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Subsequent Events | 12 Months Ended
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Jan. 30, 2021
Subsequent Events [Abstract] |
Subsequent Events | P. SUBSEQUENT EVENTS Registered Direct Offering – Common Stock On February 5, 2021, the Company sold, pursuant to a stock purchase agreement and through a registered direct offering, an aggregate of 11,111,111 shares of its common stock, for a gross purchase price of $5.0 million, before payment of offering costs. The Company intends to use the net proceeds from the offering for working capital and other general corporate purposes. New Term Loan On March 16, 2021, the Company refinanced its existing $15.0 million FILO under its Credit Facility with Bank of America, N.A. and entered into a new $17.5 million first-in, last-out term loan facility (the “new FILO Loan”) with PLC Agent LLC, as FILO Agent and certain lenders party thereto. Proceeds from the new FILO Loan were used to repay in full the Company’s existing $15.0 million FILO loan with the balance of the proceeds to be used for working capital. In connection with this new FILO Loan, the Company also entered into the Fourth Amendment to its Seventh Amended and Restated Credit Facility with Bank of America, N.A. (as amended, the “Credit Facility”) to allow for the new FILO Loan. Similar to the existing FILO loan, the borrowing base for the new FILO Loan is determined based on a percentage of eligible inventory, receivables and intellectual property. However, the new FILO Loan will provide the Company additional borrowing capacity. Interest rates under the new FILO Loan will be higher than the existing FILO loan by approximately 250 to 300 basis points. The new FILO Loan will mature May 24, 2023 but may be automatically extended with any extension of the revolving facility under the Credit Agreement, but no later than March 16, 2026 without approval from the FILO lender. .

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- Definition The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 855 -URI http://asc.fasb.org/topic&trid=2122774 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 855 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=6842918&loc=SL6314017-165662 + Details
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