0001628280-23-027243 | 10-Q | XBRL Viewer

Dividend per share, declared (usd per share)

Cash dividends paid

$ 1,907

$ 1,929

$ 0.0425

$ 0.085

Cash dividend paid upon vesting of restricted shares and performance shares

$ 100

Dividends accrued

$ 950

$ 930

$ 958

^[1]

$ 960

^[1]

(320,204)

Stock Repurchase Program, Authorized Amount

(2,539)

(3,528)

(671)

$ (2,500)

$ 20,000

$ 10,000

Subsequent Event

Dividend per share, declared (usd per share)

$ 0.0425

Dividend Paid

Cash dividends paid

$ 900

$ 1,900

Retained earnings

Dividends accrued

$ 950

930

958

^[1]

960

^[1]

Derivative Instruments and Hedging Activities Disclosure [Abstract]

$ (2,536)

$ (4,197)

$ 0

[1]	Cash dividends declared per share of common stock were $0.085 and $0.085 in the six months ended June 30, 2023 and 2022, respectively.

DERIVATIVES

6 Months Ended

Jun. 30, 2023

DERIVATIVES

Interest Rate Swap Agreements

The Company’s total outstanding notional value of interest rate swaps was $25.0 million at June 30, 2023. These non-designated interest rate swaps were entered into in June 2019 and serve as cash flow hedges of the Company’s exposure to the variability of the payment of interest on a portion of its Term Loan borrowings and expire in February 2025.

The Company’s interest rate swaps that were designated as cash flow hedges of the Company’s exposure to the variability of the payment of interest on a portion of its Term Loan borrowings expired in March 2023. The Company has no designated interest rate swaps at June 30, 2023.

Foreign Exchange Contracts

The Company is party from time to time to certain foreign exchange contracts, primarily to offset the earnings impact related to fluctuations in foreign currency exchange rates associated with inventory purchases denominated in foreign currencies. Fluctuations in the value of certain foreign currencies as compared to the USD may positively or negatively affect the Company’s revenues, gross margins, operating expenses, and retained earnings, all of which are expressed in USD. Where the Company deems it prudent, the Company engages in hedging programs using foreign currency forward contracts aimed at limiting the impact of foreign currency exchange rate fluctuations on earnings. The Company purchases foreign currency forward contracts with terms less than 18 months to protect against currency exchange risks associated with the payment of merchandise purchases to foreign suppliers. The Company does not hedge the translation of foreign currency profits into USD, as the Company regards this as an accounting exposure rather than an economic exposure.

The aggregate gross notional value of foreign exchange contracts at June 30, 2023 was $7.0 million. These foreign exchange contracts have been designated as hedges in order to apply hedge accounting.

The Company is exposed to market risks as well as changes in foreign currency exchange rates as measured against the USD and each other, and to changes to the credit risk of derivative counterparties. The Company attempts to minimize these risks primarily by using foreign currency forward contracts and by maintaining counterparty credit limits. These hedging activities provide only limited protection against currency exchange and credit risk. Factors that could influence the effectiveness of the Company’s hedging programs include those impacting currency markets and the availability of hedging instruments and liquidity of the credit markets. All foreign currency forward contracts that the Company enters into are components of hedging programs and are entered into for the sole purpose of hedging an existing or anticipated currency exposure. The Company does not enter into such contracts for speculative purposes, and as of June 30, 2023, these foreign exchange contracts have been designated as hedges in to order to apply hedge accounting.

The fair values of the Company’s derivative financial instruments included in the condensed consolidated balance sheets are presented as follows (in thousands):


Derivatives designated as hedging instruments	Balance Sheet Location	June 30, 2023		December 31, 2022
Interest rate swaps	Prepaid expenses and other current assets	$	—	$	122





Foreign exchange contracts	Accrued expenses	419		260


Derivatives not designated as hedging instruments	Balance Sheet Location	June 30, 2023		December 31, 2022
Interest rate swaps	Other assets	$	1,255	$	1,292

The fair values of the interest rate swaps have been obtained from the counterparties to the agreements and were based on Level 2 observable inputs using proprietary models and estimates about relevant future market conditions. The fair values of the foreign exchange contracts were based on Level 2 observable inputs using quoted market prices for similar assets in an active market. The counterparties to the derivative financial instruments are major international financial institutions. The Company is exposed to credit risk for the net exchanges under these agreements, but not for the notional amounts. As of June 30, 2023, the Company did not anticipate non-performance by any of its counterparties.


	Three Months Ended June 30,				Six Months Ended June 30,
Derivatives designated as hedging instruments	2023		2022		2023		2022
Interest rate swaps	$	—	$	200	$	(120)	$	483
Foreign exchange contracts	(300)		750		(1,333)		1,075
	$	(300)	$	950	$	(1,453)	$	1,558

Realized gains and losses on the interest rate swaps that are reported in other comprehensive income (loss) are reclassified into earnings as the interest expense on the debt is recognized. The Company’s interest rate swaps that were designated as hedging instruments had an aggregate notional value of $25.0 million and matured during the three months ended March 31, 2023.

Realized gains and losses on foreign exchange contracts that are reported in other comprehensive income (loss) are reclassified into cost of sales as the underlying inventory purchased is sold.

During the three months ended June 30, 2023, the Company reclassified $0.04 million of cash flow hedges in accumulated other comprehensive losses to earnings. This was a gain of $0.04 million related to foreign exchange contracts recognized in cost of sales. During the six months ended June 30, 2023, the Company reclassified $0.9 million of cash flow hedges in accumulated other comprehensive losses to earnings. This was comprised of a gain of $0.1 million related to realized interest rate swap and a gain of $0.8 million related to foreign exchange contracts recognized in cost of sales. At June 30, 2023, the estimated amount of existing net losses expected to be reclassified into earnings within the next 12 months was $0.6 million.

During the three months ended June 30, 2022, the Company reclassified $0.1 million of cash flow hedges in accumulated other comprehensive losses to earnings. This was comprised of $0.1 million related to realized interest rate swap losses and a gain of $0.2 million related to foreign exchange contracts recognized in cost of sales. During the six months ended June 30, 2022, the Company reclassified $0.02 million of cash flow hedges in accumulated other comprehensive losses to earnings. This was comprised of a $0.3 million related to realized interest rate swap losses and a gain of $0.3 million related to foreign exchange contracts recognized in cost of sales


		Three Months Ended June 30,				Six Months Ended June 30,
Derivatives not designated as hedging instruments	Location of gain (loss)	2023		2022		2023		2022
Interest rate swaps	Mark to market gain (loss) on interest rate derivatives	$	197	$	304	$	(37)	$	1,353
	Interest expense	196		(72)		361		(183)
		$	393	$	232	$	324	$	1,170

DERIVATIVES - Gains and Losses Related to Derivative Financial Instruments Not Designated as Hedging Instruments (Details) - Interest rate swaps - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Derivative Instruments, Gain (Loss) [Line Items]
Gains (losses) on derivative financial instruments not designated as hedging instruments	$ 393	$ 232	$ 324	$ 1,170
Mark to market gain (loss) on interest rate derivatives
Derivative Instruments, Gain (Loss) [Line Items]
Gains (losses) on derivative financial instruments not designated as hedging instruments	197	304	(37)	1,353
Interest expense
Derivative Instruments, Gain (Loss) [Line Items]
Gains (losses) on derivative financial instruments not designated as hedging instruments	$ 196	$ (72)	$ 361	$ (183)

OTHER

6 Months Ended

Jun. 30, 2023

Organization, Consolidation and Presentation of Financial Statements [Abstract]

OTHER

Cash dividends

Dividends declared in the six months ended June 30, 2023 were as follows:

Dividend per share

Date declared

Date of record

Payment date

$0.0425

3/8/2023

5/1/2023

5/15/2023

$0.0425

6/22/2023

8/1/2023

8/15/2023

During the six months ended June 30, 2023, the Company paid dividends of $1.9 million. This included payments made on February 15, 2023 and May 15, 2023 of $0.9 million and $0.9 million to stockholders of record on February 1, 2023 and May 1, 2023, respectively, and payments of $0.1 million for dividends payable upon the vesting of restricted shares and performance shares.

In the three months ended June 30, 2023, the Company reduced retained earnings for the accrual of $1.0 million relating to the dividend payable on August 15, 2023.

On August 2, 2023, the Board declared a quarterly dividend of $0.0425 per share of common stock payable on November 15, 2023 to stockholders of record on November 1, 2023.

Stock repurchase program

On March 14, 2022, the Company announced that its Board authorized the repurchase of up to $20.0 million of the Company’s common stock, replacing the Company’s previously-authorized $10.0 million share repurchase program. The repurchase authorization permits the Company to effect the repurchases from time to time through open market purchases and privately negotiated transactions. During the six months ended June 30, 2023, the Company repurchased 320,204 shares for a total cost of $2.5 million and thereafter retired the shares.

Supplemental cash flow information


	Six Months Ended June 30,
	2023		2022
	(in thousands)
Supplemental disclosure of cash flow information:
Cash paid for interest	$	10,453	$	6,598
Cash paid for taxes, net of refunds	3,188		5,862

Components of accumulated other comprehensive loss, net


	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
	(in thousands)
Accumulated translation adjustment:
Balance at beginning of period	$	(34,511)	$	(31,868)	$	(36,072)	$	(31,752)
Translation adjustment during period	1,237		(4,307)		2,798		(4,423)


Balance at end of period	$	(33,274)	$	(36,175)	$	(33,274)	$	(36,175)
Accumulated deferred (losses) gains on cash flow hedges:
Balance at beginning of period	$	(230)	$	686	$	923	$	78
Change in unrealized (losses) gains	(261)		1,079		(511)		1,577
Amounts reclassified from accumulated other comprehensive loss:
Settlement of cash flow hedge (1)	(39)		(129)		(942)		(19)
Net change in cash flow hedges, net of taxes of $0, $243, $(2), $413	(300)		950		(1,453)		1,558
Balance at end of period	$	(530)	$	1,636	$	(530)	$	1,636
Accumulated effect of retirement benefit obligations:
Balance at beginning of period	$	(693)	$	(1,846)	$	(705)	$	(1,875)
Amounts reclassified from accumulated other comprehensive loss: (2)
Amortization of actuarial loss, net of taxes of $(4), $(10), $(8), $(19)	11		29		23		58
Balance at end of period	$	(682)	$	(1,817)	$	(682)	$	(1,817)
Total accumulated other comprehensive loss at end of period	$	(34,486)	$	(36,356)	$	(34,486)	$	(36,356)

(1)Amounts reclassified are recorded in interest expense and cost of sales on the unaudited condensed consolidated statement of operations.

(2)Amounts are recorded in selling, general and administrative expense on the unaudited condensed consolidated statements of operations.

ACQUISITION

6 Months Ended

Jun. 30, 2023

Business Combinations [Abstract]

ACQUISITION

ACQUISITIONS

S’well

On March 2, 2022, the Company acquired certain assets of Can't Live Without It, LLC. (dba S’well Bottle and which the Company refers to as “S’well”). The Company paid cash consideration of $18.0 million. The transaction also includes up to $5.0 million in contingent consideration, subject to the acquired brand reaching certain milestones.

The purchase price was comprised of the following (in thousands):


Cash paid(1)	$	17,956
Value of contingent consideration	650
Total purchase price	$	18,606

(1) Reflects final working capital adjustment of $21k pursuant to the terms of the Asset Purchase Agreement.

The value of contingent consideration represents the present value of estimated contingent payments of $0.7 million, related to the attainment of certain net sales contribution targets for the year 2024. Acquisition related costs of $0.9 million were recorded within selling, general and administrative expenses in the unaudited condensed consolidated statements of operations.

The purchase price was allocated based on the Company’s final estimate of the fair values of the assets acquired and liabilities assumed at the acquisition date, as follows (in thousands):


	Purchase Price Allocation
Accounts receivable	$	2,280
Inventory	4,005
Fixed assets	40

Intangible assets	13,000
Goodwill	2,966
Accounts payable and accrued expenses	(3,685)
Total allocated value	$	18,606

The acquisition was accounted for as a business combination using the acquisition method of accounting in accordance with FASB ASC Topic 805, Business Combinations (“ASC Topic 805”), which established a new basis of accounting for all identifiable assets acquired and liabilities assumed at fair value.

The goodwill and intangible assets are included in the U.S. segment. The trade name intangible asset is amortized on a straight-line basis over its estimated useful life of 12 years (see NOTE 6 — INTANGIBLE ASSETS). The goodwill recognized results from such factors as assembled workforce and the value of other synergies expected from combining operations with the Company. The associated goodwill is deductible for tax purposes over 15 years.

Included in Selling, general and administrative expenses for the three and six months ended June 30, 2023 is a $(0.1) million credit to reflect the change in fair value of a contingent consideration obligation acquired by the Company in connection with its acquisition of S'well.

INVESTMENTS - Amounts Due to and and Due from Vasconia (Details) - Grupo Vasconia S.A.B. - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
Prepaid expenses and other current assets
Schedule of Equity Method Investments [Line Items]
Increase (Decrease) in Due from Related Parties, Current	$ 24	$ 48
Accrued expenses and Accounts payable
Schedule of Equity Method Investments [Line Items]
Increase (Decrease) in Due from Related Parties, Current	$ 93	$ 16

STOCK COMPENSATION (Details) - USD ($) $ / shares in Units, $ in Thousands	6 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted-average years expected to be recognized over (in years)	1 year 10 months 24 days
Cash Settled Performance Based Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Liability Instruments Other Than Options, Forfeited in Period	(1,790)
Share-based Compensation Arrangement by Share-based Payment Award, Liability Instruments Other than Options, Forfeiteds in Period, Weighted Average Grant Date Fair Value	$ 5.65
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number	83,986	85,776
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value	$ 5.65	$ 7.59
Total unrecognized compensation expense remaining (in thousands)	$ 0
Weighted-average years expected to be recognized over (in years)	0 years
Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total unrecognized compensation expense remaining (in thousands)	$ 1,390
Weighted-average years expected to be recognized over (in years)	2 years

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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Revenue from Contract with Customer [Abstract]

INVESTMENTS - Summarized Equity in Earnings, Net of Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Schedule of Equity Method Investments [Line Items]
Equity in (losses) earnings, net of taxes	$ (5,863)	$ 334	$ (8,640)	$ 750
Grupo Vasconia S.A.B.
Schedule of Equity Method Investments [Line Items]
Equity in (losses) earnings, net of taxes	(1,422)	$ 334	(2,146)	$ 750
Equity Investment Impairment Charge	$ (4,441)		$ (6,494)

REVENUE

6 Months Ended

Jun. 30, 2023

REVENUE

The Company sells products wholesale, to retailers and distributors, and sells products retail, directly to consumers. Wholesale sales and retail sales are recognized at the point in time the customer obtains control of the products in an amount that reflects the consideration the Company expects to be entitled to in exchange for those products. To indicate the transfer of control, the Company must have a present right to payment, legal title must have passed to the customer, the customer must have the significant risks and rewards of ownership, and where acceptance is not a formality, the customer must have accepted the product or service. The Company’s principal terms of sale are Free On Board (“FOB”) Shipping Point, or equivalent, and, as such, the Company primarily transfers control and records revenue for product sales upon shipment. Sales arrangements with delivery terms that are not FOB Shipping Point are not recognized upon shipment and the transfer of control for revenue recognition is evaluated based on the associated shipping terms and customer obligations. Shipping and handling fees that are billed to customers in sales transactions are included in net sales and amounted to $0.5 million and $0.9 million for the three and six months ended June 30, 2023, respectively and $1.0 million and $2.0 million for the three and six months ended June 30, 2022, respectively. Net sales exclude taxes that are collected from customers and remitted to the taxing authorities.

