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DEBT (Tables)

9 Months Ended

Nov. 02, 2024

Debt Disclosure [Abstract]

Schedule of Line of Credit Facilities

The tables below present the components of the Company’s ABL Credit Facility:

			November 2, 2024						February 3, 2024						October 28, 2023
			(in millions)
Total borrowing base availability (1)			$	422.9					$	258.4					$	394.7
Credit facility availability (1)			433.0						400.5						400.5
Maximum borrowing availability (2)			422.9						258.4						394.7
Outstanding borrowings			362.4						226.7						358.7
Letters of credit outstanding—standby			12.2						7.4						7.4
Utilization of credit facility at end of period			374.6						234.1						366.1
Availability (3)			$	48.3					$	24.3					$	28.6
Interest rate at end of period			8.1%						8.1%						8.0%

____________________________________________

(1)In Fiscal 2023, the total borrowing base availability and credit facility availability were both calculated net of the excess availability threshold, as prior to the Seventh Amendment, crossing that threshold would have resulted in cash dominion, which would have triggered a fixed charge coverage ratio covenant test and would likely have led to a default under the Credit Agreement. As of the Seventh Amendment, the fixed charge coverage ratio covenant has been removed from the Credit Agreement, and entering into cash dominion by crossing the excess availability threshold no longer poses the same risk of default under the Credit Agreement.

(2)The lower of the credit facility availability and the total borrowing base availability.

(3)The sub-limit availability for letters of credit was $12.8 million at November 2, 2024, and $42.6 million at February 3, 2024 and October 28, 2023.

			Year-To-Date 2024						Fiscal 2023						Year-To-Date 2023
			(in millions)
Average end of day loan balance during the period			$	280.9					$	315.5					$	327.6
Highest end of day loan balance during the period			$	366.9					$	379.4					$	379.4
Average interest rate			9.0%						7.5%						7.0%

Schedule of Contractual Obligation, Fiscal Year Maturity

Maturities of the Company’s principal debt payments on the Mithaq Term Loans as of November 2, 2024 are as follows:

			November 2, 2024
			(in thousands)
Remainder of 2024			$	—
2025			—
2026			—
2027			168,600
Thereafter			—
Total related party debt			$	168,600

X

- Definition

Tabular disclosure of contractual obligation by timing of payment due. Includes, but is not limited to, long-term debt obligation, lease obligation, and purchase obligation.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Name Regulation S-X (SX)
-Number 210
-Section 12
-Subsection 04
-Subparagraph (a)
-Publisher SEC

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-04(a))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-3

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- References

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- Definition

Tabular disclosure of short-term or long-term contractual arrangements with lenders, including letters of credit, standby letters of credit, and revolving credit arrangements, under which borrowings can be made up to maximum amount as of any point in time conditional on satisfaction of specified terms before, as of and after the date of drawdowns on the line.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(22)(b))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

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-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(19)(b))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

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