The North Texas-based home goods and furniture chain At Home announced this week that it has voluntarily filed for Chapter 11 bankruptcy protection.
The home decor chain, headquartered in Coppell, announced in a June 16 press release that it is filing for bankruptcy to improve its financial position.
At Home currently operates 260 stores across 40 states. While roughly 20 stores are expected to close as part of the proceedings, no stores in Texas are set to be shuttered.
As part of the decision, At Home entered a Restructuring Support Agreement (RSA) with lenders holding more than 95% of the company’s debt. The move will eliminate most of the company’s nearly $2 billion in funded debt while providing $200 million in capital to help support At Home through restructuring.
Ultimately, ownership of At Home will transition to the lenders supporting the RSA.
“We are pleased to have reached this agreement with our lenders, which represents a critical and positive advancement of our work to best position At Home for the future,” Brad Weston, Chief Executive Officer of At Home, said in the press release.
“Over the past several months, we’ve taken deliberate steps to strengthen the foundation of our business – sharpening our focus, elevating our customer value proposition, and driving operational discipline. These efforts are aimed at delivering sustained sales growth, optimizing our inventory management, improving efficiency, and enhancing overall profitability. While we have made significant progress advancing our initiatives to date, we are operating against the backdrop of an increasingly dynamic and rapidly evolving trade environment as we navigate the impact of tariffs.”
At Home, which was renamed from Garden Ridge in 2013, will close locations in a dozen states, including eight in California alone.