Revolving Credit Facilities and Debt |
9 Months Ended |
|---|---|
Nov. 02, 2024 | |
| Debt Disclosure [Abstract] | |
| Revolving Credit Facilities and Debt | 6. Revolving Credit Facilities and Debt We were previously parties to a Credit Agreement with Wells Fargo Bank, N.A. (the “Bank”) that provided us with a senior secured credit facility (“credit facility”) for working capital and other general corporate purposes of up to $25.0 million through December 1, 2024. Effective as of May 3, 2024 (the “Termination Date”), we terminated the Credit Agreement with the Bank. There were no borrowings or open commercial letters of credit outstanding under the credit facility as of the Termination Date. At the time of the Termination Date, there were $3.4 million in issued, but undrawn, standby letters of credit that have been transitioned to restricted deposits with the Bank. We expect to enter into a new credit facility with similar borrowing capacities with a new lender during the fourth quarter of fiscal 2024. There were no early termination penalties incurred by us in connection with the termination of the Credit Agreement. As referenced above, there were no borrowings or open commercial letters of credit outstanding under the credit facility and we believe that our significant sources of liquidity continue to be funds generated by our operating activities and available cash, cash equivalents and current marketable securities. Termination of the Credit Agreement allows us to discontinue paying an unused commitment fee of 0.50% of the credit facility amount per annum. There were no borrowings outstanding under the credit facility at February 3, 2024. We had no open commercial letters of credit outstanding at November 2, 2024 nor outstanding as of February 3, 2024. We had $2.7 million in issued, but undrawn, standby letters of credit at November 2, 2024 and $3.4 million in issued, but undrawn, standby letters of credit at February 3, 2024 |