PART II RULES 12b-25(b) AND (c)
If the subject report could not be filed without unreasonable effort or expense and the registrant seeks relief pursuant to Rule12b-25(b), the following should be completed. (Check box if appropriate)
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(a) The reasons described in reasonable detail in Part III of this form could
not be eliminated without unreasonable effort or expense;
(b) The subject annual report, semi-annual report, transition report on Form 10-K, Form 20-F, Form 11-K, Form N-CEN or Form N-CSR,
or portion thereof, will be filed on or before the fifteenth calendar day following the prescribed due date; or the subject quarterly report or transition report on Form 10-Q or subject distribution report on
Form 10-D, or portion thereof, will be filed on or before the fifth calendar day following the prescribed due date; and
(c) The accountants statement or other exhibit required by Rule 12b-25(c) has been attached if applicable. |
PART III NARRATIVE
State below in reasonable detail the reasons why Forms 10-K,
20-F, 11-K, 10-Q, 10-D, N-CEN, N-CSR, or the transition report or portion thereof, could not be filed within the prescribed time period.
Barnes & Noble Education, Inc. (the Company) is party to: (i) a Credit Agreement, dated as of August 3, 2015
(as amended, the ABL Credit Agreement), among the Company, as the lead borrower, the other borrowers party thereto, the lenders party thereto and Bank of America, N.A., as administrative agent and collateral agent for the lenders (the
ABL Agent) and (ii) a Term Loan Credit Agreement, dated as of June 7, 2022 (as amended, the Term Loan Credit Agreement and, together with the ABL Credit Agreement, the Credit Agreements), among the
Company, as borrower, certain subsidiaries of the Company party thereto as guarantors, TopLids LendCo, LLC and Vital Fundco, LLC, as lenders, and TopLids LendCo, LLC, as administrative agent and collateral agent for the lenders.
The Company is engaged in discussions with third parties to evaluate a range of options to strengthen its liquidity and financial position and
to ensure it is best positioned to serve educational institutions and students through the coming school year and beyond. The potential options under consideration include among other things, a refinancing, in whole or in part, of the Companys
obligations under the Credit Agreements. There can be no assurance that any refinancing or other transaction will occur or, if any transaction occurs, that it will ultimately be consummated, or that the Companys effort to strengthen its
liquidity and financial position will be achieved.
The process of obtaining and implementing the refinancing or other liquidity solutions
will impact the Companys disclosures in its Form 10-K. Additionally, such refinancing or other liquidity solution, if completed, would also impact the Companys assessment of its financial position
and liquidity and corresponding disclosure in its Form 10-K. Therefore, the Company will be unable to file its Annual Report on Form 10-K in a timely manner without
unreasonable effort and expense. The Company currently anticipates filing its Form 10-K within the time period proscribed in Rule 12b-25 promulgated under the Securities
Exchange Act of 1934.
If the Company does not consummate a refinancing or other transaction to sufficiently enhance its liquidity before
the issuance of the Companys audited financial statements as of and for the fiscal year ended April 29, 2023, and the filing of its Form 10-K, management likely would conclude that substantial doubt
about the Companys ability to continue as a going concern exists. Further, while the Companys independent registered public accounting firm has not yet completed its audit of the Companys financial statements, inclusion of a going
concern explanatory paragraph in an audit opinion delivered in connection with the Companys audited financial statements would constitute an event of default under the Companys Credit Agreements.
PART IV OTHER INFORMATION
(1) |
Name and telephone number of person to contact in regard to this notification. |