Financial Performance - Cash flows used in operating activities from continuing operations during the 26 weeks ended October 28, 2023 were (47.2)million,adecreaseof57.3 million compared to cash flows provided by operating activities of 10.1millionduringthesameperiodin2022[135].−NetIncomefromContinuingOperationswas24.9 million for the 13 weeks ended October 28, 2023, compared to 24.2millionforthesameperiodin2022[166].−CashFlowfromOperatingActivitiesfromContinuingOperationswas(47.2) million for the 26 weeks ended October 28, 2023, compared to 10.1millionforthesameperiodin2022[166].−Thecompanyreportedanetlossof(674) for the 13 weeks ended October 28, 2023, compared to a net loss of (2,024)forthesameperiodin2022[202].−Thecompanyreportedanetlossof26,208 thousand for the period ending October 28, 2023, an improvement from a net loss of 30,563thousandinthesameperiodlastyear[220].−Forthe13weeksendedOctober28,2023,netincomefromcontinuingoperationswas24.85 million, compared to 24.17millionforthesameperiodin2022,representingayear−over−yearincreaseof2.8610,379, compared to 608,633forthesameperiodin2022,reflectingaslightincreaseof0.32,784 thousand, a decrease from 8,465thousandinthesameperiodlastyear[261].DebtandInterestExpenses−Interestexpenserecognizedduringthe26weeksendedOctober28,2023was18.9 million, compared to 8.8millionforthesameperiodin2022,indicatingasignificantincrease[143].−TheTermLoansaccrueinterestatarateof11.2511.5 million related to the July 2023 Credit Agreement amendment, which will be amortized over the term of the credit agreement[139]. - The company incurred debt issuance costs totaling 1.4millionrelatedtotheOctober2023CreditAgreementamendment[168].−Thecompanyincurreddebtissuancecoststotaling0.4 million related to the March 2023 Term Loan Credit Agreement amendment[183]. - The company incurred interest expense of 10,664forthe13weeksendedOctober28,2023,comparedto4,886 for the same period in 2022, representing a significant increase of 118.5%[202]. - The company incurred 863forinterestinkindontheTermLoansduringthe26weeksendedOctober28,2023,with30,863 of outstanding borrowings as of that date[285]. Sales and Revenue - Retail sales increased by 9.7million,or1.2844.8 million during the 26 weeks ended October 28, 2023, compared to 835.1millionduringthesameperiodin2022[161].−Totalcoursematerialproductsalesincreasedby26.6 million, or 4.9%, to 573.9millionduringthe26weeksendedOctober28,2023,primarilyduetothegrowthofBNCFirstDayprograms[161].−Totalgeneralmerchandiseproductnetsalesdecreasedby17.8 million, or 8.4%, to 193.7millionduringthesameperiod,primarilyduetolowercommissionsforlogogeneralmerchandise[161].−TotalBNCFirstDaySalesroseto199.2 million, up from 143.3millionyear−over−year,alsoa39136.4 million on October 28, 2023, from 90.0milliononOctober29,2022,representinga5262.8 million, up 18% from 53.3millioninthepreviousyear[320].OperationalChangesandRestructuring−Thecompanyraisedadditionalliquidityandtookoperationalrestructuringactionstoimproveliquidityandalleviatesubstantialdoubtaboutitsabilitytocontinueasagoingconcern[166].−Thecompany’sworkforcereductionandoperationalstreamliningeffortsareexpectedtoenhanceproductivityandprofitabilitymovingforward[257].−Thecompanyachievedannualizedsavingsof30,000 to 35,000fromcostreductioninitiativesimplementedduringFiscal2023,withfurtherplannedsavingsofapproximately25,000 in Fiscal 2024[257]. - During the 13 weeks ended October 28, 2023, restructuring and other charges totaled 4.3million,comparedto0.3 million for the same period in 2022[179]. Cash and Liquidity - Cash, cash equivalents, and restricted cash at the end of the period were 35,341,including20,333 of restricted cash related to commission due to Lids[215]. - The company expects to maintain adequate liquidity levels to support ongoing inventory purchases and related vendor payments[176]. - The tightening of available credit commitments raised substantial doubt about the company's ability to continue as a going concern, which management addressed by implementing a liquidity improvement plan[215]. - Cash and cash equivalents decreased to 15,008thousandfrom17,296 thousand year-over-year, a decline of approximately 13.2%[219]. - The company reported a total stockholders' equity of 105,964thousand,downfrom200,464 thousand year-over-year, a decrease of approximately 47%[219]. Stock Repurchase and Shareholder Actions - During the 13 and 26 weeks ended October 28, 2023, the company repurchased 66,852 and 144,750 shares of Common Stock, respectively, outside of the stock repurchase program[152]. - As of October 28, 2023, the approximate dollar value of shares that may yet be purchased under publicly announced plans or programs is 26,669,324[178]. - The company repurchased 66,852 shares of Common Stock during the 13 weeks ended October 28, 2023, as part of employee tax withholding obligations[276]. Segment Performance - The company has two reportable segments: Retail and Wholesale, following the classification of the DSS Segment as Assets Held for Sale and Discontinued Operations[238]. - The Wholesale Segment serves approximately 2,900 physical bookstores and 554 virtual bookstores, indicating a broad distribution network[274]. - The company operates 1,271 physical, virtual, and custom bookstores, serving more than 5.8 million students[226]. Future Outlook and Strategy - The company plans to continue expanding its market presence through new strategies and partnerships[322]. - The company plans to move many institutions to the First Day Complete model in Fiscal 2024 and the majority by Fiscal 2025[228]. - The company expects gross general merchandise sales to increase over the long term, driven by evolving product assortments and enhanced e-commerce capabilities through the F/L Relationship with Fanatics and Lids[226].