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Financing Arrangements
12 Months Ended
Feb. 01, 2025
Financing Arrangements [Abstract]  
Financing Arrangements
8.
 
Financing Arrangements:
At February 1,
 
2025, the Company had
 
an unsecured revolving credit
 
agreement, which provided
 
for
borrowings of
 
up to
 
$
35.0
 
million less
 
the balance
 
of any
 
revocable letters
 
of credit
 
related to
 
purchase
commitments, and
 
was committed
 
through
May 2027
. The
 
credit agreement
 
contained various
 
financial
covenants and limitations, including the maintenance of specific
 
financial ratios with which the Company
was not in compliance as of
 
February 1, 2025. There were
no
 
borrowings outstanding, or any outstanding
letters of
 
credit, under
 
this credit
 
facility as
 
of the
 
fiscal year
 
ended February
 
1, 2025
 
or
 
the fiscal
 
year
ended
 
February 3,
 
2024.
 
On
 
March
 
13,
 
2025,
 
the
 
Company terminated
 
the
 
unsecured revolving
 
line
 
of
credit when it entered into
 
a new $
35.0
 
million asset-backed revolving line of credit
 
(the “ABL Facility”)
secured primarily by
 
inventory and third-party
 
credit card receivables.
 
As of March
 
31, 2025 there
 
were
no
 
borrowings
 
under
 
the
 
ABL
 
Facility
 
and
 
availability
 
under
 
the
 
ABL
 
Facility
 
was
 
$
30.0
 
million.
 
For
additional information regarding the ABL Facility, see Note 1 to the Consolidated Financial Statements.
The
 
Company
 
had
no
 
outstanding
 
revocable
 
letters
 
of
 
credit
 
relating
 
to
 
purchase
 
commitments
 
at
February 1, 2025 or at February 3, 2024.
 
On April 25,
 
2024, the Company amended
 
the now terminated
 
unsecured revolving credit agreement
to modify a definition used in calculating the Company’s
 
minimum EBITDAR coverage ratio to add back
certain
 
income
 
tax
 
receivables
 
included
 
in
 
the
 
calculation
 
of
 
the
 
ratio.
 
On
 
November
 
1,
 
2024,
 
the
Company
 
amended
 
the
 
now
 
terminated
 
unsecured
 
revolving
 
credit
 
agreement
 
to
 
lower
 
the
 
minimum
EBITDAR
 
coverage
 
ratio
 
and
 
the
 
corresponding minimum
 
cash
 
and
 
investments
 
used
 
to
 
determine the
EBITDAR coverage ratio in exchange for a secured position in any
 
future borrowings.