At Home Furniture Retailer Files for Bankruptcy
At Home, a leading home decor and furniture retailer with over 200 locations across the United States, has filed for Chapter 11 bankruptcy protection. The Plano, Texas-based company announced on Monday that it is entering into a restructuring agreement aimed at eliminating $2 billion in debt and providing $200 million in capital to aid with the restructuring process.
According to a statement released by the company, At Home has been struggling in recent months due to rising tariffs and a slowdown in consumer demand for home furnishings. The company’s CEO, Brad Weston, said that the steps being taken "will improve our ability to compete in the marketplace in the face of continued volatility and increase the resilience of our business for the long term." As quoted in the report from CBS News, Weston added that the company is "operating against the backdrop of an increasingly dynamic and rapidly evolving trade environment as we navigate the impact of tariffs."
The bankruptcy filing comes as no surprise, given that At Home had previously entered into a forbearance agreement with lenders after missing an interest payment on May 15. As part of the agreement, the company expects to transition ownership to its pool of lenders, who hold more than 95% of the company’s debt. This move is seen as a strategic effort to strengthen the company’s financial position and enable it to continue operating.
At Home, which was originally named Garden Ridge Pottery, has been in operation since 1979. The company has expanded to 260 locations in 40 states, offering a wide range of home goods items, including rugs, furniture, bedding, and kitchenware. However, according to Neil Saunders, managing director of GlobalData, debt is not the only obstacle facing At Home. "The company is also dealing with a slowdown in consumer demand for home furnishings, which is partly a consequence of low consumer confidence and a sluggish housing market," he said, as reported by CBS News.
Saunders added that these dynamics are unlikely to change in the near term, making it challenging for At Home to recover. The company’s voluntary Chapter 11 proceedings are taking place at the U.S. Bankruptcy Court for the District of Delaware. The filing comes amid a wave of financial turmoil for other large retailers, including The Container Store and Big Lots, which filed for bankruptcy last year.
As part of the bankruptcy filing, At Home has announced that 26 stores across the U.S. will be closing. The affected stores include locations in New York, California, Florida, and other states. A full list of closing stores can be found below.
Closing Store Locations:
- 6135 Junction Blvd, Rego Park, NY 11374
- 300 Baychester Ave, Bronx, NY 10475
- 750 Newhall Dr, San Jose, CA 95110-1106
- 2505 El Camino Real, Tustin, CA 92782
- 14585 Biscayne Blvd, North Miami, FL 33181-1209
- 2200 Harbor Blvd, Costa Mesa, CA 92627
- 3795 E Foothills Blvd, Pasadena, CA 91107
- 1982 E 20Th St, Chico, CA 95928
- 2820 Hwy 63 South, Rochester, MN 55904-5571
- 26532 Towne Center Drive Suites A-B, Foothill Ranch, CA 92610
- 1001 E Sunset Drive, Bellingham, WA 98226
- 8320 Delta Shores Circle S., Sacramento, CA 95832
- 1361 NJ-35, Middletown Township, NJ 7748
- 2900 N Bellflower Blvd, Long Beach, CA 90815
- 720 Clairton Blvd, Pittsburgh, PA 15236
- 2530 Rudkin Road, Yakima, WA 98903
- 571 Boston Turnpike, Shrewsbury, MA 1545
- 5203 W War Memorial Dr, Peoria, IL 61615
- 8300 Sudley Rd., Manassas, VA 20109
- 461 Route 10 East, Ledgewood, NJ 07852
- 301 Nassau Park Blvd., Princeton, NJ 08540
- 300 Providence Highway, Dedham, MA 02026
- 905 S 24Th Street W, Billings, MT 59102
- 19460 Compass Creek Pkwy, Leesburg, VA 20175
- 3201 North Mayfair Road, Wauwatosa, WI 53222
- 13180 S Cicero Avenue, Crestwood, IL 60445
This article is based on a report from CBS News, which can be found at https://www.cbsnews.com/news/at-home-decor-bankruptcy-retailer/.
