[SCHEDULE 13G/A] Zumiez Inc. SEC Filing

Rhea-AI Filing Summary

Fund 1 Investments, LLC filed an Amendment No. 1 to Schedule 13G reporting beneficial ownership of 495,557 shares of Zumiez Inc. common stock, representing 2.79% of the outstanding shares based on 17,770,640 shares outstanding as of May 31, 2025. The filing states the shares are held for private investment vehicles advised by Pleasant Lake Partners LLC, with Fund 1 Investments, LLC as managing member and Jonathan Lennon as managing member; each disclaims beneficial ownership except for pecuniary interest. The filer reports no sole voting or dispositive power and 495,557 shares of shared voting and dispositive power. The filing certifies the securities were acquired in the ordinary course of business and not for the purpose of changing or influencing control.

Positive

• Full disclosure of position: the filing transparently reports the exact share count (495,557) and percentage (2.79%)
• Clear entity relationships: identifies Fund 1 Investments, LLC, Pleasant Lake Partners LLC, and Jonathan Lennon and clarifies roles
• Certification of ordinary-course acquisition: filer affirms shares were not acquired to influence control

Negative

• No material negative developments disclosed: the position is under 5% and the filer disclaims intent to influence control

Insights

Financial Analyst

TL;DR: A 2.79% stake reported by an affiliated investment vehicle is a routine disclosure and below typical activist thresholds.

The filing documents a minority position of 495,557 shares (2.79%) held via private vehicles advised by Pleasant Lake Partners LLC. Ownership is shared rather than sole, and the filer affirms ordinary-course acquisition without intent to influence control. For investors this is a transparency filing that updates ownership records but is unlikely to alter capital structure or governance given the stake is under 5% and the filer disclaims control.

Corporate Governance Expert

TL;DR: Disclosure clarifies relationships among entities and voting/dispositive powers; it does not signal control influence.

The amendment clearly identifies the managing relationships between Fund 1 Investments, LLC, Pleasant Lake Partners LLC, and Jonathan Lennon, and specifies shared voting/dispositive powers for 495,557 shares. The explicit disclaimer of beneficial ownership except for pecuniary interest and the certification that shares were not acquired to influence control suggest this is a compliance-driven disclosure. No governance changes or board-impacting stakes are indicated within the filing.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 1)

Zumiez Inc

(Name of Issuer)

Common Stock

(Title of Class of Securities)

989817101

(CUSIP Number)

06/30/2025

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

SCHEDULE 13G

CUSIP No. 989817101

1

Names of Reporting Persons

Fund 1 Investments, LLC

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 495,557.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 495,557.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

495,557.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

2.79 %

12

Type of Reporting Person (See Instructions)

OO

Comment for Type of Reporting Person: (Limited Liability Company)

SCHEDULE 13G

Item 1.
(a)	Name of issuer: Zumiez Inc
(b)	Address of issuer's principal executive offices: 4001 204th Street SW, Lynnwood, Washington, 98036
Item 2.
(a)	Name of person filing: Fund 1 Investments, LLC
(b)	Address or principal business office or, if none, residence: 100 Carr 115 Unit 1900 Rincon, Puerto Rico 00677
(c)	Citizenship: Delaware
(d)	Title of class of securities: Common Stock
(e)	CUSIP No.: 989817101
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: 495,557
(b)	Percent of class: 2.79 %
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 0
	(ii) Shared power to vote or to direct the vote: 495,557
	(iii) Sole power to dispose or to direct the disposition of: 0
	(iv) Shared power to dispose or to direct the disposition of: 495,557 Shares reported herein for Fund 1 Investments, LLC are held for the benefit of private investment vehicles for which Pleasant Lake Partners LLC serves as investment adviser. Fund 1 Investments, LLC serves as managing member of Pleasant Lake Partners LLC. Jonathan Lennon serves as managing member of Fund 1 Investments, LLC. Each of Fund 1 Investments, LLC, Pleasant Lake Partners LLC and Mr. Lennon disclaims beneficial ownership of the shares reported herein except to the extent of its or his pecuniary interest therein. All percentages reported herein with respect to the Reporting Person's holdings are calculated based upon a statement in the Issuer's Quarterly Report on Form 10-Q for the quarterly period ended May 3, 2025, as filed with the Securities and Exchange Commission on June 5, 2025, that there were 17,770,640 shares of Common Stock of the Issuer outstanding as of May 31, 2025.
Item 5.	Ownership of 5 Percent or Less of a Class.
	Ownership of 5 percent or less of a class
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	If any other person is known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, such securities, a statement to that effect should be included in response to this item and, if such interest relates to more than 5 percent of the class, such person should be identified. A listing of the shareholders of an investment company registered under the Investment Company Act of 1940 or the beneficiaries of employee benefit plan, pension fund or endowment fund is not required. See Item 4.
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	If a parent holding company has filed this schedule, pursuant to Rule 13d-1(b)(ii)(G), so indicate under Item 3(g) and attach an exhibit stating the identity and the Item 3 classification of the relevant subsidiary. If a parent holding company has filed this schedule pursuant to Rule 13d-1(c) or Rule 13d-1(d), attach an exhibit stating the identification of the relevant subsidiary. See Item 4.
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Fund 1 Investments, LLC

Signature:	/s/ Benjamin C. Cable
Name/Title:	Benjamin C. Cable/Chief Operating Officer
Date:	08/14/2025

FAQ

What stake in Zumiez (ZUMZ) does Fund 1 Investments, LLC report?

Fund 1 Investments, LLC reports beneficial ownership of 495,557 shares, representing 2.79% of Zumiez common stock.

How many shares outstanding were used to calculate the 2.79% for ZUMZ?

The percentage is calculated using 17,770,640 shares outstanding as of May 31, 2025 according to the issuer's quarterly report.

Does Fund 1 Investments, LLC have sole voting or dispositive power over the ZUMZ shares?

No. The filing reports 0 sole voting power and 0 sole dispositive power, and 495,557 shares held with shared voting and dispositive power.

Are the ZUMZ shares held directly by Fund 1 Investments, LLC?

The shares are held for the benefit of private investment vehicles advised by Pleasant Lake Partners LLC, with Fund 1 Investments, LLC serving as managing member.

Did the filer state an intent to change or influence Zumiez (ZUMZ) control?

No. The filing includes a certification that the securities were not acquired and are not held for the purpose of changing or influencing control.