LAZYDAYS COMPLETES LIQUIDITY ENHANCING TRANSACTIONS

Rhea-AI Summary

Lazydays Holdings (NASDAQ: GORV) has completed significant liquidity-enhancing transactions through agreements with its lenders, generating $14 million in liquidity and reducing non-floorplan debt by $15 million. The company achieved this through the divestiture of non-core dealerships in Mesa (AZ), Fort Pierce (FL), Longmont (CO), and Las Vegas (NV), with the Las Vegas transaction expected to close shortly. These strategic moves reduce the company's non-floorplan indebtedness to approximately $44 million and lower interest expenses. CEO Ron Fleming emphasized that these agreements provide enhanced liquidity and flexibility to advance their turnaround strategy, focusing on revitalizing core dealership operations while streamlining their footprint through non-core asset sales.

Positive

• Generation of $14 million in liquidity through strategic divestitures
• Reduction of non-floorplan debt by $15 million, lowering interest expenses
• Successfully negotiated amendments and waivers with credit facility lenders
• Strategic streamlining of operations through sale of non-core assets

Negative

• Forced divestiture of multiple dealership locations indicating financial stress
• Significant reduction in operational footprint through closure of four locations
• Still carries approximately $44 million in remaining non-floorplan debt
• Company requires turnaround strategy implementation indicating current performance issues

Insights

Financial Restructuring Analyst

Lazydays' $14M liquidity boost and $15M debt reduction strengthen financial foundation amid strategic dealership divestitures to support turnaround efforts.

Lazydays' transactions with lenders represent a significant financial restructuring that addresses immediate liquidity concerns while reducing the company's debt burden. By divesting four non-core dealerships, the company has secured critical breathing room, retaining $14 million in proceeds while cutting non-floorplan debt by $15 million to approximately $44 million.

This restructuring accomplishes three key objectives: First, it improves the company's cash position during what appears to be a challenging operational period. Second, it reduces interest expense at a time when debt servicing costs remain elevated. Third, it reflects lender confidence in management's turnaround plan, as evidenced by their willingness to amend existing agreements.

The sequential closing of dealership sales across Arizona, Florida, Colorado, and Nevada signals a deliberate execution of the company's strategy to exit underperforming locations. This geographic rationalization will allow management to concentrate resources on better-performing dealerships while eliminating operational drag from non-core assets.

Most telling is the reduction of non-floorplan debt to $44 million, which represents a 25% decrease. This substantial deleveraging improves Lazydays' financial resilience and creates more favorable debt metrics. The involvement of specialized restructuring advisors (Miller Buckfire and CR3 Partners) further indicates the comprehensive nature of this financial recalibration effort as part of a broader turnaround strategy.

Transactions to generate $14 million of liquidity and reduce non-floorplan indebtedness by $15 million

Continues to focus on strengthening the balance sheet in support of long-term stability, improving operational performance of dealerships, and strategically divesting non-core assets

TAMPA, Fla., June 17, 2025 /PRNewswire/ -- Lazydays Holdings, Inc. ("Lazydays" or the "Company") (NasdaqCM: GORV) today announced that it has executed amendments and waivers with its credit facility lender syndicate led by M&T Bank and its mortgage lender, an affiliate of Coliseum Capital Management, that will help to enhance the Company's liquidity position and further fortify its financial foundation.

Under the terms of the transactions, Lazydays will retain approximately $14 million of proceeds resulting from its divestures of certain non-core dealerships and associated real estate, and repay approximately $15 million in non-floorplan indebtedness, reducing non-floorplan indebtedness to approximately $44 million and meaningfully lowering interest expense.

The contributing divestitures are as follows:

• Divestiture of dealership in Mesa, AZ, which closed on May 30, 2025;
• Divestiture of dealership and related real estate in Fort Pierce, FL, which closed on June 6, 2025;
• Divestiture of dealership in Longmont, CO, which closed on June 13, 2025; and
• Divestiture of dealership and related real estate in Las Vegas, NV, which is expected to close later this week.

Ron Fleming, CEO of Lazydays, commented, "We are pleased to have reached these agreements with our lenders, which collectively provide Lazydays with a meaningfully enhanced liquidity position and greater flexibility to advance our turnaround strategy. As we continue to work towards building a more resilient Company, our focus remains on revitalizing our core dealership operations, while streamlining our footprint and reducing debt through the sale of non-core assets. We are thankful to our lenders for their ongoing support as we work to achieve these objectives."