The Company offers various sales incentives and promotional programs to its wholesale customers from time to time in the normal course of business. These incentives and promotions typically include arrangements such as cooperative advertising, buydowns, volume rebates and discounts. These arrangements, which represent forms of variable consideration and an estimate of sales returns, are reflected as reductions in net sales in the Company’s unaudited condensed consolidated statements of operations. These estimates are based on historical experience and other known factors or as the most likely amount in a range of possible outcomes. On a quarterly basis, variable consideration is assessed on a portfolio approach in estimating the extent to which the components of variable consideration are constrained. Payment terms vary by customer, but generally range from 30 to 90 days or at the point of sale for the Company’s retail direct sales.

The Company incurs certain direct incremental costs to obtain contracts with customers, such as sales-related commissions, where the recognition period for the related revenue is less than one year. These costs are expensed as incurred and recorded within selling, general and administrative expenses in the unaudited condensed consolidated statements of operations. Incidental items that are immaterial in the context of the contract are expensed as incurred.

The following tables present the Company’s net sales disaggregated by segment, product category and geographic region for the three and six months ended June 30, 2023 and 2022 (in thousands):


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2023		2022		2023		2022
U.S. segment
Kitchenware	$	84,015	$	84,345	$	169,747	$	198,475
Tableware	26,149		29,943		50,148		56,520
Home Solutions	24,815		22,903		48,569		48,414
Total U.S. segment	134,979		137,191		268,464		303,409



International segment	11,457		14,123		23,407		30,622
Total net sales	$	146,436	$	151,314	$	291,871	$	334,031

United States	$	127,295	$	131,650	$	254,541	$	291,052
United Kingdom	7,679		8,053		16,291		18,839
Rest of World	11,462		11,611		21,039		24,140
Total net sales	$	146,436	$	151,314	$	291,871	$	334,031

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

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-URI https://asc.fasb.org//606/tableOfContent

DEBT - Total Availability Under ABL Agreement (Details) - ABL Credit Agreement - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Maximum aggregate principal allowed	$ 180,721	$ 189,411
Line of Credit, Current	(25,232)	(10,424)
Standby letters of credit	(3,384)	(2,765)
Total availability under the ABL Agreement	$ 152,105	$ 176,222

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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Goodwill and Intangible Assets Disclosure [Abstract]

INTANGIBLE ASSETS (Tables)

6 Months Ended

Jun. 30, 2023

Schedule of Intangible Assets and Goodwill [Table Text Block]

Intangible assets consisted of the following as of June 30, 2023 and December 31, 2022 (in thousands):


	June 30, 2023				December 31, 2022
	Gross		Accumulated Amortization		Net		Gross		Accumulated Amortization		Net
Goodwill(1)	$	33,237	$	—	$	33,237	$	33,237	$	—	$	33,237
Indefinite-lived intangible assets:
Trade names(1)	49,600		—		49,600		49,600		—		49,600
Finite-lived intangible assets:
Licenses	15,847		(11,882)		3,965		15,847		(11,654)		4,193
Trade names(2)	54,881		(21,890)		32,991		54,785		(20,030)		34,755
Customer relationships(2)	143,158		(58,608)		84,550		143,157		(53,586)		89,571
Other (2)	5,871		(3,606)		2,265		5,856		(3,325)		2,531
Total	$	302,594	$	(95,986)	$	206,608	$	302,482	$	(88,595)	$	213,887

STOCK COMPENSATION - Additional Information (Details) $ in Millions	6 Months Ended
	Jun. 30, 2023 USD ($) shares
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair value of equity instruments	$ 1.2
Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair value of equity instruments	$ 0.7
Number of shares range percentage	150.00%
Performance Shares \| Amended and Restated Long Term Incentive Plan Two Thousand
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares available for grant (in shares) \| shares	618,812
Cash Settled Performance Based Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares range percentage	150.00%

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

Beginning Balance (in shares) at Dec. 31, 2021

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
OPERATING ACTIVITIES
Net loss	$ (15,325)	$ (3,080)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation and amortization	9,795	9,937
Amortization of financing costs	975	843
Mark to market loss (gain) on interest rate derivatives	37	(1,353)
Non-cash lease adjustment	(1,255)	(690)
Provision (recovery) for doubtful accounts	1,528	(258)
Stock compensation expense	1,872	2,539
Undistributed losses (earnings) from equity investment, net of taxes	8,640	(750)
Changes in operating assets and liabilities (excluding the effects of business acquisitions)
Accounts receivable	(25,524)	(69,500)
Inventory	(11,492)	(25,325)
Prepaid expenses, other current assets and other assets	1,563	(816)
Accounts payable, accrued expenses and other liabilities	(10,989)	(55,117)
Income taxes receivable	3,049	3,729
Income taxes payable	(245)	(558)
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES	28,993	(8,857)
INVESTING ACTIVITIES
Purchases of property and equipment	(993)	(1,479)
NET CASH USED IN INVESTING ACTIVITIES	(993)	(19,435)
FINANCING ACTIVITIES
Proceeds from short-term loan	0	30
Payment of financing costs	(433)	0
Payments for finance lease obligations	(14)	(17)
Payments of tax withholding for stock based compensation	(537)	(938)
Proceeds from the exercise of stock options	0	233
Payments for stock repurchase	(2,539)	(4,199)
Cash dividends paid	(1,907)	(1,929)
NET CASH (USED IN) PROVIDED BY FINANCING ACTIVITIES	(36,464)	7,745
Effect of foreign exchange on cash	(12)	(238)
DECREASE IN CASH AND CASH EQUIVALENTS	(8,476)	(20,785)
Cash and cash equivalents at beginning of period	23,598	27,982
CASH AND CASH EQUIVALENTS AT END OF PERIOD	15,122	7,197
S'well [Member]
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Contingent consideration fair value adjustments	(50)
INVESTING ACTIVITIES
Acquisition	0	(17,956)
Contingent consideration fair value adjustments	50
Acquisition	0	(17,956)
Revolving Credit Facility
FINANCING ACTIVITIES
Proceeds from revolving credit facility	30,378	157,751
Repayments of Long-Term Lines of Credit	(16,546)	(136,970)
Proceeds from revolving credit facility	30,378	157,751
Repayments of Long-Term Lines of Credit	(16,546)	(136,970)
Term Loan
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Gain on early retirement of debt	(1,520)	0
FINANCING ACTIVITIES
Repayments of Long-Term Lines of Credit	(44,866)	(6,216)
Gain on early retirement of debt	(1,520)	0
Repayments of Long-Term Lines of Credit	$ (44,866)	$ (6,216)

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($)
$ in Thousands

Total

Common stock

Paid-in capital

Retained earnings

Accumulated other comprehensive loss

22,018,000

Balance at beginning of year at Dec. 31, 2021

$ 255,646

$ 220

$ 271,556

$ 17,419

$ (33,549)

380

Performance shares issued to employees (in shares)

521

167,000

Performance shares issued to employees

$ 2

(2)

Net issuance of restricted shares to employees and directors (in shares)

207,000

Net issuance of restricted shares granted to employees

$ 2

(2)

Net exercise of stock options (in shares)

1,151

22,000

Net exercise of stock options

233

Shares effectively repurchased for required employee withholding taxes (in shares)

(45,000)

Shares effectively repurchased for required employee withholding taxes

(568)

$ 0

(568)

51,000

671

$ 1

670

Ending Balance (in shares) at Mar. 31, 2022

^[1]

(960)

22,318,000

Balance at end of year at Mar. 31, 2022

255,732

$ 223

271,698

16,839

(33,028)

Beginning Balance (in shares) at Dec. 31, 2021

22,018,000

Balance at beginning of year at Dec. 31, 2021

255,646

$ 220

271,556

17,419

(33,549)

(3,080)

Ending Balance (in shares) at Jun. 30, 2022

(2,807)

22,059,000

Balance at end of year at Jun. 30, 2022

245,368

$ 221

273,279

8,224

(36,356)

Beginning Balance (in shares) at Mar. 31, 2022

22,318,000

Balance at beginning of year at Mar. 31, 2022

255,732

$ 223

271,698

16,839

(33,028)

(3,460)

Net issuance of restricted shares to employees and directors (in shares)

(3,328)

54,000

Net issuance of restricted shares granted to employees

$ 1

(1)

Net exercise of stock options (in shares)

1,280

3,000

Net exercise of stock options

Shares effectively repurchased for required employee withholding taxes (in shares)

(30,000)

Shares effectively repurchased for required employee withholding taxes

(370)

$ (1)

(369)

286,000

3,528

$ 2

(671)

4,197

Ending Balance (in shares) at Jun. 30, 2022

^[1]

(958)

22,059,000

Balance at end of year at Jun. 30, 2022

245,368

$ 221

273,279

8,224

(36,356)

Beginning Balance (in shares) at Dec. 31, 2022

21,780,000

Balance at beginning of year at Dec. 31, 2022

240,088

$ 218

274,579

1,145

(35,854)

(8,805)

Performance shares issued to employees (in shares)

420

120,000

Performance shares issued to employees

$ 1

(1)

Net issuance of restricted shares to employees and directors (in shares)

185,000

Net issuance of restricted shares granted to employees

$ 2

(2)

Shares effectively repurchased for required employee withholding taxes (in shares)

866

(74,000)

Shares effectively repurchased for required employee withholding taxes

(439)

$ (1)

(438)

320,000

2,539

$ 3

2,536

Ending Balance (in shares) at Mar. 31, 2023

(930)

21,691,000

Balance at end of year at Mar. 31, 2023

228,661

$ 217

275,004

(11,126)

(35,434)

Beginning Balance (in shares) at Dec. 31, 2022

21,780,000

Balance at beginning of year at Dec. 31, 2022

240,088

$ 218

274,579

1,145

(35,854)

(15,325)

$ 1,368

320,204

Ending Balance (in shares) at Jun. 30, 2023

$ 2,500

21,814,000

Balance at end of year at Jun. 30, 2023

223,051

$ 218

275,915

(18,596)

(34,486)

Beginning Balance (in shares) at Mar. 31, 2023

21,691,000

Balance at beginning of year at Mar. 31, 2023

228,661

$ 217

275,004

(11,126)

(35,434)

(6,520)

Net issuance of restricted shares to employees and directors (in shares)

948

141,000

Net issuance of restricted shares granted to employees

$ 1

(1)

Shares effectively repurchased for required employee withholding taxes (in shares)

1,010

(18,000)

Shares effectively repurchased for required employee withholding taxes

(98)

Ending Balance (in shares) at Jun. 30, 2023

(950)

21,814,000

Balance at end of year at Jun. 30, 2023

$ 223,051

$ 218

$ 275,915

$ (18,596)

$ (34,486)

[1]	Cash dividends declared per share of common stock were $0.085 and $0.085 in the six months ended June 30, 2023 and 2022, respectively.

DEBT - Additional Information (Details) - USD ($)		6 Months Ended
DEBT - Additional Information (Details) - USD ($)	Jun. 08, 2023	Jun. 30, 2023	Dec. 31, 2022
Term Loan
Debt Instrument [Line Items]
Fees and Expenses	$ 400,000
ABL Credit Agreement
Debt Instrument [Line Items]
Maximum aggregate principal allowed		$ 180,721,000	$ 189,411,000
Minimum availability under revolving credit to maintain minimum fixed charge ratio for four consecutive months		$ 20,000,000
Commitment fee percentage		10.00%
Maximum fixed charge coverage ratio		1.10
Debt Agreements
Debt Instrument [Line Items]
Debt instrument, face amount		$ 275,000,000
Percentage of capital stock of foreign subsidiaries pledged as collateral		65.00%
Minimum term under revolving credit to maintain minimum fixed charge ratio		45 days
Term Loan
Debt Instrument [Line Items]
Quarterly payments, percentage of principal amount		0.25%
Maximum debt instrument leverage ratio		3.75
Debt Instrument, Repurchased Face Amount	47,200,000
Price of the repurchase for principal	95
Principal	100
Deferred Debt Issuance Cost, Writeoff	$ 500,000
Interest rates on outstanding borrowings		8.72%
Term Loan \| Federal Funds And Overnight Bank Funding Based Rate
Debt Instrument [Line Items]
Basis spread on variable rate		0.50%
Term Loan \| Alternate Base Rate
Debt Instrument [Line Items]
Basis spread on variable rate		2.50%
Term Loan \| SOFR
Debt Instrument [Line Items]
Basis spread on variable rate		3.50%
Senior Secured Asset Based Revolving Credit Facilities \| ABL Credit Agreement
Debt Instrument [Line Items]
Maximum aggregate principal allowed		$ 200,000,000
Increase in maximum borrowing capacity		250,000,000
Line of credit facility increased maximum borrowing capacity if certain condition met further limited		220,000,000
Senior Secured Asset Based Revolving Credit Facilities \| Incremental Facilities
Debt Instrument [Line Items]
Debt instrument, stated amount		$ 50,000,000
Revolving Credit Facility \| ABL Credit Agreement
Debt Instrument [Line Items]
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage Paid		0.25%
Revolving Credit Facility \| ABL Credit Agreement \| Federal Funds And Overnight Bank Funding Based Rate
Debt Instrument [Line Items]
Basis spread on variable rate		0.50%
Revolving Credit Facility \| ABL Credit Agreement \| One Month Adjusted Term SEcured Overnight Financing Rate ("SOFR")
Debt Instrument [Line Items]
Debt instrument, stated rate		1.00%
Revolving Credit Facility \| ABL Credit Agreement \| 1, 3 or 6 month interest period
Debt Instrument [Line Items]
Debt instrument, stated rate		0.10%
Revolving Credit Facility \| Term Loan \| One Month Adjusted Term SEcured Overnight Financing Rate ("SOFR")
Debt Instrument [Line Items]
Basis spread on variable rate		1.00%
Revolving Credit Facility \| Minimum \| ABL Credit Agreement
Debt Instrument [Line Items]
Commitment fee percentage		0.20%
Revolving Credit Facility \| Minimum \| ABL Credit Agreement \| Alternate Base Rate
Debt Instrument [Line Items]
Basis spread on variable rate		0.25%
Revolving Credit Facility \| Minimum \| ABL Credit Agreement \| One Month Adjusted Term SEcured Overnight Financing Rate ("SOFR")
Debt Instrument [Line Items]
Debt instrument, stated rate		1.00%
Revolving Credit Facility \| Minimum \| ABL Credit Agreement \| Adjusted Term SOFR
Debt Instrument [Line Items]
Basis spread on variable rate		1.25%
Revolving Credit Facility \| Minimum \| Term Loan \| One Month Adjusted Term SEcured Overnight Financing Rate ("SOFR")
Debt Instrument [Line Items]
Debt instrument, stated rate		1.00%
Revolving Credit Facility \| Minimum \| Term Loan \| SOFR
Debt Instrument [Line Items]
Debt instrument, stated rate		1.00%
Revolving Credit Facility \| Maximum \| ABL Credit Agreement
Debt Instrument [Line Items]
Commitment fee percentage		0.25%
Revolving Credit Facility \| Maximum \| ABL Credit Agreement \| Alternate Base Rate
Debt Instrument [Line Items]
Basis spread on variable rate		0.50%
Revolving Credit Facility \| Maximum \| ABL Credit Agreement \| Adjusted Term SOFR
Debt Instrument [Line Items]
Basis spread on variable rate		1.50%
Revolving Credit Facility \| Maximum \| ABL Credit Agreement \| SOFR
Debt Instrument [Line Items]
Interest rates on outstanding borrowings		4.93%

INCOME (LOSS) PER COMMON SHARE

6 Months Ended

Jun. 30, 2023

Earnings Per Share [Abstract]

INCOME (LOSS) PER COMMON SHARE

LOSS PER COMMON SHARE

Basic loss per common share has been computed by dividing net loss by the weighted-average number of shares of the Company’s common stock outstanding during the relevant period. Diluted loss per common share adjusts net loss and basic loss per common share for the effect of all potentially dilutive shares of the Company’s common stock. Anti-dilutive securities are not included in the computation of diluted earnings per share under the treasury stock method.

