Latest news with #BradWeston
Metro
5 hours ago
- Business
- Metro
Full list of 29 home goods chain store locations closing this fall
A beloved home goods retailer is set to close 26 stores in the US by this fall after filing for bankruptcy. At Home, a chain selling home décor and furniture, filed for Chapter 11 bankruptcy on Monday because of 'broader economic and retail-specific market pressures', according to court documents. More than two dozen 'underperforming' stores are marked for closure by September 30. At Home shuttered six locations over the past year, and its situation has only gotten worse. 'Given the expenses associated with brick-and-mortar operation and the issues affecting the retail industry, a number of the (At Home) remaining stores are operating at sub-optimal performance levels,' state the documents. The company, based in Coppell, Texas, cited concerns over custom costs from the Trump administration's tariffs, and 'persistent inflation', as reasons that led it to file for bankruptcy. Here are all the At Homes locations closing, according to the court documents. California: 750 Newhall Drive in San Jose 2505 El Camino Real in Tustin 2200 Harbor Boulevard in Costa Mesa 3795 E Foothills Boulevard 1982 E 20th Street in Chico 26532 Towne Center Drive Suites A-B in Foothill Ranch 8320 Delta Shores Circle South in Sacramento 2900 N Bellflower Boulevard in Long Beach Florida: 14585 Biscayne Boulevard in North Miami Illinois: 5203 W War Memorial Drive in Peoria 13180 S Cicero Ave in Crestwood Massachusetts 571 Boston Turnpike in Shrewsbury 300 Providence Highway in Dedham Minnesota: 2820 Highway 63 South in Rochester Montana: 905 S 24th Street West in Billings New Jersey: 1361 NJ-35 in Middletown Township 461 Route 10 East in Ledgewood 301 Nassau Park Boulevard in Princeton New York: 6135 Junction Boulevard in Rego Park 300 Baychester Avenue in Bronx Pennsylvania: 720 Clairton Boulevard in Pittsburgh Washington: 1001 E Sunset Drive in Bellingham 2530 Rudkin Road in Yakima Wisconsin: 3201 N Mayfair Road in Wauwatosa Virginia: 8300 Sudley Road in Manassas 19460 Compass Creek Parkway in Leesburg Under the bankruptcy process, At Home ownership will be transferred to hedge fund and investment firms in New York City and San Francisco. At Home CEO Brad Weston stated that the company plans to emerge and 'move forward with new owners and a meaningfully strengthened balance sheet'. 'We are grateful to be moving forward with significant support from our financial stakeholders, which demonstrates their confidence in our business and our future strategy,' stated Weston. More Trending 'As we work through this process, our stores and the teams that support them remain customer focused and committed to serving and inspiring customers, enabling them to Design Their Life AT HOME.' At Home is the latest American big box retailer to downsize recently. Its bankruptcy comes after the popular fabrics and crafts retail chain Joann announced it would close 255 stores in May, and the country's largest party supply retail chain Party City shuttered all of its stores in February after 40 years. Get in touch with our news team by emailing us at webnews@ For more stories like this, check our news page. MORE: Trump launches his own mobile network with a $499 gold phone MORE: Full list of 55 NatWest branches that will close in another blow to high street MORE: Man arrested after 'assassination' of US politician and her husband
Fast Company
7 hours ago
- Business
- Fast Company
At Home closing? Bankruptcy puts dozens of stores at risk of shutting down
At Home, the big-box home décor and furnishings brand, is the most recent in a series of home goods stores, including Big Lots and True Value, to file for bankruptcy in recent months. Today, the company announced that it is seeking Chapter 11 protection after tariff-related costs, inflation, and reduced foot traffic have taken a bite out of sales. The company, which is owned by Hellman & Friedman and operates 260 stores across the U.S., has entered an agreement with its lenders that's intended to help eliminate the company's $2 billion in debt while providing $200 million in new funding to keep the brand afloat during the restructuring process. CEO Brad Weston said in a press release that At Home is operating against a 'rapidly evolving trade environment as we navigate the impact of tariffs' and that the changes are intended to help the company compete in a more volatile marketplace. At Home's financial woes come on the back of closures for several similar brands. In 2024, the discount retailer Big Lots also filed for Chapter 11 bankruptcy and planned to close all of its 800 locations before it was ultimately purchased and kept afloat by a new owner (though at a much smaller scale). And this May, the beloved arts and crafts retailers Joann's closed its doors permanently after a drawn-out bankruptcy process. Now, At Home will be the latest home goods retailer to attempt to keep its doors open as it navigates the bankruptcy process. 