IKEA competitor At Home declares bankruptcy, set to close 20 locations as CEO blames Trump's trade policies
The home décor retail chain At Home has filed for Chapter 11 bankruptcy after weeks of speculation. The Texas-based company, which operates around 200 stores across 40 states, made the filing on Monday.
At Home CEO Brad Weston pointed to former President Donald Trump's trade policies as one of the reasons behind the company's financial troubles.
'We are operating against the backdrop of an increasingly dynamic and rapidly evolving trade environment as we navigate the impact of tariffs,' Weston said, as per Daily Mail.
Despite the bankruptcy filing, Weston said most stores will remain open and that the move is intended to 'increase the resilience of our business for the long term.'
According to reports, about 20 locations will close as part of the process, with more possibly on the chopping block as the company works through bankruptcy court.
At Home specializes in low- and mid-priced home goods, selling everything from $30 area rugs to $450 accent chairs. But analysts say the chain has struggled to keep up with consumer expectations and competitors.
'They have way too much debt, their stores are not particularly interesting, and they are being beaten on price and interesting assortments by chains like IKEA and HomeGoods,' said Neil Saunders, managing director at GlobalData. He added that more store closures may follow, though, 'This remains to be seen.'
At Home was taken private in 2021 in a $2.8 billion deal with investment firm Hellman & Friedman. The company reportedly missed a key interest payment on May 15, according to The Wall Street Journal.
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Rumors of a possible bankruptcy began in April, as reports highlighted over $2 billion in debt and fallout from Trump-era tariffs. At Home sources much of its inventory from China, and the 30% tariff rate on Chinese imports has made it harder for the retailer to stay competitive. The company has faced pressure to either raise prices or take on more debt.
Since late 2023, At Home has been trying to shift sourcing away from China and toward suppliers in India, according to Bloomberg. But supply chain transitions take time. India is currently negotiating with US officials to lift a paused 26% tariff on goods, which could help in the long term.
The retailer saw strong performance during the COVID-19 pandemic, when home improvement spending surged. But with inflation taking a toll, consumers have cut back on nonessential purchases.
'Although inflation has been easing, overall prices are still significantly higher than pre-pandemic levels,' said Tim Hynes, global head of credit research at Debtwire. 'There is a notable shift away from discretionary goods, such as home furnishings, towards essential items and experiences.'
Hynes also noted that At Home's bankruptcy might lead to short-term promotions for shoppers, but longer-term challenges remain.
'While some supply chain issues have stabilized, geopolitical risks and the potential for increased tariffs on imported goods introduce uncertainty,' he said. 'Retailers like At Home, which rely heavily on imported products, could face higher procurement costs and potential disruptions if tariffs are implemented.'
At Home is one of several home-focused retailers to file for bankruptcy since 2022. Others include Bed Bath & Beyond, Christmas Tree Shops, Bargain Hunt, Conn's, LL Flooring, and The Container Store. LL Flooring and The Container Store have since emerged from bankruptcy. The others have closed their stores.
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