Barnes & Noble Education (BNED) 10-Q 10 Sep 24 2025 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Jul. 27, 2024	Aug. 30, 2024
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Fiscal Year Focus	2025
Document Fiscal Period Focus	Q1
Entity Shell Company	false
Entity Registrant Name	BARNES & NOBLE EDUCATION, INC.
Entity Central Index Key	0001634117
Current Fiscal Year End Date	--05-03
Entity Filer Category	Non-accelerated Filer
Entity Emerging Growth Company	false
Entity Small Business	true
Entity Common Stock, Shares Outstanding		26,208,036
Document Quarterly Report	true
Trading Symbol	BNED
Security Exchange Name	NYSE
Title of 12(b) Security	Common Stock, $0.01 par value per share
Document Transition Report	false
Entity File Number	1-37499
Local Phone Number	991-2665
City Area Code	(908)
Entity Address, Postal Zip Code	07920
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	46-0599018
Entity Address, State or Province	NJ
Entity Address, City or Town	Basking Ridge,
Entity Address, Address Line One	120 Mountain View Blvd.,
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Document Period End Date	Jul. 27, 2024

Consolidated Statements of Oper

Consolidated Statements of Operations and Comprehensive Loss - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Jul. 27, 2024	Jul. 29, 2023
Sales:
Product sales and other	$ 250,926	$ 252,650
Total sales	263,431	264,161
bned_Cost of Product and Other Cost of Sales	209,425	207,014
Rental cost of sales	6,800	6,513
Cost of Goods and Services Sold	216,225	213,527
Gross profit	47,206	50,634
Selling and administrative expenses	67,023	77,476
Depreciation and amortization expense	13,057	10,253
Gain (Loss) on Extinguishment of Debt	55,233	0
Restructuring and other charges	3,618	4,633
Operating Income (Loss)	(91,725)	(41,728)
Interest expense, net	7,618	8,254
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest, Total	(99,343)	(49,982)
Income tax expense (benefit)	136	(11)
Income (Loss) from Continuing Operations, Net of Tax, Attributable to Parent	(99,479)	(49,971)
Net (loss) income	$ (99,479)	$ (50,388)
Income (Loss) from Continuing Operations, Per Diluted Share	$ (7.36)	$ (18.87)
Income (Loss) from Continuing Operations, Per Basic Share	(7.36)	(18.87)
Discontinued Operation, Income (Loss) from Discontinued Operation, Net of Tax, Per Basic Share	0	(0.16)
(Loss) Earnings per share of common stock
Basic	(7.36)	(19.03)
Diluted	$ (7.36)	$ (19.03)
Weighted average common shares outstanding
Diluted	13,511	2,648
Basic	13,511	2,648
Income (Loss) from Discontinued Operations, Net of Tax, Attributable to Parent	$ 0	$ (417)
Discontinued Operation, Tax Effect of Discontinued Operation	$ 0	$ 20
Income (Loss) from Discontinued Operations and Disposal of Discontinued Operations, Net of Tax, Per Diluted Share	$ 0	$ (0.16)

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Jul. 27, 2024	Apr. 27, 2024	Jul. 29, 2023
Current assets:
Cash and cash equivalents	$ 8,212	$ 10,459	$ 7,657
Receivables, net	154,405	104,110	140,858
Merchandise inventories, net	395,272	344,037	384,185
Textbook rental inventories	10,320	32,992	6,860
Prepaid expenses and other current assets	33,152	39,158	59,012
Total current assets	601,361	530,756	598,572
Net property and equipment	48,264	52,912	64,438
Operating Lease, Right-of-Use Asset	241,852	202,522	283,096
Other noncurrent assets	25,930	24,703	17,298
Total assets	1,005,235	905,084	1,070,817
Current liabilities:
Accounts payable	266,304	299,157	275,380
Accrued liabilities	75,713	77,441	89,792
Operating Lease, Liability, Current	147,839	102,206	150,917
Short-term Debt	0		0
Total current liabilities	489,856	478,804	516,089
Deferred Income Tax Liabilities, Net	1,306	1,289	1,836
Operating Lease, Liability, Noncurrent	132,200	142,193	171,154
Other long-term liabilities	15,553	15,882	23,016
Long-Term Debt	221,916	196,337	277,663
Liabilities	860,831	834,505	989,758
Preferred Stock, Value, Issued	0	0	0
Common Stock, Value, Outstanding	262	558	553
Additional Paid in Capital	922,744	749,140	746,724
Retained Earnings (Accumulated Deficit)	(756,046)	(656,567)	(643,744)
Treasury Stock, Value	(22,556)	(22,552)	(22,474)
Total Equity	144,404	70,579	81,059
Total liabilities and Parent Company equity	$ 1,005,235	$ 905,084	$ 1,070,817
Preferred Stock, Par or Stated Value Per Share	$ 0.01	$ 0.01	$ 0.01
Preferred Stock, Shares Authorized	5,000,000	5,000,000	5,000,000
Preferred Stock, Shares Issued	0	0	0
Preferred Stock, Shares Outstanding	0	0	0
Common Stock, Par or Stated Value Per Share	$ 0.01	$ 0.01	$ 0.01
Common Stock, Shares Authorized	100,000,000	2,000,000	2,000,000
Common Stock, Shares, Issued	26,235,000	558,000	553,000
Common Stock, Shares, Outstanding	26,208,000	532,000	527,000
Intangible assets, net	$ 87,828	$ 94,191	$ 107,413

Statement of Cash Flows (Statem

Statement of Cash Flows (Statement) - USD ($) $ in Thousands	3 Months Ended
	Jul. 27, 2024	Jul. 29, 2023
Statement of Cash Flows [Abstract]
Net Income (Loss) Attributable to Parent	$ (99,479)	$ (50,388)
Income (Loss) from Discontinued Operations, Net of Tax, Attributable to Parent	0	(417)
Income (Loss) from Continuing Operations, Net of Tax, Attributable to Parent	(99,479)	(49,971)
Depreciation and amortization expense	13,057	10,253
Amortization of Debt Issuance Costs	2,417	1,244
Increase (Decrease) in Deferred Income Taxes	17	(3)
Share-based Compensation	(863)	957
Increase (Decrease) in Operating Liabilities	(3,691)	721
Increase (Decrease) in Other Noncurrent Assets and Liabilities, Net	2,446	4,056
Increase (Decrease) in Receivables	(50,295)	(48,346)
Increase (Decrease) in Inventories	(51,235)	(61,206)
Increase (Decrease) in Rental Inventories	22,672	23,489
Increase (Decrease) in Prepaid Expense and Other Assets	315	(12,168)
Accounts payable and accrued liabilities	(34,586)	11,116
Increase (Decrease) in Other Current Assets and Liabilities, Net	(113,129)	(87,115)
Net Cash Provided by (Used in) Operating Activities, Continuing Operations	(143,992)	(119,858)
Cash Provided by (Used in) Operating Activities, Discontinued Operations	0	(3,266)
Net Cash Provided by (Used in) Operating Activities	(143,992)	(123,124)
Payments to Acquire Property, Plant, and Equipment	(3,470)	(4,219)
Increase (Decrease) in Other Noncurrent Assets	223	78
Net Cash Provided by (Used in) Investing Activities, Continuing Operations	(3,247)	(4,141)
Cash Provided by (Used in) Investing Activities, Discontinued Operations	0	21,395
Net Cash Provided by (Used in) Investing Activities	(3,247)	17,254
Proceeds from Issuance of Secured Debt		145,187
Proceeds from Issuance of Private Placement	50,000	0
Proceeds from Issuance of Common Stock	45,000	0
Payments of Stock Issuance Costs	(9,524)	0
Payments of Debt Issuance Costs	(3,669)	(2,307)
Payments for Repurchase of Common Stock	(4)	(98)
Proceeds from Contributed Capital	1,190	0
Net Cash Provided by (Used in) Financing Activities, Continuing Operations	139,944	93,176
Cash Provided by (Used in) Financing Activities, Discontinued Operations	0	0
Net Cash Provided by (Used in) Financing Activities	139,944	93,176
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect	(7,295)	(12,694)
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents	21,275	19,294
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents, Disposal Group, Including Discontinued Operations	0	0
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents, Including Disposal Group and Discontinued Operations		19,294
Gain (Loss) on Extinguishment of Debt	$ 55,233	$ 0

Consolidated Statement of Equit

Consolidated Statement of Equity Statement - USD ($) shares in Thousands	Total	Additional Paid-in Capital [Member]	Common Stock [Member]	Retained Earnings	Treasury Stock, Common	Rights Offering	Private Investment Equity	Principal Stockholder Expense Reimbursement	Term Loan Conversion
Common Stock, Shares, Issued			551
Total Equity	$ 130,751,000	$ 745,932,000	$ 551,000	$ (593,356,000)
Treasury Stock, Common, Shares					26
Treasury Stock, Value	(22,376,000)
Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures			2
Stock Issued During Period, Value, Restricted Stock Award, Net of Forfeitures	0	(2,000)	$ 2,000
Stock-based compensation expense	794,000	794,000
CostOfRepurchasedSharesForTaxWittholdingForShareBasedCompensation	(98,000)
Net Income (Loss) Attributable to Parent	(50,388,000)
Stock Issued During Period, Value, Treasury Stock Reissued	(98,000)
Stock Issued During Period, Shares, Treasury Stock Reissued					0
Payments of Stock Issuance Costs	$ 0
Common Stock, Shares, Issued	553		553
Total Equity	$ 81,059,000	746,724,000	$ 553,000	(643,744,000)
Treasury Stock, Common, Shares					26
Treasury Stock, Value	$ (22,474,000)
Common Stock, Shares, Issued	558		558
Total Equity	$ 70,579,000	749,140,000	$ 558,000	(656,567,000)
Treasury Stock, Common, Shares					27
Treasury Stock, Value	(22,552,000)
Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures			3
Stock Issued During Period, Value, Restricted Stock Award, Net of Forfeitures	0	0	$ 0
Stock-based compensation expense	(863,000)	(863,000)
CostOfRepurchasedSharesForTaxWittholdingForShareBasedCompensation	(4,000)
Net Income (Loss) Attributable to Parent	(99,479,000)
Common Stock, Value, Issued						$ 90,000	$ 100,000		$ 67,000
Stock Issued During Period, Value, Treasury Stock Reissued	(4,000)
Stock Issued During Period, Shares, Treasury Stock Reissued					0
Other Additional Capital						$ 44,910,000	$ 49,900,000	$ 1,940,000	86,688,000
Adjustments to Additional Paid in Capital, Stock Split	553,000
Stock Issued During Period, Shares, New Issues						9,000	10,000
Payments of Stock Issuance Costs	$ (9,524,000)
Debt Conversion, Converted Instrument, Shares Issued	6,674
Stock Issued During Period, Value, Other	$ (553,000)					$ 45,000,000	$ 50,000,000	$ 1,940,000	$ 86,755,000
Other Comprehensive Income, Other, Net of Tax	$ 0
Common Stock, Shares, Issued	26,235		26,235
Total Equity	$ 144,404,000	$ 922,744,000	$ 262,000	$ (756,046,000)
Treasury Stock, Common, Shares					27
Treasury Stock, Value	$ (22,556,000)

Organization

Organization	3 Months Ended
	Jul. 27, 2024
Organization	Note 1. Organization Description of Business Barnes & Noble Education, Inc. (“BNED”) is one of the largest contract operators of physical and virtual bookstores for college and university campuses and K-12 institutions across the United States. We are also a textbook wholesalers, and inventory management hardware and software provider. We operate 1,164 physical and virtual bookstores and serve more than 5.7 million students, delivering essential educational content and general merchandise within a dynamic omnichannel retail environment. We provide product and service offerings designed to address the most pressing issues in higher education, including equitable access, enhanced convenience and improved affordability through innovative course material delivery models designed to drive improved student experiences and outcomes. We offer our BNC First Day ® affordable textbook access programs, consisting of First Day Complete and First Day , which provide faculty-required course materials to students on or before the first day of class. • First Day Complete is adopted by an institution and includes all or the majority of undergraduate classes (and on occasion graduate classes), providing students with both physical and digital materials. In addition to providing numerous benefits to students, faculty and administrators, the First Day Complete model drives substantially greater unit sales and sell-through for the bookstore. • First Day is adopted by a faculty member for a single course, and students receive primarily digital course materials through their school's learning management system (“LMS”). The Barnes & Noble brand (licensed from our former parent) along with our subsidiary brands, BNC and MBS,

Employees Benefit Plan

Employees Benefit Plan	3 Months Ended
	Jul. 27, 2024
Employees' Defined Contribution Plan	Note 11. Employee Benefit Plans

Organization - Additional Infor

Organization - Additional Information Person in Thousands, $ in Thousands	3 Months Ended
	Jul. 27, 2024 USD ($) segment Person Store
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Number of students covered to build relationships and derive sales | Person	5,700
Number of Reportable Segments | segment	2
First Day Complete Revenue description [Abstract]
Revenues | $	$ 263,431
Revenue Change [Abstract]
Number of Stores | Store	1,164

Employees Benefit Plans - Addit

Employees Benefit Plans - Additional Information - USD ($) $ in Thousands	3 Months Ended
	Jul. 27, 2024	Jul. 29, 2023
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Company contributions, employee benefit expenses	$ 0	$ 1,097

