a.k.a. Brands

Management prioritized operational fixes, inventory discipline and a measured return to omnichannel growth (particularly Princess Polly stores). Capex guidance is focused on new stores and infrastructure with an explicit capex covenant. Share repurchases have been de minimis; no dividend.

The 2025 refinancing pushed maturities to 2028, which was prudent. Acquisitions are on hold; prior divestiture of Rebdolls simplified the portfolio. Overall, reinvestment choices are sensible, but leverage limits flexibility.