Latest news with #AtHomeGroup
Yahoo
5 days ago
- Business
- Yahoo
Home decor retailer files for Chapter 11 bankruptcy as part of restructuring
At Home Group has filed for bankruptcy to help the home decor retailer undergo a restructuring. The company announced Monday it started Chapter 11 bankruptcy proceedings so that it can implement a "restructuring support agreement" that it has signed with lenders "holding more than 95% of the Company's debt." The restructuring support agreement will help the retailer wipe out "substantially all" of its nearly $2 billion in funded debt, At Home said. It will also infuse the retailer with $200 million of capital. Rite Aid Files For Bankruptcy For Second Time In Less Than 2 Years "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," CEO Brad Weston said. At Home has reached a deal for $600 million in debtor-in-possession financing in total. The other $400 million will come from a "roll up" of existing senior secured debt, it said. Read On The Fox Business App The funds, subject to court approval, will help "provide sufficient liquidity to support the business during the court-supervised process," according to At Home. Florida-based Airline Suddenly Shuts Down, Leaving Travelers Stranded While going through Chapter 11 bankruptcy, At Home will sell products at physical stores and through its website, the company said. It plans to keep a "majority" of its home decor stores open during the process, according to a document on its restructuring website. The retailer's footprint currently spans 260 locations scattered across 40 states. Lenders including Redwood Capital Management, Farallon Capital Management and Anchorage Capital Advisors will become At Home's new owners following the completion of the restructuring, according to At Home. "Upon emergence from the rearranged restructuring process, At Home will move forward with new owners and a meaningfully strengthened balance sheet," Weston said. "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." Weightwatchers Files For Bankruptcy The retailer's restructuring support agreement and bankruptcy filing come after At Home took "deliberate steps" over the past several months to help boost sales growth, manage its inventory better and increase its efficiency in the face of a "dynamic and rapidly evolving trade environment" from tariffs, according to At Home's CEO. In its Chapter 11 petition, it estimated a range of $1 billion to $10 billion for its assets. Its estimated liabilities had the same range. The home decor retailer's origins trace back to the late 1970s. It has been owned by funds affiliated with private equity firm Hellman & Friedman since article source: Home decor retailer files for Chapter 11 bankruptcy as part of restructuring 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
Yahoo
6 days ago
- Business
- Yahoo
At Home files for bankruptcy with lenders set to take control
US home-decor retailer the At Home Group and certain subsidiaries have filed for voluntary Chapter 11 bankruptcy protection, with plans to facilitate ownership transition to lenders. According to the terms agreed upon in the restructuring support agreement (RSA), a planned financial reorganisation aims to cut the company's existing debt by $2bn. It includes a provision for a $200m capital injection to aid the company during and after the restructuring phase. As per the RSA, ownership of At Home is expected to shift to the participating lenders post-restructure. The lenders, which are set to provide new capital, include entities associated with Redwood Capital Management, Farallon Capital Management, and Anchorage Capital Advisors. They hold more than 95% of the company's debt. The proceedings have commenced in the US Bankruptcy Court for the District of Delaware to execute its restructuring plan. At Home has faced recent financial difficulties which have intensified due to tariffs and trade disputes. The US retailer will continue to operate and offer affordable design and decorating solutions during this court-supervised process. In relation to the Chapter 11 proceedings, At Home is arranging $600m in debtor-in-possession financing, which incorporates the $200m capital boost from some existing lenders and a roll up of $400m of existing senior secured debt. At Home expects the financing, along with revenue from ongoing operations, to provide ample liquidity for the business during the court-supervised process, subject to court approval. The retailer has submitted standard first-day motions to the court to sustain business operations and manage the Chapter 11 cases efficiently. This includes the uninterrupted payment of team member wages and benefits. At Home also intends to fully compensate vendors and suppliers for goods and services provided post-filing. At Home CEO Brad Weston stated: '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, optimising 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.' Kirkland & Ellis is providing legal counsel, PJT Partners is the financial advisor, AlixPartners is the restructuring advisor and Hilco Real Estate is the real estate consultant for At Home. Strategic communications advice is being offered by Joele Frank and Wilkinson Brimmer Katcher. Dechert is the legal counsel and Evercore Group is the financial advisor for the ad hoc group of lenders. "At Home files for bankruptcy with lenders set to take control" was originally created and published by Retail Insight Network, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
Yahoo
6 days ago
- Business
- Yahoo
At Home files for bankruptcy with lenders set to take control
US home-decor retailer the At Home Group and certain subsidiaries have filed for voluntary Chapter 11 bankruptcy protection, with plans to facilitate ownership transition to lenders. According to the terms agreed upon in the restructuring support agreement (RSA), a planned financial reorganisation aims to cut the company's existing debt by $2bn. It includes a provision for a $200m capital injection to aid the company during and after the restructuring phase. As per the RSA, ownership of At Home is expected to shift to the participating lenders post-restructure. The lenders, which are set to provide new capital, include entities associated with Redwood Capital Management, Farallon Capital Management, and Anchorage Capital Advisors. They hold more than 95% of the company's debt. The proceedings have commenced in the US Bankruptcy Court for the District of Delaware to execute its restructuring plan. At Home has faced recent financial difficulties which have intensified due to tariffs and trade disputes. The US retailer will continue to operate and offer affordable design and decorating solutions during this court-supervised process. In relation to the Chapter 11 proceedings, At Home is arranging $600m in debtor-in-possession financing, which incorporates the $200m capital boost from some existing lenders and a roll up of $400m of existing senior secured debt. At Home expects the financing, along with revenue from ongoing operations, to provide ample liquidity for the business during the court-supervised process, subject to court approval. The retailer has submitted standard first-day motions to the court to sustain business operations and manage the Chapter 11 cases efficiently. This includes the uninterrupted payment of team member wages and benefits. At Home also intends to fully compensate vendors and suppliers for goods and services provided post-filing. At Home CEO Brad Weston stated: '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, optimising 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.' Kirkland & Ellis is providing legal counsel, PJT Partners is the financial advisor, AlixPartners is the restructuring advisor and Hilco Real Estate is the real estate consultant for At Home. Strategic communications advice is being offered by Joele Frank and Wilkinson Brimmer Katcher. Dechert is the legal counsel and Evercore Group is the financial advisor for the ad hoc group of lenders. "At Home files for bankruptcy with lenders set to take control" was originally created and published by Retail Insight Network, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Sign in to access your portfolio
Wall Street Journal
6 days ago
- Business
- Wall Street Journal
At Home Group Enters Chapter 11 Amid Restructuring
At Home Group has entered a restructuring support agreement with lenders to eliminate substantially all of its nearly $2 billion in funded debt and has obtained about $200 million of capital to support operations. Under the terms of the agreement, At Home and certain subsidiaries have voluntarily entered chapter 11 proceedings in the U.S., a move the company said will strengthen its financial foundation and position it for long-term success.
Bloomberg
7 days ago
- Business
- Bloomberg
Retailer At Home Files Bankruptcy With Lenders Set to Take Over
At Home Group Inc. filed bankruptcy to implement a restructuring deal which will see its lenders including Redwood Capital Management LLC, Farallon Capital Management LLC and Anchorage Capital Advisors LP take over the business. The retailer has reached an agreement with creditors holding more than 95% of its debt that envisages the write-off of most of their $2 billion exposure and the provision of $200 million of new capital, according to a statement on Monday. The company filed for Chapter 11 in Delaware to push through the transaction.
