0001628280-24-036161 | 10-Q | XBRL Viewer

BASIS OF PRESENTATION AND SUMMARY OF ACCOUNTING POLICIES

6 Months Ended

Jun. 30, 2024

BASIS OF PRESENTATION AND SUMMARY OF ACCOUNTING POLICIES

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, 2023.

Operating results for the three and six months ended June 30, 2024 are not necessarily indicative of the results that may be expected for the year ending December 31, 2024.

The Company’s business and working capital needs are seasonal, with a majority of sales occurring in the third and fourth quarters. In 2023 and 2022, net sales for the third and fourth quarters accounted for 57% and 54% of total annual net sales, respectively. In anticipation of the pre-holiday shipping season, inventory levels increase primarily in the June through October time period.

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, 2024 and June 30, 2023.

At June 30, 2024, $18.7 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, 2024		December 31, 2023
Finished goods	$	198,776	$	180,860
Work in process	28		106
Raw materials	9,676		7,681
Total	$	208,480	$	188,647

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 6 — 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, 2023 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, 2023, the fair value of the U.S. reporting unit exceeded the carrying value of goodwill by 4%.

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”) and the cost of capital. Projected net sales and projected EBITDA were determined to be significant assumptions because they are the 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.

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 significant assumptions used in the relief from royalty model are future net sales for the related brands, royalty rates and the cost of capital to determine the fair value of the indefinite-lived intangibles. The Company completed the quantitative impairment analysis for its indefinite-lived asset as of October 1, 2023, by comparing the fair value of the indefinite-lived trade name to the carrying value using a relief from royalty method. As of October 1, 2023, the fair value of the Company’s indefinite-lived trade name exceeded its carrying value by 7%. While the indefinite-lived trade name was not determined to be impaired, if the indefinite-lived trade name does not perform as projected or if market factors utilized in the impairment analysis deteriorate, including an unfavorable change in the weighted average cost of capital, could materially affect the expected cash flows, and such impacts could potentially result in a material non-cash impairment charge.

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 5 — 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.

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 former 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 payment, which was paid on April 7, 2023.

New accounting pronouncements

Updates not listed below 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.

In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures: which enhances the disclosures required for operating segments in the Company’s annual and interim consolidated financial statements. The new guidance is effective for public business entities for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024 on a retrospective basis. Early adoption is permitted. Management is currently evaluating the impact of this standard on its consolidated financial statements and related disclosures.

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures: This guidance is intended to enhance the transparency and decision usefulness of income tax disclosures. The amendments in ASU 2023-09 address investor requests for enhanced income tax information primarily through changes to the rate reconciliation and income taxes paid information. Early adoption is permitted. The new guidance is effective for public business entities for annual periods beginning after December 15, 2024 on a prospective basis. Retrospective application is permitted. Management is currently evaluating the impact of this standard on its consolidated financial statements and related disclosures.

INCOME TAXES	6 Months Ended
INCOME TAXES	Jun. 30, 2024
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES Income tax benefit of $0.1 million and income tax provision of $0.2 million for the three and six months ended June 30, 2024, respectively, represent taxes on both U.S. and foreign earnings at a combined effective income tax benefit rate of 0.3% and provision rate of (0.7)%, respectively. The effective tax rate for the three months ended June 30, 2024 differs from the federal statutory income tax rate of 21.0% primarily due to the expiration of non-qualified stock options and the vesting of equity-based awards, where the book expense exceeded the tax deduction upon vesting, and foreign losses for which no tax benefit is recognized as such amounts are fully offset with a valuation allowance. The negative rate for the six months ended June 30, 2024 reflects tax expense on a pretax financial reporting loss. The effective tax rate for the six months ended June 30, 2024 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. 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. 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, 2024 and June 30, 2023.

- Definition

The entire disclosure for income tax.

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+ Details

STOCK COMPENSATION - Stock Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock compensation expense	$ 1,037	$ 1,011	$ 1,844	$ 1,872
Equity based stock option expense
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock compensation expense	60	50	110	179
Restricted and performance-based stock awards expense
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock compensation expense	984	960	1,733	1,697
Equity based awards
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock compensation expense	1,044	1,010	1,843	1,876
Liability based stock option expense
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock compensation expense	$ (7)	$ 1	$ 1	$ (4)

LEASES - Supplemental Cash Flow Information Related To Leases (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases	$ 9,493	$ 9,661
Right-of-use assets obtained in exchange for lease obligations:
Operating leases	$ 423	$ 2,715

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
CURRENT ASSETS
Cash and cash equivalents	$ 3,396	$ 16,189
Accounts receivable, less allowances of $13,684 at June 30, 2024 and $15,952 at December 31, 2023	112,530	155,180
Inventory	208,480	188,647
Prepaid expenses and other current assets	15,344	16,339
Income taxes receivable	3,546	0
TOTAL CURRENT ASSETS	343,296	376,355
PROPERTY AND EQUIPMENT, net	15,689	16,970
OPERATING LEASE RIGHT-OF-USE ASSETS	64,091	69,756
INVESTMENT	0	1,826
INTANGIBLE ASSETS, net	191,624	199,133
OTHER ASSETS	2,264	3,102
TOTAL ASSETS	616,964	667,142
CURRENT LIABILITIES
Current maturity of term loan	6,822	4,742
Accounts payable	59,523	54,154
Accrued expenses	64,974	78,356
Income taxes payable	0	641
Current portion of operating lease liabilities	14,516	14,075
TOTAL CURRENT LIABILITIES	145,835	151,968
OTHER LONG-TERM LIABILITIES	13,401	9,126
INCOME TAXES PAYABLE, LONG-TERM	1,493	1,493
OPERATING LEASE LIABILITIES	62,937	70,009
DEFERRED INCOME TAXES	7,580	7,438
REVOLVING CREDIT FACILITY	32,635	60,395
TERM LOAN	133,278	135,834
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, 2024 and December 31, 2023; shares issued and outstanding: 22,157,912 at June 30, 2024 and 21,813,266 at December 31, 2023	222	218
Paid-in capital	278,484	277,728
Accumulated deficit	(39,895)	(13,568)
Accumulated other comprehensive loss	(19,006)	(33,499)
TOTAL STOCKHOLDERS’ EQUITY	219,805	230,879
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$ 616,964	$ 667,142

INCOME TAXES - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Income Tax Disclosure [Abstract]
Income tax benefit (provision)	$ 57	$ (1,242)	$ (153)	$ 106
Effective income tax benefit rate on US and foreign earnings, percent	0.30%	212.30%	(0.70%)	1.60%
Corporate income tax rate	21.00%	21.00%	21.00%	21.00%

- Definition

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

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CONTINGENCIES	6 Months Ended
CONTINGENCIES	Jun. 30, 2024
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 2025. 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 for 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. WSPR has actively participated 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, which negotiations culminated in the finalization of a Consent Decree for Remedial Design and Remedial Action at Operable Unit One of the San German Groundwater Contamination Site (“Consent Decree”). 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. As required by applicable regulations, the U.S. Government simultaneously lodged the Consent Decree for public comment. No comments were received during the public comment period. On September 6, 2023, at the conclusion of the public comment period, the U.S. Government filed a Motion to Enter the Consent Decree, which the court granted on December 1, 2023, thereby effectuating the Consent Decree. On January 10, 2024, EPA issued a notice to proceed with the OU-1 remedial work. The Company thereafter commenced remedial work on OU-1 in accordance with 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 $0.1 million. In such event, it is reasonably possible that additional penalties could be assessed, depending upon the level of culpability found, of up to $0.3 million for negligence and up to $0.6 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 - Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Supplemental disclosure of cash flow information:
Cash paid for interest	$ 9,853	$ 10,453
Cash paid for taxes, net of refunds	$ 4,193	$ 3,188

REVENUE

6 Months Ended

Jun. 30, 2024

Revenue from Contract with Customer [Abstract]

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 $0.6 million and $1.2 million for the three and six months ended June 30, 2024, respectively and $0.5 million and $0.9 million for the three and six months ended June 30, 2023, 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 sales incentives and promotions represent variable consideration and are reflected as reductions in net sales in the Company’s unaudited condensed consolidated statements of operations. While many of the sales incentives and promotions are contractually agreed upon with the Company’s customers, certain of the sales incentives and promotions are non-contractual and require the Company to estimate the amount of variable consideration 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, 2024 and 2023 (in thousands):


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2024		2023		2024		2023
U.S. segment
Kitchenware	$	80,787	$	84,015	$	164,317	$	169,747
Tableware	26,341		26,149		52,100		50,148
Home Solutions	23,375		24,815		44,566		48,569
Total U.S. segment	130,503		134,979		260,983		268,464



International segment	11,163		11,457		22,925		23,407
Total net sales	$	141,666	$	146,436	$	283,908	$	291,871

United States	$	118,954	$	127,295	$	239,457	$	254,541
United Kingdom	7,150		7,679		14,616		16,291
Rest of World	15,562		11,462		29,835		21,039
Total net sales	$	141,666	$	146,436	$	283,908	$	291,871

- Definition

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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Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2024	Jun. 30, 2023
Pay vs Performance Disclosure
Net loss	$ (18,167)	$ (6,260)	$ (6,520)	$ (8,805)	$ (24,427)	$ (15,325)

- Definition

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

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+ Details

OTHER - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands						3 Months Ended				6 Months Ended
	Aug. 06, 2024	Jun. 20, 2024	May 15, 2024	Mar. 08, 2024	Feb. 15, 2024	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2024	Jun. 30, 2023	Mar. 14, 2022	Apr. 30, 2013
Other [Line Items]
Cash dividends paid										$ 1,977	$ 1,907
Cash dividend paid upon vesting of restricted shares and performance shares										$ 200
Dividends accrued						$ 957	$ 943	$ 950	$ 930
Dividend per share, declared (usd per share)		$ 0.0425		$ 0.0425						$ 0.085	$ 0.085
Stock Repurchase Program, Authorized Amount												$ 20,000	$ 10,000
Stock Repurchase Program, Remaining Authorized Repurchase Amount						11,100				$ 11,100
Subsequent Event
Other [Line Items]
Dividend per share, declared (usd per share)	$ 0.0425
Retained earnings (accumulated deficit)
Other [Line Items]
Dividends accrued						$ 957	$ 943	$ 950	$ 930
Dividend Paid
Other [Line Items]
Cash dividends paid			$ 900		$ 900					$ 2,000