Stoel Rives LLP served as legal counsel, and Miller Buckfire, a Stifel Company, and CR3 Partners served as financial advisor to Lazydays and its Board of Directors in connection with these transactions.

For further information regarding Lazydays' recent credit agreement and mortgage amendments and waivers, see the Company's Form 8-K filed with the SEC today. For further information regarding the announcement of these divestitures, see the Company's Form 8-Ks filed with the SEC on May 9, 2025 and May 23, 2025.

About Lazydays

Lazydays has been a prominent player in the RV industry since our inception in 1976, earning a stellar reputation for delivering exceptional RV sales, service, and ownership experiences. Our commitment to excellence has led to enduring relationships with RVers and their families who rely on us for all of their RV needs.

Our wide selection of RV brands from top manufacturers, state-of-the-art service facilities, and an extensive range of accessories and parts ensure that Lazydays is the go-to destination for RV enthusiasts seeking everything they need for their journeys on the road. Whether you're a seasoned RVer or just starting your adventure, our dedicated team is here to provide outstanding support and guidance, making your RV lifestyle truly extraordinary.

Lazydays is a publicly listed company on the Nasdaq stock exchange under the ticker "GORV."

Forward Looking Statements

This press release includes "forward-looking statements" within the meaning of the "Safe-Harbor" provisions of the Private Securities Litigation Reform Act of 1995. Forward looking statements include statements regarding our goals, plans, projections and guidance regarding our financial position, results of operations, market position, pending and potential future financing transactions and business strategy, and often contain words such as "prospect," "future," "project," "outlook," "expect," "anticipate," "intend," "plan," "believe," "estimate," "may," "seek," "would," "should," "likely," "goal," "strategy," "future," "maintain," "continue," "remain," "target" or "will" and similar references to future periods. Examples of forward-looking statements in this press release include, among others, the benefits of the transactions described herein, the future financial performance of the Company following such transactions and the potential future closing of its divesture in Las Vegas, NV.

By their nature, forward-looking statements involve risks and uncertainties because they relate to events that depend on circumstances that may or may not occur in the future. Forward-looking statements are not guarantees of future performance, and our actual results of operations, financial condition and liquidity and development of the industry in which we operate may differ materially from those made in or suggested by the forward-looking statements in this press release. The risks and uncertainties that could cause actual results to differ materially from estimated or projected results include, without limitation, future economic and financial conditions (both nationally and locally), changes in customer demand, our relationship with, and the financial and operational stability of, vehicle manufacturers and other suppliers, risks associated with our indebtedness (including our ability to obtain further waivers or amendments to credit agreements, the actions or inactions of our lenders, available borrowing capacity, our compliance with financial covenants and our ability to refinance or repay indebtedness on terms acceptable to us), acts of God or other incidents which may adversely impact our operations and financial performance, government regulations, legislation and others set forth throughout under the headers "Management's Discussion and Analysis of Financial Condition and Results of Operations" and "Risk Factors" and in the notes to our financial statements, in our most recent Quarterly Report on Form 10-Q, Annual Report on Form 10-K and from time to time in our other filings with the U.S. Securities and Exchange Commission. We urge you to carefully consider this information and not place undue reliance on forward-looking statements. We undertake no duty to update our forward-looking statements, which are made as of the date of this release.

Contact

investors@lazydays.com

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SOURCE Lazydays RV

FAQ

What is the total amount of liquidity generated by Lazydays Holdings (GORV) recent transactions?

Lazydays Holdings generated $14 million in liquidity through its recent divestiture transactions of non-core dealerships.

How much debt reduction did Lazydays (GORV) achieve through these transactions?

Lazydays reduced its non-floorplan indebtedness by $15 million, bringing the total non-floorplan debt down to approximately $44 million.

Which dealership locations did Lazydays (GORV) divest in 2025?

Lazydays divested dealerships in Mesa (AZ), Fort Pierce (FL), Longmont (CO), and Las Vegas (NV), with the Las Vegas location expected to close shortly.

Who are the lenders involved in Lazydays (GORV) debt restructuring?

The credit facility lender syndicate is led by M&T Bank, and the mortgage lender is an affiliate of Coliseum Capital Management.

What is Lazydays (GORV) current turnaround strategy?

Lazydays is focusing on revitalizing core dealership operations, streamlining their footprint, reducing debt through non-core asset sales, and strengthening their balance sheet for long-term stability.