The calculations of basic and diluted loss per common share for the three and six months ended June 30, 2023 and 2022 are as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
	(in thousands, except per share amounts)
Net loss – Basic and Diluted	$	(6,520)	$	(3,460)	$	(15,325)	$	(3,080)
Weighted-average shares outstanding – Basic	21,123		21,531		21,174		21,642
Effect of dilutive securities:
Stock options and other stock awards	—		—		—		—
Weighted-average shares outstanding – Diluted	21,123		21,531		21,174		21,642
Basic loss per common share	$	(0.31)	$	(0.16)	$	(0.72)	$	(0.14)
Diluted loss per common share	$	(0.31)	$	(0.16)	$	(0.72)	$	(0.14)
Antidilutive Securities(1)	1,624		1,704		1,603		1,671

(1) Stock options and other stock awards that have been excluded from the denominator as their inclusion would have been anti-dilutive.

DERIVATIVES - Additional Information (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Mar. 31, 2023
Derivative [Line Items]
Gain (loss) reclassified into earnings	$ 40,000.00	$ 100,000	$ 900,000	$ 20,000.00
Loss to be reclassified within 12 months			600,000
Interest rate swaps
Derivative [Line Items]
Notional amount	25,000,000		25,000,000		$ 25,000,000
Derivatives designated as hedging instruments \| Foreign exchange contracts
Derivative [Line Items]
Notional amount	7,000,000		7,000,000
Derivatives designated as hedging instruments \| Cash Flow Hedging \| Interest rate swaps
Derivative [Line Items]
Notional amount	0		0
Interest expense \| Interest rate swaps
Derivative [Line Items]
Gain (loss) reclassified into earnings		(100,000)	100,000	(300,000)
Cost of Sales \| Foreign exchange contracts
Derivative [Line Items]
Gain (loss) reclassified into earnings	$ 40,000.00	$ 200,000	$ 800,000	$ 300,000

STOCK COMPENSATION - Summary of Stock Option (Details) $ / shares in Units, $ in Thousands	6 Months Ended
	Jun. 30, 2023 USD ($) $ / shares shares
Options
Beginning balance (in shares) \| shares	1,065,750
Grants (in shares) \| shares	50,000
Cancellations (in shares) \| shares	(4,375)
Expirations (in shares) \| shares	(107,875)
Ending balance (in shares) \| shares	1,003,500
Options exercisable, end of period (in shares) \| shares	887,875
Weighted- average exercise price
Beginning balance (usd per share) \| $ / shares	$ 13.66
Grants (usd per share) \| $ / shares	5.92
Cancellations (usd per share) \| $ / shares	11.27
Expirations (usd per share) \| $ / shares	13.17
Ending balance (usd per share) \| $ / shares	13.34
Weighted-average exercise price, Options exercisable, end of period (usd per share) \| $ / shares	$ 13.87
Weighted- average remaining contractual life (years)
Options outstanding, end of period	4 years 7 months 6 days
Options exercisable, end of period	4 years
Aggregate intrinsic value (in thousands)
Options outstanding, aggregate intrinsic Value \| $	$ 0
Options exercisable, aggregate intrinsic Value \| $	0
Total unrecognized stock option expense remaining (in thousands) \| $	$ 450
Weighted-average years expected to be recognized over (in years)	1 year 10 months 24 days

ACQUISITION - Additional Information (Details) - USD ($) $ in Thousands		6 Months Ended
	Mar. 02, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Business Acquisition [Line Items]
Goodwill		$ 33,237		$ 33,237
Trade names(1)
Business Acquisition [Line Items]
Finite-Lived Intangible Asset, Useful Life		12 years
Trade names(1) \| Trade names(1)
Business Acquisition [Line Items]
Finite-Lived Intangible Asset, Useful Life		15 years
S'well [Member]
Business Acquisition [Line Items]
Total consideration transferred	$ 17,956
Business Combination, Contingent Consideration, Liability	5,000
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, Low	650
Business Combination , Consideration Transferred Including Contingent Consideration	18,606
Business Combination, Acquisition Related Costs			$ 900
Accounts receivable	2,280
Inventory	4,005
Fixed assets	40
Intangible assets	13,000
Goodwill	(2,966)
Accounts payable and accrued expenses	(3,685)
Total allocated value	$ 18,606
Contingent consideration fair value adjustments		$ (50)

BASIS OF PRESENTATION AND SUMMARY OF ACCOUNTING POLICIES (Policies)	6 Months Ended
	Jun. 30, 2023
Accounting Policies [Abstract]
Basis of presentation	Basis of presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) for interim financial information and with the instructions to Quarterly Reports on Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. In the opinion of management, all adjustments, which consist of normal recurring accruals and non-recurring adjustments, considered necessary for a fair presentation have been included. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and footnotes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2022. Operating results for the three and six months ended June 30, 2023 are not necessarily indicative of the results that may be expected for the year ending December 31, 2023. The Company’s business and working capital needs are seasonal, with a majority of sales occurring in the third and fourth quarters. In 2022 and 2021, net sales for the third and fourth quarters accounted for 54% and 56% of total annual net sales, respectively. The current market conditions and shifts in both consumer and retailer purchasing patterns has impacted the seasonality of the Company's net sales compared to historical trends. In anticipation of the pre-holiday shipping season, inventory levels increase primarily in the June through October time period. In 2023, the Company's inventory trends may deviate from historical trends due to a change in inventory strategy to react to the current market conditions impacting the Company and retailers. The Company’s current estimates contemplate current and expected future conditions, as applicable, however it is reasonably possible that actual conditions could differ from expectations, which could materially affect the Company’s results of operations and financial position.
Revenue recognition and Cost of sales	Revenue recognition The Company sells products wholesale, to retailers and distributors, and retail, directly to the consumer. Wholesale sales and retail sales are primarily recognized at the point in time the customer obtains control of the products, in an amount that reflects the consideration the Company expects to be entitled to in exchange for those products. The Company offers various sales incentives and promotional programs to its customers in the normal course of business. These incentives and promotions typically include arrangements such as cooperative advertising, buydowns, volume rebates and discounts. These arrangements and an estimate for products expected to be returned are reflected as reductions of revenue at the time of sale. See NOTE 2 —REVENUE to the unaudited condensed consolidated financial statements included in this Quarterly Report on Form 10-Q for additional information. Cost of sales Cost of sales consist primarily of costs associated with the production and procurement of product, inbound freight costs, purchasing costs, royalties, and other product procurement related charges.
Distribution expenses	Distribution expenses Distribution expenses consist primarily of warehousing expenses and freight-out expenses. Handling costs of products sold are included in cost of sales.
Accounts receivable	Accounts receivable The Company periodically reviews the collectability of its accounts receivable and establishes allowances for estimated credit losses that could result from the inability of its customers to make required payments, taking into consideration customer credit history and financial condition, industry and market segment information, credit reports, and expectations of current and future economic conditions. A considerable amount of judgment is required to assess the ultimate realization of these receivables, including assessing the initial and on-going creditworthiness of the Company’s customers. The Company also maintains an allowance for anticipated customer deductions. The allowances for deductions are primarily based on contracts with customers. However, in certain cases, the Company does not have a formal contract and, therefore, customer deductions are non-contractual. To evaluate the reasonableness of non-contractual customer deductions, the Company analyzes currently available information and historical trends of deductions.
Receivable purchase agreement	Receivable purchase agreement The Company has an uncommitted Receivables Purchase Agreement with HSBC Bank USA, National Association (“HSBC”) as Purchaser (the “Receivables Purchase Agreement”). The sale of accounts receivable, under the Receivables Purchase Agreement with HSBC, is excluded from the Company’s unaudited condensed consolidated balance sheets at the time of sale and the related sale expense is included in selling, general and administrative expenses in the Company’s unaudited condensed consolidated statements of operations. The Company did not sell receivables to HSBC during the three and six months ended June 30, 2023. Pursuant to the Receivable Purchase Agreement, the Company sold to HSBC $33.5 million and $79.8 million of receivables during the three and six months ended June 30, 2022, respectively. Charges of $0.2 million and $0.3 million, respectively, related to the sale of the receivables were included in selling, general and administrative expenses in the unaudited condensed consolidated statements of operations for the three and six months ended June 30, 2022. At June 30, 2023 and 2022, zero and $25.6 million, respectively, of receivables sold were outstanding and due to HSBC from customers. At June 30, 2023, $23.3 million of accounts receivables were available for sale to HSBC, net of applicable charges.
Inventory	Inventory Inventory consists principally of finished goods sourced from third-party suppliers. Inventory also includes finished goods, work in process and raw materials related to the Company’s manufacture of sterling silver products. Inventory is priced using the lower of cost (first-in, first-out basis) or net realizable value. The Company estimates the selling price of its inventory on a product by product basis based on the current selling environment. If the estimated selling price is lower than the inventory’s cost, the Company reduces the value of the inventory to its net realizable value. Net realizable value is the estimated selling price in the ordinary course of business, less reasonably predictable cost of completion, disposal and transportation.
Fair value of financial instruments	Fair value of financial instruments The Company determined that the carrying amounts of cash and cash equivalents, accounts receivable and accounts payable are reasonable estimates of their fair values because of their short-term nature. The Company determined that the carrying amounts of borrowings outstanding under its ABL Agreement and Term Loan (each as defined in NOTE 7 — DEBT to the unaudited condensed consolidated financial statements included in this Quarterly Report on Form 10-Q) approximate fair value since such borrowings bear interest at variable market rates.
Derivatives	Derivatives The Company accounts for derivative instruments in accordance with Accounting Standard Codification (“ASC”) Topic 815, Derivatives and Hedging (“ASC 815”). ASC 815 requires that all derivative instruments be recognized on the balance sheet at fair value as either an asset or liability. Changes in the fair value of derivatives that qualify as hedges and have been designated as part of a hedging relationship for accounting purposes have no net impact on earnings until the hedged item is recognized in earnings. The changes in the fair value of hedges are included in accumulated other comprehensive loss and are subsequently recognized in the Company’s unaudited condensed consolidated statements of operations to mirror the location of the hedged items impacting earnings. Changes in fair value of derivatives that do not qualify as hedging instruments for accounting purposes are recorded in the Company’s unaudited condensed consolidated statements of operations.
Goodwill, intangible assets and long-lived assets	Goodwill, intangible assets and long-lived assets Goodwill and intangible assets deemed to have indefinite lives are not amortized but, instead, are subject to an annual impairment assessment. Additionally, if events or conditions were to indicate the carrying value of a reporting unit may not be recoverable, the Company would evaluate goodwill and other intangible assets for impairment at that time. As it relates to the goodwill assessment, the Company first assesses qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount as a basis for determining whether it is necessary to perform the quantitative goodwill impairment testing described in the Financial Accounting Standards Board's (“FASB”) Accounting Standards Update No. (“ASU”) Topic 350, Intangibles – Goodwill and Other. If, after assessing qualitative factors, the Company determines that it is not more likely than not that the fair value of a reporting unit is less than its carrying amount, then performing the quantitative test is unnecessary and the Company’s goodwill is considered to be unimpaired. However, if based on the Company’s qualitative assessment it concludes that it is more likely than not that the fair value of the reporting unit is less than its carrying amount, or if the Company elects to bypass the qualitative assessment, the Company will proceed with performing the quantitative impairment test. The Company reviews goodwill and other intangibles that have indefinite lives for impairment annually as of October 1 or when events or changes in circumstances indicate the carrying value of these assets might exceed their current fair values. Impairment testing is based upon the best information available, including estimates of fair value which incorporate assumptions marketplace participants would use in making their estimates of fair value. The Company performed its annual impairment assessment of its U.S. reporting unit as of October 1, 2022 by comparing the fair value of the reporting unit with its carrying value. The Company performed the analysis using a discounted cash flow and market multiple method. As of October 1, 2022, the fair value of the U.S. reporting unit exceeded the carrying value of goodwill by 10%. The significant assumptions used under the income approach, or discounted cash flow method, are projected net sales, projected earnings before interest, tax, depreciation and amortization (“EBITDA”), terminal growth rates, and the cost of capital. Projected net sales, projected EBITDA and terminal growth rates were determined to be significant assumptions because they are three primary drivers of the projected cash flows in the discounted cash flow fair value model. Cost of capital was also determined to be a significant assumption as it is the discount rate used to calculate the current fair value of those projected cash flows. For the guideline public company method, significant assumptions relate to the selection of appropriate guideline companies and related valuation multiples used in the market analysis. Although the Company believes the assumptions and estimates made are reasonable and appropriate, different assumptions and estimates could materially impact its reported financial results. In addition, sustained declines in the Company’s stock price and related market capitalization could impact key assumptions in the overall estimated fair values of its reporting units and could result in non-cash impairment charges that could be material to the Company’s consolidated balance sheet or results of operations. Should the carrying value of a reporting unit be in excess of the estimated fair value of that reporting unit, an impairment charge will be recorded to reduce the reporting unit to fair value. The Company also evaluates qualitative factors to determine whether impairment indicators exist for its indefinite lived intangibles and performs quantitative tests if required. These tests can include the relief from royalty model or other valuation models. The Company completed the quantitative impairment analysis for its indefinite-lived assets as of October 1, 2022, by comparing the fair value of the indefinite-lived trade names to their respective carrying value using a relief from royalty method. As of October 1, 2022, the fair value of the Company’s indefinite-lived trade names exceeded their respective carrying values by 12%. Long-lived assets, including intangible assets deemed to have finite lives, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Impairment indicators include, among other conditions, cash flow deficits, historic or anticipated declines in revenue or operating profit or material adverse changes in the business climate that indicate that the carrying amount of an asset may be impaired. When impairment indicators are present, the recoverability of the asset is measured by comparing the carrying value of the asset to the estimated undiscounted future cash flows expected to be generated by the asset. If the carrying amount of the asset is not recoverable, the impairment to be recognized is measured by the amount by which the carrying amount of each long-lived asset exceeds the fair value of the asset. See NOTE 6 — INTANGIBLE ASSETS to the unaudited condensed consolidated financial statements included in this Quarterly Report on Form 10-Q for additional information.
Leases	Leases The Company determines if an arrangement is a lease at the inception of a contract. Operating lease right-of-use (“ROU”) assets are included in operating lease right-of-use assets on the condensed consolidated balance sheets. The current and long-term components of operating lease liabilities are included in the current portion of operating lease liability and operating lease liabilities, respectively, on the condensed consolidated balance sheets. Finance leases are included in property and equipment, net, accrued expenses and other long-term liabilities. The Company’s finance leases are not material to the Company’s condensed consolidated balance sheets. Operating lease ROU assets and operating lease liabilities are recognized based on the present value of the future minimum lease payments over the lease term. As most of the Company’s leases do not provide an implicit rate, the Company uses an incremental borrowing rate based on the information available at the commencement date in determining the present value of future payments. The operating lease ROU asset may also include any lease payments made, adjusted for any prepaid or accrued rent payments, lease incentives, and initial direct costs incurred. Certain leases may include options to extend or terminate the lease. Lease expense for minimum lease payments is recognized on a straight-line basis over the lease term. For certain equipment leases, the Company applies a portfolio approach to effectively account for any ROU assets and lease liabilities. Leases with an initial term of twelve months or less are not recorded on the balance sheet. The Company has elected the practical expedient to account for each separate lease component of a contract and its associated non-lease components as a single lease component, thus causing all fixed payments to be capitalized.
Employee healthcare	Employee healthcare The Company self-insures certain portions of its health insurance plan. The Company maintains an accrual for estimated unpaid claims and claims incurred but not yet reported (“IBNR”). Although management believes that it uses the best information available to estimate IBNR claims, actual claims may vary significantly from estimated claims.
Costs Associated with Exit or Disposal Activity or Restructuring [Policy Text Block]	Restructuring expenses Costs associated with restructuring activities are recorded at fair value when a liability has been incurred. Generally, a liability has been incurred at the communication date for severance. Charges associated with lease terminations, related to restructuring activities, are recognized at the effective date of the lease modification. In the fourth quarter of 2022, the Company's U.S. segment incurred $0.4 million of restructuring expense in connection with the reorganization the U.S. segment's sales management structure. At June 30, 2023, the accrual balance was $0.2 million, and the remaining payments are expected to be paid within fiscal year 2023. During the six months ended June 30, 2023, the Company incurred $0.8 million of unallocated corporate expense related to the termination payment with its Executive Chairman, Jeffrey Siegel (the "Executive Chairman"). On November 1, 2022, the Company entered into a transition agreement with its Executive Chairman which terminated his employment with the Company, effective March 31, 2023. The employment agreement provided for a one-time termination payment. The one-time payment of $1.4 million was recognized over the remaining employment period with $0.6 million recognized in the fourth quarter of 2022. The termination payment was paid on April 7, 2023.
Adoption of new accounting pronouncement	Adoption of new accounting pronouncements Effective January 1, 2023, the Company adopted ASU 2016-13, Measurement of Credit Losses on Financial Instruments. This guidance introduces a new model for recognizing credit losses on financial instruments based on an estimate of current expected credit losses, to include historical experience, current conditions and reasonable and supportable forecasts. The Company adopted this guidance on a modified retrospective basis and the adoption did not have a material impact on the Company’s condensed consolidated financial statements.
New accounting pronouncements	New accounting pronouncements All recent accounting pronouncements were assessed and either determined to not be applicable or are expected to have a minimal effect on the Company’s financial position, results of operations, and disclosures.

