SCHEDULE 13G: Fund 1 Investments Discloses 6.9% Stake in Zumiez Inc.

Fund 1 Investments, LLC has reported a beneficial ownership of 6.9% of Zumiez Inc.'s Common Stock as of March 31, 2025, primarily through shared voting and dispositive power.

Summary

• Fund 1 Investments, LLC reported beneficial ownership of 1,322,726 shares of Zumiez Inc. Common Stock.
• This represents 6.9% of the outstanding Class A Common Stock of Zumiez Inc.
• The shares are held with shared voting power (1,322,726 shares) and shared dispositive power (1,322,726 shares).
• The ownership is for the benefit of private investment vehicles for which Pleasant Lake Partners LLC serves as investment adviser.
• Fund 1 Investments, LLC serves as the managing member of Pleasant Lake Partners LLC, and Jonathan Lennon serves as the managing member of Fund 1 Investments, LLC.
• The filing certifies that the securities were acquired and are held in the ordinary course of business and were not acquired or held for the purpose of or with the effect of changing or influencing the control of Zumiez Inc.

Sentiment

Score: 6

Explanation: Neutral to slightly positive. The filing is a routine disclosure of a significant passive stake by an institutional investor, which can be seen as a vote of confidence, but it contains no new operational or financial information that would significantly alter the company's outlook.

Positives

• A significant institutional investor, Fund 1 Investments, LLC, has taken a substantial passive stake in Zumiez Inc., indicating potential confidence in the company's long-term prospects.
• The filing explicitly states the shares were acquired in the ordinary course of business and not for control purposes, suggesting a stable, non-activist investment intent.

Negatives

• No specific negative information is contained within this beneficial ownership filing.

Risks

• No specific risks related to Zumiez Inc.'s operations or financial health are detailed in this beneficial ownership filing, as its purpose is solely to disclose ownership.

Future Outlook

This Schedule 13G filing does not contain any forward-looking statements or guidance regarding Zumiez Inc.'s future outlook, as its primary purpose is to disclose beneficial ownership.

Management Comments

• Fund 1 Investments, LLC, through its Chief Operating Officer Benjamin C. Cable, certified that the securities 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.

Industry Context

This filing indicates a significant passive investment by Fund 1 Investments, LLC in Zumiez Inc., a specialty retailer of apparel, footwear, accessories, and hardgoods for young men and women. Such institutional investments are common across various sectors, including retail, and reflect investor interest in specific companies within the industry.

Related Party Transactions

• Pleasant Lake Onshore Feeder Fund, LP, a private investment vehicle for which Pleasant Lake Partners LLC serves as investment adviser, has the right to receive and/or the power to direct the receipt of dividends from, or the proceeds from the sale of, more than five percent of the Common Stock of Zumiez Inc. Fund 1 Investments, LLC serves as managing member of Pleasant Lake Partners LLC.

Stakeholder Impact

• Shareholders: The disclosure of a significant institutional stake by Fund 1 Investments, LLC may be viewed positively by other shareholders as it indicates institutional interest and potential confidence in Zumiez Inc.

Next Steps

• This document does not specify any future actions, events, or milestones for Zumiez Inc. or Fund 1 Investments, LLC beyond the routine regulatory filing requirements.

Key Dates

Keywords

Zumiez Inc., Fund 1 Investments, SEC filing, Schedule 13G, beneficial ownership, common stock, institutional investment, retail, apparel, skateboarding, snowboarding