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At Home’s Financial Crisis May Trigger Bankruptcy, Store Closures Across the U.S.
- At Home Group is reportedly preparing to file for bankruptcy protection with plans to close about 20 stores out of their 250 locations.
- The Texas-based retailer has faced financial struggles attributed to significant debt and trade challenges.
- Owner Hellman & Friedman took At Home private in 2021 but the $2 billion debt burden has been challenging.
- The company missed an interest payment in May and is in negotiations with creditors to restructure its debts and seek lease concessions.
- Reports suggest immediate closure of 10% of locations post-bankruptcy filing, potentially leading to more closures based on restructuring outcomes.
- At Home has cited import costs and tariffs as contributing factors to its financial woes, as the company heavily relies on inventory sourced from China.
- The pandemic-induced rise in home goods demand has waned due to economic uncertainty and inflation, impacting retailers like At Home, The Container Store, and Big Lots.
- CEO Brad Weston has been leading At Home's efforts to navigate through the crisis, aiming for a successful bankruptcy reorganization.
- Despite a loyal customer base and competitive pricing, At Home's future remains uncertain amidst current economic challenges in the retail sector.
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