At Home, the Texas-based furniture and home décor retailer, has secured a last-minute rescue that allows it to emerge from bankruptcy and retain around 230 stores nationwide. The company, which filed for Chapter 11 in June, has reached an agreement with lenders to eliminate nearly $2 billion in debt and secured a $500 million asset-based loan to support operations. Investment firms Redwood Capital Management, Farallon Capital Management and Anchorage Capital Advisors will take ownership, marking a fresh chapter for the retailer.
© At Home
During proceedings, At Home confirmed the closure of 31 locations, with three more scheduled to shut by October 25 in New York, Illinois and Wisconsin. Customers shopping at those branches are warned that all sales are final. Despite the contraction, CEO Brad Weston stressed that the business is "fully optimised" to focus on seasonal offerings, preparing stores for Halloween, fall and the upcoming holiday season.
At Home's financial struggles stemmed from mounting debt, high interest costs and reliance on international sourcing, with tariffs on imported furniture adding further strain. While the restructuring keeps the majority of its stores open, the company now faces the challenge of competing in a cautious retail environment where consumers are spending more carefully.
Source: www.the-sun.com