LEASES

6 Months Ended

Jun. 30, 2023

Leases [Abstract]

LEASES

The Company has operating leases for corporate offices, distribution facilities, a manufacturing plant, and certain vehicles.

The components of lease expense for the three and six months ended June 30, 2023 and 2022 were as follows (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Operating lease expenses(1):
Fixed lease expense	$	4,232	$	4,521	$	8,406	$	8,929
Variable lease expense	1,324		1,174		2,750		2,345
Total	$	5,556	$	5,695	$	11,156	$	11,274

(1) Expenses are recorded within distribution expenses and selling, general and administrative expenses on the unaudited condensed consolidated statement of operations.

Supplemental cash flow information for lease related liabilities and assets for the six months ended June 30, 2023 and 2022 were as follows (in thousands):


	Six Months Ended June 30,
	2023		2022
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases	$	9,661	$	9,618


	Six Months Ended June 30,
	2023		2022
Right-of-use assets obtained in exchange for lease obligations:
Operating leases	$	2,715	$	2,452

The aggregate future lease payments for operating leases as of June 30, 2023 were as follows (in thousands):


	Operating
2023 (excluding the six months ended June 30, 2023)	$	9,362
2024	18,454
2025	18,128
2026	17,753
2027	13,536
2028	12,140
Thereafter	17,082
Total lease payments	106,455
Less: Interest	(19,069)
Present value of lease payments	$	87,386

Average lease terms and discount rates were as follows:


	June 30, 2023
Operating leases:
Weighted-average remaining lease term (years)	6.3
Weighted-average discount rate	6.3	%

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Income Statement [Abstract]
Net sales	$ 146,436	$ 151,314	$ 291,871	$ 334,031
Cost of sales	90,445	96,147	182,038	215,796
Gross margin	55,991	55,167	109,833	118,235
Distribution expenses	15,732	17,373	32,617	36,598
Selling, general and administrative expenses	35,863	38,258	73,770	77,746
Restructuring expenses	0	0	856	0
Income (loss) from operations	4,396	(464)	2,590	3,891
Interest expense	(5,528)	(3,732)	(10,864)	(7,499)
Mark to market gain (loss) on interest rate derivatives	197	304	(37)	1,353
Income (loss) before income taxes and equity in (losses) earnings	585	(3,892)	(6,791)	(2,255)
Income tax (provision) benefit	(1,242)	98	106	(1,575)
Equity in (losses) earnings, net of taxes	(5,863)	334	(8,640)	750
NET LOSS	$ (6,520)	$ (3,460)	$ (15,325)	$ (3,080)
Basic income (loss) per common share (usd per share)	$ (0.31)	$ (0.16)	$ (0.72)	$ (0.14)
Diluted income (loss) per common share (usd per share)	$ (0.31)	$ (0.16)	$ (0.72)	$ (0.14)
Term Loan
Income Statement [Abstract]
Gain on early retirement of debt	$ 1,520		$ 1,520	$ 0
Gain on early retirement of debt	$ 1,520		$ 1,520	$ 0

LEASES - Lease Cost (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
LEASES - Lease Cost (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Operating lease expenses:
Fixed lease expense	$ 4,232	$ 4,521	$ 8,406	$ 8,929
Variable lease expense	1,324	1,174	2,750	2,345
Total	$ 5,556	$ 5,695	$ 11,156	$ 11,274

BASIS OF PRESENTATION AND SUMMARY OF ACCOUNTING POLICIES (Tables)

6 Months Ended

Jun. 30, 2023

Accounting Policies [Abstract]

Components of Inventory

The components of inventory were as follows (in thousands):


	June 30, 2023		December 31, 2022
Finished goods	$	202,917	$	213,450
Work in process	63		70
Raw materials	9,547		8,689
Total	$	212,527	$	222,209

INVESTMENTS - Summarized Exchange Rate Translation from MXN to USD (Details) - Grupo Vasconia S.A.B. - $ / $	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Schedule of Equity Method Investments [Line Items]
Average daily exchange rate for period (MXN per USD)	17.68	20.02
Maximum
Schedule of Equity Method Investments [Line Items]
Average daily exchange rate for period (MXN per USD)			18.66	20.50
Minimum
Schedule of Equity Method Investments [Line Items]
Average daily exchange rate for period (MXN per USD)			17.68	20.02

REVENUE - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Disaggregation of Revenue [Line Items]
Net sales	$ 146,436	$ 151,314	$ 291,871	$ 334,031
Shipping and Handling
Disaggregation of Revenue [Line Items]
Net sales	$ 500	$ 1,000	$ 900	$ 2,000

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 924
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-Section S99
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-4

Schedule of Line of Credit Facilities

REVENUE - Summary of Company's Revenue Disaggregated by Geographic Region and Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Disaggregation of Revenue [Line Items]
Net sales	$ 146,436	$ 151,314	$ 291,871	$ 334,031
United States
Disaggregation of Revenue [Line Items]
Net sales	127,295	131,650	254,541	291,052
United Kingdom
Disaggregation of Revenue [Line Items]
Net sales	7,679	8,053	16,291	18,839
Rest of World
Disaggregation of Revenue [Line Items]
Net sales	11,462	11,611	21,039	24,140
U.S. segment
Disaggregation of Revenue [Line Items]
Net sales	134,979	137,191	268,464	303,409
U.S. segment \| Kitchenware
Disaggregation of Revenue [Line Items]
Net sales	84,015	84,345	169,747	198,475
U.S. segment \| Tableware
Disaggregation of Revenue [Line Items]
Net sales	26,149	29,943	50,148	56,520
U.S. segment \| Home Solutions
Disaggregation of Revenue [Line Items]
Net sales	24,815	22,903	48,569	48,414
International segment
Disaggregation of Revenue [Line Items]
Net sales	$ 11,457	$ 14,123	$ 23,407	$ 30,622

DEBT (Tables)

6 Months Ended

Jun. 30, 2023

Debt Disclosure [Abstract]

As of June 30, 2023 and December 31, 2022, the total availability under the ABL Agreement was as follows (in thousands):


	June 30, 2023		December 31, 2022
Maximum aggregate principal allowed	$	180,721	$	189,411
Outstanding borrowings under the ABL Agreement	(25,232)		(10,424)
Standby letters of credit	(3,384)		(2,765)
Total availability under the ABL Agreement	$	152,105	$	176,222

Schedule of Long-term Debt Instruments

The current and non-current portions of the Company’s Term Loan included in the condensed consolidated balance sheets were as follows (in thousands):


	June 30, 2023		December 31, 2022
Current portion of Term Loan:

Estimated Excess Cash Flow principal payment	$	16,000	$	—
Estimated unamortized debt issuance costs	(1,143)		—
Total Current portion of Term Loan	$	14,857	$	—

Non-current portion of Term Loan:
Term Loan, net of current portion	$	182,684	$	245,911
Estimated unamortized debt issuance costs	(734)		(3,054)
Total Non-current portion of Term Loan	$	181,950	$	242,857

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

Reference 1: http://www.xbrl.org/2003/role/exampleRef
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Schedule Of Supplemental Cash Flow Information Related To Leases

STOCK COMPENSATION - Stock Compensation Expense (Details) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
	Mar. 08, 2023	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock compensation expense		$ 1,011	$ 1,365	$ 1,872	$ 2,539
Equity based stock option expense
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock compensation expense	$ 100	50	93	179	180
Restricted and performance-based stock awards expense
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock compensation expense		960	1,187	1,697	2,251
Equity based awards
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock compensation expense		1,010	1,280	1,876	2,431
Liability based stock option expense
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock compensation expense		1	(1)	(4)	(6)
Cash Settled Performance Based Awards
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock compensation expense		$ 0	$ 86	$ 0	$ 114

LEASES (Tables)

6 Months Ended

Jun. 30, 2023

Leases [Abstract]

Lease, Cost

The components of lease expense for the three and six months ended June 30, 2023 and 2022 were as follows (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Operating lease expenses(1):
Fixed lease expense	$	4,232	$	4,521	$	8,406	$	8,929
Variable lease expense	1,324		1,174		2,750		2,345
Total	$	5,556	$	5,695	$	11,156	$	11,274

(1) Expenses are recorded within distribution expenses and selling, general and administrative expenses on the unaudited condensed consolidated statement of operations.

Supplemental cash flow information for lease related liabilities and assets for the six months ended June 30, 2023 and 2022 were as follows (in thousands):


	Six Months Ended June 30,
	2023		2022
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases	$	9,661	$	9,618


	Six Months Ended June 30,
	2023		2022
Right-of-use assets obtained in exchange for lease obligations:
Operating leases	$	2,715	$	2,452

Lessee, Operating Lease, Liability, Maturity

The aggregate future lease payments for operating leases as of June 30, 2023 were as follows (in thousands):


	Operating
2023 (excluding the six months ended June 30, 2023)	$	9,362
2024	18,454
2025	18,128
2026	17,753
2027	13,536
2028	12,140
Thereafter	17,082
Total lease payments	106,455
Less: Interest	(19,069)
Present value of lease payments	$	87,386

Schedule Of Average Lease Terms And Discount Rates

Average lease terms and discount rates were as follows:


	June 30, 2023
Operating leases:
Weighted-average remaining lease term (years)	6.3
Weighted-average discount rate	6.3	%

BUSINESS SEGMENTS (Tables)

6 Months Ended

Jun. 30, 2023

Segment Reporting [Abstract]

Segment Reporting Information


	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
	(in thousands)
Net sales
U.S.	$	134,979	$	137,191	$	268,464	$	303,409
International	11,457		14,123		23,407		30,622
Total net sales	$	146,436	$	151,314	$	291,871	$	334,031
Income (loss) from operations
U.S.	$	11,736	$	7,530	$	17,690	$	21,856
International	(2,829)		(3,072)		(4,721)		(7,190)
Unallocated corporate expenses	(4,511)		(4,922)		(10,379)		(10,775)
Income (loss) from operations	$	4,396	$	(464)	$	2,590	$	3,891
Depreciation and amortization
U.S.	$	4,646	$	4,698	$	9,264	$	9,247
International	279		340		531		690
Total depreciation and amortization	$	4,925	$	5,038	$	9,795	$	9,937


	June 30, 2023		December 31, 2022
	(in thousands)
Assets
U.S.	$	556,652	$	608,496
International	90,415		93,794
Unallocated corporate	18,171		23,598
Total Assets	$	665,238	$	725,888

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022	Jun. 30, 2022
CURRENT ASSETS
Cash and cash equivalents	$ 15,122	$ 23,598
Accounts receivable, less allowances of $15,452 at June 30, 2023 and $14,606 at December 31, 2022	114,965	141,195
Inventory	212,527	222,209
Prepaid expenses and other current assets	11,878	13,254
Income taxes receivable	3,049	0
TOTAL CURRENT ASSETS	357,541	400,256
PROPERTY AND EQUIPMENT, net	17,422	18,022
OPERATING LEASE RIGHT-OF-USE ASSETS	72,428	74,869
INVESTMENTS	5,303	12,516
INTANGIBLE ASSETS, net	206,608	213,887
OTHER ASSETS	5,936	6,338
TOTAL ASSETS	665,238	725,888
CURRENT LIABILITIES
Current maturity of term loan	14,857	0
Accounts payable	48,396	38,052
Accrued expenses	58,329	77,602
Income taxes payable	0	224
Current portion of operating lease liabilities	13,597	14,028
TOTAL CURRENT LIABILITIES	135,179	129,906
OTHER LONG-TERM LIABILITIES	14,826	14,995
INCOME TAXES PAYABLE, LONG-TERM	1,589	1,591
OPERATING LEASE LIABILITIES	73,789	76,420
DEFERRED INCOME TAXES	9,622	9,607
REVOLVING CREDIT FACILITY	25,232		$ 10,424
TERM LOAN	181,950		242,857
STOCKHOLDERS’ EQUITY
Preferred stock, $1.00 par value, shares authorized: 100 shares of Series A and 2,000,000 shares of Series B; none issued and outstanding	0	0
Common stock, $0.01 par value, shares authorized: 50,000,000 at June 30, 2023 and December 31, 2022; shares issued and outstanding: 21,814,236 at June 30, 2023 and 21,779,799 at December 31, 2022	218	218
Paid-in capital	275,915	274,579
(Accumulated deficit) retained earnings	(18,596)	1,145
Accumulated other comprehensive loss	(34,486)	(35,854)
TOTAL STOCKHOLDERS’ EQUITY	223,051	240,088	$ 245,368
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$ 665,238	$ 725,888

INVESTMENTS

6 Months Ended

Jun. 30, 2023

Equity Method Investments and Joint Ventures [Abstract]

INVESTMENTS

As of June 30, 2023, the Company owned 24.7% of the outstanding capital stock of Grupo Vasconia S.A.B. (“Vasconia”), an integrated manufacturer of aluminum products and one of Mexico’s largest housewares companies. Shares of Vasconia’s capital stock are traded on the Bolsa Mexicana de Valores, the Mexican Stock Exchange. The Quotation Key is VASCONI. The Company accounts for its investment in Vasconia using the equity method of accounting and records its proportionate share of Vasconia’s net income in the Company’s condensed consolidated statements of operations. Accordingly, the Company has recorded its proportionate share of Vasconia’s net income (reduced for amortization expense related to the customer relationships acquired) for the three and six months ended June 30, 2023 and 2022 in the accompanying unaudited condensed consolidated statements of operations.

