---
schema_version: "secwatch.filing_event.v1"
accession: "0001564590-22-015436"
form_type: "8-K"
ticker: "CULP"
cik: "0000723603"
company_name: "CULP INC"
filed_at: "2022-04-25T23:59:59+00:00"
generated_at: "2026-06-26T05:10:45.524487+00:00"
event_type: "other_material"
sentiment: "negative"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

# Culp revises Q4 FY2022 to operating loss of $6.5M-$7.5M; signs term sheet for $40M secured credit facility

## Summary
- Q4 net sales down significantly vs Q4 FY2021; expected operating loss $(6.5)M-$(7.5)M.
- China facilities closed since April 1 due to COVID restrictions; expected to remain shut through April.
- Mattress fabric sales declined materially in March/April as customers reduced inventory due to slowing retail demand.
- Signed non-binding term sheet for $40M secured revolving credit facility; replaces existing unsecured facility expiring Aug 2022.
- Estimated $32M borrowing availability upon closing; expects $10M cash, no borrowings at Q4 end.

## SEC filing metadata
- accession: 0001564590-22-015436
- form_type: 8-K
- ticker: CULP
- cik: 0000723603
- company_name: CULP INC
- filed_at: 2022-04-25T23:59:59+00:00
- event_type: other_material
- sentiment: negative
- materiality_score: 0.75
- calibrated_materiality_score: 0.75
- confidence: high
- sec_items: 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/723603/000156459022015436/0001564590-22-015436-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/723603/000156459022015436/culp-8k_20220425.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001564590-22-015436
- JSON: https://secwatch.observer/filing/0001564590-22-015436.json
- Plain text: https://secwatch.observer/filing/0001564590-22-015436.txt

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