Effective as of November 30, 2023, Zumiez Inc. (the "Registrant") together with its subsidiary Zumiez Services Inc. ("Zumiez Services") as the co-borrower(collectively with the Registrant and certain other subsidiaries as guarantors, the "Company"), entered into a Third Amendment to Credit Agreement (the "Amendment") with Wells Fargo Bank, N.A (the "Bank"). The Amendment relates to certain changes to the terms and conditions set forth in a Credit Agreement between the Company and the Bank dated December 7, 2018 (the "Original Credit Agreement"), which was previously amended on October 14, 2022 and on July 27, 2023. The Amendment, among other things, (a) amended the credit limit to $25 million through December 1, 2024; (b) amended the EBITDA maintenance covenant to not less than $9 million for the quarter ending October 28, 2023, not less than $2.5 million for the quarter ending February 3, 2024, not less than $9 million in the quarter ending May 4, 2024, not less than $12 million for the quarter ending August 3, 2024, and not less than $20 million for the quarter ending November 2, 2024; (c) amended the borrowing rate to SOFR plus 1.75% per annum; (d) introduced an unused commitment fee of 0.50% per annum; and (e) disallows distribution of dividends or execution of stock repurchases through December 1, 2024 without the Bank's approval.
A copy of the Amendment is attached to the Registrant's quarterly report on Form 10-Qas Exhibit 10.36 filed on December 4, 2023. The preceding summary of the Amendment does not purport to be complete and is qualified in its entirety by reference to the Amendment and the Original Credit Agreement and the subsequent amendments referenced above.
Zumiez Inc. published this content on 04 December 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 04 December 2023 21:55:14 UTC.
Zumiez Inc. is a specialty retailer of apparel, footwear, accessories and hardgoods for young men and women through the fashion, music, art and culture of action sports, streetwear and other lifestyles. The Company operates under the names Zumiez, Blue Tomato and Fast Times. It operates ecommerce websites at zumiez.com, zumiez.ca, blue-tomato.com and fasttimes.com.au. It operates over 756 stores: 597 in the United States, 47 in Canada, 87 in Europe and 25 in Australia. It owns approximately 356,000 square feet of land in Lynnwood, Washington, on which it owns a 63,071 square foot home office. It leases 14,208 square feet of office space in Schladming, Austria for its European home office. It also owns a 168,450 square foot building in Corona, California that serves as its domestic warehouse and distribution center. It operates 756 stores in various locations, including Alabama, Nevada, British Columbia, Alberta, Austria, Netherlands, South Australia, Queensland and others.
ZUMIEZ INC. 