The Company’s equity in (losses) earnings, net of taxes, for the three and six months ended June 30, 2023 and 2022 included the following:


	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Vasconia equity in (losses) earnings, net of taxes	$	(1,422)	$	334	$	(2,146)	$	750
Impairment on investment in Vasconia	(4,441)		—		(6,494)		—
Equity in (losses) earnings, net of taxes	$	(5,863)	$	334	$	(8,640)	$	750

The value of the Company’s investment balance has been translated from Mexican Pesos (“MXN”) to U.S. Dollars (“USD”) using the spot rates of MXN 17.11 and MXN 19.47 at June 30, 2023 and December 31, 2022, respectively.

The Company’s proportionate share of Vasconia’s net (loss) income has been translated from MXN to USD using the following exchange rates:


	Three Months Ended June 30,		Six Months Ended June 30,
	2023	2022	2023	2022
Average exchange rate (USD to MXN)	17.68	20.02	17.68 - 18.66	20.02 - 20.50

The effect of the translation of the Company’s investment, as well as the translation of Vasconia’s balance sheet, resulted in an increase to the investment of $1.4 million and a decrease of $0.9 million during the six months ended June 30, 2023 and 2022, respectively. These translation effects are recorded in accumulated other comprehensive loss.

Summarized income statement information for the three and six months ended June 30, 2023 and 2022 for Vasconia in USD and MXN is as follows (in thousands):


	Three Months Ended June 30,
	2023				2022
	USD		MXN		USD		MXN
Net sales	$	42,051	$	743,462	$	66,195	$	1,325,237
Gross profit	9,680		171,152		10,804		216,297
Income from operations	193		3,401		518		10,366
Net (loss) income	(5,755)		(101,737)		1,403		28,091


	Six Months Ended June 30,
	2023				2022
	USD		MXN		USD		MXN
Net sales	$	82,792	$	1,503,692	$	130,513	$	2,643,750
Gross profit	18,336		332,665		25,224		511,915
(Loss) income from operations	(814)		(15,383)		5,203		106,406
Net (loss) income	(8,686)		(156,433)		3,134		63,570

The Company recorded equity in (losses) earnings of Vasconia, net of taxes, of $(1.4) million and $(2.1) million for the three and six months ended June 30, 2023, respectively. The Company recorded equity in earnings of Vasconia, net of taxes, of $0.3 million and $0.8 million for the three and six months ended June 30, 2022, respectively.

Included within the Company’s unaudited condensed consolidated balance sheets were the following amounts due to and due from Vasconia (in thousands):


Vasconia due to and due from balances	Balance Sheet Location	June 30, 2023		December 31, 2022
Amounts due from Vasconia	Prepaid expenses and other current assets	$	24	$	48
Amounts due to Vasconia	Accrued expenses and Accounts payable	(93)		(16)

The fair value (based on Level 1 inputs using the quoted stock price) of the Company’s investment in Vasconia declined in 2023. As a result of the decline in the quoted stock price, the continued decline in the operating results of Vasconia and the recent downgrade in Vasconia’s debt rating, the Company determined the decline in fair value was other than temporary. The Company reduced its investment by $4.4 million during the three months ended June 30, 2023 to its fair value, and recognized the non-cash impairment charge within equity in (losses) earnings in the unaudited condensed consolidated statement of operations. The carrying value of the Company’s investment in Vasconia, after the recorded impairment, was $5.3 million as of June 30, 2023. For the six months ended June 30, 2023, the Company has recognized non-cash impairment charges of $6.5 million.

As of December 31, 2022, the fair value (based on Level 1 inputs using the quoted stock price) of the Company’s investment in Vasconia was $15.0 million, respectively. The carrying value of the Company’s investment in Vasconia was $12.5 million as of December 31, 2022.

INTANGIBLE ASSETS - Components of Intangible Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Schedule of Intangible Assets Disclosure [Line Items]
Goodwill, Gross	$ 33,237	$ 33,237
Goodwill	33,237	33,237
Finite-lived intangible assets, Accumulated Amortization	(95,986)	(88,595)
Total, Gross	302,594	302,482
Total, Net	206,608	213,887
Accumulated Impairment Of Intangible Assets, Finite Lived	(14,800)
Goodwill, Impaired, Accumulated Impairment Loss	(91,700)
Indefinite-lived Intangible Assets, impaired, accumulated impairment loss,	1,000
Finite-lived Intangible Assets Reduction of Impairment, Gross	44,100
Finite-lived Intangible Assets reduction for Impairment, Accumulated Amortization	(29,300)
Finite-lived Intangible Assets Reduction for Impairment of U.S. Segment, Gross	6,500
Licenses
Schedule of Intangible Assets Disclosure [Line Items]
Finite-lived intangible assets, Gross	15,847	15,847
Finite-lived intangible assets, Accumulated Amortization	(11,882)	(11,654)
Finite-lived intangible assets, Net	3,965	4,193
Trade names(1)
Schedule of Intangible Assets Disclosure [Line Items]
Finite-lived intangible assets, Gross	54,881	54,785
Finite-lived intangible assets, Accumulated Amortization	(21,890)	(20,030)
Finite-lived intangible assets, Net	32,991	34,755
Customer relationships(2)
Schedule of Intangible Assets Disclosure [Line Items]
Finite-lived intangible assets, Gross	143,158	143,157
Finite-lived intangible assets, Accumulated Amortization	(58,608)	(53,586)
Finite-lived intangible assets, Net	84,550	89,571
Other (2)
Schedule of Intangible Assets Disclosure [Line Items]
Finite-lived intangible assets, Gross	5,871	5,856
Finite-lived intangible assets, Accumulated Amortization	(3,606)	(3,325)
Finite-lived intangible assets, Net	2,265	2,531
Trade names(1)
Schedule of Intangible Assets Disclosure [Line Items]
Indefinite-lived intangible assets, Gross	49,600	49,600
Indefinite-lived intangible assets, Net	$ 49,600	$ 49,600

DERIVATIVES - Gains and Losses Related to Derivative Financial Instruments Designated as Hedging Instruments (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Derivative Instruments, Gain (Loss) [Line Items]
Net change in cash flow hedges	$ (300)	$ 950	$ (1,453)	$ 1,558
Interest rate swaps
Derivative Instruments, Gain (Loss) [Line Items]
Net change in cash flow hedges	0	200	(120)	483
Foreign exchange contracts
Derivative Instruments, Gain (Loss) [Line Items]
Net change in cash flow hedges	$ (300)	$ 750	$ (1,333)	$ 1,075

INCOME TAXES - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Income Tax Disclosure [Abstract]
Income tax (provision) benefit	$ (1,242)	$ 98	$ 106	$ (1,575)
Effective income tax benefit rate on US and foreign earnings, percent	212.30%	2.50%	1.60%	(69.80%)
Corporate income tax rate	21.00%	21.00%	21.00%

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

BUSINESS SEGMENTS

6 Months Ended

Jun. 30, 2023

Segment Reporting [Abstract]

BUSINESS SEGMENTS

The Company has two reportable segments, U.S. and International. The Company has segmented its operations to reflect the manner in which management reviews and evaluates the results of its operations. The U.S. segment includes the Company’s primary domestic business that designs, markets and distributes its products to retailers, distributors and directly to consumers through its own websites. The International segment consists of certain business operations conducted outside the U.S. Management evaluates the performance of the U.S. and International segments based on net sales and income (loss) from operations. Such measures give recognition to specifically identifiable operating costs such as cost of sales, distribution expenses and selling, general and administrative expenses. Certain general and administrative expenses, such as senior executive salaries and benefits, stock compensation, director fees, and accounting, legal fees and consulting fees, are not allocated to the specific segments and are reflected as unallocated corporate expenses.


	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
	(in thousands)
Net sales
U.S.	$	134,979	$	137,191	$	268,464	$	303,409
International	11,457		14,123		23,407		30,622
Total net sales	$	146,436	$	151,314	$	291,871	$	334,031
Income (loss) from operations
U.S.	$	11,736	$	7,530	$	17,690	$	21,856
International	(2,829)		(3,072)		(4,721)		(7,190)
Unallocated corporate expenses	(4,511)		(4,922)		(10,379)		(10,775)
Income (loss) from operations	$	4,396	$	(464)	$	2,590	$	3,891
Depreciation and amortization
U.S.	$	4,646	$	4,698	$	9,264	$	9,247
International	279		340		531		690
Total depreciation and amortization	$	4,925	$	5,038	$	9,795	$	9,937


	June 30, 2023		December 31, 2022
	(in thousands)
Assets
U.S.	$	556,652	$	608,496
International	90,415		93,794
Unallocated corporate	18,171		23,598
Total Assets	$	665,238	$	725,888

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-40

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//280/tableOfContent

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-26

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 34
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-34

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
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-Section 50
-Paragraph 41
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-41

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-21

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
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-Paragraph 21
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-21

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Equity Method Investments and Joint Ventures [Abstract]

STOCK COMPENSATION - Summary of Performance-based Award Activity (Details) $ / shares in Units, $ in Thousands	6 Months Ended
	Jun. 30, 2023 USD ($) $ / shares shares
Restricted Shares
Weighted-average years expected to be recognized over (in years)	1 year 10 months 24 days
Performance Shares
Restricted Shares
Beginning balance (in shares) \| shares	400,302
Grants (in shares) \| shares	191,075
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants over target in Period, Weighted Average Grant Date Fair Value \| $ / shares	$ 6.36
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options \| shares	16,942
Vested (in shares) \| shares	(119,739)
Cancellations (in shares) \| shares	(858)
Ending balance (in shares) \| shares	487,722
Total unrecognized compensation expense remaining (in thousands) \| $	$ 1,390
Weighted-average years expected to be recognized over (in years)	2 years
Weighted- average grant date fair value
Beginning balance (usd per share) \| $ / shares	$ 11.56
Grants (usd per share) \| $ / shares	5.92
Vested (usd per share) \| $ / shares	6.36
Cancellations (usd per share) \| $ / shares	14.18
Ending balance (usd per share) \| $ / shares	$ 10.44

INVESTMENTS - Additional Information (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023 USD ($) $ / $	Jun. 30, 2022 USD ($)	Jun. 30, 2023 USD ($) $ / $	Jun. 30, 2022 USD ($)	Dec. 31, 2022 USD ($) $ / $
Schedule of Equity Method Investments [Line Items]
Income (Loss) from Equity Method Investments	$ 5,863	$ (334)	$ 8,640	$ (750)
Grupo Vasconia S.A.B.
Schedule of Equity Method Investments [Line Items]
Percentage of ownership in equity method investment	24.70%		24.70%
Exchange rate at period end (MXN per USD) \| $ / $	17.11		17.11		19.47
Increase (decrease) in equity method investment			$ 1,400	(900)
Income (Loss) from Equity Method Investments	$ 1,422	$ (334)	2,146	$ (750)
Equity Investment Impairment Charge	(4,441)		(6,494)
Carrying value of investment	$ 5,300		$ 5,300		$ 12,500
Fair value of investment					$ 15,000

INVESTMENTS (Tables)

6 Months Ended

Jun. 30, 2023

Summarized Exchange Rate Translation from MXN to USD


	Three Months Ended June 30,		Six Months Ended June 30,
	2023	2022	2023	2022
Average exchange rate (USD to MXN)	17.68	20.02	17.68 - 18.66	20.02 - 20.50

Summarized Income Statement Information for Vasconia in USD and MXN


	Three Months Ended June 30,
	2023				2022
	USD		MXN		USD		MXN
Net sales	$	42,051	$	743,462	$	66,195	$	1,325,237
Gross profit	9,680		171,152		10,804		216,297
Income from operations	193		3,401		518		10,366
Net (loss) income	(5,755)		(101,737)		1,403		28,091


	Six Months Ended June 30,
	2023				2022
	USD		MXN		USD		MXN
Net sales	$	82,792	$	1,503,692	$	130,513	$	2,643,750
Gross profit	18,336		332,665		25,224		511,915
(Loss) income from operations	(814)		(15,383)		5,203		106,406
Net (loss) income	(8,686)		(156,433)		3,134		63,570

Schedule of Amounts Due to and Due from Related Parties Current


Vasconia due to and due from balances	Balance Sheet Location	June 30, 2023		December 31, 2022
Amounts due from Vasconia	Prepaid expenses and other current assets	$	24	$	48
Amounts due to Vasconia	Accrued expenses and Accounts payable	(93)		(16)

Summarized Equity in Earnings, Net of Taxes [Table]


	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Vasconia equity in (losses) earnings, net of taxes	$	(1,422)	$	334	$	(2,146)	$	750
Impairment on investment in Vasconia	(4,441)		—		(6,494)		—
Equity in (losses) earnings, net of taxes	$	(5,863)	$	334	$	(8,640)	$	750

LEASES - Maturities of Operating Lease Liability (Details) $ in Thousands	Jun. 30, 2023 USD ($)
Leases [Abstract]
2023 (excluding the six months ended June 30, 2023)	$ 9,362
2024	18,454
2025	18,128
2026	17,753
2027	13,536
2028	12,140
Thereafter	17,082
Total lease payments	106,455
Less: Interest	(19,069)
Present value of lease payments	$ 87,386

DEBT

6 Months Ended

Jun. 30, 2023

Debt Disclosure [Abstract]

DEBT

On August 26, 2022, the Company entered into Amendment No. 2 (the “Amendment”) to the Company’s credit agreement, dated as of March 2, 2018 (as amended, the “ABL Agreement”) among the Company, as a Borrower, certain subsidiaries of the Company, as Borrowers and/or Loan Parties, JPMorgan Chase Bank, N.A., as Administrative Agent and a Lender, HSBC Bank USA, National Association and Wells Fargo Bank, National Association, as Co-Documentation Agents and Lenders, and Manufacturers and Traders Trust Company. The ABL Agreement provides for a senior secured asset-based revolving credit facility in the maximum aggregate principal amount of $200.0 million, which facility will mature on August 26, 2027 (subject to an earlier springing maturity date that is 90 days prior to the Term Loan maturity date of February 28, 2025 if the Company’s Term Loan has not been repaid or refinanced by such date).

The Company’s loan agreement, dated as of March 2, 2018, (the “Term Loan” and together with the ABL Agreement, the “Debt Agreements”) provides for a senior secured term loan credit in the original principal amount of $275.0 million, which matures on February 28, 2025. On December 29, 2022, the Company entered into Amendment No. 1 to the Term Loan, which replaces the LIBOR-based interest rates with SOFR-based interest rates and modifies the provisions for determining the alternative rate of interest upon the occurrence of certain events relating to the availability of interest rate benchmarks. The Term Loan requires the Company to make an annual prepayment of principal based upon a percentage of the Company's excess cash flow, (“Excess Cash Flow”), if any. The percentage applied to the Company’s excess cash flow is based on the Company’s Total Net Leverage Ratio (as defined in the Debt Agreements). When an Excess Cash Flow payment is required, each lender has the option to decline a portion or all of the prepayment amount payable to it. An estimate of the amount of the Excess Cash Flow payment is recorded in current maturity of term loan on the unaudited condensed consolidated balance sheets. Additionally, the Term Loan requires quarterly payments, which commenced on June 30, 2018, of principal equal to 0.25% of the original aggregate principal amount of the Term Loan, which payments are to be adjusted from time to time to account for prepayments made. Per the Term Loan, when the Company makes an Excess Cash Flow payment, the payment is first applied to satisfy the next eight (8) scheduled future quarterly required payments of the Term Loan in order of maturity and then to the remaining scheduled installments on a pro rata basis. The quarterly principal payments have been satisfied through maturity of the Term Loan by the annual Excess Cash Flow payments made to date.

