Quarterly report [Sections 13 or 15(d)]

Long-Term Debt

v3.26.3
Long-Term Debt
 9 Months Ended
Sep. 30, 2026
Debt Disclosure [Abstract]  
Long-Term Debt Long-Term Debt
Our credit facilities and related balances were as follows (dollars in thousands):
September 30, December 31,
2026 2025
(unaudited) (audited)
Term Loan Facility $ 34,930  $ 36,680 
ABL Facility —  2,000 
Notes payable —  400 
Total principal 34,930  39,080 
Less: debt issuance costs and original issue discount (3,548) (4,367)
Total debt, net 31,382  34,713 
Less: current maturities of long-term debt (10,642) (2,400)
Long-term debt, net $ 20,740  $ 32,313 
Future contractual maturities of credit facilities (not including debt issuance costs) as of September 30, 2026 are as follows (dollars in thousands, unaudited):
Remainder of 2026
 $ 9,142 
2027 2,000 
2028 2,000 
2029 21,788 
2030 — 
Total $ 34,930 
ABL Facility and Term Loan Facility
We have a senior secured asset-based revolving credit facility in an aggregate principal amount of up to $75,000 (including a sub-facility for letters of credit in an amount up to $7,500, all of which was available as of September 30, 2026) (the “ABL Facility”), which matures on December 27, 2029. Amounts available for advances under the ABL Facility are subject to a borrowing base, which is calculated by reference to the value of certain eligible inventory, unrestricted cash and cash equivalents, eligible credit card receivables, and eligible accounts receivable, offset by certain reserves. As of September 30, 2026, the available borrowing capacity under the ABL Facility was approximately $49,851.
We also have senior secured term loans with an aggregate principal amount of $40,000 (the “Term Loan Facility”), which matures on December 27, 2029. The current portion of long-term debt reflects $8,642 of expected proceeds from sale of the Manchester facility, to be paid against the Term Loan Facility in accordance with the terms of the agreement. See Note 3, Supplemental Balance Sheet Information - Assets Held for Sale.
Note Payable
The final payment of $400 was made towards our note payable to a former employee in the first quarter of 2026.