Summary of Significant Accounti

Summary of Significant Accounting Policies (Notes)	3 Months Ended
	Jul. 27, 2024
Summary of Significant Accounting Policies	Note 2. Summary of Significant Accounting Policies Basis of Presentation and Consolidation Our condensed consolidated financial statements reflect our condensed consolidated financial position, results of operations and cash flows in conformity with accounting principles generally accepted in the United States (“GAAP”). Net income (loss) is equal to comprehensive income (loss) on our condensed consolidated statements of operations. In the opinion of the Company’s management, the accompanying unaudited condensed consolidated financial statements of the Company contain all adjustments (consisting of only normal recurring adjustments) necessary to present fairly its consolidated financial position and the results of its operations and cash flows for the periods reported. These consolidated financial statements are condensed and therefore do not include all of the information and footnotes required by GAAP. All material intercompany accounts and transactions have been eliminated in consolidation. Our fiscal year is comprised of 52 or 53 weeks, ending on the Saturday closest to the last day of April. Due to the seasonal nature of the business, the results of operations for the 13 weeks ended July 27, 2024 are not indicative of the results expected for the 53 weeks ending May 3, 2025 (“Fiscal 2025”). Seasonality Our business is highly seasonal, particularly with respect to textbook sales and rentals, with the major portion of sales and operating profit realized during the second and third fiscal quarters when college students generally purchase and rent textbooks for the upcoming semesters and lowest in the first and fourth fiscal quarters. Our quarterly results also may fluctuate depending on the timing of the start of the various schools’ semesters, as well as shifts in our fiscal calendar dates. As the concentration of digital product sales increases, revenue will be recognized earlier during the academic term as digital textbook revenue is recognized when the customer accesses the digital content compared to: (i) the rental of a physical textbook where revenue is recognized over the rental period, and (ii) ala carte courseware sales where revenue is recognized when the customer takes physical possession of our products, which occurs either at the point of sale for products purchased at physical locations or upon receipt of our products by our customers for products ordered through our websites and virtual bookstores. See Revenue Recognition and Deferred Revenue discussion below. Use of Estimates In preparing financial statements in conformity with GAAP, we are required to make estimates and assumptions that affect the reported amounts in the condensed consolidated financial statements and accompanying notes. Actual results could differ from those estimates. Discontinued Operations On May 31, 2023, we completed the sale of assets related to our Digital Student Solutions (“DSS”) Segment, which met the criteria for classification as Assets Held for Sale and Discontinued Operations. The results of operations related to the DSS Segment are included in the condensed consolidated statements of operations as “Loss from discontinued operations, net of tax.” The cash flows of the DSS Segment are also presented separately in our condensed consolidated statements of cash flows. 13 weeks ended July 27, 2024 July 29, 2023 Total sales $ — $ 2,784 Cost of sales — 76 Gross profit — 2,708 Selling and administrative expenses — 2,281 Gain on sale of business — (3,068) Impairment loss (non-cash) — 610 Restructuring costs — 3,287 Transaction costs — (5) Operating loss — (397) Income tax expense — 20 Loss from discontinued operations, net of tax $ — $ (417) Restricted Cash As of July 27, 2024, July 29, 2023, and April 27, 2024, we had restricted cash of $13,063, $11,637, and $18,111, respectively, comprised of $10,704, $10,704, and $17,146, respectively, in prepaid and other current assets in the condensed consolidated balance sheets related to segregated funds for commission due to Fanatics Lids College, Inc. D/B.A “Lids” for logo merchandise sales as per the Lids service provider merchandising agreement, and $2,359, $933, and $965, respectively, in other noncurrent assets in the condensed consolidated balance sheets related to amounts held in trust for future distributions related to employee benefit plans. Merchandise Inventories Merchandise inventories, which consist of finished goods, are stated at the lower of cost or net realizable value. Market value of our inventory, which is all purchased finished goods, is determined based on its estimated net realizable value, which is generally the selling price less normally predictable costs of disposal and transportation. Reserves for non-returnable inventory are based on our history of liquidating non-returnable inventory, which includes certain significant assumptions, including markdowns, sales below cost, inventory aging and expected demand. Cost is determined primarily by the retail inventory method in our Retail segment. Our textbook and trade book inventories, for Retail and Wholesale, are valued using the LIFO method and the related reserve was not material to the recorded amount of our inventories. There were no LIFO adjustments during the 13 weeks ended July 27, 2024, July 29, 2023, and Fiscal 2024. For our physical bookstores, we also estimate and accrue shortage for the period between the last physical count of inventory and the balance sheet date. Shortage rates are estimated and accrued based on historical rates and can be affected by changes in merchandise mix and changes in actual shortage trends. The physical bookstores fulfillment order is directed first to our wholesale operations before other sources of inventory are utilized. The products that we sell originate from a wide variety of domestic and international vendors. After internal sourcing, the bookstore purchases textbooks from outside suppliers and publishers. Textbook Rental Inventories Physical textbooks out on rent are categorized as textbook rental inventories. At the time a rental transaction is consummated, the book is removed from merchandise inventories and moved to textbook rental inventories at cost. The cost of the book is amortized down to its estimated residual value over the rental period. The related amortization expense is included in cost of sales. At the end of the rental period, upon return, the book is removed from textbook rental inventories and recorded in merchandise inventories at its amortized cost. Leases We recognize lease assets and lease liabilities on the condensed consolidated balance sheets for all operating lease arrangements based on the present value of future lease payments as required by Accounting Standards Codification (“ASC”) Topic 842, Leases . We do not recognize lease assets or lease liabilities for short-term leases (i.e., those with a term of twelve months or less). We recognize lease expense on a straight-line basis over the lease term for contracts with fixed lease payments, including those with fixed annual minimums, or over a rolling twelve-month period for leases where the annual guarantee resets at the start of each contract year, in order to best reflect the pattern of usage of the underlying leased asset. We recognize lease expense related to our college and university contracts as cost of sales in our condensed consolidated statements of operations and we recognize lease expense related to our various office spaces as selling and administrative expenses in our condensed consolidated statements of operations. For additional information, see Note 8. Leases . Revenue Recognition and Deferred Revenue Product sales and rentals The majority of our revenue is derived from the sale of products through our bookstore locations, including virtual bookstores, and our bookstore affiliated e-commerce websites, and contains a single performance obligation. Revenue from sales of our products is recognized at the point in time when control of the products is transferred to our customers in an amount that reflects the consideration we expect to be entitled to in exchange for the products. For additional information, see Note 3. Revenue. Retail product revenue is recognized when the customer takes physical possession of our products, which occurs either at the point of sale for products purchased at physical locations or upon receipt of our products by our customers for products ordered through our websites and virtual bookstores. Product revenue from our wholesale operations is recognized upon shipment of physical textbooks at which point title passes and risk of loss is transferred to the customer. Additional revenue is recognized for shipping charges billed to customers and shipping costs are accounted for as fulfillment costs within cost of sales. Revenue from the sale of digital textbooks, which contains a single performance obligation, is recognized when the customer accesses the digital content as product revenue in our condensed consolidated financial statements. A software feature is embedded within the content of our digital textbooks, such that upon expiration of the term the customer is no longer able to access the content. While the sale of the digital textbook allows the customer to access digital content for a fixed period of time, once the digital content is delivered to the customer, our performance obligation is complete. Revenue from the rental of physical textbooks is deferred and recognized over the rental period based on the passage of time commencing at the point of sale, when control of the product transfers to the customer and is recognized as rental income in our condensed consolidated financial statements. Rental periods are typically for a single semester and are always less than one year in duration. We offer a buyout option to allow the purchase of a rented physical textbook at the end of the rental period if the customer desires to do so. We record the buyout purchase when the customer exercises and pays the buyout option price which is determined at the time of the buyout. In these instances, we accelerate any remaining deferred rental revenue at the point of sale. Revenue recognized for our BNC First Day ® offerings is consistent with our policies outlined above for product, digital and rental sales, net of an anticipated opt-out or return provision. Given the growth of BNC First Day ® programs, the timing of cash collection from our school partners may shift to periods subsequent to when the revenue is recognized. When a school adopts our BNC First Day ® affordable textbook access offerings, cash collection from the school generally occurs after the institution's drop/add dates, which is later in the working capital cycle, particularly in our third quarter given the timing of the Spring Term and our quarterly reporting period, as compared to direct-to-student point-of-sale transactions where cash is generally collected during the point-of-sale transaction or within a few days from the credit card processor. We estimate returns based on an analysis of historical experience. A provision for anticipated merchandise returns is provided through a reduction of sales and cost of sales in the period that the related sales are recorded. For sales and rentals involving third-party products, we evaluate whether we are acting as a principal or an agent. Our determination is based on our evaluation of whether we control the specified goods or services prior to transferring them to the customer. There are significant judgments involved in determining whether we control the specified goods or services prior to transferring them to the customer including whether we have the ability to direct the use of the good or service and obtain substantially all of the remaining benefits from the good or service. For those transactions where we are the principal, we record revenue on a gross basis, and for those transactions where we are an agent to a third-party, we record revenue on a net basis. As the logo and emblematic general merchandise sales are fulfilled by Lids and Fanatics Retail Group Fulfillment, LLC (“Fanatics”, collectively, F/L Relationship), we recognize commission revenue earned for these sales on a net basis in our condensed consolidated financial statements. We do not have gift card or customer loyalty programs. We do not treat any promotional offers as expenses. Sales tax collected from our customers is excluded from reported revenues. Our payment terms are generally 30 days and do not extend beyond one year. Service and other revenue Service and other revenue is primarily derived from brand marketing services which includes promotional activities and advertisements within our physical bookstores and web properties performed on behalf of third-party customers, shipping and handling, and revenue from other programs. Brand marketing agreements often include multiple performance obligations which are individually negotiated with our customers. For these arrangements that contain distinct performance obligations, we allocate the transaction price based on the relative standalone selling price method by comparing the standalone selling price ( “ SSP ” ) of each distinct performance obligation to the total value of the contract. The revenue is recognized as each performance obligation is satisfied, typically at a point in time for brand marketing service and over time for advertising efforts as measured based upon the passage of time for contracts that are based on a stated period of time or the number of impressions delivered for contracts with a fixed number of impressions. Cost of Sales Our cost of sales primarily includes costs such as merchandise costs, textbook rental amortization, content development cost amortization, warehouse costs related to inventory management and order fulfillment, insurance, certain payroll costs, and management service agreement costs, including rent expense, related to our college and university contracts and other facility related expenses. Selling and Administrative Expenses Our selling and administrative expenses consist primarily of store payroll and store operating expenses. Selling and administrative expenses also include long-term incentive plan compensation expense and general office expenses, such as merchandising, procurement, field support, finance and accounting. Shared-service costs such as human resources, legal, treasury, information technology, and various other corporate level expenses and other governance functions, are not allocated to a reporting segment and are recorded in Corporate Services (defined below). Income Taxes The provision for income taxes includes federal, state and local income taxes currently payable and those deferred because of temporary differences between the financial statement and tax basis of assets and liabilities. The deferred tax assets and liabilities are measured using the enacted tax rates and laws that are expected to be in effect when the differences reverse. We regularly review deferred tax assets for recoverability and establish a valuation allowance, if determined to be necessary. Recent Accounting Pronouncements In December 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update ( “ ASU ” ) No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures to improve annual income tax disclosure requirements, primarily to (1) disclose specific categories in the rate reconciliation (2) provide additional information for reconciling items that meet a quantitative threshold, and (3) enhance cash tax payment disclosures. This ASU, which can be applied either prospectively or retrospectively, is effective for annual periods beginning after December 15, 2024 (our Fiscal 2026), with early adoption permitted. We are currently assessing this guidance and determining the impact on our condensed consolidated financial statements. In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. This guidance will be effective for the Company for the annual report for the fiscal year ending May 3, 2025 and subsequent interim periods. Early adoption is permitted, and retrospective adoption is required for all prior periods presented. We are currently assessing this guidance and determining the impact on our condensed consolidated financial statements.

