Risk Factors Update Summary
- Increased inventory shrinkage in Fiscal 2024, with inventory shrinkage costs of $29.0 million recorded in Fiscal 2023.
- Closure of 90 stores in Fiscal 2023, an increase from the 59 stores closed in Fiscal 2022.
- Launch of the PJ Place brand in October 2022, following the launch of the Sugar & Jade brand in November 2021.
- Ownership change with Mithaq Capital SPC now owning approximately 56.1% of outstanding shares.
- Material weakness in internal controls over financial reporting identified and remediated by February 3, 2024.
- Potential adverse effects on liquidity, access to capital markets, and creditworthiness due to compliance issues.
- Increased costs associated with order fulfillment and delivery of merchandise to customers.
Full Text Changes in Most Recent 10-K
Intended use: review the highlighted statements. These are additions to the risk factors disclosure in the most recent 10-K filing compared to the previous 10-K filing. Deleted and moved text is less important and is shown for context.
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