26 stores expected to close Currently, At Home employs over 7,000 workers across 40 states. According to a bankruptcy court filing, the brand has struggled over the past several years due to 'reduced foot traffic in stores, heightened competition from comparable and off-price retailers offering substantial discounts, and a disparity between inventory and customer demand.' Over the last year, At Home has already closed six stores, but it reports that several remaining stores are still operating at 'sub-optimal performance levels.' To turn things around, At Home reported that it will begin by transitioning ownership of the company to its lenders, who are shouldering more than 95% of its debt. The restructuring is also expected to result in several store closures. Per the filing, 'Ultimately, the Debtors' management team and advisors determined that it is appropriate to commence closings of 26 underperforming brick-and-mortar stores, with the potential to close additional underperforming stores in the future.' The 26 stores are expected to be sold and vacated by September 30, 2025. Here are the stores that are expected to close: 6135 Junction Blvd Rego Park NY 300 Baychester Ave Bronx NY 750 Newhall Dr San Jose CA 2505 El Camino Real Tustin CA 14585 Biscayne Blvd North Miami FL 2200 Harbor Blvd Costa Mesa CA 3795 E Foothills Blvd Pasadena CA 1982 E 20Th St Chico CA 2820 Hwy 63 South Rochester MN 26532 Towne Center Drive Suites A-B Foothill Ranch CA 1001 E Sunset Drive Bellingham WA 8320 Delta Shores Circle S. Sacramento CA 1361 NJ-35 Middletown Township NJ 2900 N Bellflower Blvd Long Beach CA 720 Clairton Blvd Pittsburgh PA 2530 Rudkin Road Yakima WA 571 Boston Turnpike Shrewsbury MA 5203 W War Memorial Dr Peoria IL 8300 Sudley Rd. Manassas VA 461 Route 10 East Ledgewood NJ 301 Nassau Park Blvd. Princeton NJ 300 Providence Highway Dedham MA 905 S 24th Street W Billings MT 19460 Compass Creek Pkwy Leesburg VA 3201 North Mayfair Road Wauwatosa WI
Yahoo
9 hours ago
- Business
- Yahoo
At Home Group Enters Agreement to Facilitate Ownership Transition and Position Business for Long-Term Success
Restructuring Support Agreement with Key Financial Stakeholders to Eliminate Substantially All $2 Billion of Company's Funded Debt and Provide $200 Million in New Capital At Home Initiates Voluntary Court-Supervised Process to Implement Terms of Agreement Secures Commitment for $600 Million in Debtor-in-Possession Financing to Support Continued Operations Continuing to Serve Customers In-Store and Online with Compelling Home Furnishings Assortment That Pairs Good Design with Exceptional Value DALLAS, June 16, 2025--(BUSINESS WIRE)--At Home Group Inc. ("At Home" or the "Company") today announced steps the Company is taking to strengthen its financial foundation and position the business for long-term success while continuing to serve its customers. The Company has entered into a Restructuring Support Agreement (the "RSA") with lenders holding more than 95% of the Company's debt that sets forth terms of a prearranged financial restructuring that will eliminate substantially all of the Company's nearly $2 billion in funded debt and provide a capital infusion of $200 million to support the Company through its restructuring process and beyond. Pursuant to the RSA, following the consummation of its restructuring, the Company expects there will be a transition of ownership of At Home to the lenders supporting the RSA and providing the Company with new capital, including funds affiliated with Redwood Capital Management, LLC, Farallon Capital Management, L.L.C., and Anchorage Capital Advisors, L.P. "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," said Brad Weston, Chief Executive Officer of At Home. "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. The steps we are taking today to fully de-lever our balance sheet 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." "We are grateful to be moving forward with significant support from our financial stakeholders, which demonstrates their confidence in our business and our future strategy," continued Weston. "Upon emergence from the prearranged restructuring process, At Home will move forward with new owners and a meaningfully strengthened balance sheet. Importantly, this process will also further equip us with opportunities to invest in our strategic initiatives and to continue fortifying our business for the long term. As we work through this process, our stores and the teams that support them remain customer focused and committed to serving and inspiring customers, enabling them to Design Their Life AT HOME." Additional Information About the Court-Supervised Process To implement the terms of the RSA, the Company and certain of its subsidiaries have commenced voluntary Chapter 11 proceedings in the U.S. Bankruptcy Court for the District of Delaware (the "Court"). At Home is continuing to serve customers during the court-supervised process, providing exceptional value through affordable design and decorating solutions both in-store and online. Under the RSA, the Company has agreed to certain milestones to ensure an orderly emergence from Chapter 11 as soon as practicable after the filing of the cases. In connection with this process, At Home is entering into an agreement for $600 million in debtor-in-possession ("DIP") financing, which includes the $200 million capital infusion from certain of its existing lenders and a "roll up" of $400 million of existing senior secured debt. The Company's existing lenders and ABL lenders have also consented to the Company's use of cash collateral during these Chapter 11 cases. Upon Court approval, the Company expects this financing, together with cash generated from At Home's ongoing operations, will provide sufficient liquidity to support the business during the court-supervised process. At Home has filed a number of customary "first-day" motions with the Court to maintain business operations, facilitate the efficient administration of the Chapter 11 cases, and uphold its go‑forward commitments to its stakeholders, including the continued payment of team member wages and benefits without interruption. At Home fully expects to pay vendors and suppliers in full under normal terms for goods and services provided after the filing date. The Company expects to receive court approval for these requests in the near term. Additional information regarding At Home's court-supervised process is available at Court filings and other information