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Parenthetical) - $ / shares			6 Months Ended
	Jun. 20, 2024	Mar. 08, 2024	Jun. 30, 2024	Jun. 30, 2023
Statement of Stockholders' Equity [Abstract]
Dividend per share of common stock (usd per share)	$ 0.0425	$ 0.0425	$ 0.085	$ 0.085

STOCK COMPENSATION - Summary of Stock Option (Details) $ / shares in Units, $ in Thousands	6 Months Ended
	Jun. 30, 2024 USD ($) $ / shares shares
Options
Beginning balance (in shares) \| shares	999,500
Grants (in shares) \| shares	50,000
Expirations (in shares) \| shares	(252,000)
Ending balance (in shares) \| shares	797,500
Options exercisable, end of period (in shares) \| shares	674,500
Weighted- average exercise price
Beginning balance (usd per share) \| $ / shares	$ 13.31
Grants (usd per share) \| $ / shares	9.76
Expirations (usd per share) \| $ / shares	18.68
Ending balance (usd per share) \| $ / shares	11.40
Weighted-average exercise price, Options exercisable, end of period (usd per share) \| $ / shares	$ 11.78
Weighted- average remaining contractual life (years)
Options outstanding, end of period	5 years 2 months 12 days
Options exercisable, end of period	4 years 6 months
Aggregate intrinsic value (in thousands)
Options outstanding, aggregate intrinsic Value \| $	$ 197
Options exercisable, aggregate intrinsic Value \| $	97
Total unrecognized stock option expense remaining (in thousands) \| $	$ 495
Weighted-average years expected to be recognized over (in years)	1 year 9 months 18 days

INVESTMENTS

6 Months Ended

Jun. 30, 2024

Equity Method Investments and Joint Ventures [Abstract]

Investment

INVESTMENT

As of June 30, 2024, the Company owned 24.7% of the outstanding capital stock of Grupo Vasconia S.A.B. (“Vasconia”), an integrated manufacturer of aluminum products and a housewares company in Mexico. Shares of Vasconia’s capital stock are traded on the Bolsa Mexicana de Valores, the Mexican Stock Exchange. The Quotation Key is VASCONI. During the second quarter of 2024, Vasconia’s shareholders’ approved a resolution to a reorganization process in terms of the Law of Commercial Bankruptcy in Mexico and subsequently a bankruptcy suit was filed against Vasconia by one of its largest suppliers. The Company concluded that the recent events constituted a loss of significant influence and resulted in the discontinuation of the equity method of accounting. The Company will account for its Vasconia investment at fair value in accordance with Accounting Standards Codification (“ASC”) Topic 321: Investments — Equity Securities, with any changes in fair value recorded within income (loss) on equity securities on the consolidated statements of operations. As a result of the loss of significant influence, the accumulated other comprehensive losses previously recognized under the equity method of accounting was reclassified to the carrying value of the Vasconia investment and subsequently resulted in a non-cash loss of $14.2 million to reduce the investment to its fair value. The fair value of the Vasconia investment was not material as of June 30, 2024.

Given Vasconia's limited trading activity, recent operating results of Vasconia and impact of the bankruptcy related activity, the fair value of the Vasconia investment was measured using the income approach based on Level 3 unobservable inputs.

Prior to accounting for the investment in Vasconia at fair value, equity in losses, net of taxes recognized for the six months ended June 30, 2024 and the three and six months ended June 30, 2023, included the following:


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Vasconia equity in losses, net of taxes	$	—	$	(1,422)	$	(2,092)	$	(2,146)
Impairment on investment in Vasconia	—		(4,441)		—		(6,494)
Equity in losses, net of taxes	$	—	$	(5,863)	$	(2,092)	$	(8,640)

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, 2024	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2024	Jun. 30, 2023
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Net loss	$ (18,167)	$ (6,260)	$ (6,520)	$ (8,805)	$ (24,427)	$ (15,325)
Weighted-average shares outstanding - Basic (in shares)	21,421		21,123		21,399	21,174
Effect of dilutive securities:
Weighted-average shares outstanding - diluted (in shares)	21,421		21,123		21,399	21,174
Basic income (loss) per common share (usd per share)	$ (0.85)		$ (0.31)		$ (1.14)	$ (0.72)
Diluted income (loss) per common share (usd per share)	$ (0.85)		$ (0.31)		$ (1.14)	$ (0.72)
Antidilutive securities (in shares)	1,507		1,624		1,556	1,603
Stock options and other stock awards
Effect of dilutive securities:
Stock options and other stock awards (in shares)	0		0		0	0

DEBT - Schedule of Term Loan Facility (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Total Current portion of Term Loan facility	$ 6,822	$ 4,742
Term Loan
Debt Instrument [Line Items]
Term Loan payment	7,500	7,500
Estimated Excess Cash Flow principal payment	2,000	0
Estimated unamortized debt issuance costs	(2,678)	(2,758)
Total Current portion of Term Loan facility	6,822	4,742
Total Non Current portion of Term Loan facility	138,625	142,500
Estimated unamortized debt issuance costs	(5,347)	(6,666)
Total Non-current portion of Term Loan	$ 133,278	$ 135,834

- Definition

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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+ Details

- Definition

Amount, after deduction of unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

+ References + Details

BUSINESS SEGMENTS - Additional Information (Details)	6 Months Ended
BUSINESS SEGMENTS - Additional Information (Details)	Jun. 30, 2024 segment
Segment Reporting [Abstract]
Number of reportable business segment	2

DEBT

6 Months Ended

Jun. 30, 2024

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. 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.

On November 14, 2023, the Company entered into Amendment No. 2 to amend the Loan Agreement, dated as of March 2, 2018, among the Company, as borrower, the other loan parties from time to time party thereto, the lenders from time to time party thereto, and JPMorgan Chase Bank, N.A., as Administrative Agent (as amended, the “Term Loan” and together with the ABL Agreement, the “Debt Agreements”). The Term Loan has a principal amount of $150.0 million, and matures on August 26, 2027.

The Term Loan requires the Company to make quarterly payments of principal each equal to 1.25% of the aggregate principal amount of the Term Loan, commencing on March 31, 2024, with the remaining balance payable on the maturity date. The Term Loan requires the Company to make an annual prepayment of principal, beginning with those for the fiscal year ending December 31, 2024, 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. Per the Term Loan, when the Company makes an Excess Cash Flow prepayment, 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 maximum borrowing amount under the ABL Agreement may be increased to up to $250.0 million if certain conditions are met. 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 3.25 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, 2024 and December 31, 2023, the total availability under the ABL Agreement were as follows (in thousands):


	June 30, 2024		December 31, 2023
Maximum aggregate principal allowed	$	176,700	$	181,919
Outstanding borrowings under the ABL Agreement	(32,635)		(60,395)
Standby letters of credit	(8,534)		(2,894)
Total availability under the ABL Agreement	$	135,531	$	118,630

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, 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. The Company’s borrowing capacity may be further limited by the Term Loan financial covenant of 5.00 to 1.00 maximum Total Net Leverage Ratio. As of June 30, 2024, the availability under the ABL Agreement, limited by the Term Loan financial covenant, was $97.2 million.

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, 2024		December 31, 2023
Current portion of Term Loan:
Term Loan payment	$	7,500	$	7,500
Estimated Excess Cash Flow principal payment	2,000		—
Estimated unamortized debt issuance costs	(2,678)		(2,758)
Total Current portion of Term Loan	$	6,822	$	4,742

Non-current portion of Term Loan:
Term Loan, net of current portion	$	138,625	$	142,500
Estimated unamortized debt issuance costs	(5,347)		(6,666)
Total Non-current portion of Term Loan	$	133,278	$	135,834

The estimated Excess Cash Flow principal payment recorded at June 30, 2024 represents the Company’s estimate for the Excess Cash Flow Payment due in 2025. There was no Excess Cash Flow payment due in 2024.

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 and (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, 2024 was between 4.91% and 8.75%. The Company paid a commitment fee of 0.25% on the unused portion of the ABL Agreement during the six months ended June 30, 2024.

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 4.5% or (ii) Adjusted Term SOFR (Term SOFR plus the Term SOFR Adjustment) for the applicable interest period, but not less than 1.0%, plus a margin of 5.5%. The interest rate on outstanding borrowings under the Term Loan at June 30, 2024 was 10.94%.

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. Under the Term Loan, the Total Net Leverage Ratio is not permitted to be greater than 5.00 to 1.00 determined as of the end of each fiscal quarters. 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, 2024.

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 of $1.5 million, net of fees and expenses, was recognized during the three and six months ended 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

- Definition

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.

