A POPULAR home goods retail chain has confirmed the shuttering of 30 stores next month as it launches a massive closing-down sale.
The final trading day will be on September 30 just weeks after the firm filed for bankruptcy.
At Home bosses revealed stores located across 15 states including California, Florida, Illinois and Indiana will be affected.
The popular homeware retailer sells everything from lighting, patio furniture and decor.
Now as the locations wind down their operations, shoppers can expect to see 30 per cent off sales storewide, representing a “limited-time opportunity” for them to save on a wide selection of products.
In June, the company shared that it would be shutting 26 locations across 12 states as part of its bankruptcy proceedings.
At Home is receiving assistance throughout the process from Hilco Consumer – Retail, the retail liquidation firm that helped major chains such as Blockbuster, Toys R Us, and Bed Bath & Beyond host their going-out-of-business sales.
“These six stores are offering some of the best deals shoppers will see all year – but only for a short time,” a spokesperson for Hilco Consumer – Retail said in the press release.
“Customers who want the best selection on furniture, décor, and seasonal finds should shop early before the most popular items disappear.”
The sales at the closing stores are expected to run until all merchandise, fixtures, and store equipment is sold.
BANKRUPTCY BUST
At Home officially filed for bankruptcy protections on June 16 due to its sales slump, nearly $2 billion in debt, and a number of economic pressures.
For example, inflation resulted in both higher store prices as well as a more cautious shopper, hesitant to spend money on discretionary goods.
Reduced foot traffic and tariff-related costs have also hurt At Home, which sources a significant portion of its inventory from China.
The firm’s CEO Brad Weston admitted in a statement that the company is “operating against the backdrop of an increasingly dynamic and rapidly evolving trade environment as we navigate the impact of tariffs.”
At Home is now taking steps to “improve our ability to compete in the marketplace in the face of continued volatility and increase the resilience of our business for the long term,” the top boss added.
As part of the bankruptcy process, the company will be restructured to eliminate its billions of dollars in debt.
Which At Home locations are closing?
California
750 Newhall Dr, San Jose 2505 El Camino Real, Tustin 2200 Harbor Blvd, Costa Mesa 3795 E Foothills Blvd, Pasadena 1982 E 20th St, Chico 26532 Towne Center Drive Suites A-B, Foothill Ranch 8320 Delta Shores Circle S., Sacramento 2900 N Bellflower Blvd, Long BeachFlorida
14585 Biscayne Blvd, North MiamiIllinois
13180 S Cicero Avenue, Crestwood 5203 W War Memorial Dr., Peoria 101 Randall Rd., Lake in the HillsIndiana
3175 W. 3rd St., BloomingtonIowa
3271 Market Place Dr., Council BluffsMassachusetts
571 Boston Turnpike, Shrewsbury 300 Providence Highway, DedhamMichigan
3100 Washtenaw, YpsilantiMinnesota
2820 Hwy 63 South, RochesterMontana
905 S 24th Street W, BillingsNew Jersey
1361 NJ-35, Middletown Township 461 Route 10 East, Ledgewood 2341 Route-66, Ocean TownshipNew York
6135 Junction Blvd, Rego Park 300 Baychester Ave, BronxPennsylvania
720 Clairton Blvd, PittsburghUtah
190 South 500 West, West BountifulVirginia
19460 Compass Creek Pkwy, Leesburg 8300 Sudley Rd., ManassasWashington
1001 E Sunset Drive, Bellingham 2530 Rudkin Road, YakimaAt Home will also be given $200 million in funding to keep the company operational throughout the bankruptcy proceedings.
The home goods retailer will continue to fulfill orders, pay vendors, and run its loyalty program, intending to rework its operations throughout the Chapter 11 process and eventually exit bankruptcy.
When that happens, At Home “will move forward with new owners and a meaningfully strengthened balance sheet,” said Weston.
At Home is not the only company struggling in the current retail landscape.
For example, JCPenney sold off 119 stores five years after it filed for bankruptcy and closed 200 outlets across the US.
Plus, a legacy grocery brand has collapsed, forced to file for bankruptcy after 125 years in business.
How does bankruptcy work?
Bankruptcy is a specific legal process that helps companies eliminate debt they can't repay.
The process allows businesses to start fresh and gain access to new credit.
Supervised by federal courts, bankruptcies allow a company to sell off its assets more easily to pay off creditors, according to Investopedia.
Chapter 11, a common process for companies, is used to restructure a business with the goal of remaining open – even if it means selling off most of the company’s properties.
Chapter 7, on the other hand, sells all of a company’s assets, putting it out of business.
Chapter 15, alternatively, allows for collaboration between American and foreign courts to conduct bankruptcy proceedings with “parties of interest involving more than one country,” per the United States Courts.
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