Debt |
6 Months Ended |
|---|---|
Mar. 30, 2025 | |
| Debt Disclosure [Abstract] | |
| Debt | DEBT The Company has debt consisting of a single 25-year term loan with BH Finance LLC, with an aggregate principal balance of $453.5 million at a 9% annual fixed rate and maturing on March 16, 2045 (referred to herein as “Credit Agreement” and “Term Loan”). On March 30, 2025, the fair value was $372.4 million, representing a Level 2 fair value measurement, which are fair values estimated using significant other observable inputs. During the six months ended March 30, 2025, net cash proceeds from asset sales totaled $6.1 million. The Company made zero principal debt payments as a result of non-core asset sales, and the proceeds remain payable to BH Finance. Future payments are contingent on the Company's ability to generate future excess cash flow, as defined in the Credit Agreement. As of March 30, 2025, there was no excess cash flow payment due. In an effort to provide short-term liquidity to fund the Cyber Incident's remediation efforts and other operations, in February 2025, BH Finance LLC waived the current payment of the interest and BH Media Group, Inc. waived the lease payment due March 1, 2025. A similar waiver was provided for payments made in April and May 2025. As of March 30, 2025, the waivers increased the outstanding balance by $7.5 million and is treated as non-cash activity within the statement of cash flows. These waivers were treated as a modification to the existing credit agreement.
|