Another retailer has filed for Chapter 11 bankruptcy protection under the United States Bankruptcy Code. This time it’s At Home, the well-known home goods store, which is facing financial difficulties that will force it to close several of its locations across the country. Here’s everything we know so far.
How many stores will At Home close?
According to the company, 26 stores will cease operations. They stated that all of these are underperforming locations.
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Which At Home stores will close?
Here is the full list of stores scheduled to close soon:
- 6135 Junction Boulevard, Rego Park, New York
- 300 Baychester Ave., Bronx, New York
- 750 Newhall Drive, San Jose, California
- 2505 El Camino Real, Tustin, California
- 14585 Biscayne Boulevard, North Miami, Florida
- 2200 Harbor Boulevard, Costa Mesa, California
- 3795 E. Foothills Boulevard, Pasadena, California
- 1982 E. 20th St., Chico, California
- 2820 Highway 63 South, Rochester, Minnesota
- 26532 Towne Center Drive Suites A-B, Foothill Ranch, California
- 1001 E. Sunset Drive, Bellingham, Washington
- 8320 Delta Shores Circle South, Sacramento, California
- 1361 NJ-35, Middletown Township, New Jersey
- 2900 N. Bellflower Boulevard, Long Beach, California
- 720 Clairton Boulevard, Pittsburgh, Pennsylvania
- 2530 Rudkin Road, Yakima, Washington
- 571 Boston Turnpike, Shrewsbury, Massachusetts
- 5203 W. War Memorial Drive, Peoria, Illinois
- 8300 Sudley Road, Manassas, Virginia
- 461 Route 10 East, Ledgewood, New Jersey
- 301 Nassau Park Boulevard, Princeton, New Jersey
- 300 Providence Highway, Dedham, Massachusetts
- 905 S 24th St. West, Billings, Montana
- 19460 Compass Creek Parkway, Leesburg, Virginia
- 3201 N. Mayfair Road, Wauwatosa, Wisconsin
- 13180 S. Cicero Ave., Crestwood, Illinois
Why did At Home file for bankruptcy?
In a statement, the company highlighted that its financial troubles are mainly due to rising interest rates, inflation, and increased tariffs — factors that caused many of its stores to operate below optimal performance levels.
When will At Home close these stores?
The 26 At Home stores slated for closure are expected to cease operations by September 30, 2025.
What is Chapter 11 of the U.S. Bankruptcy Code?
Chapter 11 allows companies to reorganize their debts, typically with the goal of continuing operations. It is one of the most complex bankruptcy procedures, in which the company must present a detailed reorganization plan and negotiate with creditors.
This legislation provides businesses with a chance for a fresh start, although it may also result in the partial transfer of asset ownership to creditors. As a result, business owners must carefully assess the costs and benefits before deciding to file for bankruptcy.
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Who can seek protection under Chapter 11?
U.S. law allows any company or individual with a domicile, business establishment, or assets in the country to request judicial supervision to restructure their finances and operations under the provisions of Chapter 11.
There is no minimum or maximum value for the assets of a foreign company in the U.S. to be eligible for Chapter 11 protection under U.S. Bankruptcy Law. In certain cases, deposits held by the legal firm managing the process in the U.S. may be considered assets, making the debtor eligible to seek Chapter 11 protection.
What benefits does Chapter 11 offer?
This section serves as an alternative to penalties, meaning that the company or individuals seeking it can avoid immediate dissolution, liquidation, and drastic cuts. During this process, the law allows the entity to continue operating and restructure without pressure from creditors. At the same time, it enables them to negotiate and propose a repayment plan for their debts.
Moreover, reorganization procedures under Chapter 11 offer the advantage that the company’s management retains control over the business, making the reorganization plans generally more effective, as the executives who stay in charge are the ones best familiar with the company, partnership, or individual involved.