Revenue (Notes)

Revenue (Notes)	3 Months Ended
	Jul. 27, 2024
Revenue from Contract with Customer [Abstract]
Revenue from Contract with Customer [Text Block]	Note 3. Revenue Revenue from sales of our products and services is recognized either at the point in time when control of the products is transferred to our customers or over time as services are provided in an amount that reflects the consideration we expect to be entitled to in exchange for the products or services. See Note 2. Summary of Significant Accounting Policies for additional information related to our revenue recognition policies and Note 4. Segment Reporting for a description of each segment's product and service offerings. The following table disaggregates the revenue associated with our major product and service offerings: 13 weeks ended July 27, 2024 July 29, 2023 Retail Course Materials Product Sales $ 152,152 $ 138,536 General Merchandise Product Sales (a) 76,543 88,680 Service and Other Revenue (b) 8,499 6,733 Retail Product and Other Sales sub-total 237,194 233,949 Course Materials Rental Income 12,505 11,511 Retail Total Sales $ 249,699 $ 245,460 Wholesale Sales $ 34,229 $ 38,791 Eliminations (c) $ (20,497) $ (20,090) Total Sales $ 263,431 $ 264,161 (a) Logo general merchandise sales for the Retail Segment are recognized on a net basis as commission revenue in the condensed consolidated financial statements. (b) Service and other revenue primarily relates to brand partnership marketing and other service revenues. (c) The sales eliminations represent the elimination of Wholesale sales and fulfillment service fees to Retail and the elimination of Retail commissions earned from Wholesale. Contract Assets and Liabilities Accounts receivables were $154,405, $140,858, $104,110 and $92,512 as of July 27, 2024, July 29, 2023, April 27, 2024 and April 29, 2023, respectively. Contract liabilities represent an obligation to transfer goods or services to a customer for which we have received consideration and consists of our deferred revenue liability (deferred revenue). Deferred revenue consists of the following: • advanced payments from customers related to textbook rental performance obligations, which are recognized ratably over the terms of the related rental period; • unsatisfied performance obligations associated with brand partnership marketing services, which are recognized when the contracted services are provided to our brand partnership marketing customers; and • unsatisfied performance obligations associated with the premium paid for the sale of treasury shares, which are expected to be recognized over the term of the e-commerce and merchandising contracts for Fanatics and Lids, respectively . The following table presents changes in deferred revenue associated with our contract liabilities: 13 weeks ended July 27, 2024 July 29, 2023 Deferred revenue at the beginning of period $ 14,892 $ 15,356 Additions to deferred revenue during the period 15,562 12,856 Reductions to deferred revenue for revenue recognized during the period (16,627) (12,444) Deferred revenue balance at the end of period: $ 13,827 $ 15,768 Balance Sheet classification: Accrued liabilities $ 10,488 $ 11,769 Other long-term liabilities 3,339 3,999 Deferred revenue balance at the end of period: $ 13,827 $ 15,768

Segment Reporting (Notes)

Segment Reporting (Notes)	3 Months Ended
	Jul. 27, 2024
Segment Reporting	Note 4. Segment Reporting We have two reportable segments: Retail and Wholesale. We identify our segments in accordance with the way our business is managed (focusing on the financial information distributed) and the manner in which our chief operating decision maker (which we define as the Company's Chief Executive Officer) allocates resources and assesses financial performance. The following summarizes the two segments. For additional information about each segment's operations, see Part I - Item 1. Business in our Annual Report on Form 10-K for the fiscal year ended April 27, 2024 . Additionally, unallocated shared-service costs, which include various corporate level expenses and other governance functions, including executive functions, such as accounting, legal, treasury, information technology, and human resources, which are not allocated to a reporting segment and continue to be presented as “Corporate Services”. Retail Segment The Retail Segment operates 1,164 college, university, and K-12 school bookstores, comprised of 657 physical bookstores and 507 virtual bookstores. Our bookstores typically operate under agreements with the colleges, universities, or K-12 schools to be the official bookstore and the exclusive seller of course materials and supplies, including physical and digital products. The majority of the physical campus bookstores have school-branded e-commerce websites, which we operate independently or along with our merchant service providers, and which offer students access to required and recommended course materials and affinity products, including emblematic apparel and gifts. The Retail Segment offers our BNC First Day ® equitable and inclusive access programs, consisting of First Day Complete and First Day , which provide faculty required course materials on or before the first day of class. Additionally, the Retail Segment offers a suite of digital content and services to colleges and universities, including a variety of open educational resource-based courseware. Wholesale Segment The Wholesale Segment is comprised of our wholesale textbook business and is one of the largest textbook wholesalers in the country. The Wholesale Segment centrally sources, sells, and distributes new and used textbooks to approximately 2,650 physical bookstores (including our Retail Segment's 657 physical bookstores) and sources and distributes new and used textbooks to our 507 virtual bookstores. Additionally, the Wholesale Segment sells hardware and a software suite of applications that provides inventory management and point-of-sale solutions to approximately 320 college bookstores. Corporate Services represents unallocated shared-service costs which include corporate level expenses and other governance functions, including executive functions, such as accounting, legal, treasury, information technology, and human resources. Our international operations are not material, and the majority of the revenue and total assets are within the United States. The intercompany eliminations are primarily related to the following intercompany activities. The sales eliminations represent the elimination of Wholesale sales and fulfillment service fees to Retail and the elimination of Retail commissions earned from Wholesale, and the cost of sales eliminations represent (i) the recognition of intercompany profit for Retail inventory that was purchased from Wholesale in a prior period that was subsequently sold to external customers during the current period and the elimination of Wholesale service fees charged for fulfillment of inventory for virtual store sales, net of (ii) the elimination of intercompany profit for Wholesale inventory purchases by Retail that remain in ending inventory at the end of the current period. Summarized financial information for our reportable segments is reported below: 13 weeks ended July 27, 2024 July 29, 2023 Sales Retail $ 249,699 $ 245,460 Wholesale 34,229 38,791 Eliminations (20,497) (20,090) Total Sales $ 263,431 $ 264,161 Gross Profit Retail $ 47,823 $ 50,291 Wholesale 5,125 5,794 Eliminations (5,742) (5,451) Total Gross Profit $ 47,206 $ 50,634 Selling and Administrative Expenses Retail $ 61,709 $ 69,173 Wholesale 3,192 3,388 Corporate Services 2,122 4,918 Eliminations — (3) Total Selling and Administrative Expenses $ 67,023 $ 77,476 Depreciation and Amortization Retail $ 11,670 $ 8,966 Wholesale 1,379 1,277 Corporate Services 8 10 Total Depreciation and Amortization $ 13,057 $ 10,253 Loss on extinguishment of debt - Corporate Services $ 55,233 $ — Restructuring and Other Charges Retail $ 912 $ 526 Wholesale (89) 526 Corporate Services 2,795 3,581 Total Restructuring and Other Charges $ 3,618 $ 4,633 Operating (Loss) Income Retail $ (26,468) $ (28,374) Wholesale 643 603 Corporate Services (60,158) (8,509) Elimination (5,742) (5,448) Total Operating Loss $ (91,725) $ (41,728) Interest Expense, net $ 7,618 $ 8,254 Total Loss from Continuing Operations Before Income Taxes $ (99,343) $ (49,982)

Equity and Earnings Per Share (

Equity and Earnings Per Share (Notes)	3 Months Ended
	Jul. 27, 2024
Net Earnings (Loss) Per Share	Note 5. Equity and Earnings Per Share Equity During the 13 weeks ended July 27, 2024, we did not repurchase shares of our Common Stock under the stock repurchase program and, as of July 27, 2024, approximately $26,669 remains available under the stock repurchase program. During the 13 weeks ended July 27, 2024 and July 29, 2023, we repurchased 429 and 779 shares of our Common Stock, respectively, outside of the stock repurchase program in connection with employee tax withholding obligations for vested stock awards. On April 16, 2024, our Board of Directors approved the adoption of a short-term stockholder rights plan and declared a dividend distribution of one preferred share purchase right on each outstanding share of the Company's Common Stock. Each right entitled stockholders to buy one one-thousandth of a share of our preferred stock at an established exercise price. The dividend was payable to holders of record as of the close of business on April 29, 2024. The rights were exercisable only if a person or group acquired 10% or more of our outstanding Common Stock and various other criteria were met (the “Distribution Date”). Until the Distribution Date, the rights were not exercisable; the rights were not be evidenced by separate rights certificates; and the rights were transferable by, and only in connection with, the transfer of Common Stock . On July 3, 2024, the Company amended the rights plan to terminate the distributed rights effective July 3, 2024. At the time of the termination of the rights plan, all of the rights, which were previously distributed to holders of the Company's issued and outstanding Common Stock, expired. For additional information, please see the Company's Current Report on Form 8-K filed with the SEC on July 3, 2024. On June 5, 2024, our shareholders approved an amendment to our Amended and Restated Certificate of Incorporation, as amended, to increase the aggregate number of authorized shares of Common Stock from 2,000,000 shares to 100,000,000 shares (post- reverse stock split). Milestone Financing Transactions On June 10, 2024, we completed various transactions, including a private equity investment, an equity rights offering, Term Loan debt conversion, and a Credit Facility refinancing, to substantially deleverage our consolidated balance sheet. These transactions also raised additional capital for repayment of indebtedness and provide additional flexibility for future working capital needs. For additional information, see Note 7. Debt. 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 and a $45,000 fully backstopped equity rights offering (the “Rights Offering”). The transactions infused approximately $85,500 of net cash proceeds after transaction costs. The transaction resulted in Immersion obtaining a controlling interest in the Company. See Private Investment, Rights Offering, and Backstop Commitment below; • Our existing Term Loan Credit Agreement lenders, TopLids LendCo, LLC (“TopLids”) and Vital Fundco, LLC (“VitalSource”), converted approximately $34,000 of outstanding principal and any accrued and unpaid interest into shares of our Common Stock. See Term Loan Credit Agreement Debt Conversion below. Private Investment, Rights Offering, and Backstop Commitment Immersion and VitalSource purchased approximately $45,000 and $5,000, respectively, in shares of our Common Stock, at the Subscription Price, defined below, in a private placement exempt from the registration requirements under the Securities Act and separate from the Rights Offering (the “Private Investment”). The Private Investment is in addition to shares of Common Stock purchased by Immersion pursuant to the Backstop Commitment discussed below. Through the Rights Offering, we issued 9,000,000 shares (post-reverse stock split) of our Common Stock at a cash subscription price of $0.05 per share (the “Subscription Price”). In the Rights Offering, we distributed to each holder of Common Stock, one non-transferable subscription right (each, a “Subscription Right”) for every share of Common Stock owned by such holder on May 14, 2024 (the “Record Date”), and each Subscription Right entitled the holder to purchase 17 shares of Common Stock. Each holder that fully exercised their Subscription Rights was entitled to rights to subscribe for additional shares of Common Stock that remain unsubscribed as a result of any unexercised Subscription Rights (“Over-Subscription Rights”), which allowed such holder to subscribe for additional shares of Common Stock up to the number of shares purchased under such holder’s basic Subscription Right at $0.05 per share. We received approximately $32,100 in gross proceeds from the exercise of Subscriptions Rights and Over-Subscription Rights from the Company's stockholders. For those Subscription Rights which remained unexercised, upon the expiration of the Rights Offering after accounting for all Over-Subscription Rights exercised, the standby purchasers, led by Immersion, Outerbridge Capital Management, LLC (“Outerbridge”) and Selz Family 2011 Trust (“Selz”), collectively purchased the unexercised Subscription Rights at the Subscription Price (“Backstop Commitment”). We received approximately $12,900 in gross proceeds for the exercise of Subscription Rights not subscribed for by the Company’s stockholders. We paid Immersion and Selz approximately $2,850 and $350, respectively, comprised of commitment fees in consideration for the Backstop Commitment, and expense reimbursements for all out-of-pocket costs, fees and expenses incurred in connection with the transactions and we paid Outerbridge approximately $1,250 for expense reimbursements for all out-of-pocket costs, fees and expenses incurred in connection with the transactions. During the 13 weeks ended July 27, 2024, we incurred equity issuance costs totaling $9,524 related to the Rights Offering and Private Investment which are presented in additional paid in capital in the condensed consolidated balance sheet. The Rights Offering was offered to all existing stockholders at a Subscription Price that was less than the fair value of our Common Stock, as of such time, the weighted average shares outstanding and basic and diluted earnings (loss) per share were adjusted retroactively to reflect the bonus element of the Rights Offering for all periods presented by a factor of 5.03. Term Loan Credit Agreement Debt Conversion Upon closing of the Rights Offering on June 10, 2024, we converted, at the Subscription Price, all outstanding principal and any accrued and unpaid interest under the Term Loan Credit Agreement, totaling $34,000, into 6,674 shares of our Common Stock. We recognized a loss on extinguishment of debt of $55,233 in the condensed consolidated statement of operations in connection with Term Loan debt conversion which represents the difference between the Common Stock fair value issued upon conversion and the net carrying value of the Term Loan, plus unamortized deferred financing costs related to the Term Loan. As a result of the Term Loan Debt Conversion, the Term Loan and its related documentation was terminated. Reverse Stock Split On June 11, 2024, we completed a reverse stock split of the Company’s outstanding shares of Common Stock at a ratio of 1-for-100 (the “Reverse Stock Split”), which was previously approved by stockholders at a special meeting held on June 5, 2024. In connection with the Reverse Stock Split, every 100 shares of the Common Stock issued and outstanding was converted into one share of the Company’s Common Stock. No change was made to the trading symbol for the Company’s shares of Common Stock, “BNED,” in connection with the Reverse Stock Split. The Reverse Stock Split was part of the Company’s plan to regain compliance with the minimum bid price requirement of $1.00 per share required to maintain continued listing on the NYSE. The Reverse Stock Split reduced the number of shares of the Company’s outstanding Common Stock from approximately 2,620,495,552 shares (as of the date June 11, 2024, when including issuances pursuant to the transactions) to approximately 26,204,956 shares, subject to adjustment for rounding. The Reverse Stock Split affected all issued and outstanding shares of Common Stock. All outstanding options and restricted stock units, and other securities entitling their holders to purchase or otherwise receive shares of Common Stock were adjusted as a result of the Reverse Stock Split, as required by the terms of each security. The number of shares available to be awarded under the Company’s equity compensation plans was also appropriately adjusted. Following the Reverse Stock Split, the par value of the Common Stock will remain unchanged at $0.01 per share. The Reverse Stock Split will not change the authorized number of shares of Common Stock or preferred stock. No fractional shares will be issued in connection with the reverse split; instead any fractional shares as a result of the Reverse Stock Split will be rounded up to the next whole number of post-split shares of Common Stock. Earnings Per Share Basic EPS is computed based upon the weighted average number of common shares outstanding for the year. Diluted EPS is computed based upon the weighted average number of common shares outstanding for the year plus the dilutive effect of Common Stock equivalents using the treasury stock method and the average market price of our Common Stock for the year. We include participating securities (unvested share-based payment awards that contain non-forfeitable rights to dividends or dividend equivalents) in the computation of EPS pursuant to the two-class method. Our participating securities consist solely of unvested restricted stock awards, which have contractual participation rights equivalent to those of stockholders of unrestricted common stock. The two-class method of computing earnings per share is an allocation method that calculates earnings per share for Common Stock and participating securities. During periods of net loss, no effect is given to the participating securities because they do not share in the losses of the Company. During the 13 weeks ended July 27, 2024 and July 29, 2023, average shares of 42,108 and 36,984 were excluded from the diluted earnings per share calculation as their inclusion would have been antidilutive, respectively. The following is a reconciliation of the basic and diluted earnings per share calculation: 13 weeks ended (shares in thousands) July 27, 2024 July 29, 2023 Numerator for basic and diluted earnings per share: Loss from continuing operations, net of tax $ (99,479) $ (49,971) Loss from discontinued operations, net of tax — (417) Net loss available to common shareholders $ (99,479) $ (50,388) Denominator for basic and diluted earnings per share: Basic and diluted weighted average shares of Common Stock 13,511 2,648 Loss per share of Common Stock: Basic and Diluted Continuing operations $ (7.36) $ (18.87) Discontinuing operations — (0.16) Basic and diluted loss per share of Common Stock $ (7.36) $ (19.03)

