At Home Group Inc., the Plano, Texas-based big-box home decor retailer operating approximately 260 stores across 40 states, filed for chapter 11 bankruptcy protection on June 16, 2025, in the U.S. Bankruptcy Court for the District of Delaware. The filing came after tariffs on Chinese imports rose to 145% and the company missed a $200 million interest payment, leaving the retailer with $14 million in cash. This marked the company's second chapter 11 in its 46-year history—the predecessor company, Garden Ridge, filed for bankruptcy in 2004 and emerged the following year. At Home entered bankruptcy backed by a restructuring support agreement with holders of 96% of the company's nearly $2 billion in funded debt, and emerged from chapter 11 on October 24, 2025, about four and a half months after filing. The restructuring converted DIP financing to equity, cancelling Hellman & Friedman's $2.8 billion investment from four years earlier and transferring ownership to the lender group led by Redwood Capital Management, Farallon Capital, and Anchorage Capital.
$600 million ($200M new money + $400M roll-up) (agent: GLAS USA LLC)
Stores at Filing
~260 in 40 states
Stores Post-Emergence
~230
Employees
~7,170
New Owners
Redwood Capital, Farallon Capital, Anchorage Capital
Case Snapshot
Company Background and Corporate History
At Home traces its origins to 1979 when Garden Ridge Pottery opened its first store in Schertz, Texas, according to the First Day Declaration. The company operated as a regional retailer for decades with large-format home decor stores. In 2004, the company filed for chapter 11 bankruptcy protection and emerged in 2005.
Corporate ownership transitions. AEA Investors acquired Garden Ridge in October 2011 for $715 million. In December 2012, the private equity firm hired Lee Bird as CEO. Bird, a retail executive who had previously served as Managing Director at The Gores Group, Group President of Nike Affiliates, COO of Gap, and CFO of Old Navy, spent $20 million revitalizing the brand and announced a complete rebrand to "At Home" in June 2014, converting all 71 stores to the new identity by 2015.
Date
Corporate Milestone
1979
Garden Ridge Pottery founded in Schertz, Texas
2004-2005
Garden Ridge chapter 11 bankruptcy and emergence
October 2011
AEA Investors acquires Garden Ridge for $715 million
December 2012
Lee Bird hired as CEO
June 2014
Announced rebrand to "At Home"
2015
Rebranding completed; $20 million invested in revitalization
August 2016
NYSE listing
2016
Opened 100th store
2019
Opened 200th store
2022
Opened 250th store
July 2021
Hellman & Friedman acquires At Home for $2.8 billion
Transformation under Lee Bird. Under Bird's leadership, At Home expanded. The company grew from 58 stores to 268 stores and increased revenue from $364 million to nearly $2 billion. The August 2016 NYSE listing provided capital for continued expansion, and the company opened its 100th store that same year. By 2019, At Home had reached 200 stores, and by 2022, it operated 250 locations across 40 states. Bird retired in December 2023 after 11 years at the helm, with Brad Weston appointed as his successor effective June 2024.
Hellman & Friedman take-private transaction. In May 2021, Hellman & Friedman announced its acquisition of At Home for $2.8 billion, including debt assumption. Stockholders received $36.00 per share in cash—a 17% premium to the closing price on May 4, 2021, and approximately 25% premium to the 30-day volume-weighted average price. Goldman Sachs served as financial advisor to the Special Committee, while Guggenheim Securities advised Hellman & Friedman. The transaction closed on July 23, 2021, taking At Home private after five years on the NYSE.
Business model and operations. At filing, At Home operated as a large-format home decor retailer with approximately 260 stores across 40 states and approximately 7,170 employees, as detailed in the First Day Declaration. The company's stores, typically occupying 100,000+ square feet, offered a broad assortment of home decor items. At Home imported approximately 90% of its merchandise, with heavy reliance on Chinese suppliers.
By early 2025, At Home faced limited liquidity. The company had $14 million in cash as of fiscal year ending January 25, 2025, with $17 million available under its $675 million asset-based lending facility. New management, including CFO Jeremy Aguilar who had been appointed in December 2024, sought to improve liquidity and renegotiate the prepetition ABL credit agreement ahead of its July 2026 maturity date. The ABL agent had raised concerns about liquidity constraints and the company's ability to pay upcoming maturities.
At Home entered bankruptcy with approximately $1.998 billion in total funded debt across multiple tranches. The capital structure reflected both the debt assumed in the Hellman & Friedman acquisition and subsequent liability management transactions.