The maximum borrowing amount under the ABL Agreement may be increased to up to $250.0 million if certain conditions are met but limited to $220.0 million pursuant to the Term Loan. One or more tranches of additional term loans (the “Incremental Term Facilities”) may be added under the Term Loan if certain conditions are met. The Incremental Facilities may not exceed the sum of (i) $50.0 million plus (ii) an unlimited amount so long as, in the case of (ii) only, the Company’s secured net leverage ratio, as defined in and computed on a pro forma basis pursuant to the Term Loan, after giving effect to such increase, is no greater than 3.75 to 1.00, subject to certain limitations and for the period defined pursuant to the Term Loan but not to mature earlier than the maturity date of the then existing term loans.

As of June 30, 2023 and December 31, 2022, the total availability under the ABL Agreement was as follows (in thousands):


	June 30, 2023		December 31, 2022
Maximum aggregate principal allowed	$	180,721	$	189,411
Outstanding borrowings under the ABL Agreement	(25,232)		(10,424)
Standby letters of credit	(3,384)		(2,765)
Total availability under the ABL Agreement	$	152,105	$	176,222

Availability under the ABL Agreement is limited to the lesser of the $200.0 million commitment thereunder and the borrowing base and therefore depends on the valuation of certain current assets comprising the borrowing base. The borrowing capacity under the ABL Agreement will depend, in part, on eligible levels of accounts receivable and inventory that fluctuate regularly. Due to the seasonality of the Company’s business, this means that the Company may have greater borrowing availability during the third and fourth quarters of each year. Consequently, the $200.0 million commitment thereunder may not represent actual borrowing capacity.

On June 8, 2023, the Company completed the repurchase of $47.2 million in principal amount of the Term Loan, for $95 per $100 of principal. The repurchase was executed by way of a reverse Dutch auction, pursuant to and in accordance with the terms and conditions provided for in the Term Loan. In connection therewith, debt issuance costs of $0.5 million were written off and fees of $0.4 million were incurred. The gain on the early retirement of the Term Loan was $1.5 million, net of fees and expenses.

The current and non-current portions of the Company’s Term Loan included in the condensed consolidated balance sheets were as follows (in thousands):


	June 30, 2023		December 31, 2022
Current portion of Term Loan:

Estimated Excess Cash Flow principal payment	$	16,000	$	—
Estimated unamortized debt issuance costs	(1,143)		—
Total Current portion of Term Loan	$	14,857	$	—

Non-current portion of Term Loan:
Term Loan, net of current portion	$	182,684	$	245,911
Estimated unamortized debt issuance costs	(734)		(3,054)
Total Non-current portion of Term Loan	$	181,950	$	242,857

The estimated Excess Cash Flow principal payment recorded at June 30, 2023 represents the Company’s estimate for the 2024 Excess Cash Flow Payment. There was no Excess Cash Flow payment due in 2023.

The Company’s payment obligations under its Debt Agreements are unconditionally guaranteed by its existing and future U.S. subsidiaries with certain minor exceptions. Certain payment obligations under the ABL Agreement are also direct obligations of its foreign subsidiary borrowers designated as such under the ABL Agreement and, subject to limitations on such guaranty, are guaranteed by the foreign subsidiary borrowers, as well as by the Company. The obligations of the foreign subsidiary borrowers under the ABL Agreement are secured by security interests in substantially all of the assets of, and stock in, such foreign

subsidiary borrowers, subject to certain limitations. The obligations of the Company under the Debt Agreements and any hedging arrangements and cash management services and the guarantees by its domestic subsidiaries in respect of those obligations are secured by security interests in substantially all of the assets and stock (but in the case of foreign subsidiaries, limited to 65% of the capital stock in first-tier foreign subsidiaries and not including the stock of subsidiaries of such first-tier foreign subsidiaries) owned by the Company and the U.S. subsidiary guarantors, subject to certain exceptions. Such security interests consist of (1) a first-priority lien, subject to certain permitted liens, with respect to certain assets of the Company and certain of its subsidiaries (the “ABL Collateral”) pledged as collateral in favor of lenders under the ABL Agreement and a second-priority lien in the ABL Collateral in favor of the lenders under the Term Loan (2) a first-priority lien, subject to certain permitted liens, with respect to certain assets of the Company and certain of its subsidiaries (the “Term Loan Collateral”) pledged as collateral in favor of lenders under the Term Loan and a second-priority lien in the Term Loan Collateral in favor of the lenders under the ABL Agreement.

Borrowings under the revolving credit facility bear interest, at the Company’s option, at one of the following rates: (i) an alternate base rate, defined, for any day, as the greater of the prime rate, a federal funds and overnight bank funding based rate plus 0.5% or one-month Adjusted Term Secured Overnight Financing Rate (“SOFR”) plus 1.0% as of a specified date in advance of the determination, but in each case not less than 1.0%, plus a margin of 0.25% to 0.50%, or (ii) Adjusted Term SOFR, which is the Term SOFR Rate for the selected 1, 3 or 6 month interest period plus 0.10% (or Euro Interbank Offered Rate “EURIBOR” for borrowings denominated in Euro; or Sterling Overnight Index Average “SONIA” for borrowings denominated in Pounds Sterling), but in each case not less than zero, plus a margin of 1.25% to 1.50%. The respective margins are based upon average quarterly availability, as defined in and computed pursuant to the ABL Agreement. In addition, the Company pays a commitment fee of 0.20% to 0.25% per annum based on the average daily unused portion of the aggregate commitment under the ABL Agreement. The interest rate on outstanding borrowings under the ABL Agreement at June 30, 2023 was 4.93%. The Company paid a commitment fee of 0.25% during the six months ended June 30, 2023.

The Term Loan bears interest, at the Company’s option, at one of the following rates: (i) alternate base rate, defined, for any day, as the greater of (x) the prime rate, (y) a federal funds and overnight bank funding based rate plus 0.5% or (z) one-month Adjusted Term SOFR, but not less than 1.0%, plus 1.0%, plus a margin of 2.5% or (ii) SOFR for the applicable interest period, multiplied by any statutory reserve rate, but not less than 1.0%, plus a margin of 3.5%. The interest rate on outstanding borrowings under the Term Loan at June 30, 2023 was 8.72%.

The Debt Agreements provide for customary restrictions and events of default. Restrictions include limitations on additional indebtedness, liens, acquisitions, investments and payment of dividends, among other things. Further, the ABL Agreement provides that during any period (a) commencing on the last day of the most recently ended four consecutive fiscal quarters on or prior to the date availability under the ABL Agreement is less than the greater of $20.0 million and 10% of the aggregate commitment under the ABL Agreement at any time and (b) ending on the day after such availability has exceeded the greater of $20.0 million and 10% of the aggregate commitment under the ABL Agreement for 45 consecutive days, the Company is required to maintain a minimum fixed charge coverage ratio of 1.10 to 1.00 as of the last day of any period of four consecutive fiscal quarters.

The Company was in compliance with the covenants of the Debt Agreements at June 30, 2023.

The Company expects that it will continue to borrow, subject to availability, and repay funds under the ABL Agreement based on working capital and other corporate needs

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
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Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section 50
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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BASIS OF PRESENTATION AND SUMMARY OF ACCOUNTING POLICIES

LEASES - Average Lease Terms And Discount Rates (Details)	Jun. 30, 2023
Leases [Abstract]
Operating lease, weighted average remaining lease term (in years)	6 years 3 months 18 days
Operating lease, weighted average discount rate, percent	6.30%

BASIS OF PRESENTATION AND SUMMARY OF ACCOUNTING POLICIES - Additional Information (Details) - USD ($) $ in Thousands			3 Months Ended			6 Months Ended
	Jun. 30, 2023	Nov. 01, 2022	Jun. 30, 2023	Dec. 31, 2022	Jun. 30, 2022	Jun. 30, 2023	Dec. 31, 2022	Jun. 30, 2022	Dec. 31, 2021	Oct. 01, 2022
Schedule Of Significant Accounting Policies [Line Items]
Percentage of total annual net sales in the third and fourth quarters							54.00%		56.00%
Restructuring expenses			$ 0		$ 0	$ 856		$ 0
Trade names(1)
Schedule Of Significant Accounting Policies [Line Items]
Goodwill, percentage of fair value in excess of carrying value										12.00%
U.S.
Schedule Of Significant Accounting Policies [Line Items]
Goodwill, percentage of fair value in excess of carrying value										10.00%
U.S. \| Reorganization Structure Charge
Schedule Of Significant Accounting Policies [Line Items]
Restructuring expenses	$ 200			$ 400
Unallocated [Member]
Schedule Of Significant Accounting Policies [Line Items]
Employment Termination Costs		$ 1,400
Unallocated [Member] \| Employee Severance
Schedule Of Significant Accounting Policies [Line Items]
Restructuring expenses				$ 600		800
HSBC Bank [Member]
Schedule Of Significant Accounting Policies [Line Items]
Receivables sold outstanding	0		0		25,600	0		25,600
Receivables Purchase Agreement
Schedule Of Significant Accounting Policies [Line Items]
Sale of receivables					33,500			79,800
Receivables available for sale	$ 23,300		$ 23,300			$ 23,300
Receivables Purchase Agreement \| Selling, general and administrative expense
Schedule Of Significant Accounting Policies [Line Items]
Charge related to sale of receivables					$ 200			$ 300

BASIS OF PRESENTATION AND SUMMARY OF ACCOUNTING POLICIES

6 Months Ended

Jun. 30, 2023

Accounting Policies [Abstract]

Organization and business

Lifetime Brands, Inc. (“the Company”) designs, sources and sells branded kitchenware, tableware and other products used in the home and markets its products under a number of widely-recognized brand names and trademarks, which are either owned or licensed by the Company or through retailers’ private labels and their licensed brands. The Company’s products, which are targeted primarily towards consumers purchasing moderately priced kitchenware, tableware and housewares, are sold through virtually every major level of trade. The Company generally markets several lines within each of its product categories under more than one brand. The Company sells its products directly to retailers (who may resell the Company’s products through their websites) and, to a lesser extent, to distributors. The Company also sells a limited selection of its products directly to consumers through its own websites.

Basis of presentation

The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) for interim financial information and with the instructions to Quarterly Reports on Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. In the opinion of management, all adjustments, which consist of normal recurring accruals and non-recurring adjustments, considered necessary for a fair presentation have been included.

These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and footnotes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2022.

Operating results for the three and six months ended June 30, 2023 are not necessarily indicative of the results that may be expected for the year ending December 31, 2023.

The Company’s business and working capital needs are seasonal, with a majority of sales occurring in the third and fourth quarters. In 2022 and 2021, net sales for the third and fourth quarters accounted for 54% and 56% of total annual net sales, respectively. The current market conditions and shifts in both consumer and retailer purchasing patterns has impacted the seasonality of the Company's net sales compared to historical trends. In anticipation of the pre-holiday shipping season, inventory levels increase primarily in the June through October time period. In 2023, the Company's inventory trends may deviate from historical trends due to a change in inventory strategy to react to the current market conditions impacting the Company and retailers.

The Company’s current estimates contemplate current and expected future conditions, as applicable, however it is reasonably possible that actual conditions could differ from expectations, which could materially affect the Company’s results of operations and financial position.

Revenue recognition

The Company sells products wholesale, to retailers and distributors, and retail, directly to the consumer. Wholesale sales and retail sales are primarily recognized at the point in time the customer obtains control of the products, in an amount that reflects the consideration the Company expects to be entitled to in exchange for those products.

The Company offers various sales incentives and promotional programs to its customers in the normal course of business. These incentives and promotions typically include arrangements such as cooperative advertising, buydowns, volume rebates and discounts. These arrangements and an estimate for products expected to be returned are reflected as reductions of revenue at the time of sale. See NOTE 2 —REVENUE to the unaudited condensed consolidated financial statements included in this Quarterly Report on Form 10-Q for additional information.

Cost of sales

Cost of sales consist primarily of costs associated with the production and procurement of product, inbound freight costs, purchasing costs, royalties, and other product procurement related charges.

Distribution expenses

Distribution expenses consist primarily of warehousing expenses and freight-out expenses. Handling costs of products sold are included in cost of sales.

Accounts receivable

The Company periodically reviews the collectability of its accounts receivable and establishes allowances for estimated credit losses that could result from the inability of its customers to make required payments, taking into consideration customer credit history and financial condition, industry and market segment information, credit reports, and expectations of current and future economic conditions. A considerable amount of judgment is required to assess the ultimate realization of these receivables, including assessing the initial and on-going creditworthiness of the Company’s customers.

The Company also maintains an allowance for anticipated customer deductions. The allowances for deductions are primarily based on contracts with customers. However, in certain cases, the Company does not have a formal contract and, therefore, customer deductions are non-contractual. To evaluate the reasonableness of non-contractual customer deductions, the Company analyzes currently available information and historical trends of deductions.

Receivable purchase agreement

The Company has an uncommitted Receivables Purchase Agreement with HSBC Bank USA, National Association (“HSBC”) as Purchaser (the “Receivables Purchase Agreement”). The sale of accounts receivable, under the Receivables Purchase Agreement with HSBC, is excluded from the Company’s unaudited condensed consolidated balance sheets at the time of sale and the related sale expense is included in selling, general and administrative expenses in the Company’s unaudited condensed consolidated statements of operations. The Company did not sell receivables to HSBC during the three and six months ended June 30, 2023. Pursuant to the Receivable Purchase Agreement, the Company sold to HSBC $33.5 million and $79.8 million of receivables during the three and six months ended June 30, 2022, respectively. Charges of $0.2 million and $0.3 million, respectively, related to the sale of the receivables were included in selling, general and administrative expenses in the unaudited condensed consolidated statements of operations for the three and six months ended June 30, 2022. At June 30, 2023 and 2022, zero and $25.6 million, respectively, of receivables sold were outstanding and due to HSBC from customers.

At June 30, 2023, $23.3 million of accounts receivables were available for sale to HSBC, net of applicable charges.

Inventory

Inventory consists principally of finished goods sourced from third-party suppliers. Inventory also includes finished goods, work in process and raw materials related to the Company’s manufacture of sterling silver products. Inventory is priced using the lower of cost (first-in, first-out basis) or net realizable value. The Company estimates the selling price of its inventory on a product by product basis based on the current selling environment. If the estimated selling price is lower than the inventory’s cost, the Company reduces the value of the inventory to its net realizable value. Net realizable value is the estimated selling price in the ordinary course of business, less reasonably predictable cost of completion, disposal and transportation.

