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.
Mary Cunningham