We lease our store locations, with the exception of our flagship store located in Fort Worth, Texas.
−Removed: The majority of our stores have initial lease terms of three to five years.
+Added: The majority of our stores have initial lease terms of at least five years.
The leases are generally renewable,
7 unchanged sentences
North Carolina
−Removed: South Carolina
Massachusetts
2 unchanged sentences
International locations:
−Removed: As a result of the COVID-19 pandemic and resulting legal requirements in most of our markets, we temporarily closed all of our stores to
−Removed: the public during March 2020.
−Removed: We have continued to manage through the pandemic during intermittent spikes in COVID-19 infections, continue to see varying levels of
−Removed: infection rates, and have at times been forced to temporarily close or move certain stores to “curbside only” operations.
−Removed: As of the date of filing this Form 10-K, most of our stores have
−Removed: reopened fully, and preventive measures are in place in most stores but are not believed to be materially impacting store sales.
−Removed: However, some stores have had to temporarily close due to COVID-19, especially with the rise of the Delta variant in
−Removed: the third quarter of 2021, which has negatively impacted sales for those stores.
+Added: In 2021, we experienced sporadic and limited temporary store closures as a result of COVID-19 staff illnesses.
+Added: In 2022, temporary store closures as a direct result of COVID-19 illnesses were even more limited.
+Added: However, the broader economic impact of the pandemic and the war in Ukraine has put pressure on store profitability with higher wages and staffing challenges, rising retail rents, and increases in other retail store operating costs.
+Added: review recent and future projected store 4-wall cash flow taking these forecasted costs as well as projected consumer demand, other nearby stores and a number of other factors into consideration when making decisions to close or open stores in a
+Added: given location.
+Added: In 2022, we closed four store locations that met a number of the criteria for closure, three of which were at the end of the lease, and one of which we paid a negotiated early lease termination.
+Added: We renewed leases for 23 existing
+Added: locations and opened one new location on the Fort Bragg military base, a new format that we are testing.
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.