related to the proceedings, including instructions on how to file a proof of claim, are available on a separate website administered by the Company's claims agent, Omni Agent Solutions, Inc. ("Omni"), at by calling Omni toll-free at (888) 818-9346 or (747) 293-0014 for calls originating outside of the U.S. or Canada, or by sending an email to AtHomeInquiries@ Advisors Kirkland & Ellis is serving as legal counsel, PJT Partners is serving as financial advisor, AlixPartners is serving as restructuring advisor and Hilco Real Estate is serving as real estate consultant to At Home. Joele Frank, Wilkinson Brimmer Katcher is serving as strategic communications advisor. Dechert LLP is serving as legal counsel and Evercore Group LLC is serving as financial advisor to the ad hoc group of lenders. About At Home: AT HOME believes your home should be a reflection of your personal style – warm, thoughtful and inviting. As your go-to source for design and decorating inspiration, AT HOME offers exclusive, elevated collections that blend value with distinctive style. The Company is passionate about helping customers Design Their Life AT HOME with beautiful, accessible solutions that inspire and engage. Headquartered in Coppell, Texas, AT HOME currently operates 260 stores in 40 states. For more information, please visit us online at View source version on Contacts For MediaJoele Frank, Wilkinson Brimmer KatcherMeaghan Repko / Aaron Palash / Carly King212-355-4449For LandlordsHilco Real Estate, LLCDaniel O'Briendobrien@ 847-504-2475Adam Humerickahumerick@ 847-504-3265
New York Post
12 hours ago
- Business
- New York Post
Popular home goods chain files for bankruptcy due to ‘rapidly evolving trade environment'
Popular home goods chain At Home has filed for bankruptcy, with its chief executive citing a 'rapdily evolving trade environment' as President Trump's tariffs hammer the retail sector. The Dallas-based chain, which boasts 260 stores across 40 states, said it would continue to operate as usual during the Chapter 11 bankruptcy process. At Home, which is backed by private equity firm Hellman & Friedman, has entered into an agreement with its lenders that 'will eliminate substantially all' of its roughly $2 billion in debt and provide $200 million in new funding, the company said. 3 Popular home goods chain At Home has filed for bankruptcy. UCG/Universal Images Group via Getty Images CEO Brad Weston, who joined the company last year and previously ran Party City Holdings, blamed the chain's struggles on 'an increasingly dynamic and rapidly evolving trade environment as we navigate the impact of tariffs.' The Chapter 11 process '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,' Weston added. At Home did not immediately respond to The Post's request for comment. The chain plans to close approximately 20 stores as part of the bankruptcy process, The Wall Street Journal recently reported. At Home did not announce store closures on Monday. The home goods industry has been suffering from a slump in sales after consumer sentiment remained stubbornly low for months as Trump's trade war fueled uncertainty. The Container Store, Bed Bath & Beyond and Big Lots have all filed for bankruptcy. Home Depot and Lowe's have also reported shaky earnings as customers hold off on home improvement projects. Consumer sentiment bounced back in June as a 90-day tariff deal with China eased tensions, according to the University of Michigan's Surveys of Consumers. 3 A shopper browses garden decorations in an At Home store. MediaNews Group via Getty Images At Home, meanwhile, has faced liquidity constraints for months. It has roughly $17.3 million available under its asset-based lending facility, sources told Bloomberg in May. Its $600 million first-lien term loan is trading at distressed levels – most recently quoted at just 38 cents on the dollar – as the retailer has been seeking to restructure its balance sheet, according to the Bloomberg report. Trump's tariffs haven't helped the chain, which relies heavily on China for imports of furniture and home decor. At Home started shifting its production away from China ahead of Trump's announcement in April, which levied taxes as high as 145% on Chinese goods. 3 A customer enters an At Home store in Queens, New York. UCG/Universal Images Group via Getty Images The president has since lowered those rates to 30% as part of a deal with China. In May 2023, At Home enjoyed a liquidity boost when it raised $200 million through the sale of five-year senior secured notes and exchanged $442 million in unsecured bonds for toggle notes. But it wasn't enough for the retailer to maintain revenue growth as customers pulled back on spending.
Yahoo
12 hours ago
- Business
- Yahoo
At Home decor and furniture retailer files for bankruptcy
At Home, the home decor and furniture retailer with more than 200 locations in the United States, is filing for bankruptcy. The retail chain announced Monday that it is entering Chapter 11 protection as part of a Restructuring Support Agreement intended to eliminate $2 billion in debt and provide $200 million in capital to aid with the restructuring process. As part of the agreement, At Home said it expects to transition ownership of the company to its pool of lenders who are holding more than 95% of the company's debt. "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," said Brad Weston, CEO of At Home. "The steps we are taking today to fully de-lever our balance sheet 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." — This is a developing story and will be updated. Harry Chapin: Songwriter, activist and father How the U.S. Army was born How scammers are using AI to create fake job applicants Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