Fair Values of Financial Instru

Fair Values of Financial Instruments (Notes)	3 Months Ended
	Jul. 27, 2024
Fair Value Disclosures	Note 6. Fair Value Measurements In accordance with ASC No. 820, Fair Value Measurements and Disclosures , the fair value of an asset is considered to be the price at which the asset could be sold in an orderly transaction between unrelated knowledgeable and willing parties. A liability’s fair value is defined as the amount that would be paid to transfer the liability to a new obligor, not the amount that would be paid to settle the liability with the creditor. Assets and liabilities recorded at fair value are measured using a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value. These tiers include: Level 1—Observable inputs that reflect quoted prices in active markets Level 2—Inputs other than quoted prices in active markets that are either directly or indirectly observable Level 3—Unobservable inputs in which little or no market data exists, therefore requiring us to develop our own assumptions Our financial instruments include cash and cash equivalents, receivables, accrued liabilities and accounts payable. The fair value of cash and cash equivalents, receivables, accrued liabilities and accounts payable approximates their carrying values because of the short-term nature of these instruments, which are all considered Level 1. The fair value of long-term debt approximates its carrying value. Non-Financial Assets and Liabilities Our non-financial assets include property and equipment, operating lease right-of-use assets, and intangible assets. Such assets are reported at their carrying values and are not subject to recurring fair value measurements. We review our long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable in accordance with ASC 360-10, Accounting for the Impairment or Disposal of Long-Lived Assets .

Debt (Notes)

Debt (Notes)	3 Months Ended
	Jul. 27, 2024
Debt Disclosure	Note 7. Debt As of Maturity Date July 27, 2024 July 29, 2023 Credit Facility June 9, 2028 $ 221,916 $ 249,735 Term Loan — 30,000 sub-total 221,916 279,735 Less: Deferred financing costs, Term Loan (a) — (2,072) Total debt $ 221,916 $ 277,663 Balance Sheet classification: Short-term borrowings $ — $ — Long-term borrowings 221,916 277,663 Total debt $ 221,916 $ 277,663 (a) For additional information on Credit Facility and Term Loan deferred financing costs, see Deferred Financing Costs below. On June 10, 2024, we completed various transactions, including a private equity investment, an equity rights offering, Term Loan debt conversion, and a Credit Facility refinancing, to substantially deleverage our consolidated balance sheet. These transactions also raised additional capital for repayment of indebtedness and provide additional flexibility for future working capital needs. 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 and the $45,000 Rights Offering. The transactions infused approximately $85,500 of net cash proceeds after transaction costs. The transaction resulted in Immersion obtaining a controlling interest in the Company. See Note 5. Equity and Earnings Per Share . • Our existing Term Loan credit agreement lenders, TopLids and VitalSource, converted approximately $34,000 of outstanding principal and any accrued and unpaid interest into our Common Stock. As a result of the Term Loan Debt Conversion, the Term Loan and its related documentation was terminated. See Note 5. Equity and Earnings Per Share . • We refinanced our Credit Facility providing access to a $325,000 facility maturing in 2028. The refinanced Credit Facility will enhance our financial flexibility and reduce our annual interest expense. See discussion below. Credit Facility As of July 27, 2024, we are party to a credit agreement (the “Credit Agreement”), which was amended and restated (the “A&R Credit Agreement”) on June 10, 2024 (the “Closing Date”), after having been amended numerous times between March 2019 and April 2024, under which the lenders originally committed to provide us with an asset-backed revolving credit facility in an aggregate principal amount of $400,000 (the “Credit Facility”), which was reduced to $380,000 by the April 2024 amendment. Under the A&R Credit Agreement, on the Closing Date, we restructured the Credit Facility to provide an aggregate committed principal amount to up to $325,000 and extended the maturity of the Credit Facility by four years to June 9, 2028. Proceeds from the Credit Facility are and will be used for general corporate purposes, including seasonal working capital needs. The Company has interest-only obligations under the Credit Facility until the maturity date, at which time the total principal outstanding is due and payable. Interest under the Credit Facility accrues, at the election of the Company, either (x) based on the Secured Overnight Financing Rate (“SOFR”), which is subject to a floor of 2.50% per annum, plus a spread of 3.50% per annum or (y) at an alternate base rate, which is subject to a floor of 3.50% per annum, plus a spread of 2.50% per annum, provided that, in the event the Company meets certain financial metrics for a consecutive six-month period beginning and ending after the one-year anniversary of the Closing Date, the foregoing spreads shall be reduced by 0.25% per annum. The A&R Credit Agreement contains customary negative covenants that limit the Company’s ability to incur or assume additional indebtedness, grant or permit liens, make investments, make restricted payments and other specified payments, merge with other entities, dispose of or acquire assets, or engage in transactions with affiliates, among other things. Additionally, the A&R Credit Agreement includes the following financial maintenance covenants: • following the date that is six months following the Closing Date, the Company is required to maintain a minimum Availability (as defined in the A&R Credit Agreement) of (x) $25,000 for the first thirty (30) months after the Closing Date and (y) $30,000 after the date that is thirty (30) months after the Closing Date; • commencing with the month ending May 31, 2025, the Company is required to maintain a Consolidated Fixed Charge Coverage Ratio (as defined in the A&R Credit Agreement) of not less than 1.10 to 1.00, which will be tested monthly on the last day of each fiscal month for the trailing 12-month period; and • commencing with the quarter ending October 31, 2024, the Company is required to maintain a minimum Consolidated EBITDA (as defined in the A&R Credit Agreement), which will be tested quarterly on the last day of each fiscal quarter for (a) the trailing six-month period for the first test date, (b) the trailing nine-month period of the second test date and (c) for the trailing 12-month period thereafter. The A&R Credit Agreement contains customary events of default, including for non-payment of obligations owing under the Credit Facility, material breaches of representations and warranties, failure to perform or observe covenants, default on other material indebtedness, customary ERISA events of default, bankruptcy and insolvency, material judgments, invalidity of liens on collateral, change of control or cessation of business. The A&R Credit Agreement also contains customary affirmative covenants and representations and warranties. The Credit Facility is secured by substantially all of the inventory, accounts receivable and related assets of the borrowers under the Credit Facility. This is considered an all-assets lien (inclusive of proceeds from tax refunds payable to the Company and a pledge of equity from subsidiaries, exclusive of real estate). In connection with the A&R Credit Agreement, the 1.00% fee payable in connection with the eighth amendment to the Credit Facility (prior to its having been amended and restated) is due and payable (x) 50% on September 2, 2024 and (y) 50% on June 10, 2025. As of July 27, 2024, and through the date of this filing, we believe we were in compliance with the covenants under the A&R Credit Agreement. During the 13 weeks ended July 27, 2024, we borrowed $217,647 and repaid $160,696 under the Credit Facility, and had outstanding borrowings of $221,916 as of July 27, 2024. During the 13 weeks ended July 29, 2023, we borrowed $145,187 and repaid $49,606 under the Credit Facility, and had outstanding borrowings of $249,735 as of July 29, 2023. As of July 27, 2024 and July 29, 2023, we have issued $3,575 and $575, respectively, in letters of credit under the Credit Facility. Term Loan On June 7, 2022, we entered into a Term Loan Credit Agreement (the “Term Loan”) with TopLids LendCo, LLC and Vital Fundco, LLC. The Term Loan provided for term loans in an amount equal to $30,000 and matured on April 7, 2025. The proceeds of the Term Loans were being used to finance working capital, and to pay fees and expenses related to the Term Loan. On June 10, 2024, our existing Term Loan credit agreement lenders converted approximately $34,000 of outstanding principal and accrued and unpaid interest into our Common Stock, resulting in financing noncash flow activity totaling $86,755. We recognized a loss on extinguishment of debt of $55,233 in the condensed consolidated statement of operations in connection with the Term Loan debt conversion which represents the difference between the Common Stock fair value issued upon conversion and the net carrying value of the Term Loan, plus unamortized deferred financing costs related to the Term Loan. As a result of the Term Loan Debt Conversion, the Term Loan and its related documentation was terminated. See Note 5. Equity and Earnings Per Share . Deferred Financing Costs The debt issuance costs have been deferred and are presented as noted below in the condensed consolidated balance sheets, and are subsequently amortized ratably over the term of respective debt. As of Balance Sheet Location Maturity Date/ Amortization Term July 27, 2024 July 29, 2023 Credit Facility - Prepaid and Other Current Assets June 9, 2028 $ — $ 13,638 Credit Facility - Other noncurrent assets 14,343 1,432 Credit Facility - sub-total 14,343 15,070 Term Loan - Contra Debt — 2,072 Total deferred financing costs $ 14,343 $ 17,142 Interest Expense The following table disaggregates interest expense for the 13 week periods: 13 weeks ended July 27, 2024 July 29, 2023 Interest Incurred Credit Facility $ 4,784 $ 5,715 Term Loan 453 1,306 Total Interest Incurred $ 5,237 $ 7,021 Amortization of Deferred Financing Costs Credit Facility $ 2,267 $ 944 Term Loan 150 300 Total Amortization of Deferred Financing Costs $ 2,417 $ 1,244 Interest Income, net of expense $ (36) $ (11) Total Interest Expense $ 7,618 $ 8,254 Cash interest paid during the 13 weeks ended July 27, 2024 and July 29, 2023 was $4,732 and $5,534, respectively.

