At Home emerges from bankruptcy under new ownership

DALLAS – At Home Group has completed its financial restructuring and, in the process, has wiped out nearly all of its $2 billion in funded debt.

The company announced Friday afternoon (Oct. 24) that it had emerged from Chapter 11 bankruptcy with $500 million in new exit financing to drive its growth. The home furnishings specialty chain filed for bankruptcy in June and shuttered 31 locations while restructuring. It now operates 229 stores in 39 states.

“We are officially starting our next phase with renewed financial strength, flexibility and momentum. We’re taking decisive actions to become more relevant, more inspiring and more connected to our customers,” said Brad Weston, CEO.

Ownership of At Home has transitioned to a group of its lenders, including funds affiliated with Redwood Capital Management, Farallon Capital Management, and Anchorage Capital Advisors.

Weston and Redwood Capital Management representative Andrew Kilbourne have been appointed to At Home’s Board of Directors. A pair of veteran retail execs are expected to join the board in the near term as well. John Eck most recently served as CEO of Mattress Firm prior to its sale to Somnigroup; Karen Stuckey spent 18 years at Wal-Mart and currently serves on the board of Gildan.

“The company’s commitment to customer centricity and delivering fresh, inspiring assortments positions it for an exciting future,” said Eck.