+ References

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-Topic 470
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-Section 50
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+ Details

Cover - shares	6 Months Ended
Cover - shares	Jun. 30, 2024	Jul. 31, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2024
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		22,157,912
Amendment Flag	false
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q2
Current Fiscal Year End Date	--12-31
Entity Central Index Key	0000874396

INTANGIBLE ASSETS - Components of Intangible Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Schedule of Intangible Assets Disclosure [Line Items]
Goodwill, Gross	$ 33,237	$ 33,237
Goodwill	33,237	33,237
Finite-lived intangible assets, Accumulated Amortization	(110,966)	(103,474)
Total, Gross	302,590	302,607
Total, Net	191,624	199,133
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)
Accumulated Impairment Of Intangible Assets, Finite Lived	(14,800)
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	(12,337)	(12,110)
Finite-lived intangible assets, Net	3,510	3,737
Trade names(1)
Schedule of Intangible Assets Disclosure [Line Items]
Finite-lived intangible assets, Gross	62,478	62,493
Finite-lived intangible assets, Accumulated Amortization	(25,926)	(23,862)
Finite-lived intangible assets, Net	36,552	38,631
Customer relationships(2)
Schedule of Intangible Assets Disclosure [Line Items]
Finite-lived intangible assets, Gross	143,157	143,158
Finite-lived intangible assets, Accumulated Amortization	(68,585)	(63,630)
Finite-lived intangible assets, Net	74,572	79,528
Other (2)
Schedule of Intangible Assets Disclosure [Line Items]
Finite-lived intangible assets, Gross	5,871	5,872
Finite-lived intangible assets, Accumulated Amortization	(4,118)	(3,872)
Finite-lived intangible assets, Net	1,753	2,000
Trade names(1)
Schedule of Intangible Assets Disclosure [Line Items]
Indefinite-lived intangible assets, Gross	42,000	42,000
Indefinite-lived intangible assets, Net	$ 42,000	$ 42,000

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, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Derivative Instruments, Gain (Loss) [Line Items]
Net change in cash flow hedges	$ 22	$ (300)	$ 223	$ (1,453)
Interest rate swaps
Derivative Instruments, Gain (Loss) [Line Items]
Net change in cash flow hedges	0	0	0	(120)
Foreign exchange contracts
Derivative Instruments, Gain (Loss) [Line Items]
Net change in cash flow hedges	$ 22	$ (300)	$ 223	$ (1,333)

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Statement of Comprehensive Income [Abstract]
Net loss	$ (18,167)	$ (6,520)	$ (24,427)	$ (15,325)
Other comprehensive income, net of taxes:
Net change in translation adjustment	14,205	1,237	14,245	2,798
Net change in cash flow hedges	22	(300)	223	(1,453)
Effect of retirement benefit obligations	12	11	25	23
Other comprehensive income, net of taxes	14,239	948	14,493	1,368
Comprehensive loss	$ (3,928)	$ (5,572)	$ (9,934)	$ (13,957)

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income, attributable to parent entity. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

- Definition

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

+ References

+ Details

- Definition

Amount after tax and reclassification adjustments of other comprehensive income (loss).

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+ Details

OTHER - Cash Dividends Declared (Details) - $ / shares			6 Months Ended
OTHER - Cash Dividends Declared (Details) - $ / shares	Jun. 20, 2024	Mar. 08, 2024	Jun. 30, 2024	Jun. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Dividend per share of common stock (usd per share)	$ 0.0425	$ 0.0425	$ 0.085	$ 0.085

REVENUE (Tables)

6 Months Ended

Jun. 30, 2024

Revenue from Contract with Customer [Abstract]

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, 2024 and 2023 (in thousands):


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2024		2023		2024		2023
U.S. segment
Kitchenware	$	80,787	$	84,015	$	164,317	$	169,747
Tableware	26,341		26,149		52,100		50,148
Home Solutions	23,375		24,815		44,566		48,569
Total U.S. segment	130,503		134,979		260,983		268,464



International segment	11,163		11,457		22,925		23,407
Total net sales	$	141,666	$	146,436	$	283,908	$	291,871

United States	$	118,954	$	127,295	$	239,457	$	254,541
United Kingdom	7,150		7,679		14,616		16,291
Rest of World	15,562		11,462		29,835		21,039
Total net sales	$	141,666	$	146,436	$	283,908	$	291,871

BUSINESS SEGMENTS

6 Months Ended

Jun. 30, 2024

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 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,
	2024		2023		2024		2023
	(in thousands)
Net sales
U.S.	$	130,503	$	134,979	$	260,983	$	268,464
International	11,163		11,457		22,925		23,407
Total net sales	$	141,666	$	146,436	$	283,908	$	291,871
Income from operations
U.S.	$	9,189	$	11,736	$	18,631	$	17,690
International	(2,932)		(2,829)		(6,021)		(4,721)
Unallocated corporate expenses	(5,090)		(4,511)		(9,613)		(10,379)
Income from operations	$	1,167	$	4,396	$	2,997	$	2,590
Depreciation and amortization
U.S.	$	4,612	$	4,646	$	9,268	$	9,264
International	282		279		565		531
Total depreciation and amortization	$	4,894	$	4,925	$	9,833	$	9,795


	June 30, 2024		December 31, 2023
	(in thousands)
Assets
U.S.	$	529,983	$	560,716
International	80,039		90,237
Unallocated corporate	6,942		16,189
Total Assets	$	616,964	$	667,142

- Definition

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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+ Details

DEBT (Tables)

6 Months Ended

Jun. 30, 2024

Debt Disclosure [Abstract]

Schedule of Line of Credit Facilities

As of June 30, 2024 and December 31, 2023, the total availability under the ABL Agreement were as follows (in thousands):


	June 30, 2024		December 31, 2023
Maximum aggregate principal allowed	$	176,700	$	181,919
Outstanding borrowings under the ABL Agreement	(32,635)		(60,395)
Standby letters of credit	(8,534)		(2,894)
Total availability under the ABL Agreement	$	135,531	$	118,630

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, 2024		December 31, 2023
Current portion of Term Loan:
Term Loan payment	$	7,500	$	7,500
Estimated Excess Cash Flow principal payment	2,000		—
Estimated unamortized debt issuance costs	(2,678)		(2,758)
Total Current portion of Term Loan	$	6,822	$	4,742

Non-current portion of Term Loan:
Term Loan, net of current portion	$	138,625	$	142,500
Estimated unamortized debt issuance costs	(5,347)		(6,666)
Total Non-current portion of Term Loan	$	133,278	$	135,834

- Definition

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.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(22))
-SubTopic 10
-Topic 210
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69B

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69E

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-04(a))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-3

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482925/835-30-45-2

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-3

Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 942
-SubTopic 470
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477734/942-470-50-3

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-8

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-6

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-7

+ Details

OTHER - Components of Accumulated Other Comprehensive Loss, Net (Details) - USD ($)
$ in Thousands

3 Months Ended

6 Months Ended

Jun. 30, 2024

Jun. 30, 2023

Jun. 30, 2024

Jun. 30, 2023

AOCI Attributable to Parent, Net of Tax [Roll Forward]

Balance at beginning of year

$ 223,701

$ 228,661

^[1]

$ 230,879

$ 240,088

Balance at end of year

219,805

(223,051)

^[1]

219,805

(223,051)

^[1]

Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss), Reclassification Adjustment from AOCI, Tax

(4)

(8)

Accumulated translation adjustment:

AOCI Attributable to Parent, Net of Tax [Roll Forward]

Balance at beginning of year

(32,574)

(34,511)

(32,614)

(36,072)

Other comprehensive income, before reclassifications

1,237

2,798

Amounts reclassified from accumulated other comprehensive loss

14,152

Other comprehensive income (loss), net of taxes

14,205

1,237

14,245

2,798

Balance at end of year

(18,369)

(33,274)

(18,369)

(33,274)

Accumulated deferred gains (losses) on cash flow hedges:

AOCI Attributable to Parent, Net of Tax [Roll Forward]

Balance at beginning of year

(230)

(134)

923

Other comprehensive income, before reclassifications

(261)

(511)

Amounts reclassified from accumulated other comprehensive loss

(39)

151

(942)

Other comprehensive income (loss), net of taxes

(300)

223

(1,453)

Balance at end of year

(530)

Income tax expense (benefit)

(2)

Accumulated effect of retirement benefit obligations:

AOCI Attributable to Parent, Net of Tax [Roll Forward]

Balance at beginning of year

(738)

(693)

(751)

(705)

Amounts reclassified from accumulated other comprehensive loss

Balance at end of year

(726)

(682)

(726)

(682)

Accumulated other comprehensive loss

AOCI Attributable to Parent, Net of Tax [Roll Forward]

Balance at beginning of year

(33,245)

(35,434)

(33,499)

(35,854)

Balance at end of year

$ (19,006)

$ (34,486)

$ (19,006)

$ (34,486)

[1]	Cash dividends declared per share of common stock were $0.085 and $0.085 in the six months ended June 30, 2024 and 2023, respectively.

LEASES (Tables)

6 Months Ended

Jun. 30, 2024

Leases [Abstract]

Lease, Cost

The components of lease expense for the three and six months ended June 30, 2024 and 2023 were as follows (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Operating lease expenses(1):
Fixed lease expense	$	4,265	$	4,232	$	8,528	$	8,406
Variable lease expense	1,650		1,324		3,018		2,750
Total	$	5,915	$	5,556	$	11,546	$	11,156

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

Schedule Of Supplemental Cash Flow Information Related To Leases

Supplemental cash flow information for lease related liabilities and assets for the six months ended June 30, 2024 and 2023 were as follows (in thousands):


	Six Months Ended June 30,
	2024		2023
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases	$	9,493	$	9,661


	Six Months Ended June 30,
	2024		2023
Right-of-use assets obtained in exchange for lease obligations:
Operating leases	$	423	$	2,715

Lessee, Operating Lease, Liability, Maturity

The aggregate future lease payments for operating leases as of June 30, 2024 were as follows (in thousands):


	Operating
2024 (excluding the six months ended June 30, 2024)	$	9,536
2025	18,888
2026	18,511
2027	14,290
2028	12,830
2029	6,682
Thereafter	11,762
Total lease payments	92,499
Less: Interest	(15,046)
Present value of lease payments	$	77,453

Schedule Of Average Lease Terms And Discount Rates

Average lease terms and discount rates were as follows:


	June 30, 2024
Operating leases:
Weighted-average remaining lease term (years)	5.6
Weighted-average discount rate	6.4	%

BASIS OF PRESENTATION AND SUMMARY OF ACCOUNTING POLICIES - Components of Inventory (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Accounting Policies [Abstract]
Finished goods	$ 198,776	$ 180,860
Work in process	28	106
Raw materials	9,676	7,681
Total	$ 208,480	$ 188,647

