DALLAS – For the second times since 2021, At Home is expected to change ownership, a process that will occur as it exits bankruptcy protection in the coming weeks.
The home décor specialist announced this morning that the bankruptcy court has confirmed its reorganization plan, which will wipe out nearly all of its $2 billion debt and provide At Home with access to approximately $500 million under an asset-based loan.
Once the restructuring has been completed, ownership will transition to a group of At Home’s lenders, including funds affiliated with Redwood Capital Management LLC, Farallon Capital Management L.L.C., and Anchorage Capital Advisors L.P.
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Currently, At Home Group is owned by private equity group Hellman & Friedman, which acquired it in 2021.
“Having received this approval, we are one step closer to emerging from our court-supervised process with a fully de-levered balance sheet, a more profitable operating model and new financial resources to invest in our strategic initiatives,” said Brad Weston, At Home’s CEO.
At Home filed for bankruptcy on June 16 in the U.S. Bankruptcy Court for the District of Delaware. At the time, the company said that over the past few years, it has faced a challenging commercial environment brought on by broader economic and retail-specific pressures. Increased interest rates, persistent inflation and concerns over unsustainable customs costs resulting from increased tariffs all placed significant pressure on its revenue and cost structure.
Since then, the retailer has shuttered approximately 31 of the 260 locations it was operating before the bankruptcy.
