Our business was significantly negatively impacted by the COVID-19pandemic during the years ended April 30, 2022 and May 1, 2021, as many schools adjusted their learning models and on-campus activities. Although most academic institutions have since reopened afterthe COVID-19 pandemic, the lingering impacts of the pandemic have resulted in changes in customer behaviors, lower enrollments, and an evolving educational landscape, including increased competition anddisintermediation, which continued to impact our financial results during the year ended April 29, 2023. Some institutions are still providing alternatives to traditional in-person instruction, includingonline and hybrid learning options and significantly reduced classroom sizes. The impact of COVID-19 store closings, as well as lower earnings during the year ended April 29, 2023, resulted in the loss ofcash flows and increased borrowings that we would not otherwise have expected to incur.
We recognized Net Loss from Continuing Operations of $(35.0)million and $(48.3) million for the 39 weeks ended January 27, 2024 and January 28, 2023, respectively, and we incurred a Net Loss from Continuing Operations of $(90.1) million, $(61.6) million, and $(133.6) million for the yearsended April 29, 2023, April 30, 2022, and May 1, 2021, respectively. Our Cash Flow (Used In) Provided by Operating Activities from Continuing Operations were $(83.2) million and $(21.2) million for the 39 weeksended January 27, 2024 and January 28, 2023, respectively, and were $90.5 million, $(16.2) million, and $27.0 million, for the years ended April 29, 2023, April 30, 2022, and May 1, 2021,respectively. The tightening of our available credit commitments, including the elimination and repayment of our FILO Facility in fiscal year 2023 of $40.0 million, had a significant impact on our liquidity during fiscal year 2023 andfiscal year 2024, including our ability to make timely vendor payments and school commission payments.
Our losses and projected cash needs, combined withour current liquidity levels and the maturity of our existing credit facility, which matures on December 28, 2024, raises substantial doubt about our ability to continue as a going concern. The Companys ability to continue as a goingconcern is contingent upon the successful execution of managements plan to improve the Companys liquidity, including (1) raising additional liquidity and (2) taking additional operational restructuring actions.
For a complete description of our business, financial condition, results of operations and other important information, we refer you to our filings with theSEC that are incorporated by reference in this prospectus, including our Annual Report on Form 10-K for the year ended April 29, 2023 and our Quarterly Reports on Form10-Q for the quarterly periods ended July 29, 2023, October 28, 2023, and January 27, 2024. For instructions on how to find copies of these documents, see the sections entitled Where YouCan Find More Information and Incorporation of Certain Information by Reference.
Related Party Transaction
As disclosed above, TopLids will own more than 5% of our Common Stock outstanding following the closing of the Rights Offering, after giving effect to the DebtConversion. TopLids is an affiliate of Fanatics and Lids, which previously entered into the F/L Relationship with us as described above. In fiscal year 2023, we recognized $145.4 million of commission revenue from the F/L Relationship.
Company Information
Our principal executive offices arelocated at 120 Mountain View Blvd, Basking Ridge, NJ 07920, and our telephone number at that location is (908) 991-2665. Our Internet address is www.bned.com. Except for the documentsincorporated by reference in this prospectus, the information contained on our website is not part of this prospectus and should not be relied upon in connection with making an investment decision.