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Note 15 - Subsequent Events
6 Months Ended
Aug. 02, 2025
Notes to Financial Statements  
Subsequent Events [Text Block]

Note 15 – Subsequent Events

 

On September 15, 2025, the Company entered into an amendment to the Beyond Credit Agreement which provides the Beyond Delayed Draw Term Loan Commitments to support the Company’s store conversion strategy. Additionally, on September 15, 2025, the Company received $10 million from Beyond in accordance with the Asset Purchase Agreement entered into on May 7, 2025 and amended on September 15, 2025 with Beyond in which Beyond purchased the Company’s right, title and interest in and to its trademark and domain names comprised of or containing the element KIRKLAND’S (the “Kirkland’s Brand”). The consummation of the Asset Purchase Agreement was conditioned upon obtaining the consent of Bank of America, N.A. and the release of all liens on the Kirkland’s Brand, each of which was obtained and documented in the Fourth Amendment.

 

As of September 16, 2025, the Company had $49.0 million of outstanding debt and $5.1 million of outstanding letters of credit under its revolving credit facility with $10.8 million available for borrowing, after the minimum required excess availability covenant, and $13.7 million in term loans to Beyond with $20 million available under the Beyond Delayed Draw Term Loan Commitments.