What Savers Value Village, Inc. told the SEC could break it.

Savers operates in the U.S., Canada and Australia, and approximately 41.6% of fiscal 2025 net sales were denominated in a currency other than the U.S. dollar (primarily Canadian dollars); because results of its international businesses are reported in local currency and translated to USD, a hypothetical 10% strengthening of the USD against the CAD would decrease net sales by approximately $58.4 million — so adverse currency movements materially affect its reported revenue and earnings.

“For fiscal 2025, approximately 41.6% of our net sales were denominated in a currency other than the USD. For fiscal 2025, a hypothetical 10% strengthening of the USD to the CAD would decrease our net sales by $58.4 million”

Savers carries meaningful leverage: it issued 9.75% Senior Secured Notes (whose proceeds funded a $262.2 million dividend to equityholders) and relies on borrowings under its variable-rate 2025 Senior Secured Credit Facilities and Revolving Credit Facility for liquidity; rising interest rates increase its debt-service costs on the variable-rate borrowings, and in exacerbated or prolonged adverse circumstances its debt and collateral obligations could, in the extreme, lead to bankruptcy or liquidation — so credit-market or rate stress would pressure its liquidity and flexibility.

“We rely on available borrowings under the 2025 Revolving Credit Facility for liquidity. Borrowings under the 2025 Senior Secured Credit Facilities are at variable rates of interest and expose us to interest rate risk.”

Operating across the U.S., Canada and Australia, Savers is subject to a wide range of regulation: labor and employment laws, sales-tax and other tax matters, laws governing advertising and marketing via text messaging and email and operation of customer loyalty programs (e.g., TCPA-type rules for its Super Savers Club), privacy and evolving cross-border data-transfer restrictions, product-safety regulations, and anti-corruption/sanctions regimes (FCPA and OFAC); noncompliance could result in fines, litigation or operational restrictions.

“We are subject to labor and employment laws, laws related to the collection of sales taxes and other tax matters, laws governing advertising and marketing including via text messaging and email and operation of customer loyalty programs, privacy laws, safety regulations”

Savers' entire merchandise supply depends on a steady flow of secondhand goods: its strategy is to locally source merchandise by purchasing items donated to its nonprofit partners (NPPs), integrating supply/processing, retail and wholesale; this hyper-local, donation-driven procurement model means a decline in donation volumes, deterioration of NPP relationships, or changes to the economics of its agreements with NPPs would constrain inventory availability, raise processing costs, and impair sales and margins.

“Our strategy is to locally source our merchandise by purchasing secondhand items donated to our NPPs”