Leases (Notes)

Leases (Notes)	3 Months Ended
	Jul. 27, 2024
Leases [Abstract]
Lessee, Operating Leases	Note 8. Leases We recognize lease assets and lease liabilities on the condensed consolidated balance sheets for substantially all lease arrangements as required by FASB ASC 842, Leases (Topic 842). Our portfolio of leases consists of operating leases comprised of operations agreements which grant us the right to operate on-campus bookstores at colleges and universities; real estate leases for office and warehouse operations; and vehicle leases. We do not have finance leases or short-term leases (i.e., those with a term of twelve months or less). We recognize a right of use (“ROU”) asset and lease liability in our condensed consolidated balance sheets for leases with a term greater than twelve months. Options to extend or terminate a lease are included in the determination of the ROU asset and lease liability when it is reasonably certain that such options will be exercised. Our lease terms generally range from one year to fifteen years and a number of agreements contain minimum annual guarantees, many of which are adjusted at the start of each contract year based on the actual sales activity of the leased premises for the most recently completed contract year. Payment terms are based on the fixed rates explicit in the lease, including minimum annual guarantees, and/or variable rates based on: i) a percentage of revenues or sales arising at the relevant premises (“variable commissions”), and/or ii) operating expenses, such as common area charges, real estate taxes and insurance. For contracts with fixed lease payments, including those with minimum annual guarantees, we recognize lease expense on a straight-line basis over the lease term or over the contract year in order to best reflect the pattern of usage of the underlying leased asset and our minimum obligations arising from these types of leases. Our lease agreements do not contain any material residual value guarantees, material restrictions or covenants. We used our incremental borrowing rates to determine the present value of fixed lease payments based on the information available at the lease commencement date, as the rate implicit in the lease is not readily determinable. We utilized an estimated collateralized incremental borrowing rate as of the effective date or the commencement date of the lease, whichever is later. We recognized lease expense related to our college and university contracts as cost of sales in our condensed consolidated statements of operations as follows: 13 weeks ended July 27, 2024 July 29, 2023 Variable lease expense $ 12,803 $ 12,229 Operating lease expense 21,331 22,389 Net lease expense $ 34,134 $ 34,618 The following table summarizes our minimum fixed lease obligations, excluding variable commissions: As of July 27, 2024 Remainder of Fiscal 2025 $ 140,149 Fiscal 2026 40,833 Fiscal 2027 33,670 Fiscal 2028 28,390 Fiscal 2029 25,308 Thereafter 38,000 Total lease payments 306,350 Less: imputed interest (26,311) Operating lease liabilities at period end $ 280,039 Future lease payment obligations related to leases that were entered into, but did not commence as of July 27, 2024, were not material. The following summarizes additional information related to our operating leases: As of July 27, 2024 July 29, 2023 Weighted average remaining lease term (in years) 4.1 years 4.6 years Weighted average discount rate 4.2 % 4.1 % Supplemental cash flow information: Cash payments for lease liabilities within operating activities $ 25,272 $ 22,804 Right-of-use assets obtained in exchange for lease liabilities from initial recognition $ 58,683 $ 59,304

Supplementary Information (Note

Supplementary Information (Notes)	3 Months Ended
	Jul. 27, 2024
Supplementary info [Abstract]
Supplementary Information [Text Block]	Note 9. Supplementary Information Restructuring and other charges During the 13 weeks ended July 27, 2024, we recognized restructuring and other charges totaling $3,618 comprised primarily of $1,963 of severance primarily related to the resignation of our former Chief Executive Officer on June 11, 2024, $1,091 related to severance and other employee termination and benefit costs associated with elimination of various positions as part of cost reduction initiatives ($1,506 is included in accrued liabilities in the condensed consolidated balance sheet as of July 27, 2024) and $528 for legal and advisory professional service costs for restructuring and process improvements and other charges. We recognized an increase to additional paid in capital on the condensed consolidated balance sheet for the reimbursement of the former Chief Executive Officer severance from VitalSource (a principal stockholder) as part of the June 10, 2024 financing transactions. During the 13 weeks ended July 29, 2023, we recognized restructuring and other charges totaling $4,633 comprised primarily of $3,582 of professional service costs for restructuring and process improvements, and $1,051 of severance and other employee termination and benefit costs associated with elimination of various positions as part of cost reduction initiatives.

Stock-Based Compensation Stock-

Stock-Based Compensation Stock-Based Compensation (Notes)	3 Months Ended
	Jul. 27, 2024
Share-Based Payment Arrangement [Abstract]
Disclosure of Compensation Related Costs, Share-based Payments [Text Block]	Note 10. Long-Term Incentive Plan Compensation Expense On June 19, 2024, we granted 37,205 restricted stock units to certain Board of Director members. The restricted stock units vest on the earlier of one year from the date of grant or the next annual meeting of stockholders. We recognized compensation expense for previously granted long-term incentive plan awards in selling and administrative expenses as follows: 13 weeks ended July 27, July 29, Stock-based awards Restricted stock expense $ — $ 7 Restricted stock units expense (16) 568 Stock option expense (847) 382 Sub-total stock-based awards: $ (863) $ 957 Cash settled awards Phantom share units expense $ (5) $ (89) Total compensation expense for long-term incentive awards $ (868) $ 868 The negative long-term incentive plan is primarily due to forfeitures of $1,562 resulting from the resignation of our Chief Executive Officer on June 11, 2024.

Income Taxes Income Taxes (Note

Income Taxes Income Taxes (Notes)	3 Months Ended
	Jul. 27, 2024
Income Tax Disclosure [Abstract]
Income Tax Disclosure [Text Block]	Note 12. Income Taxes Our provision for income taxes during interim reporting periods has historically been calculated by applying an estimate of the annual effective tax rate for the full fiscal year to ordinary income (loss) (pre-tax income (loss) excluding unusual or infrequently occurring discrete items) for the reporting period. For the 13 weeks ended July 27, 2024 and July 29, 2023, respectively, and in accordance with ASC 740-270-30-18 Income Taxes - Interim Reporting - Initial Measurement, and paragraph 82 of FASB interpretation No. 18, Accounting for Income Taxes in Interim Periods, we utilized the discrete effective tax rate method to calculate our interim income tax provision related to our domestic operations. The discrete method is applied when the application of the estimated annual effective tax rate is impractical because it is not possible to reliably estimate the annual effective tax rate. The discrete method treats the year to date period as if it was the annual period and determines the income tax expense or benefit on that basis. We believe that, at this time, the use of this discrete method is more appropriate than the annual effective tax rate method as (i) the estimated annual effective tax rate method is no longer reliable due to the sensitivity of the estimated annual effective tax rate to minor changes in estimated annual pretax earnings and (ii) the Company’s ongoing assessment that the recoverability of its deferred tax assets is not likely. We recorded an income tax expense of $136 on pre-tax loss of $(99,343) during the 13 weeks ended July 27, 2024, which represented an effective income tax rate of (0.1)% and an income tax benefit of $(11) on pre-tax loss of $(49,982) during the 13 weeks ended July 29, 2023, which represented an effective income tax rate of 0%. The effective tax rate for the 13 weeks ended July 27, 2024 is materially consistent with the prior year comparable period. In assessing the realizability of the deferred tax assets, management considered whether it is more likely than not that some or all of the deferred tax assets would be realized. As of July 27, 2024, we determined that it was more likely than not that we would not realize all deferred tax assets and our tax rate for the current fiscal year reflects this determination. We will continue to evaluate this position.

Legal Proceedings (Notes)

Legal Proceedings (Notes)	3 Months Ended
	Jul. 27, 2024
Legal Proceedings	Note 13. Legal Proceedings We are involved in a variety of claims, suits, investigations and proceedings that arise from time to time in the ordinary course of our business, including actions with respect to contracts, intellectual property, taxation, employment, benefits, personal injuries and other matters. The results of these proceedings in the ordinary course of business are not expected to have a material adverse effect on our condensed consolidated financial position, results of operations, or cash flows.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Jul. 27, 2024
Use of Estimates	Use of Estimates In preparing financial statements in conformity with GAAP, we are required to make estimates and assumptions that affect the reported amounts in the condensed consolidated financial statements and accompanying notes. Actual results could differ from those estimates.
Merchandise Inventories	Merchandise Inventories Merchandise inventories, which consist of finished goods, are stated at the lower of cost or net realizable value. Market value of our inventory, which is all purchased finished goods, is determined based on its estimated net realizable value, which is generally the selling price less normally predictable costs of disposal and transportation. Reserves for non-returnable inventory are based on our history of liquidating non-returnable inventory, which includes certain significant assumptions, including markdowns, sales below cost, inventory aging and expected demand. Cost is determined primarily by the retail inventory method in our Retail segment. Our textbook and trade book inventories, for Retail and Wholesale, are valued using the LIFO method and the related reserve was not material to the recorded amount of our inventories. There were no LIFO adjustments during the 13 weeks ended July 27, 2024, July 29, 2023, and Fiscal 2024. For our physical bookstores, we also estimate and accrue shortage for the period between the last physical count of inventory and the balance sheet date. Shortage rates are estimated and accrued based on historical rates and can be affected by changes in merchandise mix and changes in actual shortage trends.
Textbook Rentals Inventories	Textbook Rental Inventories Physical textbooks out on rent are categorized as textbook rental inventories. At the time a rental transaction is consummated, the book is removed from merchandise inventories and moved to textbook rental inventories at cost. The cost of the book is amortized down to its estimated residual value over the rental period. The related amortization expense is included in cost of sales. At the end of the rental period, upon return, the book is removed from textbook rental inventories and recorded in merchandise inventories at its amortized cost.
Revenue Recognition	Revenue Recognition and Deferred Revenue Product sales and rentals The majority of our revenue is derived from the sale of products through our bookstore locations, including virtual bookstores, and our bookstore affiliated e-commerce websites, and contains a single performance obligation. Revenue from sales of our products is recognized at the point in time when control of the products is transferred to our customers in an amount that reflects the consideration we expect to be entitled to in exchange for the products. For additional information, see Note 3. Revenue. Retail product revenue is recognized when the customer takes physical possession of our products, which occurs either at the point of sale for products purchased at physical locations or upon receipt of our products by our customers for products ordered through our websites and virtual bookstores. Product revenue from our wholesale operations is recognized upon shipment of physical textbooks at which point title passes and risk of loss is transferred to the customer. Additional revenue is recognized for shipping charges billed to customers and shipping costs are accounted for as fulfillment costs within cost of sales. Revenue from the sale of digital textbooks, which contains a single performance obligation, is recognized when the customer accesses the digital content as product revenue in our condensed consolidated financial statements. A software feature is embedded within the content of our digital textbooks, such that upon expiration of the term the customer is no longer able to access the content. While the sale of the digital textbook allows the customer to access digital content for a fixed period of time, once the digital content is delivered to the customer, our performance obligation is complete. Revenue from the rental of physical textbooks is deferred and recognized over the rental period based on the passage of time commencing at the point of sale, when control of the product transfers to the customer and is recognized as rental income in our condensed consolidated financial statements. Rental periods are typically for a single semester and are always less than one year in duration. We offer a buyout option to allow the purchase of a rented physical textbook at the end of the rental period if the customer desires to do so. We record the buyout purchase when the customer exercises and pays the buyout option price which is determined at the time of the buyout. In these instances, we accelerate any remaining deferred rental revenue at the point of sale. Revenue recognized for our BNC First Day ® offerings is consistent with our policies outlined above for product, digital and rental sales, net of an anticipated opt-out or return provision. Given the growth of BNC First Day ® programs, the timing of cash collection from our school partners may shift to periods subsequent to when the revenue is recognized. When a school adopts our BNC First Day ® affordable textbook access offerings, cash collection from the school generally occurs after the institution's drop/add dates, which is later in the working capital cycle, particularly in our third quarter given the timing of the Spring Term and our quarterly reporting period, as compared to direct-to-student point-of-sale transactions where cash is generally collected during the point-of-sale transaction or within a few days from the credit card processor. We estimate returns based on an analysis of historical experience. A provision for anticipated merchandise returns is provided through a reduction of sales and cost of sales in the period that the related sales are recorded. For sales and rentals involving third-party products, we evaluate whether we are acting as a principal or an agent. Our determination is based on our evaluation of whether we control the specified goods or services prior to transferring them to the customer. There are significant judgments involved in determining whether we control the specified goods or services prior to transferring them to the customer including whether we have the ability to direct the use of the good or service and obtain substantially all of the remaining benefits from the good or service. For those transactions where we are the principal, we record revenue on a gross basis, and for those transactions where we are an agent to a third-party, we record revenue on a net basis. As the logo and emblematic general merchandise sales are fulfilled by Lids and Fanatics Retail Group Fulfillment, LLC (“Fanatics”, collectively, F/L Relationship), we recognize commission revenue earned for these sales on a net basis in our condensed consolidated financial statements. We do not have gift card or customer loyalty programs. We do not treat any promotional offers as expenses. Sales tax collected from our customers is excluded from reported revenues. Our payment terms are generally 30 days and do not extend beyond one year. Service and other revenue Service and other revenue is primarily derived from brand marketing services which includes promotional activities and advertisements within our physical bookstores and web properties performed on behalf of third-party customers, shipping and handling, and revenue from other programs. Brand marketing agreements often include multiple performance obligations which are individually negotiated with our customers. For these arrangements that contain distinct performance obligations, we allocate the transaction price based on the relative standalone selling price method by comparing the standalone selling price ( “ SSP ” ) of each distinct performance obligation to the total value of the contract. The revenue is recognized as each performance obligation is satisfied, typically at a point in time for brand marketing service and over time for advertising efforts as measured based upon the passage of time for contracts that are based on a stated period of time or the number of impressions delivered for contracts with a fixed number of impressions.
Lessee, Leases [Policy Text Block]	We recognize lease assets and lease liabilities on the condensed consolidated balance sheets for substantially all lease arrangements as required by FASB ASC 842, Leases (Topic 842). Our portfolio of leases consists of operating leases comprised of operations agreements which grant us the right to operate on-campus bookstores at colleges and universities; real estate leases for office and warehouse operations; and vehicle leases. We do not have finance leases or short-term leases (i.e., those with a term of twelve months or less). We recognize a right of use (“ROU”) asset and lease liability in our condensed consolidated balance sheets for leases with a term greater than twelve months. Options to extend or terminate a lease are included in the determination of the ROU asset and lease liability when it is reasonably certain that such options will be exercised. Our lease terms generally range from one year to fifteen years and a number of agreements contain minimum annual guarantees, many of which are adjusted at the start of each contract year based on the actual sales activity of the leased premises for the most recently completed contract year. Payment terms are based on the fixed rates explicit in the lease, including minimum annual guarantees, and/or variable rates based on: i) a percentage of revenues or sales arising at the relevant premises (“variable commissions”), and/or ii) operating expenses, such as common area charges, real estate taxes and insurance. For contracts with fixed lease payments, including those with minimum annual guarantees, we recognize lease expense on a straight-line basis over the lease term or over the contract year in order to best reflect the pattern of usage of the underlying leased asset and our minimum obligations arising from these types of leases. Our lease agreements do not contain any material residual value guarantees, material restrictions or covenants. We used our incremental borrowing rates to determine the present value of fixed lease payments based on the information available at the lease commencement date, as the rate implicit in the lease is not readily determinable. We utilized an estimated collateralized incremental borrowing rate as of the effective date or the commencement date of the lease, whichever is later.
Cost of Sales, Policy [Policy Text Block]	Cost of Sales Our cost of sales primarily includes costs such as merchandise costs, textbook rental amortization, content development cost amortization, warehouse costs related to inventory management and order fulfillment, insurance, certain payroll costs, and management service agreement costs, including rent expense, related to our college and university contracts and other facility related expenses.
Selling, General and Administrative Expenses, Policy [Policy Text Block]	Selling and Administrative Expenses Our selling and administrative expenses consist primarily of store payroll and store operating expenses. Selling and administrative expenses also include long-term incentive plan compensation expense and general office expenses, such as merchandising, procurement, field support, finance and accounting. Shared-service costs such as human resources, legal, treasury, information technology, and various other corporate level expenses and other governance functions, are not allocated to a reporting segment and are recorded in Corporate Services (defined below).
Fair Values of Financial Instruments	In accordance with ASC No. 820, Fair Value Measurements and Disclosures , the fair value of an asset is considered to be the price at which the asset could be sold in an orderly transaction between unrelated knowledgeable and willing parties. A liability’s fair value is defined as the amount that would be paid to transfer the liability to a new obligor, not the amount that would be paid to settle the liability with the creditor. Assets and liabilities recorded at fair value are measured using a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value. These tiers include: Level 1—Observable inputs that reflect quoted prices in active markets Level 2—Inputs other than quoted prices in active markets that are either directly or indirectly observable Level 3—Unobservable inputs in which little or no market data exists, therefore requiring us to develop our own assumptions
Net Earnings (Loss) Per Share	Earnings Per Share Basic EPS is computed based upon the weighted average number of common shares outstanding for the year. Diluted EPS is computed based upon the weighted average number of common shares outstanding for the year plus the dilutive effect of Common Stock equivalents using the treasury stock method and the average market price of our Common Stock for the year. We include participating securities (unvested share-based payment awards that contain non-forfeitable rights to dividends or dividend equivalents) in the computation of EPS pursuant to the two-class method. Our participating securities consist solely of
Income Tax, Policy [Policy Text Block]	Income Taxes
Cash and Cash Equivalents, Restricted Cash and Cash Equivalents, Policy	Restricted Cash As of July 27, 2024, July 29, 2023, and April 27, 2024, we had restricted cash of $13,063, $11,637, and $18,111, respectively, comprised of $10,704, $10,704, and $17,146, respectively, in prepaid and other current assets in the condensed consolidated balance sheets related to segregated funds for commission due to Fanatics Lids College, Inc. D/B.A “Lids” for logo merchandise sales as per the Lids service provider merchandising agreement, and $2,359, $933, and $965, respectively, in other noncurrent assets in the condensed consolidated balance sheets related to amounts held in trust for future distributions related to employee benefit plans.
New Accounting Pronouncements, Policy	Recent Accounting Pronouncements In December 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update ( “ ASU ” ) No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures to improve annual income tax disclosure requirements, primarily to (1) disclose specific categories in the rate reconciliation (2) provide additional information for reconciling items that meet a quantitative threshold, and (3) enhance cash tax payment disclosures. This ASU, which can be applied either prospectively or retrospectively, is effective for annual periods beginning after December 15, 2024 (our Fiscal 2026), with early adoption permitted. We are currently assessing this guidance and determining the impact on our condensed consolidated financial statements. In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. This guidance will be effective for the Company for the annual report for the fiscal year ending May 3, 2025 and subsequent interim periods. Early adoption is permitted, and retrospective adoption is required for all prior periods presented. We are currently assessing this guidance and determining the impact on our condensed consolidated financial statements.
Basis of Accounting, Policy	Basis of Presentation and Consolidation

