At Home Group has filed for bankruptcy to help the home decor retailer undergo a restructuring.
The company announced Monday it started Chapter 11 bankruptcy proceedings so that it can implement a “restructuring support agreement” that it has signed with lenders “holding more than 95% of the Company’s debt.”
The restructuring support agreement will help the retailer wipe out “substantially all” of its nearly $2 billion in funded debt, At Home said. It will also infuse the retailer with $200 million of capital.
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“The steps we are taking today to fully de-lever our balance sheet will improve our ability to compete in the marketplace in the face of continued volatility and increase the resilience of our business,” CEO Brad Weston said.
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