflects cumulative adjustments to reflect changes to the expected level of achievement of the respective grants.
v3.24.2
Income Taxes Income Taxes (Tables)
 12 Months Ended
Apr. 27, 2024
Income Tax Disclosure [Abstract]  
Schedule of Income before Income Tax, Domestic and Foreign
For Fiscal 2024 and Fiscal 2023, we had no material revenue or expense in jurisdictions outside the United States other than India.
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block]
Income tax benefits for Fiscal 2024 and Fiscal 2023 are as follows:
52 weeks ended
April 27, 2024April 29, 2023
Current:
Federal $— $— 
State318 301 
International417 252 
Total Current735 553 
Deferred:
Federal (552)458 
State— — 
International— — 
Total Deferred(552)458 
Total US tax provision$183 $1,011 
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]
Reconciliation between the effective income tax rate and the federal statutory income tax rate is as follows:
52 weeks ended
April 27, 2024April 29, 2023
Federal statutory income tax rate (a)
21.0 %21.0 %
State income taxes, net of federal income tax benefit
4.0 3.6 
Permanent book / tax differences(1.7)(1.2)
Changes in valuation allowance
(23.0)(24.6)
Other, net(0.6)0.1 
Effective income tax rate(0.3)%(1.1)%
Schedule of Deferred Tax Assets and Liabilities [Table Text Block]
The significant components of our deferred taxes consisted of the following:
As of
April 27, 2024April 29, 2023
Deferred tax assets:
Estimated accrued liabilities$3,279 $5,840 
Inventory19,402 19,426 
Stock-based compensation979 1,145 
Insurance liability— 347 
Operating lease liabilities53,628 65,471 
Tax credits1,131 886 
Goodwill7,329 8,314 
Net operating losses79,182 70,503 
Interest carryforwards14,897 7,246 
Property and equipment795 — 
Other4,052 2,456 
Gross deferred tax assets184,674 181,634 
Valuation allowance(81,174)(56,962)
Net deferred tax assets103,500 124,672 
Deferred tax liabilities:
Intangible asset amortization(19,757)(23,555)
Operating lease right-of-use assets(51,640)(63,201)
LIFO inventory valuation(33,392)(33,999)
Property and equipment— (5,755)
Gross deferred tax liabilities(104,789)(126,510)
Net deferred tax liability$(1,289)$(1,838)
v3.24.2
Commitments and Contingencies Commitments and Contingencies (Tables)
 12 Months Ended
Apr. 27, 2024
Commitments and Contingencies Disclosure [Abstract]  
Unrecorded Unconditional Purchase Obligations Disclosure [Table Text Block]
Purchase obligations, which includes information technology contracts, as of April 27, 2024 are as follows: 
Less Than 1 Year$12,066 
1-3 Years6,497 
Total$18,563 
v3.24.2
Quarterly Earnings (Tables)
 12 Months Ended
Apr. 27, 2024
Text Block [Abstract]  
Quarterly Financial Information [Table Text Block]
A summary of quarterly financial information for the 52 weeks ended April 27, 2024 and April 29, 2023 is as follows:
13 weeks ended (a)
52 weeks ended
July 29, 2023October 28, 2023January 27, 2024 April 27, 2024April 27, 2024
Sales$264,161 $610,379 $456,673 $235,922 $1,567,135 
Gross profit$50,634 $136,242 $100,036 $69,864 $356,776 
(Loss) income from continuing operations, net of tax (b)(c)(d)
$(49,971)$24,854 $(9,928)$(27,436)$(62,481)
Loss from discontinued operations, net of tax$(417)$(674)$289 $72 $(730)
Net (loss) income (b)(c)(d)
$(50,388)$24,180 $(9,639)$(27,364)$(63,211)
(Loss) earnings per common share: (e)
Basic and Diluted
Continuing operations$(18.87)$9.36 $(3.71)$(10.27)$(23.47)
Discontinued operations(0.16)(0.25)0.11 0.03 (0.28)
Total Basic and Diluted Earnings per share$(19.03)$9.11 $(3.60)$(10.24)$(23.75)
Weighted average common shares outstanding - Basic:2,648 2,655 2,673 2,673 2,662 
Weighted average common shares outstanding - Diluted:2,648 2,655 2,673 2,673 2,662 
(a)    For information related to quarterly seasonality and other variance components, see Part II - Item 7. Management Discussion and Analysis - Results of Operations and Item 8. Financial Statements and Supplementary Data - Note 2. Summary of Significant Accounting Policies - Seasonality.
(b)    Includes $4,633, $4,274, $3,413, and $7,089 of restructuring and other charges for the 13 weeks ended July 29, 2023, October 28, 2023, January 27, 2024 and April 27, 2024, respectively, and $19,409 for the 52 weeks ended April 27, 2024.
(c)    Includes $0, $0, $5,798, and $1,368 of impairment loss (non-cash) for the 13 weeks ended July 29, 2023, October 28, 2023, January 27, 2024 and April 27, 2024, respectively, and $7,166 for the 52 weeks ended April 27, 2024.
(d)    Includes $8,254, $10,664, $10,620, and $10,827 of interest expense for the 13 weeks ended July 29, 2023, October 28, 2023, January 27, 2024 and April 27, 2024, respectively, and $40,365 for the 52 weeks ended April 27, 2024. The increase in interest expense is primarily due to higher borrowings, higher interest rates and increased amortization of deferred financing costs.
(e)    On June 10, 2024, subsequent to the end of Fiscal 2024, we completed various transactions, including an equity rights offering. Because the rights issuance was offered to all existing stockholders at an exercise price that was less than the fair value of our Common Stock, as of such time, the weighted average shares outstanding and basic and diluted earnings (loss) per share were adjusted retroactively to reflect the bonus element of the rights offering for all periods presented by a factor of 5.03.
On June 11, 2024, subsequent to the end of Fiscal 2024, we completed a reverse stock split of our outstanding shares of common stock at a ratio of 1-for-100 in which every 100 shares of the common stock issued and outstanding was converted into one share of our common stock.
The weighted average common shares and loss per common share reflect the bonus element resulting from the equity rights offering and the reverse stock split for all periods presented on the consolidated statements of operations. For additional information, see Part II - Item 8. Financial Statements and Supplementary Data - Note 17. Subsequent Events.
13 weeks ended (a)
52 weeks ended
July 30, 2022October 29, 2022January 28, 2023April 29, 2023April 29, 2023
Sales$254,674 $608,633 $438,054 $241,847 $1,543,208 
Gross profit$56,005 $138,141 $97,011 $58,282 $349,439 
(Loss) income from continuing operations, net of tax (b)(c)(d)
$(50,322)$24,168 $(22,134)$(41,852)$(90,140)
Loss from discontinued operations, net of tax$(2,385)$(2,024)$(2,915)$(4,398)$(11,722)
Net (loss) income (b)(c)(d)
$(52,707)$22,144 $(25,049)$(46,250)$(101,862)
(Loss) earnings per common share: (e)
Basic
Continuing operations$(19.18)$9.16 $(8.37)$(15.82)$(34.17)
Discontinued operations(0.91)(0.77)(1.10)(1.66)(4.44)
Total Basic Earnings per share
$(20.09)$8.39 $(9.47)$(17.48)$(38.61)
Weighted average common shares outstanding - Basic:2,624 2,637 2,646 2,646 2,638 
Diluted
Continuing operations$(19.18)$9.14 $(8.37)$(15.82)$(34.17)
Discontinued operations(0.91)(0.77)(1.10)(1.66)(4.44)
Total Diluted Earnings per share$(20.09)$8.37 $(9.47)$(17.48)$(38.61)
Weighted average common shares outstanding - Diluted:2,624 2,645 2,646 2,646 2,638 
(a)    For information related to quarterly seasonality and other variance components, see Part II - Item 7. Management Discussion and Analysis - Results of Operations and Item 8. Financial Statements and Supplementary Data - Note 2. Summary of Significant Accounting Policies - Seasonality.
(b)    Includes $375, $260, $4,127, and $5,341 of restructuring and other charges for the 13 weeks ended July 30, 2022, October 29, 2022, January 28, 2023 and April 29, 2023, respectively, and $10,103 for the 52 weeks ended April 29, 2023.
(c)    Includes $0, $0, $6,008, and $0 of impairment loss (non-cash) for the 13 weeks ended July 30, 2022, October 29, 2022, January 28, 2023 and April 29, 2023, respectively, and $6,008 for the 52 weeks ended April 29, 2023.
(d)    Includes $3,868, $4,886, $6,918, and $7,011 of interest expense for the 13 weeks ended July 30, 2022, October 29, 2022, January 28, 2023 and April 29, 2023, respectively, and $22,683 for the 52 weeks ended April 29, 2023.
(e)    On June 10, 2024, subsequent to the end of Fiscal 2024, we completed various transactions, including an equity rights offering. Because the rights issuance was offered to all existing stockholders at an exercise price that was less than the fair value of our Common Stock, as of such time, the weighted average shares outstanding and basic and diluted earnings (loss) per share were adjusted retroactively to reflect the bonus element of the rights offering for all periods presented by a factor of 5.03.
On June 11, 2024, subsequent to the end of Fiscal 2024, we completed a reverse stock split of our outstanding shares of common stock at a ratio of 1-
for-100 in which every 100 shares of the common stock issued and outstanding was converted into one share of our common stock.
The weighted average common shares and loss per common share reflect the bonus element resulting from the equity rights offering and the reverse stock split for all periods presented on the consolidated statements of operations. For additional information, see Part II - Item 8. Financial Statements and Supplementary Data - Note 17. Subsequent Events.
