Related Party Transactions Related Party Transctions (Notes)

12 Months Ended

Apr. 27, 2024

Related Party Transactions [Abstract]

Related Party Transactions Disclosure [Text Block]

Note 10. Related Party Transactions

MBS Textbook Exchange, LLC

Prior to the acquisition of MBS on February 27, 2017, MBS was considered a related-party as it was majority-owned by Leonard Riggio, who is a principal owner holding substantial shares of our common stock, and other members of the Riggio family. Subsequent to the acquisition, the consolidated financial statements include the accounts of MBS and all material intercompany accounts and transactions have been eliminated in consolidation.

MBS leases its main warehouse and distribution facility located in Columbia, Missouri from MBS Realty Partners L.P. which is majority-owned by Leonard Riggio, with the remaining ownership by other sellers of MBS. The lease was originally entered into in 1991 and included a renewal option which extended the lease through September 1, 2023. Effective January 1, 2023, MBS amended the lease agreement to lower the rent and extend the term to December 31, 2024. Rent payments to MBS Realty Partners L.P. were approximately $690 and $1,150 during the 52 weeks ended April 27, 2024 and April 29, 2023, respectively.

TopLids LendCo, LLC

In December 2020 (Fiscal 2021), we entered into the F/L Relationship to execute a merchandising agreement with Fanatics and Lids which included a strategic equity investment in the Company. Fanatics, Inc. and Lids Holdings, Inc,. jointly as

TopLids LendCo, LLC (“TopLids”), purchased an aggregate 2,307,692 of our common shares. On June 7, 2022, we entered into a Term Loan Credit Agreement with TopLids LendCo, LLC and Vital Fundco, LLC (see discussion below). On June 10, 2024, subsequent to the end of Fiscal 2024, we completed various transactions, including an equity rights offering, private equity investment, Term Loan debt conversion, and Credit Facility refinancing, to substantially deleverage our consolidated balance sheet. TopLids will own more than 5% of our Common Stock outstanding following the closing of the transactions. Total commission revenue from the F/L Relationship was $126,886 and $145,416, during the 52 weeks ended April 27, 2024 and April 29, 2023, respectively. For additional information, see Part II - Item 8. Financial Statements and Supplementary Data - Note 1. Organization, Note 5. Equity and Earnings Per Share, Note 7. Debt, and Note 17. Subsequent Events.

VitalSource Technologies, Inc.

On June 7, 2022, we entered into a Term Loan Credit Agreement with TopLids LendCo, LLC (see discussion above) and Vital Fundco, LLC (a subsidiary of Vital Technologies, Inc. (“VitalSource”)). We have contracted with VitalSource to provide digitally formatted courseware, from all major publishers. On June 10, 2024, subsequent to the end of Fiscal 2024, we completed various transactions, including an equity rights offering, private equity investment, Term Loan debt conversion, and Credit Facility refinancing, to substantially deleverage our consolidated balance sheet. VitalSource will own more than 5% of our Common Stock outstanding following the closing of the transactions. Total purchases from the VitalSource were $331,232 and $249,464, during the 52 weeks ended April 27, 2024 and April 29, 2023, respectively. For additional information, see Part II - Item 8. Financial Statements and Supplementary Data - Note 1. Organization, Note 5. Equity and Earnings Per Share, Note 7. Debt, and Note 17. Subsequent Events.