At Home, the popular big-box home décor retailer, has reportedly survived Chapter 11 bankruptcy and will continue to operate 229 of its original 260 locations nationwide, PennLive.com reports.
The store had previously filed for bankruptcy in June as it faced nearly $2 million of debt, with original plans to close 26 stores eventually reaching a total of 31. At Home eventually reached a deal with lenders Redwood Capital Management, Farallon Capital Management and Anchorage Capital Advisors in order to secure a $500 million exit financial deal, which it said would continue operations and allow consumers to buy affordable home décor.
“We are officially starting our next phase with renewed financial strength, flexibility and momentum,” CEO Brad Weston said in a statement to the Sun. “We’re taking decisive actions to become more relevant, more inspiring and more connected to our customers.”
At Home’s total closed locations includes six non-operational stores and spans nationwide with locations in Arizona, California, Florida, Illinois, Indiana, Minnesota, New York, Oregon, Texas and Washington. The retail chain’s stores ran liquidation sales during the bankruptcy process, but At Home vowed that it “will continue to assess our current store leases with a focus on increasing profitability moving forward,” in a statement on its website, though more closures are possible if projected numbers aren’t met.
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