Court approves At Home restructuring plan; will change ownership
At Home is one step closer to exiting bankruptcy and having a new group of owners.
The value home décor retailer, which filed for bankruptcy in June, said that it has received court approval for its financial restructuring plan. At Home expects to emerge from its court-supervised restructuring in the coming weeks.
Under the restructuring plan, At Home will eliminate “substantially all” of its nearly $2 billion in funded debt and get access to about $500 million under an asset-based loan. Following the completion of the restructuring, ownership of the company will transition 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.
“Having received this approval, we are one step closer to emerging from our court-supervised process with a fully de-levered balance sheet, a more profitable operating model and new financial resources to invest in our strategic initiatives,” said At Home CEO Brad Weston. “We look forward to entering our next phase as a more resilient, more competitive business.”
At the time of its filing, At Home operated roughly 260 locations. After closing about 30 locations, it currently has 232 stores in 39 states.
“As we move forward with a fully optimized store fleet, team members across all of our At Home stores are helping customers prepare for Halloween and the seasonal transition to fall,” Weston said. “We are gearing up for the upcoming Holiday season and look forward to continuing to welcome and serve customers in our stores and online.”
Most recently, Real Simple launched an exclusive partnership with At Home with an initial collection of 270 items available in-store and online. Prices range from $1.99 to $129.99.
"Over the last 18 months, we worked closely with the Real Simple team to bring thoughtful design and style to everyday essentials", said Kristian Lazzaro, chief design officer for At Home. "This new collection is all about making your life easier and more beautiful with fresh, functional solutions for all areas of the home as you get ready to host for the holidays."
Additional information regarding At Home’s court-supervised process is available at AtHomeRestructuring.com.
Advisors
Kirkland & Ellis is serving as legal counsel, PJT Partners is serving as investment banker, AlixPartners is serving as financial advisor and Hilco Real Estate is serving as real estate consultant to At Home. Joele Frank, Wilkinson Brimmer Katcher is serving as strategic communications advisor.
Dechert LLP is serving as legal counsel and Evercore Group LLC is serving as financial advisor to the ad hoc group of lenders.