Segment Reporting (Policies)

Segment Reporting (Policies)	3 Months Ended
	Jul. 27, 2024
Segment Reporting [Abstract]
Consolidation, Subsidiaries or Other Investments, Consolidated Entities, Policy [Policy Text Block]	Our international operations are not material, and the majority of the revenue and total assets are within the United States. The intercompany eliminations are primarily related to the following intercompany activities. The sales eliminations represent the elimination of Wholesale sales and fulfillment service fees to Retail and the elimination of Retail commissions earned from Wholesale, and the cost of sales eliminations represent (i) the recognition of intercompany profit for Retail inventory that was purchased from Wholesale in a prior period that was subsequently sold to external customers during the current period and the elimination of Wholesale service fees charged for fulfillment of inventory for virtual store sales, net of (ii) the elimination of intercompany profit for Wholesale inventory purchases by Retail that remain in ending inventory at the end of the current period.

Leases (Policies)

Leases (Policies)	3 Months Ended
	Jul. 27, 2024
Leases [Abstract]
Lessee, Leases [Policy Text Block]	We recognize lease assets and lease liabilities on the condensed consolidated balance sheets for substantially all lease arrangements as required by FASB ASC 842, Leases (Topic 842). Our portfolio of leases consists of operating leases comprised of operations agreements which grant us the right to operate on-campus bookstores at colleges and universities; real estate leases for office and warehouse operations; and vehicle leases. We do not have finance leases or short-term leases (i.e., those with a term of twelve months or less). We recognize a right of use (“ROU”) asset and lease liability in our condensed consolidated balance sheets for leases with a term greater than twelve months. Options to extend or terminate a lease are included in the determination of the ROU asset and lease liability when it is reasonably certain that such options will be exercised. Our lease terms generally range from one year to fifteen years and a number of agreements contain minimum annual guarantees, many of which are adjusted at the start of each contract year based on the actual sales activity of the leased premises for the most recently completed contract year. Payment terms are based on the fixed rates explicit in the lease, including minimum annual guarantees, and/or variable rates based on: i) a percentage of revenues or sales arising at the relevant premises (“variable commissions”), and/or ii) operating expenses, such as common area charges, real estate taxes and insurance. For contracts with fixed lease payments, including those with minimum annual guarantees, we recognize lease expense on a straight-line basis over the lease term or over the contract year in order to best reflect the pattern of usage of the underlying leased asset and our minimum obligations arising from these types of leases. Our lease agreements do not contain any material residual value guarantees, material restrictions or covenants. We used our incremental borrowing rates to determine the present value of fixed lease payments based on the information available at the lease commencement date, as the rate implicit in the lease is not readily determinable. We utilized an estimated collateralized incremental borrowing rate as of the effective date or the commencement date of the lease, whichever is later.

Debt (Tables)

Debt (Tables)	3 Months Ended
	Jul. 27, 2024
Debt Disclosure [Abstract]
Schedule of Discontinued Operations Statement of Income	13 weeks ended July 27, 2024 July 29, 2023 Total sales $ — $ 2,784 Cost of sales — 76 Gross profit — 2,708 Selling and administrative expenses — 2,281 Gain on sale of business — (3,068) Impairment loss (non-cash) — 610 Restructuring costs — 3,287 Transaction costs — (5) Operating loss — (397) Income tax expense — 20 Loss from discontinued operations, net of tax $ — $ (417)

Revenue (Tables)

Revenue (Tables)	3 Months Ended
	Jul. 27, 2024
Disaggregation of Revenue [Line Items]
Disaggregation of Revenue [Table Text Block]	The following table disaggregates the revenue associated with our major product and service offerings: 13 weeks ended July 27, 2024 July 29, 2023 Retail Course Materials Product Sales $ 152,152 $ 138,536 General Merchandise Product Sales (a) 76,543 88,680 Service and Other Revenue (b) 8,499 6,733 Retail Product and Other Sales sub-total 237,194 233,949 Course Materials Rental Income 12,505 11,511 Retail Total Sales $ 249,699 $ 245,460 Wholesale Sales $ 34,229 $ 38,791 Eliminations (c) $ (20,497) $ (20,090) Total Sales $ 263,431 $ 264,161 (a) Logo general merchandise sales for the Retail Segment are recognized on a net basis as commission revenue in the condensed consolidated financial statements. (b) Service and other revenue primarily relates to brand partnership marketing and other service revenues. (c) The sales eliminations represent the elimination of Wholesale sales and fulfillment service fees to Retail and the elimination of Retail commissions earned from Wholesale.
Contract with Customer, Asset and Liability [Table Text Block]	The following table presents changes in deferred revenue associated with our contract liabilities: 13 weeks ended July 27, 2024 July 29, 2023 Deferred revenue at the beginning of period $ 14,892 $ 15,356 Additions to deferred revenue during the period 15,562 12,856 Reductions to deferred revenue for revenue recognized during the period (16,627) (12,444) Deferred revenue balance at the end of period: $ 13,827 $ 15,768 Balance Sheet classification: Accrued liabilities $ 10,488 $ 11,769 Other long-term liabilities 3,339 3,999 Deferred revenue balance at the end of period: $ 13,827 $ 15,768

Segment Reporting Segment Repor

Segment Reporting Segment Reporting (Tables)	3 Months Ended
	Jul. 27, 2024
Segment Reporting Information [Line Items]
Schedule of Segment Reporting Information, by Segment [Table Text Block]	Summarized financial information for our reportable segments is reported below: 13 weeks ended July 27, 2024 July 29, 2023 Sales Retail $ 249,699 $ 245,460 Wholesale 34,229 38,791 Eliminations (20,497) (20,090) Total Sales $ 263,431 $ 264,161 Gross Profit Retail $ 47,823 $ 50,291 Wholesale 5,125 5,794 Eliminations (5,742) (5,451) Total Gross Profit $ 47,206 $ 50,634 Selling and Administrative Expenses Retail $ 61,709 $ 69,173 Wholesale 3,192 3,388 Corporate Services 2,122 4,918 Eliminations — (3) Total Selling and Administrative Expenses $ 67,023 $ 77,476 Depreciation and Amortization Retail $ 11,670 $ 8,966 Wholesale 1,379 1,277 Corporate Services 8 10 Total Depreciation and Amortization $ 13,057 $ 10,253 Loss on extinguishment of debt - Corporate Services $ 55,233 $ — Restructuring and Other Charges Retail $ 912 $ 526 Wholesale (89) 526 Corporate Services 2,795 3,581 Total Restructuring and Other Charges $ 3,618 $ 4,633 Operating (Loss) Income Retail $ (26,468) $ (28,374) Wholesale 643 603 Corporate Services (60,158) (8,509) Elimination (5,742) (5,448) Total Operating Loss $ (91,725) $ (41,728) Interest Expense, net $ 7,618 $ 8,254 Total Loss from Continuing Operations Before Income Taxes $ (99,343) $ (49,982)

Net Earnings (Loss) Per Share (

Net Earnings (Loss) Per Share (Tables)	3 Months Ended
	Jul. 27, 2024
Reconciliation of Basic and Diluted Loss Per Share	The following is a reconciliation of the basic and diluted earnings per share calculation: 13 weeks ended (shares in thousands) July 27, 2024 July 29, 2023 Numerator for basic and diluted earnings per share: Loss from continuing operations, net of tax $ (99,479) $ (49,971) Loss from discontinued operations, net of tax — (417) Net loss available to common shareholders $ (99,479) $ (50,388) Denominator for basic and diluted earnings per share: Basic and diluted weighted average shares of Common Stock 13,511 2,648 Loss per share of Common Stock: Basic and Diluted Continuing operations $ (7.36) $ (18.87) Discontinuing operations — (0.16) Basic and diluted loss per share of Common Stock $ (7.36) $ (19.03)

Debt (Tables)_2

Debt (Tables)	3 Months Ended
	Jul. 27, 2024
Debt Disclosure [Abstract]
Schedule of Debt	As of Maturity Date July 27, 2024 July 29, 2023 Credit Facility June 9, 2028 $ 221,916 $ 249,735 Term Loan — 30,000 sub-total 221,916 279,735 Less: Deferred financing costs, Term Loan (a) — (2,072) Total debt $ 221,916 $ 277,663 Balance Sheet classification: Short-term borrowings $ — $ — Long-term borrowings 221,916 277,663 Total debt $ 221,916 $ 277,663 (a) For additional information on Credit Facility and Term Loan deferred financing costs, see Deferred Financing Costs below.
Interest Income and Interest Expense Disclosure	The following table disaggregates interest expense for the 13 week periods: 13 weeks ended July 27, 2024 July 29, 2023 Interest Incurred Credit Facility $ 4,784 $ 5,715 Term Loan 453 1,306 Total Interest Incurred $ 5,237 $ 7,021 Amortization of Deferred Financing Costs Credit Facility $ 2,267 $ 944 Term Loan 150 300 Total Amortization of Deferred Financing Costs $ 2,417 $ 1,244 Interest Income, net of expense $ (36) $ (11) Total Interest Expense $ 7,618 $ 8,254
Schedule of Deferred Financing Costs [Table]	Deferred Financing Costs The debt issuance costs have been deferred and are presented as noted below in the condensed consolidated balance sheets, and are subsequently amortized ratably over the term of respective debt. As of Balance Sheet Location Maturity Date/ Amortization Term July 27, 2024 July 29, 2023 Credit Facility - Prepaid and Other Current Assets June 9, 2028 $ — $ 13,638 Credit Facility - Other noncurrent assets 14,343 1,432 Credit Facility - sub-total 14,343 15,070 Term Loan - Contra Debt — 2,072 Total deferred financing costs $ 14,343 $ 17,142

