A BANKRUPT furniture chain is closing 29 underperforming stores by September 30, but is holding massive sales in the meantime.
At Home is axing locations across 15 states in the US, including California, Florida, Illinois, and Indiana.
The closure wave was part of its bankruptcy filing in June, which it was forced to do following inflation pressures.
At Home initially announced 26 stores that were set to close, but expanded the list months later.
Shoppers can currently take advantage of the massive liquidation sales happening at the stores.
The sales are expected to continue until September 30, with everything needing to be sold.
This includes all the merchandise, store equipment and even the lighting fixtures used at the locations.
At Home’s CEO Brad Weston previously said in a statement that things looked good with the company despite the pressure.
He said: “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 for the long term.”
The 29 At Home stores closing on September 30 are:
- 6135 Junction Boulevard in Rego Park, New York
- 300 Baychester Ave. in Bronx, New York
- 750 Newhall Drive in San Jose, California
- 2505 El Camino Real in Tustin, California
- 14585 Biscayne Boulevard in North Miami, Florida
- 2200 Harbor Boulevard in Costa Mesa, California
- 3795 E. Foothills Boulevard in Pasadena, California
- 1982 E. 20th St. in Chico, California
- 2820 Highway 63 South in Rochester, Minnesota
- 26532 Towne Center Drive Suites A-B in Foothill Ranch, California
- 1001 E. Sunset Drive in Bellingham, Washington
- 8320 Delta Shores Circle South in Sacramento, California
- 1361 NJ-35 in Middletown Township, New Jersey
- 2900 N. Bellflower Boulevard in Long Beach, California
- 720 Clairton Boulevard in Pittsburgh, Pennsylvania
- 2530 Rudkin Road in Yakima, Washington
- 571 Boston Turnpike in Shrewsbury, Massachusetts
- 5203 W. War Memorial Drive in Peoria, Illinois
- 8300 Sudley Road in Manassas, Virginia
- 461 Route 10 East in Ledgewood, New Jersey
- 301 Nassau Park Boulevard in Princeton, New Jersey
- 300 Providence Highway in Dedham, Massachusetts
- 905 S 24th St. West in Billings, Montana
- 19460 Compass Creek Parkway in Leesburg, Virginia
- 3201 N. Mayfair Road in Wauwatosa, Wisconsin
- 13180 S. Cicero Ave. in Crestwood, Illinois
- 5101 Fashion Drive in Nanuet New York
- 2100 S. Randall Road in Geneva, Illinois
- 2201 Zeier Road in Madison, Wisconsin
Other factors cited in court documents include heavy debt, high interest rates and falling sales.
A PRICE TOO HIGH
Back in June, when At Home filed for bankruptcy, it was revealed that the company was in debt to the tune of approximately $2 billion.
The company, based in Dallas, Texas, has since entered into a deal with its creditors in a move to shift this load.
As a part of the deal, At Home also received around $200 million to remain operational throughout the bankruptcy process.
It is unclear if more stores will close in the future as a result of the bankruptcy filing.
BRANDS HARD HIT BY BANKRUPTCIES
Many chains have struggled to adapt to a post-Covid retail landscape, with several companies filing for bankruptcy
JoAnn Fabrics and Crafts announced it would close all 800 stores after filing for bankruptcy twice in a year.
Hooters announced plans to file for Chapter 11 bankruptcy protection in February.
Liberated Brands announced that it would be closing all 122 retail locations for its boardsport fashion brands Quiksilver, Billabong, and Volcom.
Forever 21 shut down its headquarters after filing for bankruptcy and laying off 358 employees.
Macy’s announced major restructuring plans amid mass store closures.
TARIFF WATCH
At the time of its bankruptcy filing, At Home CEO Brad Weston said that Donald Trump‘s tariff war with China had a major impact.
This is because of the amount of furniture and other items that At Home imports from other countries.
At Home received a lot of its inventory from China, which saw tariffs of up to 145% before they were decreased to 55%.
Weston added in June that At Home had been swept up in the ever-evolving market.
He added: “While we have made significant progress advancing our initiatives to date, we are operating against the backdrop of an increasingly dynamic and rapidly evolving trade environment as we navigate the impact of tariffs.”
At Home still operates roughly 260 stores across 40 states in the US.
At Home initially announced 26 stores that were set to close, but expanded the list in recent months[/caption]
