Subsequent Events |
12 Months Ended |
|---|---|
Sep. 30, 2023 | |
| Subsequent Events [Abstract] | |
| Subsequent Events |
Note 20: Subsequent Events
The Company has evaluated subsequent events through the filing of this Form 10-K, and determined that there have been no events that have occurred that would require adjustments or disclosures in its condensed consolidated financial statements other than as discussed below:
Acquisition of Carpet One
On October 13, 2023, Flooring Liquidators acquired certain assets of Carpet Remnant Outlet, Inc., a floor covering retailer and installer serving residential and commercial customers throughout Northwest Arkansas. Total consideration for the acquisition was $8 million, and was comprised of cash at close of $2.7 million, a seller's note in the amount of $5.0 million, and an indemnification holdback amount of $300,000. As of the date of filing of the Company's 2023 Form 10-K, the fair values of the assets acquired and liabilities assumed had not yet been determined, and, thus, are not presented.
Vintage Credit Facility Refinance
On October 17, 2023, Vintage entered into a $15.0 million credit agreement with Bank Midwest, replacing a revolving credit facility between Vintage and Texas Capital Bank, which was entered into in November 2016 and set to mature in November 2023. In connection with the entry into the Credit Agreement, the revolving credit facility between Vintage Stock and Texas Capital Bank was terminated. The facility interest accrues daily on the outstanding principal at a rate of the greater of (a) the one-month forward-looking term rate based on SOFR, plus 2.36% per annum, or (b) 6.50% per annum, and matures on October 17, 2024.
|