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Debt (Tables)
 12 Months Ended
Apr. 27, 2024
Debt Disclosure [Abstract]  
Schedule of Debt
As of
Maturity Date (a)
April 27, 2024April 29, 2023
Credit FacilityDecember 28, 2024$164,947 $154,154 
Term LoanApril 7, 202532,653 30,000 
sub-total197,600 184,154 
Less: Deferred financing costs, Term Loan (b)
(1,263)(2,003)
Total debt$196,337 $182,151 
Balance Sheet classification:
Long-term borrowings$196,337 $182,151 
(a)    On June 10, 2024, subsequent to the end of Fiscal 2024, we completed various transactions, including amending and extending the maturity date of the Credit Facility to June 9, 2028 and converting all outstanding principal and interest amounts owed under our Term Loan Credit Agreement into shares of our Common Stock. For additional information, see Part II - Item 8. Financial Statements and Supplementary Data - Note 17. Subsequent Events.
(b)    For additional information, see Deferred Financing Costs 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. These transactions raised additional capital for repayment of indebtedness and provide additional flexibility for working capital needs, which will also allow us to strategically invest in innovation and continue to execute our strategic initiatives, including but not limited to the growth of our First Day Complete program.
Upon closing of the Transactions on June 10, 2024:         
•We received gross proceeds of $95,000 of new equity capital through a $50,000 new equity investment (the “Private Investment”) led by Immersion Corporation (“Immersion”) and a $45,000 fully backstopped equity rights offering (the “Rights Offering”). The Transactions infused approximately $80,000 of net cash proceeds after transaction costs. The transaction resulted in Immersion obtaining controlling financial interest.          
•Our existing Term Loan credit agreement lenders, TopLids LendCo, LLC and Vital Fundco, LLC, converted approximately $34,000 of outstanding principal and any accrued and unpaid interest into our common stock.     
•We refinanced our Credit Facility providing access to a $325,000 facility maturing in 2028. The refinanced Credit Facility will meaningfully enhance our financial flexibility and reduce our annual interest expense.
For additional information, see Part II - Item 8. Financial Statements and Supplementary Data - Note 17. Subsequent Events.
Schedule of deferred financing costs [Table]
Deferred Financing Costs
The debt issuance costs have been deferred and are presented as noted below in the consolidated balance sheets and are subsequently amortized ratably over the term of respective debt.
Dollars in thousandsAs of
Balance Sheet Location
Maturity Date/
Amortization Term (a)
April 27, 2024April 29, 2023
Credit Facility - Prepaid and Other Current Assets
December 28, 2024$— $3,776 
Credit Facility - Other noncurrent assets
12,897 1,259 
Credit Facility - sub-total
12,897 5,035 
Term Loan - Contra Debt
April 7, 20251,263 2,003 
Total deferred financing costs
$14,160 $7,038 
(a)    On June 10, 2024, subsequent to the end of Fiscal 2024, we completed various transactions, including amending and extending the maturity date of the Credit Facility to June 9, 2028 and converting all outstanding principal and interest amounts owed under our Term Loan Credit Agreement into shares of our Common Stock. For additional information, see Part II - Item 8. Financial Statements and Supplementary Data - Note 17. Subsequent Events.
Interest Income and Interest Expense Disclosure
Interest Expense
The following table presents interest expense on the consolidated statement of operations and cash interest paid during the 52 week periods:
52 weeks ended
April 27, 2024April 29, 2023
Interest Incurred
Credit Facility$24,409 $16,994 
Term Loan3,984 3,078 
Total Interest Incurred$28,393 $20,072 
Amortization of Deferred Financing Costs
Credit Facility$11,910 $1,948 
Term Loan1,240 1,181 
Total Amortization of Deferred Financing Costs$13,150 $3,129 
Interest Income, net of expense$(1,178)$(518)
Total Interest Expense$40,365 $22,683 
Cash Interest Paid
$24,943 $19,024