Leases (Tables)

Leases (Tables)	3 Months Ended
	Jul. 27, 2024
Leases [Abstract]
Lessee, Operating Lease, Liability, Maturity [Table Text Block]	The following table summarizes our minimum fixed lease obligations, excluding variable commissions: As of July 27, 2024 Remainder of Fiscal 2025 $ 140,149 Fiscal 2026 40,833 Fiscal 2027 33,670 Fiscal 2028 28,390 Fiscal 2029 25,308 Thereafter 38,000 Total lease payments 306,350 Less: imputed interest (26,311) Operating lease liabilities at period end $ 280,039
Supplemental Operating Lease Disclosures [Table Text Block]	The following summarizes additional information related to our operating leases: As of July 27, 2024 July 29, 2023 Weighted average remaining lease term (in years) 4.1 years 4.6 years Weighted average discount rate 4.2 % 4.1 % Supplemental cash flow information: Cash payments for lease liabilities within operating activities $ 25,272 $ 22,804 Right-of-use assets obtained in exchange for lease liabilities from initial recognition $ 58,683 $ 59,304
Lease, Cost	We recognized lease expense related to our college and university contracts as cost of sales in our condensed consolidated statements of operations as follows: 13 weeks ended July 27, 2024 July 29, 2023 Variable lease expense $ 12,803 $ 12,229 Operating lease expense 21,331 22,389 Net lease expense $ 34,134 $ 34,618

Stock-Based Compensation Stoc_2

Stock-Based Compensation Stock-Based Compensation (Tables)	3 Months Ended
	Jul. 27, 2024
Share-Based Payment Arrangement [Abstract]
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Table Text Block]	We recognized compensation expense for previously granted long-term incentive plan awards in selling and administrative expenses as follows: 13 weeks ended July 27, July 29, Stock-based awards Restricted stock expense $ — $ 7 Restricted stock units expense (16) 568 Stock option expense (847) 382 Sub-total stock-based awards: $ (863) $ 957 Cash settled awards Phantom share units expense $ (5) $ (89) Total compensation expense for long-term incentive awards $ (868) $ 868

Summary of Significant Accoun_3

Summary of Significant Accounting Policies Summary of Significant Accounting Policies (Details) - USD ($) $ in Thousands		3 Months Ended
	Jun. 10, 2024	Jul. 27, 2024	Jul. 29, 2023	Apr. 27, 2024
Restricted Cash		$ 13,063	$ 11,637	$ 18,111
Restricted Cash, Current		10,704	10,704	17,146
Restricted Cash, Noncurrent		2,359	933	965
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents, Including Disposal Group and Discontinued Operations			19,294
Income (Loss) from Continuing Operations, Net of Tax, Attributable to Parent		(99,479)	(49,971)
Interest expense, net		7,618	8,254
Disposal Group, Including Discontinued Operation, Revenue		0	2,784
Disposal Group, Including Discontinued Operations, Impairment Expense		0	610
Disposal Group, Including Discontinued Operation, Costs of Goods Sold		0	76
Disposal Group, Including Discontinued Operation, Gross Profit (Loss)		0	2,708
Disposal Group, Including Discontinued Operation, General and Administrative Expense		0	2,281
Disposal Group, Including Discontinued Operation, Other Income		0	(3,068)
Disposal Group, Including Discontinued Operation, Other Expense		0	3,287
Disposal Group, Including Discontinued Operation, Transaction Costs		0	(5)
Net Cash Provided by (Used in) Operating Activities, Continuing Operations		(143,992)	(119,858)
Short-term Debt		0	0
Disposal Group, Including Discontinued Operation, Operating Income (Loss)		0	(397)
Discontinued Operation, Tax Effect of Discontinued Operation		0	20
Income (Loss) from Discontinued Operations, Net of Tax, Attributable to Parent		0	(417)
Variable Lease, Cost		12,803	12,229
Restructuring and other charges		3,618	4,633
Property, Plant and Equipment, Net		48,264	64,438	52,912
Operating Lease, Right-of-Use Asset		241,852	283,096	202,522
Intangible assets, net		87,828	107,413	94,191
Other noncurrent assets		25,930	17,298	24,703
New Credit Facility [Member]
Interest expense, net		$ 4,784	5,715
Long-term Debt, Description	Interest under the Credit Facility accrues, at the election of the Company, either (x) based on the Secured Overnight Financing Rate (“SOFR”), which is subject to a floor of 2.50% per annum, plus a spread of 3.50% per annum or (y) at an alternate base rate, which is subject to a floor of 3.50% per annum, plus a spread of 2.50% per annum, provided that, in the event the Company meets certain financial metrics for a consecutive six-month period beginning and ending after the one-year anniversary of the Closing Date, the foregoing spreads shall be reduced by 0.25% per annum.The A&R Credit Agreement contains customary negative covenants that limit the Company’s ability to incur or assume additional indebtedness, grant or permit liens, make investments, make restricted payments and other specified payments, merge with other entities, dispose of or acquire assets, or engage in transactions with affiliates, among other things. Additionally, the A&R Credit Agreement includes the following financial maintenance covenants:         •following the date that is six months following the Closing Date, the Company is required to maintain a minimum Availability (as defined in the A&R Credit Agreement) of (x) $25,000 for the first thirty (30) months after the Closing Date and (y) $30,000 after the date that is thirty (30) months after the Closing Date;         •commencing with the month ending May 31, 2025, the Company is required to maintain a Consolidated Fixed Charge Coverage Ratio (as defined in the A&R Credit Agreement) of not less than 1.10 to 1.00, which will be tested monthly on the last day of each fiscal month for the trailing 12-month period; and              •commencing with the quarter ending October 31, 2024, the Company is required to maintain a minimum Consolidated EBITDA (as defined in the A&R Credit Agreement), which will be tested quarterly on the last day of each fiscal quarter for (a) the trailing six-month period for the first test date, (b) the trailing nine-month period of the second test date and (c) for the trailing 12-month period thereafter.The A&R Credit Agreement contains customary events of default, including for non-payment of obligations owing under the Credit Facility, material breaches of representations and warranties, failure to perform or observe covenants, default on other material indebtedness, customary ERISA events of default, bankruptcy and insolvency, material judgments, invalidity of liens on collateral, change of control or cessation of business. The A&R Credit Agreement also contains customary affirmative covenants and representations and warranties.The Credit Facility is secured by substantially all of the inventory, accounts receivable and related assets of the borrowers under the Credit Facility. This is considered an all-assets lien (inclusive of proceeds from tax refunds payable to the Company and a pledge of equity from subsidiaries, exclusive of real estate).In connection with the A&R Credit Agreement, the 1.00% fee payable in connection with the eighth amendment to the Credit Facility (prior to its having been amended and restated) is due and payable (x) 50% on September 2, 2024 and (y) 50% on June 10, 2025.
Line of Credit Facility, Maximum Borrowing Capacity	$ 325,000		400,000	380,000
Line of Credit Facility, Maximum Borrowing Capacity	$ 325,000		$ 400,000	$ 380,000

Revenue (Details)

Revenue (Details) - USD ($) $ in Thousands	3 Months Ended
	Jul. 27, 2024	Jul. 29, 2023	Apr. 27, 2024	Apr. 29, 2023
Disaggregation of Revenue [Line Items]
Revenues	$ 263,431	$ 264,161
Product sales and other	250,926	252,650
Deferred Revenue	13,827	15,768	$ 14,892	$ 15,356
Deferred Revenue, Current	10,488	11,769
Deferred Revenue, Noncurrent	3,339	3,999
Deferred Revenue, Additions	15,562	12,856
Contract with Customer, Liability, Revenue Recognized	(16,627)	(12,444)
Receivables, net	154,405	140,858	$ 104,110	$ 92,512
Deferred Revenue, Additions	15,562	12,856
Contract with Customer, Liability, Revenue Recognized	(16,627)	(12,444)
Intersegment Eliminations [Member]
Disaggregation of Revenue [Line Items]
Revenues	(20,497)	(20,090)
Retail Segment [Member]
Disaggregation of Revenue [Line Items]
Revenues	249,699	245,460
Rental income	12,505	11,511
Retail Segment [Member] | Transferred at Point in Time
Disaggregation of Revenue [Line Items]
Product sales and other	237,194	233,949
Retail Segment [Member] | Service and Other [Member]
Disaggregation of Revenue [Line Items]
Revenues	8,499	6,733
Retail Segment [Member] | Course Materials Product
Disaggregation of Revenue [Line Items]
Revenues	152,152	138,536
Retail Segment [Member] | General Merchandise Product
Disaggregation of Revenue [Line Items]
Revenues	76,543	88,680
Wholesale [Member]
Disaggregation of Revenue [Line Items]
Revenues	$ 34,229	$ 38,791

Segment Reporting Segment Rep_2

Segment Reporting Segment Reporting (Details) $ in Thousands	3 Months Ended
	Jul. 27, 2024 USD ($) Store segment	Jul. 29, 2023 USD ($)
Segment Reporting Information [Line Items]
Number of Reportable Segments | segment	2
Revenues	$ 263,431	$ 264,161
Gross Profit	47,206	50,634
Depreciation and amortization expense	13,057	10,253
Operating Income (Loss)	(91,725)	(41,728)
Interest expense, net	7,618	8,254
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest	(99,343)	(49,982)
Selling and administrative expenses	67,023	77,476
Depreciation, Depletion and Amortization	13,057	10,253
Restructuring and other charges	3,618	4,633
Gain (Loss) on Extinguishment of Debt	$ (55,233)	0
Number of Stores | Store	1,164
Intersegment Eliminations [Member]
Segment Reporting Information [Line Items]
Revenues	$ (20,497)	(20,090)
Gross Profit	(5,742)	(5,451)
Operating Income (Loss)	(5,742)	(5,448)
Selling and administrative expenses	0	(3)
Corporate Segment
Segment Reporting Information [Line Items]
Operating Income (Loss)	(60,158)	(8,509)
Selling and administrative expenses	2,122	4,918
Depreciation, Depletion and Amortization	8	10
Restructuring and other charges	2,795	3,581
Gain (Loss) on Extinguishment of Debt	(55,233)	0
Wholesale [Member]
Segment Reporting Information [Line Items]
Revenues	34,229	38,791
Gross Profit	5,125	5,794
Operating Income (Loss)	643	603
Selling and administrative expenses	3,192	3,388
Depreciation, Depletion and Amortization	1,379	1,277
Restructuring and other charges	$ (89)	526
Number of Wholesale Customers | Store	2,650
Number of System Customers | Store	320
Retail Segment [Member]
Segment Reporting Information [Line Items]
Revenues	$ 249,699	245,460
Gross Profit	47,823	50,291
Operating Income (Loss)	(26,468)	(28,374)
Selling and administrative expenses	61,709	69,173
Depreciation, Depletion and Amortization	11,670	8,966
Restructuring and other charges	$ 912	$ 526
Physical Stores [Member]
Segment Reporting Information [Line Items]
Number of Stores | Store	657
Virtual Stores [Member]
Segment Reporting Information [Line Items]
Number of Stores | Store	507

Net Earnings (Loss) Per Share -

Net Earnings (Loss) Per Share - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Jul. 27, 2024	Jul. 29, 2023	Jun. 10, 2024	Jun. 05, 2024	Apr. 27, 2024	Jun. 07, 2022
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Shares Paid for Tax Withholding for Share Based Compensation	429	779
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	42,108	36,984
Earnings Per Share, Basic	$ (7.36)	$ (19.03)
Earnings Per Share, Diluted	$ (7.36)	$ (19.03)
Basic	13,511,000	2,648,000
Weighted Average Number of Shares Outstanding, Diluted	13,511,000	2,648,000
Stock Repurchase Program, Remaining Authorized Repurchase Amount	$ 26,669
Income (Loss) from Continuing Operations, Net of Tax, Attributable to Parent	(99,479)	$ (49,971)
Income (Loss) from Discontinued Operations, Net of Tax, Attributable to Parent	$ 0	$ (417)
Income (Loss) from Continuing Operations, Per Diluted Share	$ (7.36)	$ (18.87)
Income (Loss) from Discontinued Operations and Disposal of Discontinued Operations, Net of Tax, Per Diluted Share	0	(0.16)
Income (Loss) from Continuing Operations, Per Basic Share	(7.36)	(18.87)
Discontinued Operation, Income (Loss) from Discontinued Operation, Net of Tax, Per Basic Share	$ 0	$ (0.16)
Net Income (Loss) Available to Common Stockholders, Basic	$ (99,479)	$ (50,388)
Common Stock, Shares Authorized	100,000,000	2,000,000		100,000,000	2,000,000
Proceeds from Issuance or Sale of Equity	$ 95,000
Proceeds from Issuance or Sale of Equity, Net of Expenses	85,500
Long-Term Debt	$ 221,916	$ 277,663			$ 196,337
Common Stock, Shares, Issued	26,235,000	553,000			558,000
Term Loan
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Long-Term Debt			$ 34,000			$ 30,000
Private Investment Equity
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Proceeds from Issuance or Sale of Equity	$ 50,000
Private Investment Equity | Immersion
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Proceeds from Issuance or Sale of Equity	45,000
Rights Offering
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Proceeds from Issuance or Sale of Equity	$ 45,000
Common Stock, Shares, Issued			9,000,000

