After seeking bankruptcy protection in June, At Home Group has successfully completed its financial restructuring and emerged from Chapter 11, the company announced.
With a court-supervised process now complete, At Home reported the company is backed by supportive new owners, and it meaningfully strengthened its financial position and has additional resources to invest in its strategic initiatives
At Home eliminated substantially all of its almost $2 billion in funded debt, the company noted, implemented a more profitable operating model and secured $500 million in new exit financing to drive strategic growth initiatives forward. At Home continues to operate 229 stores in 39 states as well as the athome.com e-commerce website.
In connection with the bankruptcy emergence, At Home has executed a transition of ownership to a group of its lenders, including funds affiliated with Redwood Capital Management, LLC, Farallon Capital Management, L.L.C. and Anchorage Capital Advisors, L.P.
At Home CEO Brad Weston and Redwood Capital Management representative Andrew Kilbourne will take seats on the company’s board of directors. Expectations are for the appointments of John Eck and Karen Stuckey to the board. Eck most recently served as CEO of Mattress Firm, and Stuckey spent 18 years at Wal-Mart and currently serves on the board of Gildan.
“Today marks an exciting new beginning for At Home,” Weston said. “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. This new chapter redefines what At Home can be, a brand that helps customers design and create spaces that reflect who they are and how they live.”
