---
schema_version: "secwatch.filing_event.v1"
accession: "0001104659-23-044284"
form_type: "8-K"
ticker: null
cik: "0000870826"
company_name: "Legacy IMBDS, Inc."
filed_at: "2023-04-12T23:59:59+00:00"
generated_at: "2026-06-17T03:25:59.753117+00:00"
event_type: "earnings"
sentiment: "negative"
materiality_score: 0.85
calibrated_materiality_score: 0.85
confidence: "high"
source: SEC EDGAR
---

# iMedia Brands Q4 net loss $24M; completes $48M sale-leaseback, cuts debt $53M

## Summary
- Q4 net sales $134M (-31% YoY); net loss $24M vs $5M loss; Adj. EBITDA $2.5M (vs $15.1M).
- FY2022 net sales $545M (-1% YoY); net loss $70M vs $22M loss; Adj. EBITDA $25.4M (vs $41.6M).
- On Apr 10, 2023, completed $48M sale-leaseback; reduced total debt by $53M to ~$123M; retired $29M Green Lake term loan.
- Raised $3.5M in PIPE convertible notes (7.75% interest); conversion price ~$0.58/share; CEO & directors invested $300K.
- Q1 2023 net sales guided to $105M (-31% YoY); positive net income expected from DRE one-time gains; NOLs >$390M.

## SEC filing metadata
- accession: 0001104659-23-044284
- form_type: 8-K
- cik: 0000870826
- company_name: Legacy IMBDS, Inc.
- filed_at: 2023-04-12T23:59:59+00:00
- event_type: earnings
- sentiment: negative
- materiality_score: 0.85
- calibrated_materiality_score: 0.85
- confidence: high
- sec_items: 1.01, 2.02, 2.03, 3.02, 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/870826/000110465923044284/0001104659-23-044284-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/870826/000110465923044284/tm2312429d1_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001104659-23-044284
- JSON: https://secwatch.observer/filing/0001104659-23-044284.json
- Plain text: https://secwatch.observer/filing/0001104659-23-044284.txt

## Key facts
- Debt Financings
  Legacy IMBDS, Inc. incurred convertible notes of $3,500,000 at 7.75% per annum, increasing to 15% per annum effective January 1, 2024 maturing December 31, 2023.
  - Instrument: convertible notes
  - Principal: $3,500,000
  - Rate: 7.75% per annum, increasing to 15% per annum effective January 1, 2024
  - Maturity: December 31, 2023
  - Event: incurrence
  source text: entered into a Loan Agreement (the “Loan Agreement”) with certain individuals and entities (each an “Investor”), for the purchase and sale of unsecured convertible promissory notes (the “Notes”) in the original aggregate principal amount of $3,500,000
  evidence_url: https://www.sec.gov/Archives/edgar/data/870826/000110465923044284/0001104659-23-044284-index.htm
- Earnings Releases
  Legacy IMBDS, Inc. reported fourth fiscal quarter and fiscal year ended January 28, 2023 results: revenue $134 million.
  - Period: fourth fiscal quarter and fiscal year ended January 28, 2023
  - Revenue: $134 million
  - Result: reported results
  source text: Q4 Net Sales were $134 million, which was a $60 million, or 31%, decrease compared to the same prior year period.
  evidence_url: https://www.sec.gov/Archives/edgar/data/870826/000110465923044284/0001104659-23-044284-index.htm
- Material Agreements
  Legacy IMBDS, Inc. amended Forbearance Agreement, Tenth Amendment to Loan and Security Agreement and Amendment to Fee Letter with Siena Lending Group LLC and the other financial institutions party thereto (effective 2023-04-10).
  - Action: amendment
  - Agreement: credit facility
  - Counterparty: Siena Lending Group LLC and the other financial institutions party thereto
  - Effective: 2023-04-10
  source text: On April 10, 2023, The Company entered into a Forbearance Agreement, Tenth Amendment to Loan and Security Agreement and Amendment to Fee Letter (the “Amendment”), which amends the Loan and Security Agreement dated July 30, 2021 (as amended, the “Loan and Security Agreement”), by and among the Company, as the lead borrower, certain of its subsidiaries party thereto as borrowers, Siena Lending Group LLC and the other financial institutions party thereto from time to time as lenders, Siena Lending Group LLC, as agent, and certain additional subsidiaries of the Company, as guarantors thereunder.
  evidence_url: https://www.sec.gov/Archives/edgar/data/870826/000110465923044284/0001104659-23-044284-index.htm
- Material Agreements
  Legacy IMBDS, Inc. entered into Loan Agreement with certain individuals and entities (each an “Investor”) valued at $3,500,000 (effective 2023-04-10).
  - Action: entry
  - Agreement: equity purchase
  - Counterparty: certain individuals and entities (each an “Investor”)
  - Value: $3,500,000
  - Effective: 2023-04-10
  source text: On April 10, 2023, iMedia Brands, Inc. (“we”, “us”, “our”, or the “Company”) entered into a Loan Agreement (the “Loan Agreement”) with certain individuals and entities (each an “Investor”), for the purchase and sale of unsecured convertible promissory notes (the “Notes”) in the original aggregate principal amount of $3,500,000
  evidence_url: https://www.sec.gov/Archives/edgar/data/870826/000110465923044284/0001104659-23-044284-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.