v3.24.2
Organization Organization (Details)
Person in Thousands, $ in Thousands
 3 Months Ended 12 Months Ended
Apr. 27, 2024
USD ($)
Store
Jan. 27, 2024
USD ($)
Oct. 28, 2023
USD ($)
Jul. 29, 2023
USD ($)
Apr. 29, 2023
USD ($)
Jan. 28, 2023
USD ($)
Oct. 29, 2022
USD ($)
Jul. 30, 2022
USD ($)
Apr. 27, 2024
USD ($)
Person
Store
Apr. 29, 2023
USD ($)
Number of Stores | Store 1,245               1,245  
Number Of Students | Person                 5,800  
Revenues $ 235,922 $ 456,673 $ 610,379 $ 264,161 $ 241,847 $ 438,054 $ 608,633 $ 254,674 $ 1,567,135 $ 1,543,208
BNC First Day                    
Revenues                 473,863 346,652
Revenue Variance                 $ 127,211  
Revenue Change Percent                 37.00%  
First Day Complete                    
Revenues                 $ 292,704 197,756
Revenue Variance                 $ 94,948  
Revenue Change Percent                 48.00%  
First Day                    
Revenues                 $ 181,159 $ 148,896
Revenue Variance                 $ 32,263  
Revenue Change Percent                 21.70%  
v3.24.2
Summary of Significant Accounting Policies Summary of Significant Accounting Policies (Details) - USD ($)
$ in Thousands
 3 Months Ended 12 Months Ended
Jul. 27, 2024
Apr. 27, 2024
Jan. 27, 2024
Oct. 28, 2023
Jul. 29, 2023
Apr. 29, 2023
Jan. 28, 2023
Oct. 29, 2022
Jul. 30, 2022
Apr. 27, 2024
Apr. 29, 2023
Jun. 10, 2024
Jun. 07, 2022
Restricted Cash and Cash Equivalents   $ 18,111       $ 16,712       $ 18,111 $ 16,712    
Receivables, Net, Current   104,110       92,512       104,110 92,512    
Advances on Inventory Purchases   1,291       2,344       1,291 2,344    
Accounts Receivable, Allowance for Credit Loss   867       1,156       867 1,156    
Other Nonrecurring Expense   1,368 $ 5,798 $ 0 $ 0 0 $ 6,008 $ 0 $ 0 7,166 6,008    
Hosting Arrangement, Service Contract, Implementation Cost, Capitalized, after Accumulated Amortization   6,367       9,359       6,367 9,359    
Hosting Arrangement, Service Contract, Implementation Cost, Expense, Amortization                   4,286 6,460    
Depreciation                   27,281 29,401    
Content amortization expenses                   0 26    
Property, Plant and Equipment, Gross   584,811       610,912       584,811 610,912    
Content development costs   0       2,519       0 2,519    
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment   531,899       542,759       531,899 542,759    
Property, Plant and Equipment, Net   52,912       68,153       52,912 68,153    
Finite-Lived Intangible Assets, Gross   228,837       245,617       228,837 245,617    
Finite-Lived Intangible Assets, Accumulated Amortization   (134,646)       (134,985)       (134,646) (134,985)    
Intangible Assets, Net (Excluding Goodwill)   94,191       110,632       94,191 110,632    
Amortization of Intangible Assets                   13,279 12,761    
Finite-Lived Intangible Assets, Amortization Expense, Next Twelve Months   9,757               9,757      
Finite-Lived Intangible Assets, Amortization Expense, Year Two   9,757               9,757      
Finite-Lived Intangible Assets, Amortization Expense, Year Three   9,699               9,699      
Finite-Lived Intangible Assets, Amortization Expense, Year Four   9,407               9,407      
Finite-Lived Intangible Assets, Amortization Expense, Year Five   9,407               9,407      
Finite-Lived Intangible Assets, Amortization Expense, after Year Five   46,164               46,164      
Operating Lease, Right-of-Use Asset   202,522       246,972       202,522 246,972    
other nonrecurring expense net of tax                   7,166 6,008    
Marketing and Advertising Expense                   5,784 9,139    
Disposal Group, Including Discontinued Operation, Other Assets, Noncurrent   0       237       0 237    
Assets           27,430         27,430    
Disposal Group, Including Discontinued Operation, Accounts Payable, Current   0       211       0 211    
Disposal Group, Including Discontinued Operation, Accrued Liabilities, Current   0       8,212       0 8,212    
Disposal Group, Including Discontinued Operation, Other Liabilities, Noncurrent   0       0       0 0    
Disposal Group, Including Discontinued Operation, Revenue                   2,784 35,353    
Disposal Group, Including Discontinued Operation, Costs of Goods Sold                   76 7,156    
Disposal Group, Including Discontinued Operation, Gross Profit (Loss)                   2,708 28,197    
Disposal Group, Including Discontinued Operation, General and Administrative Expense                   3,029 34,137    
Depreciation and Amortization, Discontinued Operations                   3 3,155    
Disposal Group, Including Discontinued Operation, Other Expense                   3,308 1,848    
Disposal Group, Including Discontinued Operation, Transaction Costs                   13 381    
Disposal Group, Including Discontinued Operation, Operating Income (Loss)                   (710) (11,324)    
Discontinued Operation, Tax Effect of Discontinued Operation                   20 398    
Income (Loss) from Discontinued Operations, Net of Tax, Attributable to Parent   72 289 (674) (417) (4,398) (2,915) (2,024) (2,385) (730) (11,722)    
Disposal Group, Including Discontinued Operation, Cash and Cash Equivalents   0       1,057       0 1,057    
Disposal Group, Including Discontinued Operation, Accounts, Notes and Loans Receivable, Net   0       480       0 480    
Disposal Group, Including Discontinued Operation, Prepaid and Other Assets, Current   0       901       0 901    
Disposal Group, Including Discontinued Operation, Property, Plant and Equipment, Current   0       19,523       0 19,523    
Disposal Group, Including Discontinued Operation, Intangible Assets, Current   0       402       0 402    
Disposal Group, Including Discontinued Operation, Goodwill, Current   0       4,700       0 4,700    
Disposal Group, Including Discontinued Operation, Deferred Tax Assets   0       130       0 130    
Disposal Group, Including Discontinued Operation, Assets   0       27,430       0 27,430    
Disposal Group, Including Discontinued Operation, Liabilities, Current   0       8,423       0 8,423    
Other noncurrent assets   24,703       17,889       24,703 17,889    
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents, Including Disposal Group and Discontinued Operations   28,570       30,931       28,570 30,931    
Net Cash Provided by (Used in) Operating Activities, Continuing Operations                   (1,545) 90,513    
Income (Loss) from Continuing Operations, Net of Tax, Attributable to Parent   (27,436) (9,928) 24,854 (49,971) (41,852) (22,134) 24,168 (50,322) (62,481) (90,140)    
Disposal Group, Including Discontinued Operation, Other Income                   (3,545) 0    
Disposal Group, Including Discontinued Operations, Impairment Expense                   610 0    
Rights Offering Bonus Element                       5.03  
Disposal Group, Including Discontinued Operation, Revenue                   2,784 35,353    
Disposal Group, Including Discontinued Operation, Costs of Goods Sold                   76 7,156    
Disposal Group, Including Discontinued Operation, Gross Profit (Loss)                   2,708 28,197    
Disposal Group, Including Discontinued Operation, General and Administrative Expense                   3,029 34,137    
Depreciation and Amortization, Discontinued Operations                   3 3,155    
Disposal Group, Including Discontinued Operation, Other Expense                   3,308 1,848    
Disposal Group, Including Discontinued Operation, Transaction Costs                   13 381    
Disposal Group, Including Discontinued Operation, Operating Income (Loss)                   (710) (11,324)    
Discontinued Operation, Tax Effect of Discontinued Operation                   20 398    
Income (Loss) from Discontinued Operations, Net of Tax, Attributable to Parent   72 289 (674) (417) (4,398) (2,915) (2,024) (2,385) (730) (11,722)    
Long-Term Debt   196,337       182,151       196,337 182,151    
Gain (Loss) on Disposition of Business                   3,545      
Interest Income (Expense), Net   10,827 10,620 10,664 8,254 7,011 6,918 4,886 3,868 40,365 22,683    
Proceeds from Divestiture of Businesses   20,000                      
Restructuring and other charges   7,089 $ 3,413 $ 4,274 $ 4,633 5,341 $ 4,127 $ 260 $ 375 19,409 10,103    
New Credit Facility                          
Credit facility, borrowing capacity   400,000               400,000   $ 325  
Interest Income (Expense), Net                   (24,409) (16,994)    
Term Loan                          
Long-Term Debt   30,000       32,652       30,000 32,652 $ 34 $ 30,000
Interest Income (Expense), Net                   (3,984) (3,078)    
Property, Plant and Equipment [Member]                          
Disposal Group, Including Discontinued Operations, Impairment Expense                   119      
Property Subject to Operating Lease                          
Disposal Group, Including Discontinued Operations, Impairment Expense                   491      
Subsequent Event                          
Proceeds from Issuance or Sale of Equity $ 95                        
Proceeds from Issuance or Sale of Equity, Net of Expenses 80                        
Rights Offering Bonus Element                       5.03  
Proceeds from Issuance or Sale of Equity 95                        
Proceeds from Issuance or Sale of Equity, Net of Expenses 80                        
Private Investment Equity | Subsequent Event                          
Proceeds from Issuance or Sale of Equity 50                        
Proceeds from Issuance or Sale of Equity 50                        
Rights Offering | Subsequent Event                          
Proceeds from Issuance or Sale of Equity 45                        
Proceeds from Issuance or Sale of Equity $ 45                        
Prepaid Expenses and Other Current Assets                          
Restricted Cash and Cash Equivalents           15,790         15,790    
Other Noncurrent Assets [Member]                          
Restricted Cash and Cash Equivalents   965       922       965 922    
Customer Relationships [Member]                          
Finite-Lived Intangible Assets, Gross   225,337       239,955       225,337 239,955    
Finite-Lived Intangible Assets, Accumulated Amortization   (132,138)       (130,667)       (132,138) (130,667)    
Finite-Lived Intangible Assets, Net   93,199       109,288       93,199 109,288    
Intellectual Property [Member]                          
Finite-Lived Intangible Assets, Gross           1,500         1,500    
Finite-Lived Intangible Assets, Accumulated Amortization           (1,500)         (1,500)    
Finite-Lived Intangible Assets, Net           0         0    
Other Intangible Assets [Member]                          
Finite-Lived Intangible Assets, Gross   3,500       4,162       3,500 4,162    
Finite-Lived Intangible Assets, Accumulated Amortization   (2,508)       (2,818)       (2,508) (2,818)    
Finite-Lived Intangible Assets, Net   992       1,344       992 1,344    
Display fixtures and equipment [Member]                          
Property, Plant and Equipment, Gross   246,206       253,763       246,206 253,763    
Furniture and Fixtures [Member]                          
Property, Plant and Equipment, Gross   62,133       66,201       62,133 66,201    
Leasehold Improvements [Member]                          
Property, Plant and Equipment, Gross   106,764       120,687       106,764 120,687    
Software and Software Development Costs [Member]                          
Property, Plant and Equipment, Gross   167,347       163,098       167,347 163,098    
Construction in Progress [Member]                          
Property, Plant and Equipment, Gross   $ 2,361       $ 4,644       $ 2,361 $ 4,644    
Minimum [Member] | Customer Relationships [Member]                          
Finite-Lived Intangible Asset, Useful Life   6 years       7 years       6 years 7 years    
Minimum [Member] | Other Intangible Assets [Member]                          
Finite-Lived Intangible Asset, Useful Life   1 year       1 year       1 year 1 year    
Minimum [Member] | Display fixtures and equipment [Member]                          
Property, Plant and Equipment, Useful Life   3 years               3 years      
Minimum [Member] | Furniture and Fixtures [Member]                          
Property, Plant and Equipment, Useful Life   2 years               2 years      
Minimum [Member] | Content Development Costs [Member]                          
Property, Plant and Equipment, Useful Life   3 years               3 years      
Minimum [Member] | Leasehold Improvements [Member]                          
Property, Plant and Equipment, Useful Life   1 year               1 year      
Minimum [Member] | Software and Software Development Costs [Member]                          
Property, Plant and Equipment, Useful Life   2 years               2 years      
Maximum [Member] | Customer Relationships [Member]                          
Finite-Lived Intangible Asset, Useful Life   10 years       11 years       10 years 11 years    
