|6 Months Ended|
Jul. 30, 2022
(16) Subsequent Events
Seventh Amendment to the Siena Loan Agreement
On September 19, 2022, the parties to the Loan and Security Agreement entered into a Seventh Amendment to the Siena Loan Agreement (the “Seventh Amendment”), which revised the agreement to amend required minimum liquidity and maximum senior debt leverage ratio criteria among other terms and conditions set forth in the Loan Agreement.
The Company is currently marketing its two buildings located in Eden Prairie, which serve as the corporate headquarters and production studios for the Company, and its distribution center building located in Bowling Green, Kentucky. The current plan is to enter into a sales-leaseback transaction for one or more of the buildings which is expected to further strengthen the Company’s balance sheet. The buildings were recently appraised at approximately $45 million in aggregate.
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.
Reference 1: http://www.xbrl.org/2003/role/disclosureRef