REVENUE - Summary of Company's Revenue Disaggregated by Geographic Region and Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Disaggregation of Revenue [Line Items]
Net sales	$ 141,666	$ 146,436	$ 283,908	$ 291,871
United States
Disaggregation of Revenue [Line Items]
Net sales	118,954	127,295	239,457	254,541
United Kingdom
Disaggregation of Revenue [Line Items]
Net sales	7,150	7,679	14,616	16,291
Rest of World
Disaggregation of Revenue [Line Items]
Net sales	15,562	11,462	29,835	21,039
U.S. segment
Disaggregation of Revenue [Line Items]
Net sales	130,503	134,979	260,983	268,464
U.S. segment \| Kitchenware
Disaggregation of Revenue [Line Items]
Net sales	80,787	84,015	164,317	169,747
U.S. segment \| Tableware
Disaggregation of Revenue [Line Items]
Net sales	26,341	26,149	52,100	50,148
U.S. segment \| Home Solutions
Disaggregation of Revenue [Line Items]
Net sales	23,375	24,815	44,566	48,569
International segment
Disaggregation of Revenue [Line Items]
Net sales	$ 11,163	$ 11,457	$ 22,925	$ 23,407

STOCK COMPENSATION (Tables)

6 Months Ended

Jun. 30, 2024

Share-Based Payment Arrangement [Abstract]

Summary of Stock Option Activity and Related Information

A summary of the Company’s stock option activity and related information for the six months ended June 30, 2024 is as follows:


	Options		Weighted- average exercise price		Weighted- average remaining contractual life (years)	Aggregate intrinsic value (in thousands)
Options outstanding, January 1, 2024	999,500		$	13.31
Grants	50,000		9.76


Expirations	(252,000)		18.68
Options outstanding, June 30, 2024	797,500		11.40		5.2	$	197
Options exercisable, June 30, 2024	674,500		$	11.78	4.5	$	97
Total unrecognized stock option expense remaining (in thousands)	$	495
Weighted-average years expected to be recognized over	1.8

Summary of Restricted Stock Activity

A summary of the Company’s restricted stock activity and related information for the six months ended June 30, 2024 is as follows:


	Restricted Shares		Weighted- average grant date fair value
Non-vested restricted shares, January 1, 2024	597,528		$	8.44
Grants	313,199		9.54
Vested	(306,425)		7.53
Cancellations	(8,599)		10.07
Non-vested restricted shares, June 30, 2024	595,703		$	9.46
Total unrecognized compensation expense remaining (in thousands)	$	4,976
Weighted-average years expected to be recognized over	1.7

Summary of Performance-based Award Activity

A summary of the Company’s performance-based award activity and related information for the six months ended June 30, 2024 is as follows:


	Performance- based stock awards (1)		Weighted- average grant date fair value
Non-vested performance-based awards, January 1, 2024	486,972		$	10.44
Grants	219,975		9.76

Vested	(152,188)		14.18
Cancellations	(23,815)		13.35
Non-vested performance-based awards, June 30, 2024	530,944		$	8.96
Total unrecognized compensation expense remaining (in thousands)(2)	$	2,437
Weighted-average years expected to be recognized over	2.3

(1)Represents the target number of shares to be issued for each performance-based award.

(2)The performance metric for the performance-based awards granted in 2022 is not probable of achievement. Therefore, no compensation expense has been recorded on these awards.

Share-based Payment Arrangement, Cash Settled Performance Shares, Activity [Table Text Block]

A summary of the Company’s cash-settled performance-based awards activity and related information for the six months ended June 30, 2024 is as follows:


	Cash-settled performance-based awards (1)		Weighted- average fair value
Non-vested cash-settled performance-based awards, January 1, 2024	83,611		$	6.71


Cancellations	(1,269)		8.44
Non-vested cash-settled performance-based awards, June 30, 2024	82,342		$	8.59
Total unrecognized compensation expense remaining (in thousands)(2)	$	—
Weighted-average years expected to be recognized over	0.0

(1) Represents the target number of units to be settled in cash.

(2) The performance metric for the cash-settled performance-based awards granted in 2022 is not probable of achievement. Therefore, no compensation expense has been recorded on these awards.

Summary of Stock Compensation Expense

The Company recorded stock compensation expense as follows (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
Stock Compensation Expense Components	2024		2023		2024		2023
Equity based stock option expense	$	60	$	50	$	110	$	179
Restricted and performance-based stock awards expense	984		960		1,733		1,697
Stock compensation expense for equity based awards	$	1,044	$	1,010	$	1,843	$	1,876
Liability based stock option expense	(7)		1		1		(4)

Total Stock Compensation Expense	$	1,037	$	1,011	$	1,844	$	1,872

STOCK COMPENSATION

6 Months Ended

Jun. 30, 2024

Share-Based Payment Arrangement [Abstract]

STOCK COMPENSATION

On June 20, 2024, the stockholders of the Company approved an amendment and restatement of the Company's Amended and Restated 2000 Long Term Incentive Plan (the "Plan"). The amendment and restatement of the Plan revised the terms and conditions of the Plan to, among other things, increase the shares available for grant under the Plan by 1,500,000 shares. As of June 30, 2024, there were 1,804,161 shares available for the grant of awards under the Plan, assuming maximum performance of performance-based awards.

Option Awards

A summary of the Company’s stock option activity and related information for the six months ended June 30, 2024 is as follows:


	Options		Weighted- average exercise price		Weighted- average remaining contractual life (years)	Aggregate intrinsic value (in thousands)
Options outstanding, January 1, 2024	999,500		$	13.31
Grants	50,000		9.76


Expirations	(252,000)		18.68
Options outstanding, June 30, 2024	797,500		11.40		5.2	$	197
Options exercisable, June 30, 2024	674,500		$	11.78	4.5	$	97
Total unrecognized stock option expense remaining (in thousands)	$	495
Weighted-average years expected to be recognized over	1.8

The aggregate intrinsic value in the table above represents the total pre-tax intrinsic value that would have been received by the option holders had all option holders exercised their stock options on June 30, 2024. The intrinsic value is calculated for each in-the-money stock option as the difference between the closing price of the Company’s common stock on June 30, 2024 and the exercise price.

Restricted Stock

A summary of the Company’s restricted stock activity and related information for the six months ended June 30, 2024 is as follows:


	Restricted Shares		Weighted- average grant date fair value
Non-vested restricted shares, January 1, 2024	597,528		$	8.44
Grants	313,199		9.54
Vested	(306,425)		7.53
Cancellations	(8,599)		10.07
Non-vested restricted shares, June 30, 2024	595,703		$	9.46
Total unrecognized compensation expense remaining (in thousands)	$	4,976
Weighted-average years expected to be recognized over	1.7

The total fair value of restricted stock that vested during the six months ended June 30, 2024 was $2.8 million.

Performance shares

Each performance award represents the right to receive up to 150% of the target number of shares of common stock. The number of shares of common stock earned will be determined based on the attainment of specified performance goals at the end of the performance period, as determined by the Compensation Committee of the Board. The shares are subject to the terms and conditions of the Company’s Plan.

A summary of the Company’s performance-based award activity and related information for the six months ended June 30, 2024 is as follows:


	Performance- based stock awards (1)		Weighted- average grant date fair value
Non-vested performance-based awards, January 1, 2024	486,972		$	10.44
Grants	219,975		9.76

Vested	(152,188)		14.18
Cancellations	(23,815)		13.35
Non-vested performance-based awards, June 30, 2024	530,944		$	8.96
Total unrecognized compensation expense remaining (in thousands)(2)	$	2,437
Weighted-average years expected to be recognized over	2.3

(1)Represents the target number of shares to be issued for each performance-based award.

(2)The performance metric for the performance-based awards granted in 2022 is not probable of achievement. Therefore, no compensation expense has been recorded on these awards.

The total fair value of performance-based awards that vested during the six months ended June 30, 2024 was $1.5 million.

Cash-settled performance-based awards

Each cash-settled performance-based award represents the right to receive up to 150% of the target number of deferred stock units with payment in cash equivalent to the value of one share of the Company's common stock. The number of deferred stock units earned will be determined based on the attainment of specified performance goals at the end of the performance period, as determined by the Compensation Committee of the Board. The cash-settled performance-based awards are subject to the terms and conditions of the Company’s Plan.

A summary of the Company’s cash-settled performance-based awards activity and related information for the six months ended June 30, 2024 is as follows:


	Cash-settled performance-based awards (1)		Weighted- average fair value
Non-vested cash-settled performance-based awards, January 1, 2024	83,611		$	6.71


Cancellations	(1,269)		8.44
Non-vested cash-settled performance-based awards, June 30, 2024	82,342		$	8.59
Total unrecognized compensation expense remaining (in thousands)(2)	$	—
Weighted-average years expected to be recognized over	0.0

(1) Represents the target number of units to be settled in cash.

(2) The performance metric for the cash-settled performance-based awards granted in 2022 is not probable of achievement. Therefore, no compensation expense has been recorded on these awards.

The Company recorded stock compensation expense as follows (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
Stock Compensation Expense Components	2024		2023		2024		2023
Equity based stock option expense	$	60	$	50	$	110	$	179
Restricted and performance-based stock awards expense	984		960		1,733		1,697
Stock compensation expense for equity based awards	$	1,044	$	1,010	$	1,843	$	1,876
Liability based stock option expense	(7)		1		1		(4)

Total Stock Compensation Expense	$	1,037	$	1,011	$	1,844	$	1,872

STOCK COMPENSATION - Summary of Restricted Stock Activity (Details) $ / shares in Units, $ in Thousands	6 Months Ended
	Jun. 30, 2024 USD ($) $ / shares shares
Restricted Shares
Weighted-average years expected to be recognized over (in years)	1 year 9 months 18 days
Restricted Stock
Restricted Shares
Beginning balance (in shares) \| shares	597,528
Grants (in shares) \| shares	313,199
Vested (in shares) \| shares	(306,425)
Cancellations (in shares) \| shares	(8,599)
Ending balance (in shares) \| shares	595,703
Total unrecognized compensation expense remaining (in thousands) \| $	$ 4,976
Weighted-average years expected to be recognized over (in years)	1 year 8 months 12 days
Weighted- average grant date fair value
Beginning balance (usd per share) \| $ / shares	$ 8.44
Grants (usd per share) \| $ / shares	9.54
Vested (usd per share) \| $ / shares	7.53
Cancellations (usd per share) \| $ / shares	10.07
Ending balance (usd per share) \| $ / shares	$ 9.46

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Jun. 30, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false

INVESTMENTS - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Schedule of Equity Method Investments [Line Items]
Loss on equity securities	$ (14,152)	$ 0	$ (14,152)	$ 0
Grupo Vasconia S.A.B.
Schedule of Equity Method Investments [Line Items]
Equity Ownership, Excluding Consolidated Entity and Equity Method Investee, Percentage	24.70%		24.70%
Loss on equity securities	$ 14,200

- Definition

Amount of unrealized gain (loss) on investment in debt and equity securities.