Maximum [Member] | Intellectual Property [Member]                          
Finite-Lived Intangible Asset, Useful Life           3 years         3 years    
Maximum [Member] | Other Intangible Assets [Member]                          
Finite-Lived Intangible Asset, Useful Life   3 years       4 years       3 years 4 years    
Maximum [Member] | Display fixtures and equipment [Member]                          
Property, Plant and Equipment, Useful Life   5 years               5 years      
Maximum [Member] | Furniture and Fixtures [Member]                          
Property, Plant and Equipment, Useful Life   7 years               7 years      
Maximum [Member] | Content Development Costs [Member]                          
Property, Plant and Equipment, Useful Life   5 years               5 years      
Maximum [Member] | Leasehold Improvements [Member]                          
Property, Plant and Equipment, Useful Life   15 years               15 years      
Maximum [Member] | Software and Software Development Costs [Member]                          
Property, Plant and Equipment, Useful Life   5 years               5 years      
Property, Plant and Equipment [Member]                          
Other Nonrecurring Expense                   $ 405 $ 708    
Property Subject to Operating Lease                          
Other Nonrecurring Expense                   3,600 1,697    
Other Intangible Assets [Member]                          
Other Nonrecurring Expense                   3,161 3,599    
Other Noncurrent Assets [Member]                          
Other Nonrecurring Expense                   $ 0 4    
Retail Segment [Member]                          
Largest Suppliers Percentage                   26.00%      
Other Nonrecurring Expense                   $ 7,166 6,008    
Restructuring and other charges                   $ 571 2,964    
Wholesale [Member]                          
Largest Suppliers Percentage                   24.00%      
Restructuring and other charges                   $ (813) (916)    
DSS [Member]                          
content amortization costs                   0 6,594    
Trade Accounts Receivable [Member]                          
Receivables, Net, Current   $ 75,026       $ 71,990       75,026 71,990    
Credit Card Receivable [Member]                          
Receivables, Net, Current   9,075       4,733       9,075 4,733    
Accounts Receivable [Member]                          
Receivables, Net, Current   $ 18,718       $ 13,445       $ 18,718 $ 13,445    
v3.24.2
Revenue Revenue (Details) - USD ($)
$ in Thousands
 3 Months Ended 12 Months Ended
Apr. 27, 2024
Jan. 27, 2024
Oct. 28, 2023
Jul. 29, 2023
Apr. 29, 2023
Jan. 28, 2023
Oct. 29, 2022
Jul. 30, 2022
Apr. 27, 2024
Apr. 29, 2023
Apr. 30, 2022
Revenues $ 235,922 $ 456,673 $ 610,379 $ 264,161 $ 241,847 $ 438,054 $ 608,633 $ 254,674 $ 1,567,135 $ 1,543,208  
Rental income                 136,679 136,553  
Contract with Customer, Asset, after Allowance for Credit Loss 0       0       0 0  
Deferred Revenue 14,892       15,356       14,892 15,356 $ 16,475
Deferred Revenue, Current 11,310       11,218       11,310 11,218  
Deferred Revenue, Additions                 176,319 184,163  
Product sales and other                 1,430,456 1,406,655  
Deferred Revenue, Revenue Recognized                 (176,783) (185,282)  
Deferred Revenue, Noncurrent $ 3,582       $ 4,138       3,582 4,138  
Intersegment Eliminations [Member]                      
Revenues                 (60,413) (54,884)  
Retail Segment [Member]                      
Revenues                 1,514,917 1,491,726  
Retail Segment [Member] | Service and Other                      
Revenues                 42,191 41,759  
Retail Segment [Member] | Course Materials Product                      
Revenues                 971,950 927,915  
Retail Segment [Member] | General Merchandise Product                      
Revenues                 364,097 385,499  
Wholesale [Member]                      
Revenues                 112,631 106,366  
Transferred at Point in Time [Member] | Retail Segment [Member]                      
Product sales and other                 $ 1,378,238 1,355,173  
Transferred over Time [Member] | Retail Segment [Member]                      
Rental income                   $ 136,553  
v3.24.2
Segment Reporting Segment Reporting (Details)
$ in Thousands
 3 Months Ended 12 Months Ended
Apr. 27, 2024
USD ($)
Store
Jan. 27, 2024
USD ($)
Oct. 28, 2023
USD ($)
Jul. 29, 2023
USD ($)
Apr. 29, 2023
USD ($)
Jan. 28, 2023
USD ($)
Oct. 29, 2022
USD ($)
Jul. 30, 2022
USD ($)
Apr. 27, 2024
USD ($)
Store
segment
Apr. 29, 2023
USD ($)
Segment Reporting Information [Line Items]                    
Number of Reportable Segments | segment                 2  
Number of Stores | Store 1,245               1,245  
Assets $ 905,084       $ 980,779       $ 905,084 $ 980,779
Assets, Continuing Operations 905,084       953,349       905,084 953,349
Payments to Acquire Property, Plant, and Equipment                 14,070 25,092
Segment, Expenditure, Addition to Long-Lived Assets                 14,070 25,092
Revenues 235,922 $ 456,673 $ 610,379 $ 264,161 241,847 $ 438,054 $ 608,633 $ 254,674 1,567,135 1,543,208
Gross Profit 69,864 100,036 136,242 50,634 58,282 97,011 138,141 56,005 356,776 349,439
Depreciation and amortization expense                 40,560 42,163
Operating Income (Loss)                 (21,933) (66,446)
Interest Income (Expense), Net (10,827) (10,620) (10,664) (8,254) (7,011) (6,918) (4,886) (3,868) (40,365) (22,683)
COGS Inventory Loss and Markdown                 0 0
Other Nonrecurring Expense 1,368 5,798 0 0 0 6,008 0 0 7,166 6,008
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest                 (62,298) (89,129)
Selling and administrative expenses                 311,574 357,611
Restructuring and other charges (7,089) $ (3,413) $ (4,274) $ (4,633) (5,341) $ (4,127) $ (260) $ (375) (19,409) (10,103)
Assets         27,430         27,430
Disposal Group, Including Discontinued Operation, Assets 0       27,430       0 27,430
Corporate, Non-Segment [Member]                    
Segment Reporting Information [Line Items]                    
Assets 13,316       6,581       13,316 6,581
Segment, Expenditure, Addition to Long-Lived Assets                 14 35
Depreciation and amortization expense                 38 53
Operating Income (Loss)                 (39,368) (28,276)
Selling and administrative expenses                 19,679 22,000
Restructuring and other charges                 (19,651) (6,223)
Intersegment Eliminations [Member]                    
Segment Reporting Information [Line Items]                    
Revenues                 (60,413) (54,884)
Gross Profit                 1,030 (180)
Operating Income (Loss)                 1,033 (25)
Selling and administrative expenses                 (3) (155)
Retail Segment [Member]                    
Segment Reporting Information [Line Items]                    
Assets $ 748,378       785,900       748,378 785,900
Segment, Expenditure, Addition to Long-Lived Assets                 12,483 23,098
Revenues                 1,514,917 1,491,726
Gross Profit                 332,947 331,344
Depreciation and amortization expense                 35,294 36,737
Operating Income (Loss)                 11,457 (35,095)
Other Nonrecurring Expense                 7,166 6,008
Selling and administrative expenses                 278,459 320,730
Restructuring and other charges                 $ (571) (2,964)
Wholesale [Member]                    
Segment Reporting Information [Line Items]                    
Number of Wholesale Customers | Store                 2,750  
Number of System Customers | Store 325               325  
Assets $ 143,390       $ 160,868       $ 143,390 160,868
Segment, Expenditure, Addition to Long-Lived Assets                 1,573 1,959
Revenues                 112,631 106,366
Gross Profit                 22,799 18,275
Depreciation and amortization expense                 5,228 5,373
Operating Income (Loss)                 4,945 (3,050)
Selling and administrative expenses                 13,439 15,036
Restructuring and other charges                 $ 813 $ 916
Physical Stores [Member]                    
Segment Reporting Information [Line Items]                    
Number of Stores | Store 707               707  
Virtual Stores [Member]                    
Segment Reporting Information [Line Items]                    
Number of Stores | Store 538               538  
v3.24.2
Equity and Earnings Per Share (Details) - USD ($)
$ / shares in Units, $ in Thousands
 3 Months Ended 12 Months Ended
Jun. 11, 2024
Apr. 27, 2024
Jan. 27, 2024
Oct. 28, 2023
Jul. 29, 2023
Apr. 29, 2023
Jan. 28, 2023
Oct. 29, 2022
Jul. 30, 2022
Apr. 27, 2024
Apr. 29, 2023
May 01, 2021
Jun. 10, 2024
Jun. 05, 2024
Apr. 30, 2022
Dec. 14, 2015
Common Stock, Shares Authorized   200,000,000       200,000,000       200,000,000 200,000,000     10,000,000,000    
Common Stock, Par or Stated Value Per Share   $ 0.01       $ 0.01       $ 0.01 $ 0.01          
Preferred Stock, Shares Authorized   5,000,000       5,000,000       5,000,000 5,000,000          
Preferred Stock, Par or Stated Value Per Share   $ 0.01       $ 0.01       $ 0.01 $ 0.01          
Common Stock, Shares, Outstanding   532,000       526,000       532,000 526,000          
Preferred Stock, Shares Outstanding   0       0       0 0          
Stock Repurchase Program, Authorized Amount                               $ 50,000
Stock Repurchase Program, Remaining Authorized Repurchase Amount   $ 26,669               $ 26,669            
Share-based Payment Arrangement, Shares Withheld for Tax Withholding Obligation                   147,885 347,808          
Stock Issued During Period, Shares, Treasury Stock Reissued                       2,307,692        
Proceeds from Issuance of Common Stock                       $ 15,000        
Sale of Stock, Price Per Share                       $ 6.50        
Contract with Customer, Liability                       $ 4,131        
Contract with Customer, Liability, Current   211       $ 211       $ 211 $ 211          
Contract with Customer, Liability, Noncurrent   $ 3,287       $ 3,498       $ 3,287 $ 3,498          
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount                   32,304 47,404          
Preferred Stock, Shares Issued   0       0       0 0          
Common Stock, Shares, Issued   558,000       551,000       558,000 551,000       54,234,000  
Income (Loss) from Continuing Operations, Net of Tax, Attributable to Parent   $ (27,436) $ (9,928) $ 24,854 $ (49,971) $ (41,852) $ (22,134) $ 24,168 $ (50,322) $ (62,481) $ (90,140)          
Net Income (Loss) Attributable to Parent   $ (27,364) $ (9,639) $ 24,180 $ (50,388) $ (46,250) $ (25,049) $ 22,144 $ (52,707) $ (63,211) $ (101,862)          
Earnings Per Share, Diluted   $ (10.24) $ (3.60) $ 9.11 $ (19.03) $ (17.48) $ (9.47) $ 8.37 $ (20.09) $ (23.75) $ (38.61)          
Earnings Per Share, Basic   $ (10.24) $ (3.60) $ 9.11 $ (19.03) $ (17.48) $ (9.47) $ 8.39 $ (20.09) $ (23.75) $ (38.61)          
Income (Loss) from Discontinued Operations, Net of Tax, Attributable to Parent   $ 72 $ 289 $ (674) $ (417) $ (4,398) $ (2,915) $ (2,024) $ (2,385) $ (730) $ (11,722)          
Weighted Average Number of Shares Outstanding, Basic   2,673,000 2,673,000 2,655,000 2,648,000 2,646,000 2,646,000 2,637,000 2,624,000 2,662,000 2,638,000          
Income (Loss) from Continuing Operations, Per Diluted Share   $ (10.27) $ (3.71) $ 9.36 $ (18.87) $ (15.82) $ (8.37) $ 9.14 $ (19.18) $ (23.47) $ (34.17)          
Discontinued Operation, Income (Loss) from Discontinued Operation, Net of Tax, Per Basic Share   0.03 0.11 (0.25) (0.16) (1.66) (1.10) (0.77) (0.91) (0.28) (4.44)          
Income (Loss) from Discontinued Operations and Disposal of Discontinued Operations, Net of Tax, Per Diluted Share   0.03 0.11 (0.25) (0.16) (1.66) (1.10) (0.77) (0.91) (0.28) (4.44)          
Income (Loss) from Continuing Operations, Per Basic Share   $ (10.27) $ (3.71) $ 9.36 $ (18.87) $ (15.82) $ (8.37) $ 9.16 $ (19.18) $ (23.47) $ (34.17)          
Weighted Average Number of Shares Outstanding, Diluted   2,673,000 2,673,000 2,655,000 2,648,000 2,646,000 2,646,000 2,645,000 2,624,000 2,662,000 2,638,000          
Common Stock, Capital Shares Reserved for Future Issuance   17,909,345               17,909,345            
Share-based Compensation Arrangement by Share-based Payment Award, Number of Additional Shares Authorized                   4,500,000            
Rights Offering Bonus Element                         5.03      
Pre Reverse Stock Split                                
Common Stock, Shares, Outstanding   53,156,369               53,156,369            
Common Stock, Shares, Issued   55,840,166       55,140,000       55,840,166 55,140,000          
Stockholders' Equity, 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. 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 June 11, 2024) to approximately 26,204,956 shares, subject to adjustment for rounding. For additional information, see Part II - Item 8. Financial Statements and Supplementary Data - Note 17. Subsequent Events.                              
