BNED delays 10-K filing amid internal investigation; potential $23M accounts receivable overstatement

Barnes & Noble Education, Inc.

Potential overstatement of up to $23M in accounts receivable as of May 3, 2025, from actions of a suspended payment processing employee.
Investigation ongoing; no conclusion yet on whether restatement of prior financial statements is required.
Expects at least one material weakness in internal controls over financial reporting.
Unaudited fiscal 2025 total sales $1.61B (+$40.5M YoY), BNC First Day revenue $593.8M (+25.3% YoY).
Total net debt $94M year-end, down from $185.8M; expects compliance with credit agreement covenants.

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