v3.26.1
Debt
 3 Months Ended
Aug. 01, 2026
Debt Disclosure [Abstract]  
Debt Debt
As of
Maturity Date
August 1, 2026May 2, 2026
Credit FacilityJune 9, 2028$123,500 $71,000 
Total debt$123,500 $71,000 
Balance Sheet classification:
Long-term borrowings$123,500 $71,000 
Total debt$123,500 $71,000 
Credit Facility
In connection with the delayed filing of our 2025 Annual Report and our Quarterly Reports on Form 10-Q for the first and second quarters of Fiscal 2026, the Company entered into a series of limited consent and waiver agreements with the lenders under its asset-based revolving credit facility to extend certain financial reporting deadlines. These waivers related solely to the timing of the Company’s filings and did not arise from noncompliance with any financial covenants
On August 8, 2025, the Company and the administrative agent entered into a limited consent and waiver providing a 75-day extension of the applicable reporting deadlines to October 22, 2025, in exchange for a fee equal to 0.10% of the aggregate revolving commitments. On October 21, 2025, the Company exercised an additional 45-day extension option under the waiver, extending the reporting deadline to December 6, 2025, in exchange for an additional fee equal to 0.10% of the revolving commitments. On December 5, 2025, the Company entered into a Second Limited Consent and Waiver, further extending the reporting deadlines to January 20, 2026, in exchange for an additional fee equal to 0.10% of each consenting lender’s revolving commitment.
During the applicable extension periods, the Company was subject to certain customary conditions, including enhanced reporting requirements, periodic update calls with lenders, and a minimum excess availability requirement of $30,000. Failure to comply with these conditions would have constituted an event of default.
The Credit Facility provides for aggregate revolving commitments of up to $325,000 and matures on June 9, 2028. The Company has interest-only obligations under the Credit Facility until maturity, at which time all outstanding principal is due and payable. Interest accrues, at the Company's election, either (i) at a rate based on the Secured Overnight Financing Rate,
subject to a floor of 2.50%, plus an applicable margin of 3.50%, or (ii) at an alternate base rate, subject to a floor of 3.50%, plus an applicable margin of 2.50%. The applicable margins may be reduced by 0.25% upon achievement of certain financial performance thresholds. The Credit Facility contains customary negative covenants, as well as financial maintenance covenants including a minimum Availability requirement, a minimum Consolidated EBITDA requirement, and a minimum Consolidated Fixed Charge Coverage Ratio of not less than 1.10 to 1.00. The Credit Facility is secured by substantially all of the inventory, accounts receivable, and related assets of the borrower. This is considered an all-assets lien (inclusive of proceeds from tax refunds payable to the Company and a pledge of equity from subsidiaries, exclusive of real estate), subject to customary exclusions.
As of August 1, 2026, the Company remained in compliance with all covenants under the A&R Credit Agreement.
Debt Issuance Costs
The debt issuance costs have been deferred and are presented as noted below in the condensed Consolidated Balance Sheets, and are subsequently amortized ratably over the term of the respective debt.
As of
Balance Sheet Location
Maturity Date/
Amortization Term
August 1, 2026May 2, 2026
Credit Facility - Other noncurrent assets
June 9, 2028$7,019 $7,935 
Total deferred financing costs
$7,019 $7,935 
Interest
The following table disaggregates interest expense:
13 weeks ended
August 1, 2026August 2, 2025
Interest Incurred
Credit Facility$1,821 $2,839 
Total Interest Incurred$1,821 $2,839 
Amortization of Deferred Financing Costs
Credit Facility$916 $916 
Total Amortization of Deferred Financing Costs$916 $916 
Interest income
$(19)$(10)
Total Interest Expense, net
$2,718 $3,745