Subsequent Event                                
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 will be 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 is 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 will also be appropriately adjusted. Following the Reverse Stock Split, the par value of the Common Stock will remain unchanged at $0.01 per share. The Reverse Stock Split will not change the authorized number of shares of Common Stock or preferred stock. No fractional shares will be issued in connection with the reverse split; instead any fractional shares as a result of the Reverse Stock Split will be rounded up to the next whole number of post-split shares of Common Stock                              
Rights Offering Bonus Element                         5.03      
v3.24.2
Fair Values of Financial Instruments (Details) - USD ($)
$ in Thousands
 3 Months Ended 12 Months Ended
Apr. 27, 2024
Jan. 27, 2024
Oct. 28, 2023
Jul. 29, 2023
Apr. 29, 2023
Jan. 28, 2023
Oct. 29, 2022
Jul. 30, 2022
Apr. 27, 2024
Apr. 29, 2023
Other Nonrecurring Expense $ 1,368 $ 5,798 $ 0 $ 0 $ 0 $ 6,008 $ 0 $ 0 $ 7,166 $ 6,008
other nonrecurring expense net of tax                 7,166 6,008
Impaired Assets to be Disposed of by Method Other than Sale, Carrying Value of Asset 12,364       7,313       12,364 7,313
Property, Plant, and Equipment, Fair Value Disclosure 55       0       55 0
OperatingLeaseRightOfUseAssetfairvalue 4,444       1,305       4,444 1,305
Finite-lived Intangible Assets, Fair Value Disclosure 699       0       699 0
Other Assets, Fair Value Disclosure 0       0       0 0
Fair Value, Net Asset (Liability) 5,198       1,305       5,198 1,305
Phantom Share Units (PSUs)                    
Other Deferred Compensation Arrangements, Liability, Current and Noncurrent 8       777       8 777
Other Deferred Compensation Arrangements, Liability, Current         734         734
Other Deferred Compensation Arrangements, Liability, Classified, Noncurrent         42         42
Property, Plant and Equipment [Member]                    
Other Nonrecurring Expense                 405 708
Impaired Assets to be Disposed of by Method Other than Sale, Carrying Value of Asset 460       708       460 708
Property Subject to Operating Lease                    
Other Nonrecurring Expense                 3,600 1,697
Impaired Assets to be Disposed of by Method Other than Sale, Carrying Value of Asset 8,044       3,002       8,044 3,002
Other Intangible Assets [Member]                    
Other Nonrecurring Expense                 3,161 3,599
Impaired Assets to be Disposed of by Method Other than Sale, Carrying Value of Asset 3,860       3,599       3,860 3,599
Other Noncurrent Assets [Member]                    
Other Nonrecurring Expense                 0 4
Impaired Assets to be Disposed of by Method Other than Sale, Carrying Value of Asset $ 0       $ 4       $ 0 $ 4
v3.24.2
Credit Facility (Details) - USD ($)
 3 Months Ended 12 Months Ended
Jun. 10, 2024
Apr. 16, 2024
Mar. 12, 2024
Dec. 12, 2023
Oct. 10, 2023
Jul. 28, 2023
May 24, 2023
Mar. 08, 2023
Jul. 27, 2024
Apr. 27, 2024
Jan. 27, 2024
Oct. 28, 2023
Jul. 29, 2023
Apr. 29, 2023
Jan. 28, 2023
Oct. 29, 2022
Jul. 30, 2022
Apr. 27, 2024
Apr. 29, 2023
Jun. 07, 2022
Line of Credit Facility [Line Items]                                        
Proceeds from borrowings on Credit Facility                                   $ 563,023,000 $ 590,303,000  
Repayments of borrowings on Credit Facility                                   552,230,000 631,849,000  
Long-term Line of Credit, Noncurrent                   $ 196,337,000       $ 182,151,000       196,337,000 182,151,000  
Letters of Credit Outstanding, Amount                   3,575,000       2,059,000       3,575,000 2,059,000  
Long-Term Debt                   196,337,000       182,151,000       196,337,000 182,151,000  
Total Debt excluding Deferred financing costs                   197,600,000       184,154,000       197,600,000 184,154,000  
Debt, Long-Term and Short-Term, Combined Amount                   196,337,000       182,151,000       196,337,000 182,151,000  
Debt Issuance Costs, Net                   14,160,000       7,038,000       14,160,000 7,038,000  
Paid-in-Kind Interest                                   2,652,000 0  
Interest Income (Expense), Net                   10,827,000 $ 10,620,000 $ 10,664,000 $ 8,254,000 7,011,000 $ 6,918,000 $ 4,886,000 $ 3,868,000 40,365,000 22,683,000  
Amortization of deferred financing costs                                   13,150,000 3,129,000  
Interest and Other Income                                   (1,178,000) (518,000)  
Interest Costs Incurred                                   28,393,000 20,072,000  
Interest Paid, Excluding Capitalized Interest, Operating Activities                                   $ 24,943,000 19,024,000  
Subsequent Event                                        
Line of Credit Facility [Line Items]                                        
Proceeds from Issuance or Sale of Equity                 $ 95,000                      
Proceeds from Issuance or Sale of Equity, Net of Expenses                 80,000                      
Subsequent Event | Rights Offering                                        
Line of Credit Facility [Line Items]                                        
Proceeds from Issuance or Sale of Equity                 45,000                      
Subsequent Event | Private Investment Equity                                        
Line of Credit Facility [Line Items]                                        
Proceeds from Issuance or Sale of Equity                 $ 50,000                      
Term Loan                                        
Line of Credit Facility [Line Items]                                        
Long-term Debt, Description           On July 28, 2023, we amended our Term Loan to (i) extend the maturity date of the Term Loan Agreement to April 7, 2025, (ii) allow for interest to be paid in kind until September 2, 2024, (iii) amend the 1.50% anniversary fee to recur on June 7 of each year that the Term Loan Agreement remains outstanding, with 2024 fee deferred to the earlier of September 2, 2024 and the Termination Date (as defined in the Term Loan Agreement) and (iv) amend certain negative covenants and affirmative and add certain additional covenants. We must pay a fee of $50 to the lenders under the Term Loan Agreement on the earlier of September 2, 2024 and the Termination Date (as defined in the Term Loan Agreement). For additional information, see the Company's Report on Form 8-K filed with the SEC on July 28, 2023.During the 52 weeks ended April 27, 2024, we incurred debt issuance costs totaling $499 related to the July 2023 Term Loan Credit Agreement amendment. The debt issuance costs have been deferred and are presented as a reduction to long-term borrowings in the consolidated balance sheets, and subsequently amortized ratably over the term of the Term Loan Facility.   On March 8, 2023, we amended the Term Loan Credit Agreement to (i) extend the maturity date of the Term Loan Credit Agreement by six months to December 7, 2024, (ii) permit the application of certain proceeds to the repayment of the loans under Credit Agreement and (iii) amend certain negative covenants and add certain additional covenants to conform to the Credit Agreement. In addition, the amendment requires the achievement of a Specified Event (as described above) by no later than May 31, 2023 (as such date may be extended under the Credit Agreement, but no later than August 31, 2023 without consent from lenders under the Term Loan Credit Agreement). For additional information, see the Company's Report on Form 8-K dated March 8, 2023 and filed with the SEC on March 9, 2023.During the 52 weeks ended April 29, 2023, we incurred debt issuance costs totaling $431 related to the March 2023 Term Loan Credit Agreement amendment. We paid a fee of $50 on the amendment closing date to the lenders under the Term Loan Credit Agreement. The debt issuance costs have been deferred and are presented as a reduction to long-term borrowings in the consolidated balance sheets, and subsequently amortized ratably over the term of the Term Loan Facility.                   The Term Loans accrue interest at a rate equal to 11.25%, payable quarterly. All interest on the Term Loan prior to July 29, 2023 was paid in cash. Subsequent to July 29, 2023, all interest incurred on the Term Loan was incurred in kind as permitted under the July 2023 Term Loan Amendment and is part of the outstanding debt balance. The Term Loans do not amortize prior to maturity. The Term Loan Credit Agreement does not contain a financial covenant, but otherwise contains representations and warranties, covenants and events of default that are substantially the same as those in the Credit Agreement, including restrictions on the ability of the Company and its subsidiaries to incur additional debt, incur or permit liens on assets, make investments and acquisitions, consolidate or merge with any other company, engage in asset sales and make dividends and distributions. The Term Loan Facility is secured by second-priority liens on all assets securing the obligations under the Credit Agreement, which is all of the assets of the Company and the Guarantors, subject to customary exclusions and limitations set forth in the Term Loan Credit Agreement and the other loan documents executed in connection therewith.The Credit Agreement amendment permitted us to incur the Term Loan Facility and also provides that, upon repayment of the Term Loan Credit Agreement (and, if applicable, any replacement credit facility thereof), we may incur second lien secured debt in an aggregate principal amount not to exceed $75,000.    
Long-Term Debt $ 34,000                 30,000,000       32,652,000       $ 30,000,000 32,652,000 $ 30,000,000
Debt Issuance Costs, Net                   1,263,000       2,003,000       1,263,000 2,003,000  
Paid-in-Kind Interest                                   2,652,000    
Repayments of Long-Term Debt                                   0    
Interest Income (Expense), Net                                   (3,984,000) (3,078,000)  
Amortization of deferred financing costs                                   $ 1,240,000 1,181,000  
New Credit Facility                                        
Line of Credit Facility [Line Items]                                        
Credit facility maturity term, in years                                   5 years    
Credit facility, borrowing capacity $ 325,000                 400,000,000               $ 400,000,000    
Line Of Credit Potential Increase Amount                   100,000,000               100,000,000    
Long-term Line of Credit, Noncurrent                   164,947,000       154,154,000       164,947,000 154,154,000  
Long-term Debt, Description   April 2024 Credit Agreement AmendmentOn April 16, 2024, we amended our existing Credit Agreement to, among other things, revise certain milestones related to the previously-disclosed liquidity and refinancing contingency plans to align such milestones with the Transactions contemplated by the Purchase Agreement (as defined in Note 17. Subsequent Events) (the “Twelfth Amendment to Credit Agreement”), which milestones include (i) filing the Form S-1 no later than two (2) business days after the date of such amendment, (ii) obtaining receipt of support letters in support of the Transactions from persons owning not less than 20% of the outstanding voting stock of the Company by no later than May 3, 2024 (or such later date as agreed to in writing by the administrative agent in its sole discretion), (iii) obtaining receipt of the Securities and Exchange Commission (“SEC”) approval with respect to such Form S-1 on or before May 24, 2024 (or such later date as agreed to in writing by the administrative agent in its sole discretion) and (iv) closing the Transactions contemplated by the Purchase Agreement on or before the date that is 25 days after the receipt of SEC approval with respect to the Form S-1. During the 52 weeks ended April 27, 2024, we incurred debt issuance costs totaling $851 related to the April 2024 Credit Agreement amendment. March 2024 Credit Agreement AmendmentOn March 12, 2024, we amended our existing Credit Agreement to, among other things, (i) revise certain reporting requirements under the Credit Agreement and (ii) set certain milestones for liquidity and refinancing contingency plans, with respect to which we must execute a binding commitment no later than April 3, 2024 (as may be extended by the administrative agent to April 10, 2024). During the 52 weeks ended April 27, 2024, we incurred debt issuance costs totaling $1,929 related to the March 2024 Credit Agreement amendment. December 2023 Credit Agreement AmendmentOn December 12, 2023, we amended our existing Credit Agreement to, among other things: (i) amend the financial maintenance covenant to require Availability (as defined in the Credit Agreement) at all times to be greater than the greater of (x) 10% of the Aggregate Loan Cap (as defined in the Credit Agreement) and (y) (A) $32,500 or, subject to the satisfaction of certain conditions relating to the repayment of the Credit Agreement in full, (B) (a) $20,000 for the period of December 8, 2023 through January 12, 2024, (b) $25,000 for the period from January 26, 2024 through February 9, 2024, (c) $25,000 for the period of April 1, 2024 through April 30, 2024 and (d) $30,000 for the period of May 1, 2024 through May 31, 2024, and (ii) revise certain reporting requirements under the Credit Agreement. The amendment also revised the Specified Liquidity Transaction Fee introduced in the October 2023 Credit Agreement Amendment such that the $3,800 became due and was paid on January 31, 2024. During the 52 weeks ended April 27, 2024, we incurred debt issuance costs totaling $4,047 related to the December 2023 Credit Agreement amendment. The debt issuance costs have been deferred and are presented as prepaid and other current assets and other noncurrent assets in the consolidated balance sheets, and subsequently amortized ratably over the term of the Credit Agreement. For additional information related to the Credit Agreement amendment, see the Company’s Report on Form 8-K dated December 12, 2023 and filed with the SEC on December 13, 2023. October 2023 Credit Agreement AmendmentOn October 10, 2023, we amended our existing Credit Agreement to revise certain reporting requirements to the administrative agent and lenders under the Credit Agreement. The amendment introduced a Specified Liquidity Transaction Fee of $3,800 that would become due and payable at the earlier to occur of (a) January 31, 2024, to the extent a Specified Liquidity Transaction (as defined in the Credit Agreement) has not been consummated prior to such date (or such later date that is up to thirty days thereafter to the extent agreed to in writing by the Administrative Agent in its sole discretion) or (b) an Event of Default under the Credit Agreement. During the 52 weeks ended April 27, 2024, we incurred debt issuance costs totaling $1,428 related to the October 2023 Credit Agreement amendment. The debt issuance costs have been deferred and are presented as prepaid and other current assets and other noncurrent assets in the consolidated