At Home, the home decor and furniture retailer with more than 200 locations in the United States, is filing for bankruptcy.
The popular retail chain announced Monday that it is entering Chapter 11 protection as part of a restructuring agreement intended to eliminate $2 billion in debt and provide $200 million in capital to aid with the restructuring process.
Twenty-six At Home stores across the U.S. are slated to close, according to the company's court filings.
Owned by Hellman & Friedman, the Plano, Texas-based company, which has been struggling for months amid rising tariffs, entered a forbearance agreement with lenders after it after it missed an interest payment on May 15, Bloomberg reported.
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.
Brad Weston, CEO of At Home said in a statement that the company is "operating against the backdrop of an increasingly dynamic and rapidly evolving trade environment as we navigate the impact of tariffs." He added that the steps they are taking "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."
Reached for comment, At Home referred CBS MoneyWatch to its online statement.
Originally named Garden Ridge Pottery, the company opened its first store in 1979 in Schertz, Texas. Since then, it has expanded to 260 locations in 40 states. The retail chain sells a variety of home goods items including rugs, furniture, bedding and kitchenware.
Neil Saunders, managing director of GlobalData, said in an email that debt is not the only obstacle for At Home. The company is also dealing with a slowdown in consumer demand for home furnishings, "which is partly a consequence of low consumer confidence and a sluggish housing market," he said.
"These dynamics are unlikely to change in the near term," Saunders added.
The voluntary Chapter 11 proceedings are taking place at the U.S. Bankruptcy Court for the District of Delaware, the company said in its statement. At Home's Chapter 11 proceedings come amid a wave of financial turmoil for other large retailers. The Container Store and Big Lots filed for bankruptcy last year.
Here are the addresses of the 26 stores slated to close.
6135 Junction Blvd, Rego Park, NY 11374 300 Baychester Ave, Bronx, NY 10475 750 Newhall Dr, San Jose, CA 95110-11062505 El Camino Real, Tustin, CA 9278214585 Biscayne Blvd, North Miami, FL 33181-12092200 Harbor Blvd, Costa Mesa, CA 92627 3795 E Foothills Blvd, Pasadena, CA 91107 1982 E 20Th St, Chico, CA 959282820 Hwy 63 South, Rochester, MN 55904-557126532 Towne Center Drive Suites A-B, Foothill Ranch, CA 92610 1001 E Sunset Drive, Bellingham, WA 98226 8320 Delta Shores Circle S., Sacramento, CA 95832 1361 NJ-35, Middletown Township, NJ 7748 2900 N Bellflower Blvd, Long Beach, CA 90815720 Clairton Blvd, Pittsburgh, PA 15236 2530 Rudkin Road, Yakima, WA 98903 571 Boston Turnpike, Shrewsbury, MA 1545 5203 W War Memorial Dr, Peoria, IL 616158300 Sudley Rd., Manassas, VA 20109 461 Route 10 East, Ledgewood, NJ 07852301 Nassau Park Blvd., Princeton, NJ 08540 300 Providence Highway, Dedham, MA 02026 905 S 24Th Street W, Billings, MT 59102 19460 Compass Creek Pkwy, Leesburg, VA 201753201 North Mayfair Road, Wauwatosa, WI 5322213180 S Cicero Avenue, Crestwood, IL 60445
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