The components of inventory were as follows (in thousands):


	June 30, 2023		December 31, 2022
Finished goods	$	202,917	$	213,450
Work in process	63		70
Raw materials	9,547		8,689
Total	$	212,527	$	222,209

Fair value of financial instruments

The Company determined that the carrying amounts of cash and cash equivalents, accounts receivable and accounts payable are reasonable estimates of their fair values because of their short-term nature. The Company determined that the carrying amounts of borrowings outstanding under its ABL Agreement and Term Loan (each as defined in NOTE 7 — DEBT to the unaudited condensed consolidated financial statements included in this Quarterly Report on Form 10-Q) approximate fair value since such borrowings bear interest at variable market rates.

Derivatives

The Company accounts for derivative instruments in accordance with Accounting Standard Codification (“ASC”) Topic 815, Derivatives and Hedging (“ASC 815”). ASC 815 requires that all derivative instruments be recognized on the balance sheet at fair value as either an asset or liability. Changes in the fair value of derivatives that qualify as hedges and have been designated as part of a hedging relationship for accounting purposes have no net impact on earnings until the hedged item is recognized in earnings. The changes in the fair value of hedges are included in accumulated other comprehensive loss and are subsequently recognized in the Company’s unaudited condensed consolidated statements of operations to mirror the location of the hedged items impacting earnings. Changes in fair value of derivatives that do not qualify as hedging instruments for accounting purposes are recorded in the Company’s unaudited condensed consolidated statements of operations.

Goodwill, intangible assets and long-lived assets

Goodwill and intangible assets deemed to have indefinite lives are not amortized but, instead, are subject to an annual impairment assessment. Additionally, if events or conditions were to indicate the carrying value of a reporting unit may not be recoverable, the Company would evaluate goodwill and other intangible assets for impairment at that time.

As it relates to the goodwill assessment, the Company first assesses qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount as a basis for determining whether it is necessary to perform the quantitative goodwill impairment testing described in the Financial Accounting Standards Board's (“FASB”) Accounting Standards Update No. (“ASU”) Topic 350, Intangibles – Goodwill and Other. If, after assessing qualitative factors, the Company determines that it is not more likely than not that the fair value of a reporting unit is less than its carrying amount, then performing the quantitative test is unnecessary and the Company’s goodwill is considered to be unimpaired. However, if based on the Company’s qualitative assessment it concludes that it is more likely than not that the fair value of the reporting unit is less than its carrying amount, or if the Company elects to bypass the qualitative assessment, the Company will proceed with performing the quantitative impairment test.

The Company reviews goodwill and other intangibles that have indefinite lives for impairment annually as of October 1 or when events or changes in circumstances indicate the carrying value of these assets might exceed their current fair values. Impairment testing is based upon the best information available, including estimates of fair value which incorporate assumptions marketplace participants would use in making their estimates of fair value. The Company performed its annual impairment assessment of its U.S. reporting unit as of October 1, 2022 by comparing the fair value of the reporting unit with its carrying value. The Company performed the analysis using a discounted cash flow and market multiple method. As of October 1, 2022, the fair value of the U.S. reporting unit exceeded the carrying value of goodwill by 10%.

The significant assumptions used under the income approach, or discounted cash flow method, are projected net sales, projected earnings before interest, tax, depreciation and amortization (“EBITDA”), terminal growth rates, and the cost of capital. Projected net sales, projected EBITDA and terminal growth rates were determined to be significant assumptions because they are three primary drivers of the projected cash flows in the discounted cash flow fair value model. Cost of capital was also determined to be a significant assumption as it is the discount rate used to calculate the current fair value of those projected cash flows. For the guideline public company method, significant assumptions relate to the selection of appropriate guideline companies and related valuation multiples used in the market analysis.

Although the Company believes the assumptions and estimates made are reasonable and appropriate, different assumptions and estimates could materially impact its reported financial results. In addition, sustained declines in the Company’s stock price and related market capitalization could impact key assumptions in the overall estimated fair values of its reporting units and could result in non-cash impairment charges that could be material to the Company’s consolidated balance sheet or results of

operations. Should the carrying value of a reporting unit be in excess of the estimated fair value of that reporting unit, an impairment charge will be recorded to reduce the reporting unit to fair value.

The Company also evaluates qualitative factors to determine whether impairment indicators exist for its indefinite lived intangibles and performs quantitative tests if required. These tests can include the relief from royalty model or other valuation models. The Company completed the quantitative impairment analysis for its indefinite-lived assets as of October 1, 2022, by comparing the fair value of the indefinite-lived trade names to their respective carrying value using a relief from royalty method. As of October 1, 2022, the fair value of the Company’s indefinite-lived trade names exceeded their respective carrying values by 12%.

Long-lived assets, including intangible assets deemed to have finite lives, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Impairment indicators include, among other conditions, cash flow deficits, historic or anticipated declines in revenue or operating profit or material adverse changes in the business climate that indicate that the carrying amount of an asset may be impaired. When impairment indicators are present, the recoverability of the asset is measured by comparing the carrying value of the asset to the estimated undiscounted future cash flows expected to be generated by the asset. If the carrying amount of the asset is not recoverable, the impairment to be recognized is measured by the amount by which the carrying amount of each long-lived asset exceeds the fair value of the asset. See NOTE 6 — INTANGIBLE ASSETS to the unaudited condensed consolidated financial statements included in this Quarterly Report on Form 10-Q for additional information.

Leases

The Company determines if an arrangement is a lease at the inception of a contract. Operating lease right-of-use (“ROU”) assets are included in operating lease right-of-use assets on the condensed consolidated balance sheets. The current and long-term components of operating lease liabilities are included in the current portion of operating lease liability and operating lease liabilities, respectively, on the condensed consolidated balance sheets. Finance leases are included in property and equipment, net, accrued expenses and other long-term liabilities. The Company’s finance leases are not material to the Company’s condensed consolidated balance sheets.

Operating lease ROU assets and operating lease liabilities are recognized based on the present value of the future minimum lease payments over the lease term. As most of the Company’s leases do not provide an implicit rate, the Company uses an incremental borrowing rate based on the information available at the commencement date in determining the present value of future payments. The operating lease ROU asset may also include any lease payments made, adjusted for any prepaid or accrued rent payments, lease incentives, and initial direct costs incurred. Certain leases may include options to extend or terminate the lease. Lease expense for minimum lease payments is recognized on a straight-line basis over the lease term.

For certain equipment leases, the Company applies a portfolio approach to effectively account for any ROU assets and lease liabilities. Leases with an initial term of twelve months or less are not recorded on the balance sheet.

The Company has elected the practical expedient to account for each separate lease component of a contract and its associated non-lease components as a single lease component, thus causing all fixed payments to be capitalized.

Employee healthcare

The Company self-insures certain portions of its health insurance plan. The Company maintains an accrual for estimated unpaid claims and claims incurred but not yet reported (“IBNR”). Although management believes that it uses the best information available to estimate IBNR claims, actual claims may vary significantly from estimated claims.

Restructuring expenses

Costs associated with restructuring activities are recorded at fair value when a liability has been incurred. Generally, a liability has been incurred at the communication date for severance. Charges associated with lease terminations, related to restructuring activities, are recognized at the effective date of the lease modification.

In the fourth quarter of 2022, the Company's U.S. segment incurred $0.4 million of restructuring expense in connection with the reorganization the U.S. segment's sales management structure. At June 30, 2023, the accrual balance was $0.2 million, and the remaining payments are expected to be paid within fiscal year 2023.

During the six months ended June 30, 2023, the Company incurred $0.8 million of unallocated corporate expense related to the termination payment with its Executive Chairman, Jeffrey Siegel (the "Executive Chairman"). On November 1, 2022, the Company entered into a transition agreement with its Executive Chairman which terminated his employment with the Company, effective March 31, 2023. The employment agreement provided for a one-time termination payment. The one-time payment of $1.4 million was recognized over the remaining employment period with $0.6 million recognized in the fourth quarter of 2022. The termination payment was paid on April 7, 2023.

Adoption of new accounting pronouncements

Effective January 1, 2023, the Company adopted ASU 2016-13, Measurement of Credit Losses on Financial Instruments. This guidance introduces a new model for recognizing credit losses on financial instruments based on an estimate of current expected credit losses, to include historical experience, current conditions and reasonable and supportable forecasts. The Company adopted this guidance on a modified retrospective basis and the adoption did not have a material impact on the Company’s condensed consolidated financial statements.

New accounting pronouncements

All recent accounting pronouncements were assessed and either determined to not be applicable or are expected to have a minimal effect on the Company’s financial position, results of operations, and disclosures.

CONTINGENCIES	6 Months Ended
CONTINGENCIES	Jun. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
CONTINGENCIES	CONTINGENCIES Wallace EPA Matter Wallace Silversmiths de Puerto Rico, Ltd. (“WSPR”), a wholly-owned subsidiary of the Company, operates a manufacturing facility in San Germán, Puerto Rico that is leased from the Puerto Rico Industrial Development Company (“PRIDCO”). In March 2008, the U.S. Environmental Protection Agency (the “EPA”) announced that the San Germán Ground Water Contamination site in Puerto Rico (the “Site”) had been added to the Superfund National Priorities List due to contamination present in the local drinking water supply. In May 2008, WSPR received from the EPA a Notice of Potential Liability and Request for Information pursuant to 42 U.S.C. Sections 9607(a) and 9604(e) of the Comprehensive Environmental Response, Compensation, and Liability Act (“CERCLA”). In July 2011, WSPR received a letter from the EPA requesting access to the property that it leases from PRIDCO to conduct an environmental investigation, and the Company granted such access. In February 2013, the EPA requested access to conduct a further environmental investigation at the property. PRIDCO agreed to such access and the Company consented. The EPA conducted a further investigation during 2013 and, in April 2015, notified the Company and PRIDCO that the results from vapor intrusion sampling may warrant the implementation of measures to mitigate potential exposure to sub-slab soil gas. The Company reviewed the information provided by the EPA and requested that PRIDCO, as the property owner, find and implement a solution acceptable to the EPA. While WSPR did not cause the sub-surface condition that resulted in the potential for vapor intrusion, in order to protect the health of its employees and continue its business operations, it has nevertheless implemented corrective action measures to prevent vapor intrusion, such as sealing the floors of the building and conducting periodic air monitoring to address potential exposure. On August 13, 2015, the EPA released its remedial investigation and feasibility study (“RI/FS”) for the Site. On December 11, 2015, the EPA issued the Record of Decision (“ROD”) for an initial operable unit (“OU-1”), electing to implement its preferred remedy which consists of soil vapor extraction and dual-phase extraction/in-situ treatment. This selected remedy includes soil vapor extraction (“SVE”) to address soil (vadose zone) source areas at the Site, impermeable cover as necessary for the implementation of SVE, dual phase extraction in the shallow saprolite zone, and in-situ treatment as needed to address residual sources. The EPA’s total net present worth estimated cost for its selected remedy is $7.3 million. In February 2017, the EPA indicated that it planned to expand its field investigation for the RI/FS to a second operable unit (“OU-2”) to determine the nature and extent of the groundwater contamination at and from the Site and to determine the nature of the remedial action needed to address the contamination. The EPA requested access to the property occupied by WSPR to install monitoring wells and to undertake groundwater sampling as part of this expanded investigation. WSPR consented to the EPA’s access request, provided that the EPA received PRIDCO’s consent as the property owner. WSPR never used the primary contaminant of concern and did not take up its tenancy at the Site until after the EPA had discovered the contamination in the local water supply. The EPA has also issued notices of potential liability to a number of other entities affiliated with the Site, which used the contaminants of concern. In December 2018, the Company, WSPR, and other identified potentially responsible parties affiliated with the Site entered into tolling agreements with the U.S. government to extend the statute of limitations for potential claims for the recovery of response costs for the initial operable unit under Section 107 of CERCLA. The tolling agreements have been extended multiple times and currently expire in November 2023. The tolling agreements do not constitute in any way an admission or acknowledgment of any fact, conclusion of law, or liability by the parties to the agreements. The EPA released its proposed plan for OU-2 in July 2019, and on September 30, 2019, the EPA issued the ROD OU-2. The EPA elected to implement its preferred remedy consisting of in-situ treatment of groundwater and a monitored natural attenuation program including monitoring of the plume fringe at the Site. The EPA’s estimated total net present worth cost for its selected remedy for OU-2 is $17.3 million, and the EPA is currently leading remediation of OU-2. In August 2021, WSPR received a Notice of Liability for the Site from the Department of Justice on behalf of the EPA, and in September 2021, WSPR responded with a good faith offer to conduct additional testing and remedial design work for OU-1. Since that time, WSPR has been actively participating in negotiations among the U.S. Government (the Department of Justice and the EPA) and other potentially responsible parties with respect to the remedial work at OU-1. While the U.S. Government and the potentially responsible parties (including WSPR) all signed the Consent Decree as of July 19, 2023, several procedural steps remain before the Consent Decree is effective. On July 26, 2023, the U.S. Government filed a complaint in United States District Court for the District of Puerto Rico for the purpose of seeking judicial approval of the Consent Decree, which is required for the Consent Decree to be effective. As required by applicable regulations, the U.S. Government simultaneously lodged the Consent Decree for public comment. After conclusion of the comment period, the U.S. Government will file with the Court any comments received as well as responses to the comments. At that time, if appropriate, the U.S. Government will file a Motion to Enter the Consent Decree. The Company has reserved $5.6 million to cover probable and estimable liabilities with respect to the above remedial design and remedial action for the initial operable unit. However, it is not possible at this time for the Company to estimate its share of its ultimate liability for the Site. In the event of one or more adverse determinations related to this matter, it is possible that the ultimate liability resulting from this matter and the impact on the Company’s results of operations could be material. U.S. Customs and Border Protection matter By letter dated August 26, 2019, the Company was advised that U.S. Customs and Border Protection ("CBP") had commenced an investigation, pursuant to 19 U.S.C. §1592, regarding the Company’s tariff classification of certain tableware and kitchenware. The issue centers on whether such merchandise meets the criteria for reduced duty rates as specified sets as those terms are defined in Chapter 69, Note 6(b), Harmonized Tariff System of the United States. The period of investigation is stated to be from August 26, 2014 to the present. Since being notified of the investigation, the Company has obtained a significant amount of evidence that, the Company believes, supports that the imported products were properly classified as specified sets. The Company's counsel filed a Lead Protest and Application for Further Review with CBP on February 5, 2020 (the "Lead Protest") relating to a single shipment made during the investigation period. CBP approved the Company’s Lead Protest on June 8, 2020 stating that the specified set requirement was fulfilled with respect to the protested shipment based on information provided by the Company. Based on this decision, no additional duties will be owed for the seven tableware collections imported in this shipment. The Company also compiled and submitted to CBP a complete set of supporting documents for three additional protests (for the remaining 29 tableware collections that were imported by the Company under the protested shipments). One of the additional protests was approved on October 15, 2020; the other two remain pending. If the CBP approves these additional claims and accepts the evidence presented, then no additional duties will be owed for the remaining protested shipments. Because the period of investigation covers a five-year period, the Company is compiling supporting documentation packages for all tableware collections imported during this period. In the event CBP accepts the evidence presented, then no additional duties or penalties will be owed. If CBP rejects the Company’s position, then the estimated amount of duties that could be owed is $0.9 million. In such event, it is reasonably possible that additional penalties could be assessed, depending upon the level of culpability found, of up to $1.7 million for negligence and up to $3.4 million for gross negligence. In the event penalties are assessed, the Company will have the opportunity to further contest CBP’s findings and seek cancellation or mitigation of such assessments. Accordingly, based on the above uncertainties and variables, the Company considers the potential losses related to this matter to be reasonably possible, but not probable. However, in the event of one or more adverse determinations related to this matter, it is possible that the ultimate liability resulting from this matter and the impact on the Company’s results of operations could be material. Other The Company is, from time to time, involved in other legal proceedings. The Company believes that other current litigation is routine in nature and incidental to the conduct of the Company’s business and that none of this litigation, individually or collectively, would have a material adverse effect on the Company’s consolidated financial position, results of operations or cash flows.