Debt Facility
Amount
Maturity
Total Funded Debt
~$1.998 billion
Various
Prepetition ABL Credit Facility
$378 million
July 23, 2026
Term Loan Facility
$579 million
July 24, 2028
Senior Secured Notes (11.5%)
$300 million
July 15, 2028
Cayman Notes
$200 million
May 12, 2028
Exchange Notes
$483 million
May 12, 2028
Senior Unsecured Notes
$58 million
July 15, 2029
Maturities were clustered in 2026-2029. The Disclosure Statement outlined plans to eliminate $1.62 billion of the total funded debt through the restructuring.
Prepackaged Restructuring and RSA
At Home's chapter 11 case proceeded as a prepackaged restructuring, with the Restructuring Support Agreement executed on June 16, 2025—the same day as the bankruptcy petition. The RSA had the support of holders of approximately 96% of the company's first lien debt.
Ad Hoc Group members. The supporting lender group included Redwood Capital Management, LLC; Farallon Capital Advisors, L.L.C.; Anchorage Capital Advisors, L.P.; Silver Rock Financial LP; Aryeh Capital Management Ltd.; and Glendon Capital Management L.P. Silver Rock, Aryeh, and Glendon had joined the ad hoc group in May 2025 during forbearance negotiations.
The RSA contemplated several key terms: a chapter 11 filing funded by consensual use of cash collateral and a DIP facility; conversion of the DIP facility to equity upon emergence; elimination of substantially all of the nearly $2 billion in funded debt; and provision of $200 million in new capital to fund the reorganized company's operations.
DIP Financing.
The DIP financing package totaled $600 million, as described in the DIP Motion, comprising $200 million in new money and a $400 million roll-up of existing first lien debt. GLAS USA LLC served as DIP Agent. The court entered the Interim DIP Order on June 17, 2025, the day after filing, with the Final DIP Order following on July 18, 2025.
The debtors filed their initial Plan of Reorganization and Disclosure Statement on July 7, 2025. An Amended Plan followed on August 16, 2025, with the court entering the Disclosure Statement Approval Order on August 18, 2025. The Second Amended Plan was filed on September 29-30, 2025, and the Confirmation Hearing was held on September 30, 2025, with the Confirmation Order entered the same day.
Classification and Treatment.
Class
Description
Status
Treatment
Recovery
Unclassified
Administrative Claims
Unimpaired
Payment in full in cash
100%
Unclassified
Priority Tax Claims
Unimpaired
Payment in full in cash
100%
Unclassified
Superpriority DIP Claims
Unimpaired
Convert to 98% Reorganized Common Stock
100%
Unclassified
Professional Fee Claims
Unimpaired
Payment in full in cash
100%
Class 4
Cayman Notes Claims
Impaired
Pro rata share of 2% Reorganized Common Stock
~2%
Class 6
Term Loan Claims
Impaired
Pro rata share of 2% Reorganized Common Stock
~2%
Class 7
Senior Secured Notes Claims
Impaired
Pro rata share of 2% Reorganized Common Stock
~2%
Class 8
Exchange Notes Claims
Impaired
Pro rata share of 2% Reorganized Common Stock
~2%
Class 9
General Unsecured Claims
Impaired
Pro rata share of Unsecured Claims Distribution Trust
TBD
Equity
Existing Equity Interests
Impaired
Cancelled and extinguished
0%
Under the confirmed Plan, DIP lenders received 98% of the reorganized equity, other first lien holders received 2%, and the existing equity sponsor's interests were cancelled.
Post-Emergence Ownership.
Stakeholder
Post-Emergence Ownership
DIP Lenders (Redwood, Farallon, Anchorage, et al.)
98% of reorganized common stock
Other First Lien Holders
2% of reorganized common stock
Hellman & Friedman
0% (equity cancelled)
Redwood Capital Management was designated to appoint four directors to the reorganized company's board, establishing the new ownership's governance control. The ownership transition was completed on the Effective Date of October 24, 2025.
Unsecured creditor treatment. General unsecured creditors received distributions through an Unsecured Claims Distribution Trust established under the plan. Recovery for unsecured claims depended on available assets after satisfaction of secured and priority claims.
Key Plan Milestones.
Milestone
Date
Initial Plan and Disclosure Statement Filed
July 7, 2025
Amended Plan Filed
August 16, 2025
Disclosure Statement Approval Order
August 18, 2025
Second Amended Plan Filed
September 29-30, 2025
Confirmation Hearing
September 30, 2025
Confirmation Order Entered
September 30, 2025
Effective Date / Emergence
October 24, 2025
Motion for Final Decree Filed
October 31, 2025
Store Closures and Operational Restructuring
At Home implemented a store closure program during the bankruptcy that evolved over the course of the case. The company initially announced 26 store closures at filing, later rescinded 2 locations from the closure list, then added 6 more closures on August 1, 2025, bringing the total to approximately 30 stores across 15 states.
