Debt (Tables)

3 Months Ended

Apr. 01, 2024

Debt Disclosure [Abstract]

Schedule of Debt

(in thousands)	April 1, 2024		January 1, 2024
Term loan	$	51,253	$	51,253
Related party note payable	15,100		15,100
Revolving line of credit	2,000		2,000
Other notes payable	680		701
Finance lease liability	2,192		1,576
Total Debt	$	71,225	$	70,630
Less: Unamortized debt discount related party note	(574)		(612)
Less: Unamortized debt issuance costs	(838)		(978)
Total Debt, net	69,813		69,040
Less: Short-term borrowing, including finance leases	(53,064)		(52,834)
Total Long-term borrowings, including finance leases and related party note payable	$	16,749	$	16,206

The Credit Agreement, including the term loan and revolving line of credit, is secured by substantially all of the Company’s assets and incurs interest on outstanding amounts at the following rates per annum through maturity:

Time Period	Interest Rate
From January 1, 2024 through June 15, 2024	7.25%
From June 16, 2024 through maturity	7.75%

Schedule of Maturities of Long-term Debt

in thousands
2024	$	53,253
2025	—
2026	—
2027	15,100
2028	—
Total	$	68,353

Schedule of Interest Income and Interest Expense Disclosure

For the quarter ended April 1, 2024 and April 3, 2023, interest expense consisted of:

	Quarter Ended
(in thousands)	April 1, 2024		April 3, 2023
Interest on credit agreement	$	483	$	1,051
Interest on related party note	689		—
Amortization of debt issuance costs	139		106
Amortization of related party note discount	38		39
Non-cash interest on redeemable preferred stock	1,106		1,022
Other interest expense (income)	22		(140)
	$	2,477	$	2,078