At Home files for Chapter 11 bankruptcy, could close some stores
At Home, the home decor and furniture retailer with 260 locations in 40 states, is filing for bankruptcy.
The chain announced today that it is seeking Chapter 11 protection as part of a restructuring agreement intended to eliminate $2 billion in debt and provide $200 million in capital to aid with restructuring the company.
CBS News reports The Plano, Texas-based company, which has been struggling for months amid rising tariffs, entered a forbearance agreement with lenders after it after it missed an interest payment on May 15, Bloomberg reported.
Brad Weston, CEO of At Home said in a statement that the company is “operating against the backdrop of an increasingly dynamic and rapidly evolving trade environment as we navigate the impact of tariffs.” He added that the steps they are taking “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.”
The Wall Street Journal recently reported that around 20 stores would be closing. The company says the majority of its stores will remain open.
At Home had a store at Eastdale Mall in Montgomery, which closed late last year after opening in the former Sears location in 2017.
With the closing, the closest At Home stores to Montgomery are in Hoover, Trussville and Mobile.