balance sheets, and subsequently amortized ratably over the term of the Credit Agreement. July 2023 Credit Agreement AmendmentOn July 28, 2023, we amended our existing Credit Agreement to (i) extend the maturity date of the Credit Agreement to December 28, 2024, (ii) reduce advance rates with respect to the borrowing base by 1000 basis points on September 2, 2024 (in lieu of the reductions previously contemplated for September 2023), (iii) subject to the conditions set forth in such amendment, add a CARES Act tax refund claim to the borrowing base, from April 1, 2024 through July 31, 2024, (iv) amend the financial maintenance covenant to require Availability (as defined in the Credit Agreement) at all times greater than the greater of (x) 10% of the Aggregate Loan Cap (as defined in the Credit Agreement) and (y) (A) $32,500 minus, subject to the conditions set forth in such amendment, (B) (a) $7,500 for the period of April 1, 2024 through and including April 30, 2024, (b) $2,500 for the period of May 1, 2024 through and including May 31, 2024 and (c) $0 at all other times, (v) add a minimum Consolidated EBITDA (as defined in the Credit Agreement) financial maintenance covenant, and (vi) amend certain negative and affirmative covenants and add certain additional covenants, all as more particularly set forth in such amendment. The amendment also requires that we appoint a Chief Restructuring Officer and that, by August 11, 2023, we (i) appoint two independent members to the board of directors of the Company from prospective candidates that have been previously disclosed to the Administrative Agent and the Lenders and (ii) appoint a committee of the board of directors of the Company to consist of three board members (two of whom will be the new independent directors). The committee’s responsibilities will include, among other things, to explore, consider, solicit expressions of interest or proposals for, respond to any communications, inquiries or proposals regarding, and advise as to all strategic alternatives to effect a “Specified Liquidity Transaction” (as defined in the Credit Agreement). There can be no guarantee or assurances that any such transaction or transactions be consummated. We must pay (i) a fee of 0.50% of the outstanding principal amount of the commitments under the Credit Agreement March 2023 amendment (as defined in the Credit Agreement) on the closing date (in lieu of the deferred fee previously contemplated in connection with the March 2023 amendment (as defined in the Credit Agreement)) and (ii) a fee of 1.00% of the outstanding principal amount of the commitments under the Credit Agreement as of the closing date on the earlier to occur of September 2, 2024 and an Event of Default (as defined in the Credit Agreement). For additional information related to the Credit Agreement amendment, see the Company's Report on Form 8-K filed with the SEC on July 28, 2023.During the 52 weeks ended April 27, 2024, we incurred debt issuance costs totaling $11,516 related to the July 2023 Credit Agreement amendment. The debt issuance costs have been deferred and are presented as prepaid and other current assets and other noncurrent assets in the consolidated balance sheets, and subsequently amortized ratably over the term of the Credit Agreement. May 2023 Credit Agreement AmendmentOn May 24, 2023, we amended our existing Credit Agreement to (i) increase the applicable margin with respect to the interest rate under the Credit Agreement to 3.75% per annum, in the case of interest accruing based on SOFR, and 2.75%, in the case of interest accruing based on an alternative base rate, in each case, without regard to a pricing grid, (ii) defer the reduction of advance rates used to calculate our borrowing capacity by an amount equal to 500 basis points previously required on May 31, 2023 to September 1, 2023, (iii) require cash flow reporting and variance testing commencing June 3, 2023 and (iv) defer partial prepayment of the term loan from the DSS segment sale proceeds to September 1, 2023. We did not incur debt issuance costs related to the May 2023 Credit Agreement amendment. For additional information related to the Credit Agreement amendment, see the Company’s Report on Form 8-K dated May 24, 2023 and filed with the SEC on May 31, 2023. March 2023 Credit Agreement AmendmentOn March 8, 2023, we amended our existing Credit Agreement to (i) extend the maturity date of the Credit Agreement by six months to August 29, 2024, (ii) reduce the commitments under the Credit Agreement by $20,000 to $380,000, (iii) increase the applicable margin with respect to the interest rate under the Credit Agreement to 3.375% per annum, in the case of interest accruing based on a Secured Overnight Financing Rate, and 2.375%, in the case of interest accruing based on an alternative base rate, in each case, without regard to a pricing grid, (iv) reduce advance rates with respect to the borrowing base (x) by 500 basis points upon the achievement of certain liquidity events, which may include a sale of equity interests or of assets (a “Specified Event”), or, if such a Specified Event shall not have occurred, no later than May 31, 2023 (see discussion below) and (y) by an additional 500 basis points on September 29, 2023, (v) amend certain negative covenants and add certain additional covenants, (vi) amend the financial maintenance covenant to require Availability (as defined in the Credit Agreement) to be at all times greater than the greater of 10% of the Aggregate Loan Cap (as defined in the Credit Agreement) and $32,500 and (vii) require repayment of the loans under the Credit Agreement upon a Specified Event. For additional information related to the Credit Agreement amendment, see the Company’s Report on Form 8-K dated March 8, 2023 and filed with the SEC on March 9, 2023. As noted above, the amendment required the achievement of a Special Event by no later than May 31, 2023 (as such date may be extended pursuant to the terms of the Credit Agreement). See Note 2. Summary of Significant Accounting Policies for information related to the sale of our DSS segment on May 31, 2023. We paid a fee of 0.25% of the outstanding principal amount of the commitments under the Credit Agreement on the amendment closing date and we will pay an additional fee of 1.00% of the outstanding principal amount of the commitments under the Credit Agreement on September 29, 2023 (see July 2023 Credit Agreement Amendment below for the change in payment terms)During the 52 weeks ended April 29, 2023, we incurred debt issuance costs totaling $4,081 related to the March 2023 Credit Agreement amendment. The debt issuance costs have been deferred and are presented as prepaid and other current assets and other noncurrent assets in the consolidated balance sheets, and subsequently amortized ratably over the term of the Credit Agreement.                        
Debt Issuance Costs, Net                   12,897,000       5,035,000       12,897,000 5,035,000  
Interest Income (Expense), Net                                   (24,409,000) (16,994,000)  
Amortization of deferred financing costs                                   11,910,000 1,948,000  
New Credit Facility | Prepaid Expenses and Other Current Assets                                        
Line of Credit Facility [Line Items]                                        
Debt Issuance Costs, Net                   0       3,776,000       0 3,776,000  
New Credit Facility | Other Noncurrent Assets [Member]                                        
Line of Credit Facility [Line Items]                                        
Debt Issuance Costs, Net                   12,897,000       1,259,000       12,897,000 1,259,000  
New Credit Facility | Subsequent Event                                        
Line of Credit Facility [Line Items]                                        
Long-term Debt, Description On June 10, 2024 (the “Closing Date”), we amended and restated and extended the maturity of our existing asset-based Credit Facility with Bank of America, N.A., as administrative agent, collateral agent and swing line lender, and other lenders from time to time party thereto (such amended and restated credit facility, the “Restated ABL Facility”). Pursuant to the Restated ABL Facility, the lenders thereunder have committed to provide a four-year asset-backed revolving credit facility in an aggregate committed principal amount of up to $325,000. The Restated ABL Facility has a maturity date of June 9, 2028.Interest under the Restated ABL 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 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 and other specified payments, merge with other entities, dispose of or acquire assets, or engage in transactions with affiliates, among other things. Additionally, the Restated ABL Facility 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 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 May 31, 2025, the Company is required to maintain a Consolidated Fixed Charge Coverage Ratio (as defined in the Restated ABL Facility) 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 October 31, 2024, the Company is required to maintain a minimum Consolidated EBITDA (as defined in the Restated ABL Facility), 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 Restated ABL Facility does not require the retention of a chief restructuring officer or the formation or maintenance of any special committees of the board of directors of the company.The Credit Agreement contains customary events of default, including for non-payment of obligations owing under the Restated ABL 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 Credit Agreement also contains customary affirmative covenants and representations and warranties.In connection with the Restated ABL Facility, the 1.00% fee payable in connection with the eighth amendment to the Restated ABL Facility (prior to its having been restated) is due and payable (x) 50% on September 2, 2024 and (y) 50% on June 10, 2025.                                      
New Credit Facility [Member] [Member]                                        
Line of Credit Facility [Line Items]                                        
Credit facility, borrowing capacity                   100,000,000     $ 0 40,000       100,000,000 40,000  
Revolving Credit Facility [Member]                                        
Line of Credit Facility [Line Items]                                        
Credit facility, borrowing capacity                   500,000,000               500,000,000    
Term Loan                                        
Line of Credit Facility [Line Items]                                        
Long-term Line of Credit, Noncurrent                   32,653,000       30,000,000       32,653,000 30,000,000  
Debt Issuance Costs, Net                   $ 1,263,000       $ 2,003,000       $ 1,263,000 $ 2,003,000  
v3.24.2
Term Loan (Details) - USD ($)
 12 Months Ended
Jul. 28, 2023
Mar. 08, 2023
Apr. 27, 2024
Jun. 10, 2024
Apr. 29, 2023
Jun. 07, 2022
Line of Credit Facility [Line Items]            
Long-Term Debt     $ 196,337,000   $ 182,151,000  
Term Loan            
Line of Credit Facility [Line Items]            
Long-Term Debt     30,000,000 $ 34,000 $ 32,652,000 $ 30,000,000
Proceeds from Issuance of Debt     30,000,000      
Repayments of Long-Term Debt     $ 0      
Long-term Debt, Description On July 28, 2023, we amended our Term Loan to (i) extend the maturity date of the Term Loan Agreement to April 7, 2025, (ii) allow for interest to be paid in kind until September 2, 2024, (iii) amend the 1.50% anniversary fee to recur on June 7 of each year that the Term Loan Agreement remains outstanding, with 2024 fee deferred to the earlier of September 2, 2024 and the Termination Date (as defined in the Term Loan Agreement) and (iv) amend certain negative covenants and affirmative and add certain additional covenants. We must pay a fee of $50 to the lenders under the Term Loan Agreement on the earlier of September 2, 2024 and the Termination Date (as defined in the Term Loan Agreement). For additional information, see the Company's Report on Form 8-K filed with the SEC on July 28, 2023.During the 52 weeks ended April 27, 2024, we incurred debt issuance costs totaling $499 related to the July 2023 Term Loan Credit Agreement amendment. The debt issuance costs have been deferred and are presented as a reduction to long-term borrowings in the consolidated balance sheets, and subsequently amortized ratably over the term of the Term Loan Facility. On March 8, 2023, we amended the Term Loan Credit Agreement to (i) extend the maturity date of the Term Loan Credit Agreement by six months to December 7, 2024, (ii) permit the application of certain proceeds to the repayment of the loans under Credit Agreement and (iii) amend certain negative covenants and add certain additional covenants to conform to the Credit Agreement. In addition, the amendment requires the achievement of a Specified Event (as described above) by no later than May 31, 2023 (as such date may be extended under the Credit Agreement, but no later than August 31, 2023 without consent from lenders under the Term Loan Credit Agreement). For additional information, see the Company's Report on Form 8-K dated March 8, 2023 and filed with the SEC on March 9, 2023.During the 52 weeks ended April 29, 2023, we incurred debt issuance costs totaling $431 related to the March 2023 Term Loan Credit Agreement amendment. We paid a fee of $50 on the amendment closing date to the lenders under the Term Loan Credit Agreement. The debt issuance costs have been deferred and are presented as a reduction to long-term borrowings in the consolidated balance sheets, and subsequently amortized ratably over the term of the Term Loan Facility. The Term Loans accrue interest at a rate equal to 11.25%, payable quarterly. All interest on the Term Loan prior to July 29, 2023 was paid in cash. Subsequent to July 29, 2023, all interest incurred on the Term Loan was incurred in kind as permitted under the July 2023 Term Loan Amendment and is part of the outstanding debt balance. The Term Loans do not amortize prior to maturity. The Term Loan Credit Agreement does not contain a financial covenant, but otherwise contains representations and warranties, covenants and events of default that are substantially the same as those in the Credit Agreement, including restrictions on the ability of the Company and its subsidiaries to incur additional debt, incur or permit liens on assets, make investments and acquisitions, consolidate or merge with any other company, engage in asset sales and make dividends and distributions. The Term Loan Facility is secured by second-priority liens on all assets securing the obligations under the Credit Agreement, which is all of the assets of the Company and the Guarantors, subject to customary exclusions and limitations set forth in the Term Loan Credit Agreement and the other loan documents executed in connection therewith.The Credit Agreement amendment permitted us to incur the Term Loan Facility and also provides that, upon repayment of the Term Loan Credit Agreement (and, if applicable, any replacement credit facility thereof), we may incur second lien secured debt in an aggregate principal amount not to exceed $75,000.      
