A prominent US home goods retailer and rival to HomeGoods, is expected to file for Chapter 11 bankruptcy imminently, with plans to close about 10% of its 200 stores. The company reportedly missed a key interest payment on 15 May, often a precursor to bankruptcy filings. At Home has until 30 June to remedy the missed payment, but a filing appears likely.
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Founded over 46 years ago, At Home offers a wide range of products including furniture, décor, bedding, and outdoor items, positioning itself as a destination for stylish and affordable home design. Despite a sales boost during the Covid pandemic, the company has struggled with disrupted consumer spending patterns and supply chain issues.
The retailer partially attributes its financial difficulties to tariffs imposed during the Trump administration, which have increased costs and created pricing uncertainties. With most products sourced from China, At Home faces challenges in quickly diversifying its supply chain. The company and its parent have not commented publicly on the situation. The impending bankruptcy signals continuing pressures within the home goods retail sector amid changing market dynamics.
Source: www.thestreet.com