Store Closure Phase
Number of Stores
Notes
Initial Announcement (June 2025)
26
At filing
Rescinded
(2)
Removed from closure list
Additional Closures (August 1, 2025)
6
Expanded program
Total Closures
~30
Across 15 states
California had 8 of 13 At Home locations closed—a 62% reduction in the state's footprint. Additional closures affected stores in Michigan, New Jersey, Indiana, Illinois, Iowa, and Utah. The store rationalization reduced the chain from approximately 260 stores to approximately 230 post-restructuring.
Professional Retentions and Fees
The debtors and creditor constituencies retained professional teams to navigate the restructuring.
Recent retail bankruptcies. At Home joined a list of home goods retailers that sought chapter 11 protection in recent years: Bed Bath & Beyond, Big Lots, The Container Store, Joann, Party City, and Conn's filed for bankruptcy.
Consumer spending dynamics.Inflationary pressures and economic uncertainty contributed to reduced foot traffic at home decor retailers, as consumers prioritized essential spending over discretionary purchases.
Hellman & Friedman Equity Outcome
The At Home bankruptcy cancelled the equity investment of private equity sponsor Hellman & Friedman. The firm acquired At Home for $2.8 billion in July 2021, taking the company private. Less than four years later, that entire equity investment was cancelled in the bankruptcy, with the restructuring leaving H&F with 0% recovery.
Key Timeline
Date
Event
1979
Garden Ridge Pottery founded in Schertz, Texas
2004-2005
Garden Ridge chapter 11 bankruptcy and emergence
June 2014
Announced rebrand to At Home
August 2016
NYSE listing
July 2021
Hellman & Friedman acquires At Home for $2.8 billion
May 2023
"Double dip" liability management exercise
December 2023
CEO Lee Bird retired
June 2024
Brad Weston appointed CEO
December 2024
Jeremy Aguilar appointed CFO
January 2025
10% tariffs on Chinese imports begin
April 10, 2025
145% cumulative tariff takes effect
May 15, 2025
Missed interest payment on $200M 11.5% senior secured notes
May 23, 2025
Forbearance agreement with lenders
June 16, 2025
RSA executed; chapter 11 filed
June 17, 2025
Interim DIP Order; Omni retained as claims agent
July 18, 2025
Final DIP Order
August 18, 2025
Disclosure Statement approved
September 30, 2025
Plan confirmed
October 24, 2025
Emergence from chapter 11
October 31, 2025
Motion for Final Decree filed
Frequently Asked Questions
What is At Home and why did it file for bankruptcy?
At Home is a big-box home decor retailer that operated approximately 260 stores across 40 states at the time of filing. The company filed chapter 11 after tariffs on Chinese imports rose to 145%, combined with limited liquidity that left it with $14 million in cash and a missed $200 million interest payment. With approximately 90% of merchandise imported from abroad and heavy reliance on Chinese suppliers, At Home was exposed to tariff increases in 2025.
How much debt did At Home have at filing?
At Home entered bankruptcy with approximately $1.998 billion in total funded debt, including a $579 million term loan, $378 million ABL facility, $300 million in senior secured notes, $200 million in Cayman Notes, $483 million in Exchange Notes, and $58 million in senior unsecured notes. The restructuring eliminated substantially all of this funded debt.
Who owns At Home after emergence?
DIP lenders—including Redwood Capital Management, Farallon Capital, and Anchorage Capital—converted their $600 million DIP financing to 98% of the reorganized company's equity. Other first lien holders received 2%. Hellman & Friedman's equity was completely cancelled. Redwood Capital was designated to appoint four directors to the reorganized board.
What happened to Hellman & Friedman's investment?
Hellman & Friedman acquired At Home for $2.8 billion in July 2021, taking the company private from the NYSE. Less than four years later, their entire equity investment was cancelled in the bankruptcy, resulting in complete loss of their stake.
How many stores closed in the bankruptcy?
Approximately 30 stores closed across 15 states during the restructuring. California had 8 of 13 locations closed. At Home retained approximately 230 stores post-restructuring.
How long did the bankruptcy case take?
At Home moved from petition filing (June 16, 2025) to emergence (October 24, 2025) in approximately 4.5 months. The RSA executed on the petition date had support from holders of 96% of first lien debt.
What was the RSA structure?
The Restructuring Support Agreement, executed on the petition date with holders of 96% of first lien debt, provided for $600 million in DIP financing ($200 million new money, $400 million roll-up) that would convert to 98% of the reorganized equity upon emergence. The RSA also contemplated elimination of substantially all of the nearly $2 billion in funded debt.