+ References + Details

BASIS OF PRESENTATION AND SUMMARY OF ACCOUNTING POLICIES (Policies)	6 Months Ended
	Jun. 30, 2024
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, 2023. Operating results for the three and six months ended June 30, 2024 are not necessarily indicative of the results that may be expected for the year ending December 31, 2024. The Company’s business and working capital needs are seasonal, with a majority of sales occurring in the third and fourth quarters. In 2023 and 2022, net sales for the third and fourth quarters accounted for 57% and 54% of total annual net sales, respectively. In anticipation of the pre-holiday shipping season, inventory levels increase primarily in the June through October time period. 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, 2024 and June 30, 2023. At June 30, 2024, $18.7 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 6 — 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, 2023 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, 2023, the fair value of the U.S. reporting unit exceeded the carrying value of goodwill by 4%. 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”) and the cost of capital. Projected net sales and projected EBITDA were determined to be significant assumptions because they are the 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. 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 significant assumptions used in the relief from royalty model are future net sales for the related brands, royalty rates and the cost of capital to determine the fair value of the indefinite-lived intangibles. The Company completed the quantitative impairment analysis for its indefinite-lived asset as of October 1, 2023, by comparing the fair value of the indefinite-lived trade name to the carrying value using a relief from royalty method. As of October 1, 2023, the fair value of the Company’s indefinite-lived trade name exceeded its carrying value by 7%. While the indefinite-lived trade name was not determined to be impaired, if the indefinite-lived trade name does not perform as projected or if market factors utilized in the impairment analysis deteriorate, including an unfavorable change in the weighted average cost of capital, could materially affect the expected cash flows, and such impacts could potentially result in a material non-cash impairment charge. 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 5 — 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.
Restructuring Expenses	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. 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 former 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 payment, which was paid on April 7, 2023.
New accounting pronouncements	New accounting pronouncements Updates not listed below 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. In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures: which enhances the disclosures required for operating segments in the Company’s annual and interim consolidated financial statements. The new guidance is effective for public business entities for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024 on a retrospective basis. Early adoption is permitted. Management is currently evaluating the impact of this standard on its consolidated financial statements and related disclosures. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures: This guidance is intended to enhance the transparency and decision usefulness of income tax disclosures. The amendments in ASU 2023-09 address investor requests for enhanced income tax information primarily through changes to the rate reconciliation and income taxes paid information. Early adoption is permitted. The new guidance is effective for public business entities for annual periods beginning after December 15, 2024 on a prospective basis. Retrospective application is permitted. Management is currently evaluating the impact of this standard on its consolidated financial statements and related disclosures.

STOCK COMPENSATION - Additional Information (Details) - USD ($) $ in Millions		6 Months Ended
	Jun. 20, 2024	Jun. 30, 2024
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair value of equity instruments		$ 2.8
Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair value of equity instruments		$ 1.5
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]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Additional Shares Authorized	1,500,000
Number of shares available for grant (in shares)		1,804,161
Cash Settled Performance Based Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares range percentage		150.00%

- Definition

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

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

REVENUE - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Disaggregation of Revenue [Line Items]
Net sales	$ 141,666	$ 146,436	$ 283,908	$ 291,871
Shipping and Handling
Disaggregation of Revenue [Line Items]
Net sales	$ 600	$ 500	$ 1,200	$ 900

- Definition

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

- Definition

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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 41
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+ Details

INTANGIBLE ASSETS

6 Months Ended

Jun. 30, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

INTANGIBLE ASSETS

Intangible assets consisted of the following as of June 30, 2024 and December 31, 2023 (in thousands):


	June 30, 2024				December 31, 2023
	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)	42,000		—		42,000		42,000		—		42,000
Finite-lived intangible assets:
Licenses	15,847		(12,337)		3,510		15,847		(12,110)		3,737
Trade names(2)	62,478		(25,926)		36,552		62,493		(23,862)		38,631
Customer relationships(2)	143,157		(68,585)		74,572		143,158		(63,630)		79,528
Other (2)	5,871		(4,118)		1,753		5,872		(3,872)		2,000
Total	$	302,590	$	(110,966)	$	191,624	$	302,607	$	(103,474)	$	199,133

(1) The gross and net value at June 30, 2024 and December 31, 2023 reflect a reduction of $91.7 million in impairment charges on goodwill and $1.0 million in impairment charges on indefinite-lived intangible assets.

(2) The gross value and accumulated amortization at June 30, 2024 and December 31, 2023 reflect a reduction of $44.1 million and $(29.3) million, respectively, for the net $14.8 million previous impairment charge on finite-lived intangible assets within the international segment and a $6.5 million reduction in gross value for previous impairment charges on finite-lived intangible assets within the U.S. segment.

BASIS OF PRESENTATION AND SUMMARY OF ACCOUNTING POLICIES - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Dec. 31, 2023	Jun. 30, 2023	Dec. 31, 2022
Schedule Of Significant Accounting Policies [Line Items]
Percentage of total annual net sales in the third and fourth quarters				57.00%		54.00%
Restructuring expenses	$ 0	$ 0	$ 0		$ 856
Trade names(1)
Schedule Of Significant Accounting Policies [Line Items]
Goodwill, percentage of fair value in excess of carrying value	7.00%		7.00%
U.S.
Schedule Of Significant Accounting Policies [Line Items]
Goodwill, percentage of fair value in excess of carrying value	4.00%		4.00%
Unallocated [Member] \| Employee Severance
Schedule Of Significant Accounting Policies [Line Items]
Restructuring expenses					$ 800
Receivables Purchase Agreement
Schedule Of Significant Accounting Policies [Line Items]
Receivables available for sale	$ 18,700		$ 18,700

OTHER (Tables)

6 Months Ended

Jun. 30, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Cash Dividends Declared

Dividends declared in the six months ended June 30, 2024 were as follows:

Dividend per share

Date declared

Date of record

Payment date

$0.0425

3/8/2024

5/1/2024

5/15/2024

$0.0425

6/20/2024

8/1/2024

8/15/2024

Supplemental Cash Flow Information

Supplemental cash flow information


	Six Months Ended June 30,
	2024		2023
	(in thousands)
Supplemental disclosure of cash flow information:
Cash paid for interest	$	9,853	$	10,453
Cash paid for taxes, net of refunds	4,193		3,188

Components of Accumulated Other Comprehensive Loss, Net

Components of accumulated other comprehensive loss, net


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
	(in thousands)
Accumulated translation adjustment:
Balance at beginning of period	$	(32,574)	$	(34,511)	$	(32,614)	$	(36,072)
Translation adjustment during period	53		1,237		93		2,798
Amounts reclassified from accumulated other comprehensive loss (1)	14,152		—		14,152		—
Net change in translation adjustment	14,205		1,237		14,245		2,798
Balance at end of period	$	(18,369)	$	(33,274)	$	(18,369)	$	(33,274)
Accumulated deferred gains (losses) on cash flow hedges:
Balance at beginning of period	$	67	$	(230)	$	(134)	$	923
Change in unrealized gains (losses)	2		(261)		72		(511)
Amounts reclassified from accumulated other comprehensive loss:
Settlement of cash flow hedge (2)	20		(39)		151		(942)
Net change in cash flow hedges, net of taxes of $0, $0, $0, $(2)	22		(300)		223		(1,453)
Balance at end of period	$	89	$	(530)	$	89	$	(530)
Accumulated effect of retirement benefit obligations:
Balance at beginning of period	$	(738)	$	(693)	$	(751)	$	(705)
Amounts reclassified from accumulated other comprehensive loss: (3)
Amortization of actuarial loss, net of taxes of $(4), $(4), $(8), $(8)	12		11		25		23
Balance at end of period	$	(726)	$	(682)	$	(726)	$	(682)
Total accumulated other comprehensive loss at end of period	$	(19,006)	$	(34,486)	$	(19,006)	$	(34,486)

(1)Amounts reclassified to the Vasconia investment carrying value as a result of the discontinuation of the equity method investment of accounting and subsequently recognized as a loss on equity securities in the unaudited condensed consolidated statements of operations, to reduce the Vasconia investment to its fair value. Refer to NOTE 4 —INVESTMENT for additional information.