v3.24.2
Leases (Details) - USD ($)
$ in Thousands
 12 Months Ended
Apr. 27, 2024
Apr. 29, 2023
Leases [Abstract]    
Variable Lease, Cost $ 69,550 $ 69,570
Lease, Cost 192,513 204,607
Operating Lease, Cost 122,963 $ 135,037
Lessee, Operating Lease, Liability, Payments, Remainder of Fiscal Year 111,590  
Lessee, Operating Lease, Liability, Payments, Due Year Two 42,360  
Lessee, Operating Lease, Liability, Payments, Due Year Three 31,060  
Lessee, Operating Lease, Liability, Payments, Due Year Four 25,875  
Lessee, Operating Lease, Liability, Payments, Due Year Five 22,821  
Lessee, Operating Lease, Liability, Payments, Due after Year Five 37,960  
Lessee, Operating Lease, Liability, Payments, Due 271,666  
Lessee, Operating Lease, Liability, Undiscounted Excess Amount (27,267)  
Operating Lease, Liability $ 244,399  
Operating Lease, Weighted Average Remaining Lease Term 4 years 7 months 6 days 5 years 3 months 18 days
Operating Lease, Weighted Average Discount Rate, Percent 4.80% 4.70%
Operating Lease, Payments $ 123,115 $ 127,582
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability $ 85,572 $ 97,926
v3.24.2
Supplementary Information Supplementary Info - Impairment and Restructuring (Details) - USD ($)
$ in Thousands
 3 Months Ended 12 Months Ended
Apr. 27, 2024
Jan. 27, 2024
Oct. 28, 2023
Jul. 29, 2023
Apr. 29, 2023
Jan. 28, 2023
Oct. 29, 2022
Jul. 30, 2022
Apr. 27, 2024
Apr. 29, 2023
Other Nonrecurring Expense $ 1,368 $ 5,798 $ 0 $ 0 $ 0 $ 6,008 $ 0 $ 0 $ 7,166 $ 6,008
Restructuring and other charges 7,089 $ 3,413 $ 4,274 $ 4,633 5,341 $ 4,127 $ 260 $ 375 19,409 10,103
Defined Benefit Plan, Benefit Obligation, Actuarial Gain (Loss)                 1,339  
Employee Severance [Member]                    
Restructuring and other charges                 1,097 4,359
Accrued Liabilities $ 33       $ 1,712       33 1,712
Other Expense [Member]                    
Other Nonrecurring Expense                 $ 19,651 $ 5,744
v3.24.2
Related Party Transactions Related Party (Details) - USD ($)
$ in Thousands
 12 Months Ended
Apr. 27, 2024
Apr. 29, 2023
MBS [Domain]    
Related Party Transaction [Line Items]    
Payments for Rent $ 690 $ 1,150
F/L Relationship    
Related Party Transaction [Line Items]    
Payments for Rent 126,886 145,416
VitalSource    
Related Party Transaction [Line Items]    
Payments for Rent $ 331,232 $ 249,464
v3.24.2
Employees' Defined Contribution Plan (Details) - USD ($)
$ in Thousands
 12 Months Ended
Apr. 27, 2024
Apr. 29, 2023
Equity [Abstract]    
Company contributions, employee benefit expenses $ 1,687 $ 4,391
v3.24.2
Stock-Based Compensation (Details) - USD ($)
$ / shares in Units, $ in Thousands
 12 Months Ended
Apr. 27, 2024
Apr. 29, 2023
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]    
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized 17,909,345  
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number 15,369  
Stock-based compensation expense $ 3,380 $ 4,715
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount $ 2,352  
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition 1 year 29 days  
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value $ 0  
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Aggregate Intrinsic Value, Vested 4,405 8,851
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Vested in Period, Fair Value 1,540 1,903
Selling, General and Administrative Expenses [Member]    
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]    
Stock-based compensation expense 3,380 4,715
Long Term Incentive Plan Compensation $ 3,226 $ 4,416
Restricted Stock [Member]    
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]    
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value $ 0 $ 230.00
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period 0  
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number 0 118
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period (118)  
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period 0  
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value $ 0  
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value 230.00  
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeitures, Weighted Average Grant Date Fair Value $ 0  
Restricted Stock [Member] | Selling, General and Administrative Expenses [Member]    
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]    
Stock-based compensation expense $ 11 $ 172
Restricted Stock Units (RSUs) [Member]    
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]    
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value $ 504.00 $ 533.00
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period 0  
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number 4,853 10,910
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period (4,260)  
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period (1,797)  
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value $ 0  
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value 541.00  
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeitures, Weighted Average Grant Date Fair Value $ 590.00  
Restricted Stock Units (RSUs) [Member] | Selling, General and Administrative Expenses [Member]    
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]    
Stock-based compensation expense $ 2,041 $ 2,813
Performance Share Units (PSUs) [Member] | Selling, General and Administrative Expenses [Member]    
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]    
Stock-based compensation expense $ 0 $ 10
Equity Option    
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]    
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross 0  
hare-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding at Beginning of Period, Weighted Average Grant Date Fair Value   $ 240.00
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number 25,190 27,623
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period 0  
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures in Period 0  
Share-based Compensation Arrangement by Share-based Payment Award, Option, Nonvested, Weighted Average Exercise Price $ 524.00 $ 521.00
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price 0  
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Exercise Price 498.00  
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value 0  
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested, Weighted Average Grant Date Fair Value 0  
Share-based Compensation Arrangements by Share-based Payment Award, Options, Exercises in Period, Weighted Average Exercise Price 0  
Share-based Compensation Arrangements by Share-based Payment Award, Options, Forfeitures in Period, Weighted Average Exercise Price 0  
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested Options Forfeited, Weighted Average Grant Date Fair Value 0  
Share-Based Compensation Arrangements by Share-Based Payment Award, Options, Expirations in Period, Weighted Average Exercise Price $ 490.00  
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Expirations in Period (2,433)  
Share-based Compensation Arrangement by Share-based Payment Award, Options, Expired, Weighted Average Grant Date Fair Value $ 219.00  
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Grant Date Fair Value 241.00  
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Grant Date Fair Value $ 223.00  
Equity Option | Selling, General and Administrative Expenses [Member]    
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]    
Stock-based compensation expense $ 1,328 $ 1,720
Phantom Share Units (PSUs)    
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]    
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value $ 850.00 $ 301.00
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period 0  
Other Deferred Compensation Arrangements, Liability, Current and Noncurrent $ 8 $ 777
Other Deferred Compensation Arrangements, Liability, Current   734
Other Deferred Compensation Arrangements, Liability, Classified, Noncurrent   $ 42
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number 468 6,021
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period (5,048)  
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period (505)  
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value $ 0  
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value 253.00  
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeitures, Weighted Average Grant Date Fair Value $ 273.00  
Phantom Share Units (PSUs) | Selling, General and Administrative Expenses [Member]    
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]    
Deferred Compensation Arrangement with Individual, Compensation Expense $ (154) $ 299
v3.24.2
Income Taxes Income Taxes (Details) - USD ($)
$ in Thousands
 12 Months Ended
Apr. 27, 2024
Apr. 29, 2023
May 01, 2021
us-gaap_TaxCutsAndJobsActOf2017IncomeTaxExpenseBenefit     $ 7,164
Proceeds from Income Tax Refunds $ 7,621 $ 15,774  
Income Taxes Receivable 2,403    
Current Federal Tax Expense (Benefit) 0 0  
Current State and Local Tax Expense (Benefit) 318 301  
Current Foreign Tax Expense (Benefit) 417 252  
Current Income Tax Expense (Benefit) 735 553  
Deferred Federal Income Tax Expense (Benefit) (552) 458  
Deferred State and Local Income Tax Expense (Benefit) 0 0  
Deferred Income Tax Expense (Benefit) (552) 458  
Income Tax Expense (Benefit) $ 183 $ 1,011  
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent 21.00% 21.00%  
Effective Income Tax Rate Reconciliation, State and Local Income Taxes, Percent 4.00% 3.60%  
Effective Income Tax Rate Reconciliation, Tax Contingency, Other, Percent (1.70%) (1.20%)  
