‘At Home' retail chain to file for Chapter 11 bankruptcy and close stores? All we know
Popular home goods store At Home may soon be on the verge of filing for Chapter 11 bankruptcy protection given its recent activities. Although the company had a good run during the pandemic, recent hikes in trade tariffs might lead to the foreclosure of multiple stores. The chain was known for providing anything and everything related to home décor needs.
"For over 46 years, At Home has been a trusted destination for stylish, approachable design — offering everything a decorator may need to transform their space into a true reflection of who they are, how they want to live, and the memories they aim to create at home. Discover everything for every room, from Furniture, Rugs, and Décor to Bedding, Bath, Outdoor and more. Explore curated collections, incredible seasonal selections, and unique pieces that show off your signature style. Design your life At Home,' reads the official company website.
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Covid-19 was a particularly delightful period in terms of sales for At Home. Due to a constant consumer need to redecorate and replace old furniture, those two years accounted for some of the most profitable quarters of the company. However, recent media reports suggest that the company may not be doing so well now that the rush of purchase has subsided.
The company failed to pay a key interest payment by May 15, an indication that usually precedes filing for Chapter 11 bankruptcy. Such a move either forces the lender into foreclosing the loan or brings them to the negotiation table. Although the payment can still be made by June 30, the company's recent financial track record swings the pendulum in favor of a bankruptcy filing instead.
If the company chooses to do so, it may be coerced into shutting down 10% of its 200 stores including those apart from the original locations.
The company holds President Trump's stringent tariff policies responsible for the surge in supply prices with no suitable return in sight. Since China was one of the biggest suppliers of the company's products, the recent tariff hikes have burdened the company amidst declining consumer spending. Although they have tried to branch out to other sources to get supply at cheaper rates, it's not quite as easy to replace an entire pre-established system.
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On June 16, the company officially entered into a Restructuring Support Agreement with its lenders in order to prearrange a financial restructuring of the chain to eliminate its $2 billion debt and infuse more capital into the project.
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