At Home Group has initiated Chapter 11 bankruptcy proceedings as part of a strategic restructuring plan aimed at revitalizing the popular home decor retailer.
The announcement, made on Monday, revealed that the company has secured a “restructuring support agreement” with lenders who possess over 95% of its total debt. This move is intended to facilitate the necessary financial adjustments.
This restructuring plan is poised to eliminate nearly all of At Home’s $2 billion in funded debt, according to the company’s statements. Additionally, the deal includes a fresh capital injection of $200 million, positioning At Home for future growth.
RITE AID FILES FOR BANKRUPTCY FOR SECOND TIME IN LESS THAN 2 YEARS
CEO Brad Weston emphasized that the actions being taken today are crucial for significantly reducing the company’s debt burden. He stated that these steps will not only enhance their competitive edge amid ongoing market fluctuations but will also strengthen the overall resilience of the business.