Equity Issuance (Details)

Equity Issuance (Details) - USD ($)			3 Months Ended
	Jun. 11, 2024	Jun. 10, 2024	Jul. 27, 2024	Jul. 29, 2023	Apr. 27, 2024
Rights Offering Bonus Element		5.03
Debt Conversion, Converted Instrument, Shares Issued		6,674,000	6,674,000
Stockholders' Equity, Reverse Stock Split	Reverse Stock SplitOn June 11, 2024, we completed a reverse stock split of the Company’s outstanding shares of Common Stock at a ratio of 1-for-100 (the “Reverse Stock Split”), which was previously approved by stockholders at a special meeting held on June 5, 2024. In connection with the Reverse Stock Split, every 100 shares of the Common Stock issued and outstanding was converted into one share of the Company’s Common Stock. No change was made to the trading symbol for the Company’s shares of Common Stock, “BNED,” in connection with the Reverse Stock Split. The Reverse Stock Split was part of the Company’s plan to regain compliance with the minimum bid price requirement of $1.00 per share required to maintain continued listing on the NYSE.The Reverse Stock Split reduced the number of shares of the Company’s outstanding Common Stock from approximately 2,620,495,552 shares (as of the date June 11, 2024, when including issuances pursuant to the transactions) to approximately 26,204,956 shares, subject to adjustment for rounding.The Reverse Stock Split affected all issued and outstanding shares of Common Stock. All outstanding options and restricted stock units, and other securities entitling their holders to purchase or otherwise receive shares of Common Stock were adjusted as a result of the Reverse Stock Split, as required by the terms of each security. The number of shares available to be awarded under the Company’s equity compensation plans was also appropriately adjusted. Following the Reverse Stock Split, the par value of the Common Stock will remain unchanged at $0.01 per share. The Reverse Stock Split will not change the authorized number of shares of Common Stock or preferred stock. No fractional shares will be issued in connection with the reverse split; instead any fractional shares as a result of the Reverse Stock Split will be rounded up to the next whole number of post-split shares of Common Stock.
Gain (Loss) on Extinguishment of Debt			$ 55,233,000	$ 0
Long-Term Debt			221,916,000	277,663,000	$ 196,337,000
Payments of Stock Issuance Costs			9,524,000	$ 0
Proceeds from Issuance or Sale of Equity			95,000,000
Financial Instruments Subject to Mandatory Redemption, Settlement Terms, Share Value, Amount		$ 17
Shares Issued, Price Per Share		$ 0.05
Private Investment Equity
Proceeds from Issuance or Sale of Equity			50,000,000
Rights Offering
Proceeds from Issuance or Sale of Equity			45,000,000
Immersion | Private Investment Equity
Proceeds from Issuance or Sale of Equity			45,000,000
Immersion | Rights Offering
Payments of Stock Issuance Costs			2,850,000
VitalSource [Member] | Private Investment Equity
Proceeds from Issuance or Sale of Equity			5,000,000
Subscribers [Member] | Rights Offering
Proceeds from Issuance or Sale of Equity			32,100,000
Backstop Commitment [Member] | Rights Offering
Proceeds from Issuance or Sale of Equity			12,900,000
Selz [Member] | Rights Offering
Payments of Stock Issuance Costs			350,000
Outerbridge [Member] | Rights Offering
Payments of Stock Issuance Costs			$ 1,250,000

Debt - Additional Information (

Debt - Additional Information (Details) - USD ($) $ in Thousands		3 Months Ended
	Jun. 10, 2024	Jul. 27, 2024	Jul. 29, 2023	Apr. 27, 2024	Jun. 07, 2022
Line of Credit Facility [Line Items]
Proceeds from Lines of Credit		$ 217,647	$ 145,187
Repayments of Lines of Credit		160,696	49,606
Short-term Debt		0	0
Letters of Credit Outstanding, Amount		3,575	575
Debt, Long-term and Short-term, Combined Amount		221,916	277,663
Long-Term Debt		221,916	277,663	$ 196,337
Debt Issuance Costs, Net		14,343	17,142
Long-term Line of Credit, Noncurrent		221,916
Total Debt excluding Deferred Financing Costs		221,916	279,735
Interest Paid, Excluding Capitalized Interest, Operating Activities		4,732	5,534
Interest expense, net		7,618	8,254
Interest Costs Incurred		5,237	7,021
Amortization of Debt Issuance Costs		$ 2,417	1,244
Schedule of Deferred Financing Costs [Table]		Deferred Financing Costs The debt issuance costs have been deferred and are presented as noted below in the condensed consolidated balance sheets, and are subsequently amortized ratably over the term of respective debt. As of Balance Sheet Location Maturity Date/ Amortization Term July 27, 2024 July 29, 2023 Credit Facility - Prepaid and Other Current Assets June 9, 2028 $ — $ 13,638 Credit Facility - Other noncurrent assets 14,343 1,432 Credit Facility - sub-total 14,343 15,070 Term Loan - Contra Debt — 2,072 Total deferred financing costs $ 14,343 $ 17,142
Proceeds from Issuance or Sale of Equity		$ 95,000
Proceeds from Issuance or Sale of Equity, Net of Expenses		85,500
Gain (Loss) on Extinguishment of Debt		55,233	0
Debt Instrument, Convertible, Carrying Amount of Equity Component	$ 86,755
Interest and Other Income		(36)	(11)
Private Investment Equity
Line of Credit Facility [Line Items]
Proceeds from Issuance or Sale of Equity		50,000
Rights Offering
Line of Credit Facility [Line Items]
Proceeds from Issuance or Sale of Equity		45,000
Term Loan
Line of Credit Facility [Line Items]
Long-Term Debt	34,000				$ 30,000
Debt Issuance Costs, Net		0	2,072
Interest expense, net		453	1,306
Amortization of Debt Issuance Costs		150	300
Debt Conversion, Original Debt, Amount	34,000
New Credit Facility [Member]
Line of Credit Facility [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity	$ 325,000		400,000	$ 380,000
Debt, Long-term and Short-term, Combined Amount			249,735
Long-Term Debt, Description	Interest under the Credit Facility accrues, at the election of the Company, either (x) based on the Secured Overnight Financing Rate (“SOFR”), which is subject to a floor of 2.50% per annum, plus a spread of 3.50% per annum or (y) at an alternate base rate, which is subject to a floor of 3.50% per annum, plus a spread of 2.50% per annum, provided that, in the event the Company meets certain financial metrics for a consecutive six-month period beginning and ending after the one-year anniversary of the Closing Date, the foregoing spreads shall be reduced by 0.25% per annum.The A&R Credit Agreement contains customary negative covenants that limit the Company’s ability to incur or assume additional indebtedness, grant or permit liens, make investments, make restricted payments and other specified payments, merge with other entities, dispose of or acquire assets, or engage in transactions with affiliates, among other things. Additionally, the A&R Credit Agreement includes the following financial maintenance covenants:         •following the date that is six months following the Closing Date, the Company is required to maintain a minimum Availability (as defined in the A&R Credit Agreement) of (x) $25,000 for the first thirty (30) months after the Closing Date and (y) $30,000 after the date that is thirty (30) months after the Closing Date;         •commencing with the month ending May 31, 2025, the Company is required to maintain a Consolidated Fixed Charge Coverage Ratio (as defined in the A&R Credit Agreement) of not less than 1.10 to 1.00, which will be tested monthly on the last day of each fiscal month for the trailing 12-month period; and              •commencing with the quarter ending October 31, 2024, the Company is required to maintain a minimum Consolidated EBITDA (as defined in the A&R Credit Agreement), which will be tested quarterly on the last day of each fiscal quarter for (a) the trailing six-month period for the first test date, (b) the trailing nine-month period of the second test date and (c) for the trailing 12-month period thereafter.The A&R Credit Agreement contains customary events of default, including for non-payment of obligations owing under the Credit Facility, material breaches of representations and warranties, failure to perform or observe covenants, default on other material indebtedness, customary ERISA events of default, bankruptcy and insolvency, material judgments, invalidity of liens on collateral, change of control or cessation of business. The A&R Credit Agreement also contains customary affirmative covenants and representations and warranties.The Credit Facility is secured by substantially all of the inventory, accounts receivable and related assets of the borrowers under the Credit Facility. This is considered an all-assets lien (inclusive of proceeds from tax refunds payable to the Company and a pledge of equity from subsidiaries, exclusive of real estate).In connection with the A&R Credit Agreement, the 1.00% fee payable in connection with the eighth amendment to the Credit Facility (prior to its having been amended and restated) is due and payable (x) 50% on September 2, 2024 and (y) 50% on June 10, 2025.
Debt Issuance Costs, Net		14,343	15,070
Long-term Line of Credit, Noncurrent		221,916	249,735
Interest expense, net		4,784	5,715
Amortization of Debt Issuance Costs		2,267	944
New Credit Facility [Member] | Prepaid Expenses and Other Current Assets
Line of Credit Facility [Line Items]
Debt Issuance Costs, Net		0	13,638
New Credit Facility [Member] | Other Noncurrent Assets
Line of Credit Facility [Line Items]
Debt Issuance Costs, Net		14,343	1,432
Term Loan
Line of Credit Facility [Line Items]
Debt Issuance Costs, Net		0	2,072
Long-term Line of Credit, Noncurrent		$ 0	$ 30,000

Leases Leases (Details)

Leases Leases (Details) - USD ($) $ in Thousands	3 Months Ended
	Jul. 27, 2024	Jul. 29, 2023
Leases [Abstract]
Operating Lease, Weighted Average Remaining Lease Term	4 years 1 month 6 days	4 years 7 months 6 days
Variable Lease, Cost	$ 12,803	$ 12,229
Lease, Cost	21,331	22,389
Operating Lease, Expense	34,134	$ 34,618
Lessee, Operating Lease, Liability, to be Paid, Year One	140,149
Lessee, Operating Lease, Liability, Payments, Due Year Two	40,833
Lessee, Operating Lease, Liability, Payments, Due Year Three	33,670
Lessee, Operating Lease, Liability, Payments, Due Year Four	28,390
Lessee, Operating Lease, Liability, Payments, Due Year Five	25,308
Lessee, Operating Lease, Liability, Payments, Due after Year Five	38,000
Lessee, Operating Lease, Liability, Payments, Due	306,350
Lessee, Operating Lease, Liability, Undiscounted Excess Amount	26,311
Operating Lease, Liability	$ 280,039
Operating Lease, Weighted Average Discount Rate, Percent	4.20%	4.10%
Operating Lease, Payments	$ 25,272	$ 22,804
ROU Asst Obtained in Exchange for Lease Liabilites	$ 58,683	$ 59,304

Supplementary Information (Deta

Supplementary Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Jul. 27, 2024	Jul. 29, 2023
Restructuring and other charges	$ 3,618	$ 4,633
Employee Severance [Member]
Restructuring and other charges	1,091	1,051
Accrued Liabilities	1,506
One-time Termination Benefits [Member]
Other Nonrecurring Expense	1,963
Other Expense [Member]
Other Nonrecurring Expense	$ 528	$ 3,582

Stock-Based Compensation Stoc_3

Stock-Based Compensation Stock-Based Compensation (Details) - USD ($) $ in Thousands	3 Months Ended
	Jul. 27, 2024	Jul. 29, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation	$ (863)	$ 957
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount	$ 935
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition	7 months 6 days
Shares Granted, Value, Share-Based Payment Arrangement, before Forfeiture	$ 1,562
Restricted Stock Units (RSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period	37,205
Selling, General and Administrative Expenses [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation	$ (863)	957
us-gaap_LongTermIncentivePlanCompensation [Line Items]	(868)	868
Selling, General and Administrative Expenses [Member] | Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation	0	7
Selling, General and Administrative Expenses [Member] | Restricted Stock Units (RSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation	(16)	568
Selling, General and Administrative Expenses [Member] | Equity Option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation	(847)	382
Selling, General and Administrative Expenses [Member] | Phantom Share Units (PSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Deferred Compensation Arrangement with Individual, Compensation Expense	$ (5)	$ (89)

Income Taxes Income Taxes (Deta

Income Taxes Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended
	Jul. 27, 2024	Jul. 29, 2023
Income Tax Disclosure [Abstract]
Income Tax Expense (Benefit)	$ 136	$ (11)
Effective Income Tax Rate Reconciliation, Percent	(0.10%)	0%
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest	$ (99,343)	$ (49,982)
Domestic Tax Jurisdiction
Income Tax Disclosure [Abstract]
Operating Loss Carryforwards	265,522
Operating Loss Carryforwards [Line Items]
Operating Loss Carryforwards	$ 265,522

Uncategorized Items - bned-2024

Label	Element	Value
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents	us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents	$ 28,570,000
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents	us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents	$ 31,988,000