OTHER (Tables)

6 Months Ended

Jun. 30, 2023

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Cash Dividends Declared

Dividends declared in the six months ended June 30, 2023 were as follows:

Dividend per share

Date declared

Date of record

Payment date

$0.0425

3/8/2023

5/1/2023

5/15/2023

$0.0425

6/22/2023

8/1/2023

8/15/2023

Supplemental Cash Flow Information

Supplemental cash flow information


	Six Months Ended June 30,
	2023		2022
	(in thousands)
Supplemental disclosure of cash flow information:
Cash paid for interest	$	10,453	$	6,598
Cash paid for taxes, net of refunds	3,188		5,862

Components of Accumulated Other Comprehensive Loss, Net

Components of accumulated other comprehensive loss, net


	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
	(in thousands)
Accumulated translation adjustment:
Balance at beginning of period	$	(34,511)	$	(31,868)	$	(36,072)	$	(31,752)
Translation adjustment during period	1,237		(4,307)		2,798		(4,423)


Balance at end of period	$	(33,274)	$	(36,175)	$	(33,274)	$	(36,175)
Accumulated deferred (losses) gains on cash flow hedges:
Balance at beginning of period	$	(230)	$	686	$	923	$	78
Change in unrealized (losses) gains	(261)		1,079		(511)		1,577
Amounts reclassified from accumulated other comprehensive loss:
Settlement of cash flow hedge (1)	(39)		(129)		(942)		(19)
Net change in cash flow hedges, net of taxes of $0, $243, $(2), $413	(300)		950		(1,453)		1,558
Balance at end of period	$	(530)	$	1,636	$	(530)	$	1,636
Accumulated effect of retirement benefit obligations:
Balance at beginning of period	$	(693)	$	(1,846)	$	(705)	$	(1,875)
Amounts reclassified from accumulated other comprehensive loss: (2)
Amortization of actuarial loss, net of taxes of $(4), $(10), $(8), $(19)	11		29		23		58
Balance at end of period	$	(682)	$	(1,817)	$	(682)	$	(1,817)
Total accumulated other comprehensive loss at end of period	$	(34,486)	$	(36,356)	$	(34,486)	$	(36,356)

(1)Amounts reclassified are recorded in interest expense and cost of sales on the unaudited condensed consolidated statement of operations.

(2)Amounts are recorded in selling, general and administrative expense on the unaudited condensed consolidated statements of operations.

INCOME (LOSS) PER COMMON SHARE - Calculations of Basic and Diluted Loss per Common Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2023	Jun. 30, 2022
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Net loss	$ (6,520)	$ (8,805)	$ (3,460)	$ 380	$ (15,325)	$ (3,080)
Weighted-average shares outstanding - Basic (in shares)	21,123		21,531		21,174	21,642
Effect of dilutive securities:
Weighted-average shares outstanding - diluted (in shares)	21,123		21,531		21,174	21,642
Basic income (loss) per common share (usd per share)	$ (0.31)		$ (0.16)		$ (0.72)	$ (0.14)
Diluted income (loss) per common share (usd per share)	$ (0.31)		$ (0.16)		$ (0.72)	$ (0.14)
Antidilutive securities (in shares)	1,624		1,704		1,603	1,671
Stock options and other stock awards
Effect of dilutive securities:
Stock options and other stock awards (in shares)	0		0		0	0

INCOME TAXES	6 Months Ended
INCOME TAXES	Jun. 30, 2023
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES Income tax provision of $1.2 million and income tax benefit of $0.1 million for the three and six months ended June 30, 2023, respectively, represent taxes on both U.S. and foreign earnings at a combined effective income tax provision rate of 212.3% and income tax benefit rate of 1.6%, respectively. The effective tax rate for the three months ended June 30, 2023 differs from the federal statutory income tax rate of 21.0% primarily due to state and local tax expense, the impact of non-deductible expenses, and foreign losses for which no tax benefit is recognized as such amounts are fully offset with a valuation allowance, partially offset by a benefit for federal credits. The effective tax rate for the six months ended June 30, 2023 differs from the federal statutory income tax rate of 21.0% primarily due to state and local tax expense and foreign losses for which no tax benefit is recognized as such amounts are fully offset with a valuation allowance. Income tax benefit of $0.1 million and income tax provision of $1.6 million for the three and six months ended June 30, 2022, respectively, represent taxes on both U.S. and foreign earnings at a combined effective income tax benefit rate of 2.5% and an income tax provision rate of (69.8)%, respectively. The negative rate for the six months ended June 30, 2022 reflects tax expense on a pretax financial reporting loss. The effective tax rate for the three and six months ended June 30, 2022 differs from the federal statutory income tax rate of 21.0% primarily due to foreign losses for which no tax benefit is recognized as such amounts are fully offset with a valuation allowance. The Company has identified the following jurisdictions as “major” tax jurisdictions: U.S. Federal, California, Massachusetts, New Jersey, New York and the United Kingdom. The Company evaluates its tax positions on a quarterly basis and revises its estimates accordingly. There were no material changes to the Company’s uncertain tax positions, interest, or penalties during the three-month periods ended June 30, 2023 and June 30, 2022.

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org//740/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-14

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-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-21

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-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482526/740-270-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Subparagraph (b)
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-URI https://asc.fasb.org//1943274/2147482685/740-10-50-17

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-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482603/740-30-50-2

Business Combination and Asset Acquisition [Abstract]

ACQUISITIONS (Tables)

6 Months Ended

Mar. 02, 2022

Jun. 30, 2023

Schedule of Business Acquisitions by Acquisition, Contingent Consideration [Table Text Block]


	Purchase Price Allocation
Accounts receivable	$	2,280
Inventory	4,005
Fixed assets	40

Intangible assets	13,000
Goodwill	2,966
Accounts payable and accrued expenses	(3,685)
Total allocated value	$	18,606

The purchase price was comprised of the following (in thousands):


Cash paid(1)	$	17,956
Value of contingent consideration	650
Total purchase price	$	18,606

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Statement of Comprehensive Income [Abstract]
Net loss	$ (6,520)	$ (3,460)	$ (15,325)	$ (3,080)
Other comprehensive income (loss), net of taxes:
Translation adjustment	1,237	(4,307)	2,798	(4,423)
Net change in cash flow hedges	(300)	950	(1,453)	1,558
Effect of retirement benefit obligations	11	29	23	58
Other comprehensive income (loss), net of taxes	948	(3,328)	1,368	(2,807)
Comprehensive loss	$ (5,572)	$ (6,788)	$ (13,957)	$ (5,887)

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 323
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
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Amount after tax and reclassification adjustments of other comprehensive income (loss).

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Revenue from Contract with Customer [Abstract]

CONTINGENCIES - Additional Information (Details) $ in Millions		6 Months Ended
	Jun. 30, 2023 USD ($) tablewareCollection	Jun. 30, 2023 USD ($) tablewareCollection	Oct. 15, 2020 protest	Jun. 08, 2020 protest
Commitments and Contingencies Disclosure [Line Items]
Site Contingency, Environmental Remediation Costs Recognized	5.6 million
Number of tableware collections \| tablewareCollection		7
Number of protests filed \| protest				3
Number of remaining tableware collections \| tablewareCollection		29
Number of protests approved \| protest			1
Number of protests pending \| tablewareCollection	2	2
Period of investigation		5 years
Estimated Duties That Could Be Owed
Commitments and Contingencies Disclosure [Line Items]
Reasonable possible loss	$ 0.9	$ 0.9
Negligence
Commitments and Contingencies Disclosure [Line Items]
Reasonable possible loss	1.7	1.7
Gross Negligence
Commitments and Contingencies Disclosure [Line Items]
Reasonable possible loss	$ 3.4	3.4
Capital cost \| San German Ground Water Contamination Site, Initial Operable Unit
Commitments and Contingencies Disclosure [Line Items]
Remedial alternative, EPA preferred remedy		7.3
Capital cost \| San German Ground Water Contamination Site, Second Operable Unit
Commitments and Contingencies Disclosure [Line Items]
Remedial alternative, EPA preferred remedy		$ 17.3

REVENUE (Tables)

6 Months Ended

Jun. 30, 2023

Disaggregation of Revenue

The following tables present the Company’s net sales disaggregated by segment, product category and geographic region for the three and six months ended June 30, 2023 and 2022 (in thousands):


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2023		2022		2023		2022
U.S. segment
Kitchenware	$	84,015	$	84,345	$	169,747	$	198,475
Tableware	26,149		29,943		50,148		56,520
Home Solutions	24,815		22,903		48,569		48,414
Total U.S. segment	134,979		137,191		268,464		303,409



International segment	11,457		14,123		23,407		30,622
Total net sales	$	146,436	$	151,314	$	291,871	$	334,031

United States	$	127,295	$	131,650	$	254,541	$	291,052
United Kingdom	7,679		8,053		16,291		18,839
Rest of World	11,462		11,611		21,039		24,140
Total net sales	$	146,436	$	151,314	$	291,871	$	334,031

OTHER - Components of Accumulated Other Comprehensive Loss, Net (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance at beginning of year	$ 228,661	$ 255,732	$ 240,088	$ 255,646
Balance at end of year	223,051	245,368	223,051	245,368
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss), Reclassification Adjustment from AOCI, Tax	(4)	(10)	(8)	(19)
Accumulated translation adjustment:
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance at beginning of year	(34,511)	(31,868)	(36,072)	(31,752)
Other comprehensive income, before reclassifications	1,237	(4,307)	2,798	(4,423)
Balance at end of year	(33,274)	(36,175)	(33,274)	(36,175)
Accumulated deferred (losses) gains on cash flow hedges:
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance at beginning of year	(230)	686	923	78
Other comprehensive income, before reclassifications	(261)	1,079	(511)	1,577
Amounts reclassified from accumulated other comprehensive loss	(39)	(129)	(942)	(19)
Other comprehensive income (loss), net of taxes	(300)	950	(1,453)	1,558
Balance at end of year	(530)	1,636	(530)	1,636
Income tax expense (benefit)	0	243	(2)	413
Accumulated effect of retirement benefit obligations:
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance at beginning of year	(693)	(1,846)	(705)	(1,875)
Amounts reclassified from accumulated other comprehensive loss	11	29	23	58
Balance at end of year	(682)	(1,817)	(682)	(1,817)
Accumulated other comprehensive loss
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance at beginning of year	(35,434)	(33,028)	(35,854)	(33,549)
Balance at end of year	$ (34,486)	$ (36,356)	$ (34,486)	$ (36,356)

Cover - shares	6 Months Ended
Cover - shares	Jun. 30, 2023	Jul. 31, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2023
Document Transition Report	false
Entity File Number	0-19254
Entity Registrant Name	LIFETIME BRANDS, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	11-2682486
Entity Address, Address Line One	1000 Stewart Avenue
Entity Address, City or Town	Garden City
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	11530
City Area Code	(516)
Local Phone Number	683-6000
Title of 12(b) Security	Common Stock, $.01 par value
Trading Symbol	LCUT
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		21,814,236
Amendment Flag	false
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q2
Current Fiscal Year End Date	--12-31
Entity Central Index Key	0000874396

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Accounts receivable, allowances	$ 15,452	$ 14,606
Common stock, par value (usd per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	50,000,000	50,000,000
Common stock, shares issued (in shares)	21,814,236	21,779,799
Common stock, shares outstanding (in shares)	21,814,236	21,779,799
Preferred stock Series A
Preferred stock, par value (usd per share)	$ 1.00	$ 1.00
Preferred stock, shares authorized (in shares)	100	100
Preferred stock, issued (in shares)	0	0
Preferred stock, outstanding (in shares)	0	0
Preferred stock Series B
Preferred stock, par value (usd per share)	$ 1.00	$ 1.00
Preferred stock, shares authorized (in shares)	2,000,000	2,000,000
Preferred stock, issued (in shares)	0	0
Preferred stock, outstanding (in shares)	0	0

INCOME (LOSS) PER COMMON SHARE (Tables)

6 Months Ended

Jun. 30, 2023

Earnings Per Share [Abstract]

Calculations of Basic and Diluted Income (Loss) per Common Share

The calculations of basic and diluted loss per common share for the three and six months ended June 30, 2023 and 2022 are as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
	(in thousands, except per share amounts)
Net loss – Basic and Diluted	$	(6,520)	$	(3,460)	$	(15,325)	$	(3,080)
Weighted-average shares outstanding – Basic	21,123		21,531		21,174		21,642
Effect of dilutive securities:
Stock options and other stock awards	—		—		—		—
Weighted-average shares outstanding – Diluted	21,123		21,531		21,174		21,642
Basic loss per common share	$	(0.31)	$	(0.16)	$	(0.72)	$	(0.14)
Diluted loss per common share	$	(0.31)	$	(0.16)	$	(0.72)	$	(0.14)
Antidilutive Securities(1)	1,624		1,704		1,603		1,671

(1) Stock options and other stock awards that have been excluded from the denominator as their inclusion would have been anti-dilutive.

INVESTMENTS - Summarized Statement of Income Information for Vasconia in USD and MXN (Details) $ in Thousands, $ in Thousands	3 Months Ended						6 Months Ended
	Jun. 30, 2023 USD ($)	Jun. 30, 2023 MXN ($)	Mar. 31, 2023 USD ($)	Jun. 30, 2022 USD ($)	Jun. 30, 2022 MXN ($)	Mar. 31, 2022 USD ($)	Jun. 30, 2023 USD ($)	Jun. 30, 2023 MXN ($)	Jun. 30, 2022 USD ($)	Jun. 30, 2022 MXN ($)
Income Statement [Abstract]
Gross profit	$ 55,991			$ 55,167			$ 109,833		$ 118,235
Net Income (loss)	(6,520)		$ (8,805)	(3,460)		$ 380	(15,325)		(3,080)
Equity Method Investment, Nonconsolidated Investee or Group of Investees
Income Statement [Abstract]
Net sales	42,051	$ 743,462		66,195	$ 1,325,237		82,792	$ 1,503,692	130,513	$ 2,643,750
Gross profit	9,680	171,152		10,804	216,297		18,336	332,665	25,224	511,915
Grupo Vasconia S.A.B. \| Equity Method Investment, Nonconsolidated Investee or Group of Investees
Income Statement [Abstract]
Income from operations	193	3,401		518	10,366		(814)	(15,383)	5,203	106,406
Net Income (loss)	$ (5,755)	$ (101,737)		$ 1,403	$ 28,091		$ (8,686)	$ (156,433)	$ 3,134	$ 63,570

Aggregate revenue less cost of goods and services sold or operating expenses directly attributable to the revenue generation activity.

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss).

DEBT - Schedule of Term Loan Facility (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Total Current portion of Term Loan facility	$ 14,857	$ 0
Term Loan
Debt Instrument [Line Items]
Estimated Excess Cash Flow principal payment	16,000	0
Estimated unamortized debt issuance costs	(1,143)	0
Total Current portion of Term Loan facility	14,857	0
Total Non Current portion of Term Loan facility	182,684	245,911
Estimated unamortized debt issuance costs	(734)	(3,054)
Total Non-current portion of Term Loan	$ 181,950	$ 242,857

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.