Barnes & Noble Education has reached an agreement with financial stakeholders and strategic partners to rework various agreements to improve the company’s liquidity, the company announced on July 28. The announcement came two weeks after B&NE issued a warning that, unless it was able to revise agreements with different lenders, it faced the possibility of closing. The new agreements extend the maturity of its debt facilities, amend certain credit facility covenants, and modify certain other agreements, B&NE said.

The resolution also includes an agreement calling for B&NE to form a committee of the company’s board of directors to continue to explore strategic alternatives, which include the possible sale of the entire company or certain assets. Other options include raising additional capital and exploring ways to grow the company—the country’s largest operator of college and high school stores—as a standalone business.

“We are pleased to have worked constructively with our largest financial and strategic partners to reach a resolution that better positions us to accelerate the execution of our strategy,” said Michael Huseby, B&NE CEO, in a statement. “This agreement provides us financial flexibility as we continue delivering on our strategic objectives and meeting our obligations with our schools and business partners.”

B&NE said more details of the new agreement will be included in its 10-K filing with the Security & Exchange Commission, which should be made in the first half of August. Previously, B&NE disclosed that revenue in the fiscal year ended April 30, 2023 rose 3.2%, to $1.54 billion, over fiscal 2022, but that the net loss from continuing operations increased to $90.1 million, from $61.6 million in fiscal 2022.