Effective Income Tax Rate Reconciliation, Change in Deferred Tax Assets Valuation Allowance, Percent (23.00%) (24.60%)  
Effective Income Tax Rate Reconciliation,Other Reconciling Items, Percent (0.60%) 0.10%  
Effective Income Tax Rate Reconciliation, Percent (0.30%) (1.10%)  
Deferred Tax Assets, Tax Deferred Expense, Reserves and Accruals $ 3,279 $ 5,840  
Deferred Tax Assets, Inventory 19,402 19,426  
Deferred Tax Assets, Tax Deferred Expense, Compensation and Benefits, Share-based Compensation Cost 979 1,145  
Deferred Tax Assets, Tax Deferred Expense, Reserves and Accruals, Self Insurance 0 347  
Deferred Tax Assets, Tax Deferred Expense, Reserves and Accruals, Deferred Rent 53,628 65,471  
Deferred Tax Assets, Tax Credit Carryforwards, Other 1,131 886  
Deferred Tax Assets, Goodwill and Intangible Assets 7,329 8,314  
Deferred Tax Assets, Operating Loss Carryforwards 79,182 70,503  
Deferred Tax Asset, Interest Carryforward 14,897 7,246  
Deferred Tax Assets, Property, Plant and Equipment 795 0  
Deferred Tax Assets, Other 4,052 2,456  
Deferred Tax Assets, Gross 184,674 181,634  
Deferred Tax Assets, Valuation Allowance (81,174) (56,962)  
Deferred Tax Assets, Net of Valuation Allowance 103,500 124,672  
Deferred Tax Liabilities, Goodwill and Intangible Assets (19,757) (23,555)  
Deferred Tax Liabilities, Leasing Arrangements (51,640) (63,201)  
Deferred Tax Liabilities, Inventory (33,392) (33,999)  
Deferred Tax Liabilities, Property, Plant and Equipment 0 (5,755)  
Deferred Tax Liabilities, Gross (104,789) (126,510)  
Deferred Tax Liabilities, Net (1,289)    
Deferred Income Tax Liabilities, Net   (1,838)  
Unrecognized Tax Benefits 0    
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued 0 0  
Deferred Tax Liabilities, Undistributed Foreign Earnings 201    
Deferred Foreign Income Tax Expense (Benefit) 0 $ 0  
Additional Deferred Foreign Income Tax 100    
One percentage point [Domain]      
Current State and Local Tax Expense (Benefit) 623    
Internal Revenue Service (IRS) [Member]      
Operating Loss Carryforwards 457,609    
State and Local Jurisdiction [Member]      
Tax Credit Carryforward, Amount 430    
Domestic Tax Authority      
Operating Loss Carryforwards 265,522    
Tax Credit Carryforward, Amount $ 1,131    
v3.24.2
Commitments and Contingencies Commitments and Contingencies (Details)
$ in Thousands
Apr. 27, 2024
USD ($)
Loss Contingencies [Line Items]  
Purchase Obligation, Due in Next Twelve Months $ 12,066
Purchase Obligation, Due in Second and Third Year 6,497
Purchase Obligation $ 18,563
v3.24.2
Quarterly Earnings (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands
 3 Months Ended 12 Months Ended
Apr. 27, 2024
Jan. 27, 2024
Oct. 28, 2023
Jul. 29, 2023
Apr. 29, 2023
Jan. 28, 2023
Oct. 29, 2022
Jul. 30, 2022
Apr. 27, 2024
Apr. 29, 2023
Text Block [Abstract]                    
Revenues $ 235,922 $ 456,673 $ 610,379 $ 264,161 $ 241,847 $ 438,054 $ 608,633 $ 254,674 $ 1,567,135 $ 1,543,208
Gross Profit 69,864 100,036 136,242 50,634 58,282 97,011 138,141 56,005 356,776 349,439
Income (Loss) from Continuing Operations, Net of Tax, Attributable to Parent (27,436) (9,928) 24,854 (49,971) (41,852) (22,134) 24,168 (50,322) (62,481) (90,140)
Income (Loss) from Discontinued Operations, Net of Tax, Attributable to Parent 72 289 (674) (417) (4,398) (2,915) (2,024) (2,385) (730) (11,722)
Net Income (Loss) Attributable to Parent $ (27,364) $ (9,639) $ 24,180 $ (50,388) $ (46,250) $ (25,049) $ 22,144 $ (52,707) $ (63,211) $ (101,862)
Income (Loss) from Continuing Operations, Per Basic Share $ (10.27) $ (3.71) $ 9.36 $ (18.87) $ (15.82) $ (8.37) $ 9.16 $ (19.18) $ (23.47) $ (34.17)
Income (Loss) from Continuing Operations, Per Diluted Share (10.27) (3.71) 9.36 (18.87) (15.82) (8.37) 9.14 (19.18) (23.47) (34.17)
Discontinued Operation, Income (Loss) from Discontinued Operation, Net of Tax, Per Basic Share 0.03 0.11 (0.25) (0.16) (1.66) (1.10) (0.77) (0.91) (0.28) (4.44)
Income (Loss) from Discontinued Operations and Disposal of Discontinued Operations, Net of Tax, Per Diluted Share 0.03 0.11 (0.25) (0.16) (1.66) (1.10) (0.77) (0.91) (0.28) (4.44)
Earnings Per Share, Basic (10.24) (3.60) 9.11 (19.03) (17.48) (9.47) 8.39 (20.09) (23.75) (38.61)
Earnings Per Share, Diluted $ (10.24) $ (3.60) $ 9.11 $ (19.03) $ (17.48) $ (9.47) $ 8.37 $ (20.09) $ (23.75) $ (38.61)
Weighted Average Number of Shares Outstanding, Basic 2,673 2,673 2,655 2,648 2,646 2,646 2,637 2,624 2,662 2,638
Weighted Average Number of Shares Outstanding, Diluted 2,673 2,673 2,655 2,648 2,646 2,646 2,645 2,624 2,662 2,638
Restructuring and other charges $ 7,089 $ 3,413 $ 4,274 $ 4,633 $ 5,341 $ 4,127 $ 260 $ 375 $ 19,409 $ 10,103
Other Nonrecurring Expense 1,368 5,798 0 0 0 6,008 0 0 7,166 6,008
Interest Income (Expense), Net $ 10,827 $ 10,620 $ 10,664 $ 8,254 $ 7,011 $ 6,918 $ 4,886 $ 3,868 $ 40,365 $ 22,683
v3.24.2
Subsequent Events (Details) - USD ($)
$ in Thousands
 3 Months Ended 12 Months Ended
Jun. 11, 2024
Jun. 10, 2024
Apr. 16, 2024
Mar. 12, 2024
Dec. 12, 2023
Oct. 10, 2023
Jul. 28, 2023
May 24, 2023
Mar. 08, 2023
Jul. 27, 2024
Apr. 27, 2024
Jun. 05, 2024
Apr. 29, 2023
Jun. 07, 2022
Apr. 30, 2022
Subsequent Event [Line Items]                              
Long-Term Debt                     $ 196,337   $ 182,151    
Common Stock, Shares Authorized                     200,000,000 10,000,000,000 200,000,000    
Common Stock, Shares, Issued                     558,000   551,000   54,234,000
Rights Offering Bonus Element   5.03                          
Term Loan                              
Subsequent Event [Line Items]                              
Long-term Debt, Description             On July 28, 2023, we amended our Term Loan to (i) extend the maturity date of the Term Loan Agreement to April 7, 2025, (ii) allow for interest to be paid in kind until September 2, 2024, (iii) amend the 1.50% anniversary fee to recur on June 7 of each year that the Term Loan Agreement remains outstanding, with 2024 fee deferred to the earlier of September 2, 2024 and the Termination Date (as defined in the Term Loan Agreement) and (iv) amend certain negative covenants and affirmative and add certain additional covenants. We must pay a fee of $50 to the lenders under the Term Loan Agreement on the earlier of September 2, 2024 and the Termination Date (as defined in the Term Loan Agreement). For additional information, see the Company's Report on Form 8-K filed with the SEC on July 28, 2023.During the 52 weeks ended April 27, 2024, we incurred debt issuance costs totaling $499 related to the July 2023 Term Loan Credit Agreement amendment. The debt issuance costs have been deferred and are presented as a reduction to long-term borrowings in the consolidated balance sheets, and subsequently amortized ratably over the term of the Term Loan Facility.   On March 8, 2023, we amended the Term Loan Credit Agreement to (i) extend the maturity date of the Term Loan Credit Agreement by six months to December 7, 2024, (ii) permit the application of certain proceeds to the repayment of the loans under Credit Agreement and (iii) amend certain negative covenants and add certain additional covenants to conform to the Credit Agreement. In addition, the amendment requires the achievement of a Specified Event (as described above) by no later than May 31, 2023 (as such date may be extended under the Credit Agreement, but no later than August 31, 2023 without consent from lenders under the Term Loan Credit Agreement). For additional information, see the Company's Report on Form 8-K dated March 8, 2023 and filed with the SEC on March 9, 2023.During the 52 weeks ended April 29, 2023, we incurred debt issuance costs totaling $431 related to the March 2023 Term Loan Credit Agreement amendment. We paid a fee of $50 on the amendment closing date to the lenders under the Term Loan Credit Agreement. The debt issuance costs have been deferred and are presented as a reduction to long-term borrowings in the consolidated balance sheets, and subsequently amortized ratably over the term of the Term Loan Facility.   The Term Loans accrue interest at a rate equal to 11.25%, payable quarterly. All interest on the Term Loan prior to July 29, 2023 was paid in cash. Subsequent to July 29, 2023, all interest incurred on the Term Loan was incurred in kind as permitted under the July 2023 Term Loan Amendment and is part of the outstanding debt balance. The Term Loans do not amortize prior to maturity. The Term Loan Credit Agreement does not contain a financial covenant, but otherwise contains representations and warranties, covenants and events of default that are substantially the same as those in the Credit Agreement, including restrictions on the ability of the Company and its subsidiaries to incur additional debt, incur or permit liens on assets, make investments and acquisitions, consolidate or merge with any other company, engage in asset sales and make dividends and distributions. The Term Loan Facility is secured by second-priority liens on all assets securing the obligations under the Credit Agreement, which is all of the assets of the Company and the Guarantors, subject to customary exclusions and limitations set forth in the Term Loan Credit Agreement and the other loan documents executed in connection therewith.The Credit Agreement amendment permitted us to incur the Term Loan Facility and also provides that, upon repayment of the Term Loan Credit Agreement (and, if applicable, any replacement credit facility thereof), we may incur second lien secured debt in an aggregate principal amount not to exceed $75,000.        