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

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

DEBT - Additional Information (Details) - USD ($)		3 Months Ended		6 Months Ended
DEBT - Additional Information (Details) - USD ($)	Jun. 08, 2023	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Debt Instrument [Line Items]
Quarterly payments, percentage of principal amount				1.25%
Maximum debt instrument leverage ratio				3.25
line of credit facility, maximum borrowing capacity, limited by covenant		$ 97,200,000		$ 97,200,000
Gain on extinguishments of debt, net				0	$ 1,520,000
Term Loan
Debt Instrument [Line Items]
Fees and Expenses	$ 400,000
Gain on extinguishments of debt, net		0	$ 1,520,000	0	$ (1,520,000)
Extended Term Loan [Member]
Debt Instrument [Line Items]
Debt instrument, face amount		150,000,000.0		150,000,000.0
ABL Credit Agreement
Debt Instrument [Line Items]
Maximum aggregate principal allowed		$ 176,700,000		176,700,000		$ 181,919,000
Minimum availability under revolving credit to maintain minimum fixed charge ratio for four consecutive months				$ 20,000,000.0
Commitment fee percentage				10.00%
Maximum fixed charge coverage ratio		1.10		1.10
Debt Agreements
Debt Instrument [Line Items]
Percentage of capital stock of foreign subsidiaries pledged as collateral		65.00%		65.00%
Minimum term under revolving credit to maintain minimum fixed charge ratio				45 days
Term Loan
Debt Instrument [Line Items]
Debt Instrument, Covenant, Maximum Total Net Leverage Ratio				5.00
Interest rates on outstanding borrowings		10.94%		10.94%
Debt Instrument, Repurchased Face Amount	47,200,000
Price of the Repurchase for Principal	95
Principal	100
Deferred Debt Issuance Cost, Writeoff	$ 500,000
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				4.50%
Term Loan \| One Month Adjusted Term SEcured Overnight Financing Rate ("SOFR")
Debt Instrument [Line Items]
Basis spread on variable rate				1.00%
Term Loan \| SOFR
Debt Instrument [Line Items]
Basis spread on variable rate				5.50%
Minimum \| Term Loan \| One Month Adjusted Term SEcured Overnight Financing Rate ("SOFR")
Debt Instrument [Line Items]
Debt instrument, stated rate		1.00%		1.00%
Minimum \| Term Loan \| SOFR
Debt Instrument [Line Items]
Debt instrument, stated rate		1.00%		1.00%
Senior Secured Asset Based Revolving Credit Facilities \| ABL Credit Agreement
Debt Instrument [Line Items]
Maximum aggregate principal allowed		$ 200,000,000.0		$ 200,000,000.0
Increase in maximum borrowing capacity		250,000,000.0		250,000,000.0
Debt instrument, stated amount		$ 50,000,000.0		$ 50,000,000.0
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%		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%		0.10%
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%		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 \| ABL Credit Agreement \| SOFR
Debt Instrument [Line Items]
Interest rates on outstanding borrowings		4.91%		4.91%
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		8.75%		8.75%

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Accounts receivable, allowances	$ 13,684	$ 15,952
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)	22,157,912	21,813,266
Common stock, shares outstanding (in shares)	22,157,912	21,813,266
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

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

Total

Common stock

Employee [Member]

Paid-in capital

Employee [Member]

Retained earnings (accumulated deficit)

Accumulated other comprehensive loss

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

21,780

Balance at beginning of year at Dec. 31, 2022

$ 240,088

$ 218

$ 274,579

$ 1,145

$ (35,854)

Comprehensive (loss) income:

Net loss

(8,805)

Other Comprehensive Income (Loss), Net of Tax

420

Performance shares issued to employees (in shares)

120

Performance shares issued to employees

$ 1

$ (1)

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

185

Net issuance of restricted shares granted to employees

$ 2

(2)

Stock compensation expense

866

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

(74)

Shares effectively repurchased for required employee withholding taxes

(439)

$ (1)

(438)

Treasury Stock, Shares, Acquired

320

Stock Repurchased During Period, Value

2,539

$ 3

2,536

Dividends

(930)

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

21,691

Balance at end of year at Mar. 31, 2023

228,661

^[1]

$ 217

275,004

(11,126)

^[1]

(35,434)

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

21,780

Balance at beginning of year at Dec. 31, 2022

240,088

$ 218

274,579

1,145

(35,854)

Comprehensive (loss) income:

Net loss

(15,325)

Other Comprehensive Income (Loss), Net of Tax

1,368

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

21,814

Balance at end of year at Jun. 30, 2023

(223,051)

^[1]

$ 218

275,915

(18,596)

^[1]

(34,486)

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

21,691

Balance at beginning of year at Mar. 31, 2023

228,661

^[1]

$ 217

275,004

(11,126)

^[1]

(35,434)

Comprehensive (loss) income:

Net loss

(6,520)

Other Comprehensive Income (Loss), Net of Tax

948

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

141

Net issuance of restricted shares granted to employees

$ 1

(1)

Stock compensation expense

1,010

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

(18)

Shares effectively repurchased for required employee withholding taxes

(98)

$ 0

(98)

Dividends

(950)

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

21,814

Balance at end of year at Jun. 30, 2023

(223,051)

^[1]

$ 218

275,915

(18,596)

^[1]

(34,486)

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

21,813

Balance at beginning of year at Dec. 31, 2023

230,879

$ 218

277,728

(13,568)

(33,499)

Comprehensive (loss) income:

Net loss

(6,260)

Other Comprehensive Income (Loss), Net of Tax

254

Performance shares issued to employees (in shares)

152

Performance shares issued to employees

$ 2

(2)

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

213

Net issuance of restricted shares granted to employees

$ 2

(2)

Stock compensation expense

799

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

(105)

Shares effectively repurchased for required employee withholding taxes

(1,028)

$ (1)

(1,027)

Dividends

(943)

Ending Balance (in shares) at Mar. 31, 2024

22,073

Balance at end of year at Mar. 31, 2024

223,701

$ 221

277,496

(20,771)

(33,245)

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

21,813

Balance at beginning of year at Dec. 31, 2023

230,879

$ 218

277,728

(13,568)

(33,499)

Comprehensive (loss) income:

Net loss

(24,427)

Other Comprehensive Income (Loss), Net of Tax

14,493

Ending Balance (in shares) at Jun. 30, 2024

22,158

Balance at end of year at Jun. 30, 2024

219,805

$ 222

278,484

(39,895)

(19,006)

Beginning Balance (in shares) at Mar. 31, 2024

22,073

Balance at beginning of year at Mar. 31, 2024

223,701

$ 221

277,496

(20,771)

(33,245)

Comprehensive (loss) income:

Net loss

(18,167)

Other Comprehensive Income (Loss), Net of Tax

14,239

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

Net issuance of restricted shares granted to employees

$ 1

$ (1)

Stock compensation expense

1,044

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

(7)

Shares effectively repurchased for required employee withholding taxes

(55)

$ 0

(55)

Dividends

(957)

Ending Balance (in shares) at Jun. 30, 2024

22,158

Balance at end of year at Jun. 30, 2024

$ 219,805

$ 222

$ 278,484

$ (39,895)

$ (19,006)

[1]	Cash dividends declared per share of common stock were $0.085 and $0.085 in the six months ended June 30, 2024 and 2023, respectively.

LEASES

6 Months Ended

Jun. 30, 2024

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, 2024 and 2023 were as follows (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Operating lease expenses(1):
Fixed lease expense	$	4,265	$	4,232	$	8,528	$	8,406
Variable lease expense	1,650		1,324		3,018		2,750
Total	$	5,915	$	5,556	$	11,546	$	11,156

(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, 2024 and 2023 were as follows (in thousands):


	Six Months Ended June 30,
	2024		2023
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases	$	9,493	$	9,661


	Six Months Ended June 30,
	2024		2023
Right-of-use assets obtained in exchange for lease obligations:
Operating leases	$	423	$	2,715

The aggregate future lease payments for operating leases as of June 30, 2024 were as follows (in thousands):


	Operating
2024 (excluding the six months ended June 30, 2024)	$	9,536
2025	18,888
2026	18,511
2027	14,290
2028	12,830
2029	6,682
Thereafter	11,762
Total lease payments	92,499
Less: Interest	(15,046)
Present value of lease payments	$	77,453

Average lease terms and discount rates were as follows:


	June 30, 2024
Operating leases:
Weighted-average remaining lease term (years)	5.6
Weighted-average discount rate	6.4	%

BASIS OF PRESENTATION AND SUMMARY OF ACCOUNTING POLICIES (Tables)

6 Months Ended

Jun. 30, 2024

Accounting Policies [Abstract]

Components of Inventory

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


	June 30, 2024		December 31, 2023
Finished goods	$	198,776	$	180,860
Work in process	28		106
Raw materials	9,676		7,681
Total	$	208,480	$	188,647

INCOME (LOSS) PER COMMON SHARE (Tables)

6 Months Ended

Jun. 30, 2024

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, 2024 and 2023 are as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
	(in thousands, except per share amounts)
Net loss – Basic and Diluted	$	(18,167)	$	(6,520)	$	(24,427)	$	(15,325)
Weighted-average shares outstanding – Basic	21,421		21,123		21,399		21,174
Effect of dilutive securities:
Stock options and other stock awards	—		—		—		—
Weighted-average shares outstanding – Diluted	21,421		21,123		21,399		21,174
Basic loss per common share	$	(0.85)	$	(0.31)	$	(1.14)	$	(0.72)
Diluted loss per common share	$	(0.85)	$	(0.31)	$	(1.14)	$	(0.72)
Antidilutive Securities(1)	1,507		1,624		1,556		1,603

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

LEASES - Maturities of Operating Lease Liability (Details) $ in Thousands	Jun. 30, 2024 USD ($)
Leases [Abstract]
2024 (excluding the six months ended June 30, 2024)	$ 9,536
2025	18,888
2026	18,511
2027	14,290
2028	12,830
2029	6,682
Thereafter	11,762
Total lease payments	92,499
Less: Interest	(15,046)
Present value of lease payments	$ 77,453

DERIVATIVES

6 Months Ended

Jun. 30, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

DERIVATIVES

Interest Rate Swap Agreements

In June 2019 the Company entered into interest rate swap agreements, with an aggregate notional value of $25.0 million and expire in February 2025. In March 2024, the Company entered into a new interest rate swap agreement, with an aggregate notional value of $25.0 million and expire in August 2027. These non-designated interest rate swaps 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. The Company’s total outstanding notional value of interest rate swaps was $50.0 million at June 30, 2024.

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, 2024.

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, 2024 was $5.2 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, 2024, 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, 2024		December 31, 2023




Foreign exchange contracts	Prepaid expenses and other current assets	$	44	$	56

	Accrued expenses	53		144


Derivatives not designated as hedging instruments	Balance Sheet Location	June 30, 2024		December 31, 2023
Interest rate swaps	Prepaid expenses and other current assets	$	553	$	—
	Other assets	—		793
	Other long-term liabilities	16		—

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, 2024, the Company did not anticipate non-performance by any of its counterparties.

The amounts of gains and losses, realized and unrealized, related to the Company’s derivative financial instruments designated as hedging instruments are recognized in other comprehensive income, net of taxes, as follows (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
Derivatives designated as hedging instruments	2024		2023		2024		2023
Interest rate swaps	$	—	$	—	$	—	$	(120)
Foreign exchange contracts	22		(300)		223		(1,333)
	$	22	$	(300)	$	223	$	(1,453)

Realized gains and losses on the interest rate swaps that are reported in other comprehensive income 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 are reclassified into cost of sales as the underlying inventory purchased is sold.