Is this At Home's first bankruptcy?
No. This is the company's second chapter 11 filing. The predecessor company, Garden Ridge, filed for bankruptcy in 2004 and emerged in 2005. The company has now restructured twice in its 46-year history.
What happened to unsecured creditors?
General unsecured creditors received distributions through an Unsecured Claims Distribution Trust established under the plan. Recovery for unsecured claims depended on available assets after satisfaction of secured and priority claims.
Why were tariffs so impactful to At Home specifically?
At Home imported approximately 90% of its merchandise, with heavy reliance on Chinese suppliers. When tariffs on Chinese goods reached 145% in April 2025, the company's import costs increased.
Read more chapter 11 case research on the ElevenFlo blog.
Sources
First Day Declaration /documents/3b786e0f-21f0-4067-8a49-39e3c03cc259/
Interim DIP Order /documents/01c7db67-e252-442e-875e-16cbed8e1131/
Final DIP Order /documents/6712ca02-20ec-4fc7-a0f7-633d64901856/
Plan of Reorganization /documents/d62c8c94-9230-4198-9896-69a4debe05fc/
Confirmation Order /documents/61a3b1de-b50c-4221-99a9-94f44687f2eb/
confirmed Plan /documents/01745ac1-d262-4865-bee4-b3799ea20fb9/
filed for chapter 11 bankruptcy protection https://www.cnn.com/2025/06/16/business/at-home-bankruptcy-closures
emerged from chapter 11 on October 24, 2025 https://www.businesswire.com/news/home/20251024381862/en/At-Home-Successfully-Completes-Financial-Restructuring
Garden Ridge Pottery opened its first store https://en.wikipedia.org/wiki/At_Home_(store)
spent $20 million revitalizing the brand https://www.dmagazine.com/publications/d-ceo/2019/november/meet-the-dallas-500-lee-bird-ceo-of-at-home-group/
The company grew from 58 stores to 268 stores and increased revenue from $364 million to nearly $2 billion https://www.businesswire.com/news/home/20231108249454/en/At-Home-Chairman-and-CEO-Lee-Bird-to-Retire-After-11-Years-with-Company
August 2016 NYSE listing https://www.dmagazine.com/publications/d-ceo/2017/december/at-home-decor-lee-bird-peter-corsa-garden-ridge/
announced its acquisition of At Home for $2.8 billion https://www.businesswire.com/news/home/20210506005771/en/At-Home-Group-Inc.-to-Be-Acquired-by-Hellman-Friedman-for-%242.8-Billion
transaction closed on July 23, 2021 https://www.businesswire.com/news/home/20210723005380/en/Hellman-Friedman-Completes-Acquisition-of-At-Home
Beginning in January 2025, tariffs on Chinese imports started at 10% https://www.retaildive.com/news/at-home-files-chapter-11-bankruptcy-blames-tariffs-consumer-uncertainty/750784/
cumulative 145% tariff on Chinese goods took effect https://www.cfodive.com/news/athome-significantly-impacted-tariffs-ahead-bankruptcy-cfo-retail/750857/
$14 million in cash as of fiscal year ending January 25, 2025 https://realestatedaily-news.com/at-home-files-for-chapter-11-as-debt-burden-and-cash-crunch-deepen/
additional leverage from a "double dip" liability management exercise in May 2023 https://ionanalytics.com/insights/debtwire/at-home-group-rsa-reflects-recognition-of-double-dip-transaction-restructuring-profile/
Restructuring Support Agreement executed on June 16, 2025 https://www.businesswire.com/news/home/20250615147348/en/At-Home-Group-Enters-Agreement-to-Facilitate-Ownership-Transition-and-Position-Business-for-Long-Term-Success
DIP lenders received 98% of the reorganized company's common stock https://octus.com/resources/articles/at-home-groups-plan-of-reorganization-would-hand-ad-hoc-group-almost-all-reorganized-equity/
Confirmation Hearing was held on September 30, 2025 https://www.businesswire.com/news/home/20250929396526/en/At-Home-Receives-Court-Approval-for-Financial-Restructuring-Plan
implemented a store closure program during the bankruptcy https://www.fastcompany.com/91379492/at-home-stores-closing-2025-new-list-of-doomed-locations-states
Corporate bankruptcies rose to 717 filings through November 2025 https://coloradobiz.com/bankruptcies-soar-inflation-tariffs-2025/
Inflationary pressures and economic uncertainty https://www.cbsnews.com/news/at-home-decor-bankruptcy-retailer/
This article was researched and written with AI assistance, using court filings, public records, and news sources. AI-generated content can contain errors. Verify all information against primary sources before relying on it. This is not legal or financial advice. See the disclaimer.