Long-Term Debt   $ 34                 $ 30,000   $ 32,652 $ 30,000  
New Credit Facility                              
Subsequent Event [Line Items]                              
Long-term Debt, Description     April 2024 Credit Agreement AmendmentOn April 16, 2024, we amended our existing Credit Agreement to, among other things, revise certain milestones related to the previously-disclosed liquidity and refinancing contingency plans to align such milestones with the Transactions contemplated by the Purchase Agreement (as defined in Note 17. Subsequent Events) (the “Twelfth Amendment to Credit Agreement”), which milestones include (i) filing the Form S-1 no later than two (2) business days after the date of such amendment, (ii) obtaining receipt of support letters in support of the Transactions from persons owning not less than 20% of the outstanding voting stock of the Company by no later than May 3, 2024 (or such later date as agreed to in writing by the administrative agent in its sole discretion), (iii) obtaining receipt of the Securities and Exchange Commission (“SEC”) approval with respect to such Form S-1 on or before May 24, 2024 (or such later date as agreed to in writing by the administrative agent in its sole discretion) and (iv) closing the Transactions contemplated by the Purchase Agreement on or before the date that is 25 days after the receipt of SEC approval with respect to the Form S-1. During the 52 weeks ended April 27, 2024, we incurred debt issuance costs totaling $851 related to the April 2024 Credit Agreement amendment. March 2024 Credit Agreement AmendmentOn March 12, 2024, we amended our existing Credit Agreement to, among other things, (i) revise certain reporting requirements under the Credit Agreement and (ii) set certain milestones for liquidity and refinancing contingency plans, with respect to which we must execute a binding commitment no later than April 3, 2024 (as may be extended by the administrative agent to April 10, 2024). During the 52 weeks ended April 27, 2024, we incurred debt issuance costs totaling $1,929 related to the March 2024 Credit Agreement amendment. December 2023 Credit Agreement AmendmentOn December 12, 2023, we amended our existing Credit Agreement to, among other things: (i) amend the financial maintenance covenant to require Availability (as defined in the Credit Agreement) at all times to be greater than the greater of (x) 10% of the Aggregate Loan Cap (as defined in the Credit Agreement) and (y) (A) $32,500 or, subject to the satisfaction of certain conditions relating to the repayment of the Credit Agreement in full, (B) (a) $20,000 for the period of December 8, 2023 through January 12, 2024, (b) $25,000 for the period from January 26, 2024 through February 9, 2024, (c) $25,000 for the period of April 1, 2024 through April 30, 2024 and (d) $30,000 for the period of May 1, 2024 through May 31, 2024, and (ii) revise certain reporting requirements under the Credit Agreement. The amendment also revised the Specified Liquidity Transaction Fee introduced in the October 2023 Credit Agreement Amendment such that the $3,800 became due and was paid on January 31, 2024. During the 52 weeks ended April 27, 2024, we incurred debt issuance costs totaling $4,047 related to the December 2023 Credit Agreement amendment. The debt issuance costs have been deferred and are presented as prepaid and other current assets and other noncurrent assets in the consolidated balance sheets, and subsequently amortized ratably over the term of the Credit Agreement. For additional information related to the Credit Agreement amendment, see the Company’s Report on Form 8-K dated December 12, 2023 and filed with the SEC on December 13, 2023. October 2023 Credit Agreement AmendmentOn October 10, 2023, we amended our existing Credit Agreement to revise certain reporting requirements to the administrative agent and lenders under the Credit Agreement. The amendment introduced a Specified Liquidity Transaction Fee of $3,800 that would become due and payable at the earlier to occur of (a) January 31, 2024, to the extent a Specified Liquidity Transaction (as defined in the Credit Agreement) has not been consummated prior to such date (or such later date that is up to thirty days thereafter to the extent agreed to in writing by the Administrative Agent in its sole discretion) or (b) an Event of Default under the Credit Agreement. During the 52 weeks ended April 27, 2024, we incurred debt issuance costs totaling $1,428 related to the October 2023 Credit Agreement amendment. The debt issuance costs have been deferred and are presented as prepaid and other current assets and other noncurrent assets in the consolidated balance sheets, and subsequently amortized ratably over the term of the Credit Agreement. July 2023 Credit Agreement AmendmentOn July 28, 2023, we amended our existing Credit Agreement to (i) extend the maturity date of the Credit Agreement to December 28, 2024, (ii) reduce advance rates with respect to the borrowing base by 1000 basis points on September 2, 2024 (in lieu of the reductions previously contemplated for September 2023), (iii) subject to the conditions set forth in such amendment, add a CARES Act tax refund claim to the borrowing base, from April 1, 2024 through July 31, 2024, (iv) amend the financial maintenance covenant to require Availability (as defined in the Credit Agreement) at all times greater than the greater of (x) 10% of the Aggregate Loan Cap (as defined in the Credit Agreement) and (y) (A) $32,500 minus, subject to the conditions set forth in such amendment, (B) (a) $7,500 for the period of April 1, 2024 through and including April 30, 2024, (b) $2,500 for the period of May 1, 2024 through and including May 31, 2024 and (c) $0 at all other times, (v) add a minimum Consolidated EBITDA (as defined in the Credit Agreement) financial maintenance covenant, and (vi) amend certain negative and affirmative covenants and add certain additional covenants, all as more particularly set forth in such amendment. The amendment also requires that we appoint a Chief Restructuring Officer and that, by August 11, 2023, we (i) appoint two independent members to the board of directors of the Company from prospective candidates that have been previously disclosed to the Administrative Agent and the Lenders and (ii) appoint a committee of the board of directors of the Company to consist of three board members (two of whom will be the new independent directors). The committee’s responsibilities will include, among other things, to explore, consider, solicit expressions of interest or proposals for, respond to any communications, inquiries or proposals regarding, and advise as to all strategic alternatives to effect a “Specified Liquidity Transaction” (as defined in the Credit Agreement). There can be no guarantee or assurances that any such transaction or transactions be consummated. We must pay (i) a fee of 0.50% of the outstanding principal amount of the commitments under the Credit Agreement March 2023 amendment (as defined in the Credit Agreement) on the closing date (in lieu of the deferred fee previously contemplated in connection with the March 2023 amendment (as defined in the Credit Agreement)) and (ii) a fee of 1.00% of the outstanding principal amount of the commitments under the Credit Agreement as of the closing date on the earlier to occur of September 2, 2024 and an Event of Default (as defined in the Credit Agreement). For additional information related to the Credit Agreement amendment, see the Company's Report on Form 8-K filed with the SEC on July 28, 2023.During the 52 weeks ended April 27, 2024, we incurred debt issuance costs totaling $11,516 related to the July 2023 Credit Agreement amendment. The debt issuance costs have been deferred and are presented as prepaid and other current assets and other noncurrent assets in the consolidated balance sheets, and subsequently amortized ratably over the term of the Credit Agreement. May 2023 Credit Agreement AmendmentOn May 24, 2023, we amended our existing Credit Agreement to (i) increase the applicable margin with respect to the interest rate under the Credit Agreement to 3.75% per annum, in the case of interest accruing based on SOFR, and 2.75%, in the case of interest accruing based on an alternative base rate, in each case, without regard to a pricing grid, (ii) defer the reduction of advance rates used to calculate our borrowing capacity by an amount equal to 500 basis points previously required on May 31, 2023 to September 1, 2023, (iii) require cash flow reporting and variance testing commencing June 3, 2023 and (iv) defer partial prepayment of the term loan from the DSS segment sale proceeds to September 1, 2023. We did not incur debt issuance costs related to the May 2023 Credit Agreement amendment. For additional information related to the Credit Agreement amendment, see the Company’s Report on Form 8-K dated May 24, 2023 and filed with the SEC on May 31, 2023. March 2023 Credit Agreement AmendmentOn March 8, 2023, we amended our existing Credit Agreement to (i) extend the maturity date of the Credit Agreement by six months to August 29, 2024, (ii) reduce the commitments under the Credit Agreement by $20,000 to $380,000, (iii) increase the applicable margin with respect to the interest rate under the Credit Agreement to 3.375% per annum, in the case of interest accruing based on a Secured Overnight Financing Rate, and 2.375%, in the case of interest accruing based on an alternative base rate, in each case, without regard to a pricing grid, (iv) reduce advance rates with respect to the borrowing base (x) by 500 basis points upon the achievement of certain liquidity events, which may include a sale of equity interests or of assets (a “Specified Event”), or, if such a Specified Event shall not have occurred, no later than May 31, 2023 (see discussion below) and (y) by an additional 500 basis points on September 29, 2023, (v) amend certain negative covenants and add certain additional covenants, (vi) amend the financial maintenance covenant to require Availability (as defined in the Credit Agreement) to be at all times greater than the greater of 10% of the Aggregate Loan Cap (as defined in the Credit Agreement) and $32,500 and (vii) require repayment of the loans under the Credit Agreement upon a Specified Event. For additional information related to the Credit Agreement amendment, see the Company’s Report on Form 8-K dated March 8, 2023 and filed with the SEC on March 9, 2023. As noted above, the amendment required the achievement of a Special Event by no later than May 31, 2023 (as such date may be extended pursuant to the terms of the Credit Agreement). See Note 2. Summary of Significant Accounting Policies for information related to the sale of our DSS segment on May 31, 2023. We paid a fee of 0.25% of the outstanding principal amount of the commitments under the Credit Agreement on the amendment closing date and we will pay an additional fee of 1.00% of the outstanding principal amount of the commitments under the Credit Agreement on September 29, 2023 (see July 2023 Credit Agreement Amendment below for the change in payment terms)During the 52 weeks ended April 29, 2023, we incurred debt issuance costs totaling $4,081 related to the March 2023 Credit Agreement amendment. The debt issuance costs have been deferred and are presented as prepaid and other current assets and other noncurrent assets in the consolidated balance sheets, and subsequently amortized ratably over the term of the Credit Agreement.            
Credit facility, borrowing capacity   $ 325                 $ 400,000        
Subsequent Event                              
Subsequent Event [Line Items]                              
Proceeds from Issuance or Sale of Equity                   $ 95          
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 will be 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 is 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 will also be 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                            
Proceeds from Issuance or Sale of Equity, Net of Expenses                   80          
Rights Offering Bonus Element   5.03                          
Subsequent Event | Rights Offering                              
Subsequent Event [Line Items]                              
Proceeds from Issuance or Sale of Equity                   45          
Common Stock, Shares, Issued   900,000,000                          
Subsequent Event | Rights Offering | Subscribers                              
Subsequent Event [Line Items]                              
Proceeds from Issuance or Sale of Equity                   32,100          
Sale of Stock, Description of Transaction   Through the Rights Offering, we issued 900,000,000 shares of our common stock at a cash subscription price (the “Subscription Price”) of $0.05 per share. 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 Over-Subscription Rights to subscribe for additional shares of Common Stock that remain unsubscribed as a result of any unexercised 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.                          
Subsequent Event | Rights Offering | Backstop Commitment                              
Subsequent Event [Line Items]                              
Proceeds from Issuance or Sale of Equity                   12,900          
Sale of Stock, Description of Transaction   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. The Rights Offering was offered to all existing stockholders at an exercise price that was less than the fair value of our Common Stock, as of such time, the weighted average shares outstanding and basic and diluted earnings (loss) per share were adjusted retroactively to reflect the bonus element of the rights offering for all periods presented by a factor of 5.03.                          
Subsequent Event | Private Investment Equity                              
Subsequent Event [Line Items]                              
Proceeds from Issuance or Sale of Equity                   50          
Sale of Stock, Description of Transaction   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.                          
Subsequent Event | Private Investment Equity | Immersion                              
Subsequent Event [Line Items]                              
Proceeds from Issuance or Sale of Equity                   45          
Subsequent Event | Private Investment Equity | VitalSource                              
Subsequent Event [Line Items]                              
Proceeds from Issuance or Sale of Equity                   $ 5          
Subsequent Event | New Credit Facility                              
Subsequent Event [Line Items]                              
Long-term Debt, Description   On June 10, 2024 (the “Closing Date”), we amended and restated and extended the maturity of our existing asset-based Credit Facility with Bank of America, N.A., as administrative agent, collateral agent and swing line lender, and other lenders from time to time party thereto (such amended and restated credit facility, the “Restated ABL Facility”). Pursuant to the Restated ABL Facility, the lenders thereunder have committed to provide a four-year asset-backed revolving credit facility in an aggregate committed principal amount of up to $325,000. The Restated ABL Facility has a maturity date of June 9, 2028.Interest under the Restated ABL 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 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 and other specified payments, merge with other entities, dispose of or acquire assets, or engage in transactions with affiliates, among other things. Additionally, the Restated ABL Facility 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 Credit Agreement) of (x) $25,000 for the first thirty (30) months after the Closing Date and (y) $30,000 after the date that is thirty (30) months after the Closing Date;         •commencing with the month ending May 31, 2025, the Company is required to maintain a Consolidated Fixed Charge Coverage Ratio (as defined in the Restated ABL Facility) of not less than 1.10 to 1.00, which will be tested monthly on the last day of each fiscal month for the trailing 12-month period; and              •commencing with the quarter ending October 31, 2024, the Company is required to maintain a minimum Consolidated EBITDA (as defined in the Restated ABL Facility), which will be tested quarterly on the last day of each fiscal quarter for (a) the trailing six-month period for the first test date, (b) the trailing nine-month period of the second test date and (c) for the trailing 12-month period thereafter.The Restated ABL Facility does not require the retention of a chief restructuring officer or the formation or maintenance of any special committees of the board of directors of the company.The Credit Agreement contains customary events of default, including for non-payment of obligations owing under the Restated ABL Facility, material breaches of representations and warranties, failure to perform or observe covenants, default on other material indebtedness, customary ERISA events of default, bankruptcy and insolvency, material judgments, invalidity of liens on collateral, change of control or cessation of business. The Credit Agreement also contains customary affirmative covenants and representations and warranties.In connection with the Restated ABL Facility, the 1.00% fee payable in connection with the eighth amendment to the Restated ABL Facility (prior to its having been restated) is due and payable (x) 50% on September 2, 2024 and (y) 50% on June 10, 2025.                          
v3.24.2
Schedule II Valuation and Qualifying Accounts Schedule II Valuation and Qualifying Accounts (Details) - USD ($)
$ in Thousands
 12 Months Ended
Apr. 27, 2024
Apr. 29, 2023
Apr. 30, 2022
SEC Schedule, 12-09, Allowance, Credit Loss [Member]      
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items]      
SEC Schedule, 12-09, Valuation Allowances and Reserves, Additions, Charge to Cost and Expense $ 1,595 $ 575  
SEC Schedule, 12-09, Valuation Allowances and Reserves, Deduction (1,884) (1,662)  
SEC Schedule, 12-09, Valuation Allowances and Reserves, Amount 867 1,156 $ 2,243
Sales Returns and Allowances [Member]      
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items]      
SEC Schedule, 12-09, Valuation Allowances and Reserves, Additions, Charge to Other Account 142,660 122,831  
SEC Schedule, 12-09, Valuation Allowances and Reserves, Deduction (142,905) (123,128)  
SEC Schedule, 12-09, Valuation Allowances and Reserves, Amount $ 2,182 $ 2,426 $ 2,723
v3.24.2
Label Element Value
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $ 21,036,000