During the three and six months ended June 30, 2024, the Company reclassified $0.02 million and $0.2 million, respectively, of cash flow hedges in accumulated other comprehensive losses to earnings, related to foreign exchange contracts recognized in cost of sales. At June 30, 2024, the estimated amount of existing net losses expected to be reclassified into earnings within the next 12 months was below $0.1 million.

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.

Interest and mark to market (losses) gains related to the Company’s derivative financial instruments not designated as hedging instruments that were recognized in earnings are as follows (in thousands):


		Three Months Ended June 30,				Six Months Ended June 30,
Derivatives not designated as hedging instruments	Location of gain (loss)	2024		2023		2024		2023
Interest rate swaps	Mark to market (loss) gain on interest rate derivatives	$	(82)	$	197	$	(256)	$	(37)
	Interest expense	309		196		530		361
		$	227	$	393	$	274	$	324

STOCK COMPENSATION - Summary of Performance-based Award Activity (Details) $ / shares in Units, $ in Thousands	6 Months Ended
	Jun. 30, 2024 USD ($) $ / shares shares
Restricted Shares
Weighted-average years expected to be recognized over (in years)	1 year 9 months 18 days
Performance Shares
Restricted Shares
Beginning balance (in shares) \| shares	486,972
Grants (in shares) \| shares	219,975
Vested (in shares) \| shares	(152,188)
Cancellations (in shares) \| shares	(23,815)
Ending balance (in shares) \| shares	530,944
Total unrecognized compensation expense remaining (in thousands) \| $	$ 2,437
Weighted-average years expected to be recognized over (in years)	2 years 3 months 18 days
Weighted- average grant date fair value
Beginning balance (usd per share) \| $ / shares	$ 10.44
Grants (usd per share) \| $ / shares	9.76
Vested (usd per share) \| $ / shares	14.18
Cancellations (usd per share) \| $ / shares	13.35
Ending balance (usd per share) \| $ / shares	$ 8.96

OTHER

6 Months Ended

Jun. 30, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

OTHER

Cash dividends

Dividends declared in the six months ended June 30, 2024 were as follows:

Dividend per share

Date declared

Date of record

Payment date

$0.0425

3/8/2024

5/1/2024

5/15/2024

$0.0425

6/20/2024

8/1/2024

8/15/2024

During the six months ended June 30, 2024, the Company paid dividends of $2.0 million. This included payments made on February 15, 2024 and May 15, 2024 of $0.9 million and $0.9 million to stockholders of record on February 1, 2024 and May 1, 2024, and payments of $0.2 million for dividends payable upon the vesting of restricted shares and performance shares.

In the three months ended June 30, 2024, the Company reduced retained earnings for the accrual of $1.0 million relating to the dividend payable on August 15, 2024.

On August 6, 2024, the Board declared a quarterly dividend of 0.0425 per share of common stock payable on November 15, 2024 to stockholders of record on November 1, 2024.

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. No repurchases were effected during the six months ended June 30, 2024. As of June 30, 2024, the remaining dollar amount available for repurchases under the Board authorized plan was $11.1 million.

Supplemental cash flow information


	Six Months Ended June 30,
	2024		2023
	(in thousands)
Supplemental disclosure of cash flow information:
Cash paid for interest	$	9,853	$	10,453
Cash paid for taxes, net of refunds	4,193		3,188

Components of accumulated other comprehensive loss, net


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
	(in thousands)
Accumulated translation adjustment:
Balance at beginning of period	$	(32,574)	$	(34,511)	$	(32,614)	$	(36,072)
Translation adjustment during period	53		1,237		93		2,798
Amounts reclassified from accumulated other comprehensive loss (1)	14,152		—		14,152		—
Net change in translation adjustment	14,205		1,237		14,245		2,798
Balance at end of period	$	(18,369)	$	(33,274)	$	(18,369)	$	(33,274)
Accumulated deferred gains (losses) on cash flow hedges:
Balance at beginning of period	$	67	$	(230)	$	(134)	$	923
Change in unrealized gains (losses)	2		(261)		72		(511)
Amounts reclassified from accumulated other comprehensive loss:
Settlement of cash flow hedge (2)	20		(39)		151		(942)
Net change in cash flow hedges, net of taxes of $0, $0, $0, $(2)	22		(300)		223		(1,453)
Balance at end of period	$	89	$	(530)	$	89	$	(530)
Accumulated effect of retirement benefit obligations:
Balance at beginning of period	$	(738)	$	(693)	$	(751)	$	(705)
Amounts reclassified from accumulated other comprehensive loss: (3)
Amortization of actuarial loss, net of taxes of $(4), $(4), $(8), $(8)	12		11		25		23
Balance at end of period	$	(726)	$	(682)	$	(726)	$	(682)
Total accumulated other comprehensive loss at end of period	$	(19,006)	$	(34,486)	$	(19,006)	$	(34,486)

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

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

DERIVATIVES - Fair Values of Derivative Financial Instruments Included in Consolidated Balance Sheets (Details) - Fair Value, Observable inputs, Level 2 - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Prepaid expenses and other current assets \| Foreign exchange contracts \| Derivatives designated as hedging instruments
Derivatives, Fair Value [Line Items]
Fair value of derivative assets	$ 44	$ 56
Prepaid expenses and other current assets \| Interest rate swaps \| Derivatives not designated as hedging instruments
Derivatives, Fair Value [Line Items]
Fair value of derivative assets	553	0
Accrued expenses \| Foreign exchange contracts \| Derivatives designated as hedging instruments
Derivatives, Fair Value [Line Items]
Fair value of derivative assets	53	144
Other Noncurrent Assets \| Interest rate swaps \| Derivatives not designated as hedging instruments
Derivatives, Fair Value [Line Items]
Fair value of derivative assets	0	793
Other long-term liabilities \| Interest rate swaps \| Derivatives not designated as hedging instruments
Derivatives, Fair Value [Line Items]
Fair value of derivative liability	$ 16	$ 0

DERIVATIVES (Tables)

6 Months Ended

Jun. 30, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Fair Values of Derivative Financial Instruments Included in Unaudited Condensed Consolidated Balance Sheets

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, 2024		December 31, 2023




Foreign exchange contracts	Prepaid expenses and other current assets	$	44	$	56

	Accrued expenses	53		144


Derivatives not designated as hedging instruments	Balance Sheet Location	June 30, 2024		December 31, 2023
Interest rate swaps	Prepaid expenses and other current assets	$	553	$	—
	Other assets	—		793
	Other long-term liabilities	16		—

Gains and Losses Related to Derivative Financial Instruments Designated as Hedging Instruments


	Three Months Ended June 30,				Six Months Ended June 30,
Derivatives designated as hedging instruments	2024		2023		2024		2023
Interest rate swaps	$	—	$	—	$	—	$	(120)
Foreign exchange contracts	22		(300)		223		(1,333)
	$	22	$	(300)	$	223	$	(1,453)

Derivatives Not Designated as Hedging Instruments


		Three Months Ended June 30,				Six Months Ended June 30,
Derivatives not designated as hedging instruments	Location of gain (loss)	2024		2023		2024		2023
Interest rate swaps	Mark to market (loss) gain on interest rate derivatives	$	(82)	$	197	$	(256)	$	(37)
	Interest expense	309		196		530		361
		$	227	$	393	$	274	$	324

LEASES - Average Lease Terms And Discount Rates (Details)	Jun. 30, 2024
Leases [Abstract]
Operating lease, weighted average remaining lease term (in years)	5 years 7 months 6 days
Operating lease, weighted average discount rate, percent	6.40%

INTANGIBLE ASSETS (Tables)

6 Months Ended

Jun. 30, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Intangible Assets and Goodwill [Table Text Block]

Intangible assets consisted of the following as of June 30, 2024 and December 31, 2023 (in thousands):


	June 30, 2024				December 31, 2023
	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)	42,000		—		42,000		42,000		—		42,000
Finite-lived intangible assets:
Licenses	15,847		(12,337)		3,510		15,847		(12,110)		3,737
Trade names(2)	62,478		(25,926)		36,552		62,493		(23,862)		38,631
Customer relationships(2)	143,157		(68,585)		74,572		143,158		(63,630)		79,528
Other (2)	5,871		(4,118)		1,753		5,872		(3,872)		2,000
Total	$	302,590	$	(110,966)	$	191,624	$	302,607	$	(103,474)	$	199,133

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
OPERATING ACTIVITIES
Net loss	$ (24,427)	$ (15,325)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization	9,833	9,795
Amortization of financing costs	1,471	975
Mark to market loss on interest rate derivatives	256	37
Non-cash lease adjustment	(965)	(1,255)
(Recovery) provision for doubtful accounts	(287)	1,528
Deferred income taxes	144	0
Stock compensation expense	1,844	1,872
Equity in losses, net of taxes	2,092	8,640
Gain on extinguishments of debt, net	0	1,520
Debt and Equity Securities, Gain (Loss)	14,152	0
Changes in operating assets and liabilities
Accounts receivable	42,712	25,524
Inventory	(20,184)	11,492
Prepaid expenses, other current assets and other assets	1,687	1,563
Accounts payable, accrued expenses and other liabilities	(3,213)	(10,989)
Income taxes receivable	(3,546)	(3,049)
Income taxes payable	(639)	(245)
NET CASH PROVIDED BY OPERATING ACTIVITIES	20,930	28,993
INVESTING ACTIVITIES
Purchases of property and equipment	(1,098)	(993)
NET CASH USED IN INVESTING ACTIVITIES	(1,098)	(993)
FINANCING ACTIVITIES
Payments of Financing Costs	0	433
Payments for finance lease obligations	(14)	(14)
Payments of tax withholding for stock based compensation	(1,083)	(537)
Payments for stock repurchase	0	(2,539)
Cash dividends paid	(1,977)	(1,907)
NET CASH USED IN FINANCING ACTIVITIES	(32,546)	(36,464)
Effect of foreign exchange on cash	(79)	(12)
DECREASE IN CASH AND CASH EQUIVALENTS	(12,793)	(8,476)
Cash and cash equivalents at beginning of period	16,189	23,598
CASH AND CASH EQUIVALENTS AT END OF PERIOD	3,396	15,122
S'well [Member]
Adjustments to reconcile net loss to net cash provided by operating activities:
Contingent consideration fair value adjustments	0	(50)
Revolving Credit Facility
FINANCING ACTIVITIES
Proceeds from revolving credit facility	74,207	30,378
Repayments of Long-Term Lines of Credit	(101,804)	(16,546)
Term Loan
Adjustments to reconcile net loss to net cash provided by operating activities:
Gain on extinguishments of debt, net	0	(1,520)
FINANCING ACTIVITIES
Repayments of Long-Term Lines of Credit	$ (1,875)	$ (44,866)

BUSINESS SEGMENTS (Tables)

6 Months Ended

Jun. 30, 2024

Segment Reporting [Abstract]

Segment Reporting Information


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
	(in thousands)
Net sales
U.S.	$	130,503	$	134,979	$	260,983	$	268,464
International	11,163		11,457		22,925		23,407
Total net sales	$	141,666	$	146,436	$	283,908	$	291,871
Income from operations
U.S.	$	9,189	$	11,736	$	18,631	$	17,690
International	(2,932)		(2,829)		(6,021)		(4,721)
Unallocated corporate expenses	(5,090)		(4,511)		(9,613)		(10,379)
Income from operations	$	1,167	$	4,396	$	2,997	$	2,590
Depreciation and amortization
U.S.	$	4,612	$	4,646	$	9,268	$	9,264
International	282		279		565		531
Total depreciation and amortization	$	4,894	$	4,925	$	9,833	$	9,795


	June 30, 2024		December 31, 2023
	(in thousands)
Assets
U.S.	$	529,983	$	560,716
International	80,039		90,237
Unallocated corporate	6,942		16,189
Total Assets	$	616,964	$	667,142

INCOME (LOSS) PER COMMON SHARE

6 Months Ended

Jun. 30, 2024

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, 2024 and 2023 are as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
	(in thousands, except per share amounts)
Net loss – Basic and Diluted	$	(18,167)	$	(6,520)	$	(24,427)	$	(15,325)
Weighted-average shares outstanding – Basic	21,421		21,123		21,399		21,174
Effect of dilutive securities:
Stock options and other stock awards	—		—		—		—
Weighted-average shares outstanding – Diluted	21,421		21,123		21,399		21,174
Basic loss per common share	$	(0.85)	$	(0.31)	$	(1.14)	$	(0.72)
Diluted loss per common share	$	(0.85)	$	(0.31)	$	(1.14)	$	(0.72)
Antidilutive Securities(1)	1,507		1,624		1,556		1,603

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

CONTINGENCIES - Additional Information (Details) $ in Millions		6 Months Ended
	Jun. 30, 2024 USD ($) tablewareCollection	Jun. 30, 2024 USD ($) 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	$ 0.1	$ 0.1
Negligence
Commitments and Contingencies Disclosure [Line Items]
Reasonable possible loss	0.3	0.3
Gross Negligence
Commitments and Contingencies Disclosure [Line Items]
Reasonable possible loss	$ 0.6	0.6
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

STOCK COMPENSATION (Details) - USD ($) $ / shares in Units, $ in Thousands	6 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted-average years expected to be recognized over (in years)	1 year 9 months 18 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	(1,269)
Share-based Compensation Arrangement by Share-based Payment Award, Liability Instruments Other than Options, Forfeiteds in Period, Weighted Average Grant Date Fair Value	$ 8.44
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number	82,342	83,611
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value	$ 8.59	$ 6.71
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)	$ 2,437
Weighted-average years expected to be recognized over (in years)	2 years 3 months 18 days

- Definition

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

DEBT - Total Availability Under ABL Agreement (Details) - ABL Credit Agreement - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Maximum aggregate principal allowed	$ 176,700	$ 181,919
Line of Credit, Current	(32,635)	(60,395)
Standby letters of credit	(8,534)	(2,894)
Total availability under the ABL Agreement	$ 135,531	$ 118,630

- Definition

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

LEASES - Lease Cost (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
LEASES - Lease Cost (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Operating lease expenses:
Fixed lease expense	$ 4,265	$ 4,232	$ 8,528	$ 8,406
Variable lease expense	1,650	1,324	3,018	2,750
Total	$ 5,915	$ 5,556	$ 11,546	$ 11,156

INVESTMENTS (Tables)

6 Months Ended

Jun. 30, 2024

Equity Method Investments and Joint Ventures [Abstract]

Summarized Equity in Earnings, Net of Taxes [Table]


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Vasconia equity in losses, net of taxes	$	—	$	(1,422)	$	(2,092)	$	(2,146)
Impairment on investment in Vasconia	—		(4,441)		—		(6,494)
Equity in losses, net of taxes	$	—	$	(5,863)	$	(2,092)	$	(8,640)

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Income Statement [Abstract]
Net sales	$ 141,666	$ 146,436	$ 283,908	$ 291,871
Cost of sales	87,116	90,445	171,811	182,038
Gross margin	54,550	55,991	112,097	109,833
Distribution expenses	15,052	15,732	31,233	32,617
Selling, general and administrative expenses	38,331	35,863	77,867	73,770
Restructuring expenses	0	0	0	856
Income from operations	1,167	4,396	2,997	2,590
Interest expense	(5,157)	(5,528)	(10,771)	(10,864)
Mark to market (loss) gain on interest rate derivatives	(82)	197	(256)	(37)
Gain on extinguishments of debt, net			0	1,520
Loss on equity securities	(14,152)	0	(14,152)	0
(Loss) income before income taxes and equity in losses	(18,224)	585	(22,182)	(6,791)
Income tax benefit (provision)	57	(1,242)	(153)	106
Equity in losses, net of taxes	0	(5,863)	(2,092)	(8,640)
NET LOSS	$ (18,167)	$ (6,520)	$ (24,427)	$ (15,325)
Basic income (loss) per common share (usd per share)	$ (0.85)	$ (0.31)	$ (1.14)	$ (0.72)
Diluted income (loss) per common share (usd per share)	$ (0.85)	$ (0.31)	$ (1.14)	$ (0.72)

INVESTMENTS - Summarized Equity in Earnings, Net of Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Schedule of Equity Method Investments [Line Items]
Equity in losses, net of taxes	$ 0	$ (5,863)	$ (2,092)	$ (8,640)
Grupo Vasconia S.A.B.
Schedule of Equity Method Investments [Line Items]
Equity in losses, net of taxes	0	(1,422)	(2,092)	(2,146)
Equity Investment Impairment Charge	$ 0	$ (4,441)	$ 0	$ (6,494)

- Definition

Amount of income (loss) for proportionate share of equity method investee's income (loss).

+ References + Details

BUSINESS SEGMENTS - Segment Reporting Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Segment Reporting Information [Line Items]
Net sales	$ 141,666	$ 146,436	$ 283,908	$ 291,871
Income from operations	1,167	4,396	2,997	2,590
Depreciation and amortization	4,894	4,925	9,833	9,795
Assets	616,964		616,964		$ 667,142
U.S.
Segment Reporting Information [Line Items]
Net sales	118,954	127,295	239,457	254,541
Operating segments \| U.S.
Segment Reporting Information [Line Items]
Assets	529,983		529,983		560,716
Operating segments \| International
Segment Reporting Information [Line Items]
Assets	80,039		80,039		90,237
Unallocated corporate expenses
Segment Reporting Information [Line Items]
Income from operations	(5,090)	(4,511)	(9,613)	(10,379)
Assets	6,942		6,942		$ 16,189
U.S. \| Operating segments
Segment Reporting Information [Line Items]
Net sales	130,503	134,979	260,983	268,464
Income from operations	9,189	11,736	18,631	17,690
Depreciation and amortization	4,612	4,646	9,268	9,264
International \| Operating segments
Segment Reporting Information [Line Items]
Net sales	11,163	11,457	22,925	23,407
Income from operations	(2,932)	(2,829)	(6,021)	(4,721)
Depreciation and amortization	$ 282	$ 279	$ 565	$ 531

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, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Derivative Instruments, Gain (Loss) [Line Items]
Gains (losses) on derivative financial instruments not designated as hedging instruments	$ 227	$ 393	$ 274	$ 324
Mark to market (loss) gain on interest rate derivatives
Derivative Instruments, Gain (Loss) [Line Items]
Gains (losses) on derivative financial instruments not designated as hedging instruments	(82)	197	(256)	(37)
Interest expense
Derivative Instruments, Gain (Loss) [Line Items]
Gains (losses) on derivative financial instruments not designated as hedging instruments	$ 309	$ 196	$ 530	$ 361

DERIVATIVES - Additional Information (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Mar. 13, 2024	Jun. 11, 2019
Derivative [Line Items]
Gain (loss) reclassified into earnings	$ (20,000.00)	$ 40,000.00	$ (200,000)	$ 900,000
Loss to be reclassified within 12 months			100,000
Interest rate swaps
Derivative [Line Items]
Notional amount	50,000,000.0	25,000,000	50,000,000.0	25,000,000
Derivatives designated as hedging instruments \| Foreign exchange contracts
Derivative [Line Items]
Notional amount	5,200,000		5,200,000
Derivatives designated as hedging instruments \| Cash Flow Hedging \| Interest rate swaps
Derivative [Line Items]
Notional amount	$ 0		$ 0
Derivatives not designated as hedging instruments \| Interest rate swaps
Derivative [Line Items]
Notional amount					$ 25,000,000.0	$ 25,000,000.0
Interest expense \| Interest rate swaps
Derivative [Line Items]
Gain (loss) reclassified into earnings				100,000
Cost of Sales \| Foreign exchange contracts
Derivative [Line Items]
Gain (loss) reclassified into earnings		$ 40,000.00		$ 800,000