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A discount furniture outlet and a direct-to-consumer brand are both making moves this week to get their financial houses in order.
At Home filed for Chapter 11 bankruptcy in a Delaware court on Monday, entering an agreement to eliminate nearly $2 billion in debt and receive a fresh infusion of capital to the tune of $200 million aimed at supporting the company through its restructuring process.
Reports of a possible bankruptcy date back to April, when the Trump administration’s announcement of steep tariffs on Chinese goods presented a threat to the struggling furniture chain.
“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,” CEO Brad Weston said in a statement.
As part of the bankruptcy process, At Home plans to shutter 26 of its 260 stores. It also noted that more closures could be coming down the pike, per a report from Furniture Today.
Getting another chance: Meanwhile, Solo Brands, the direct-to-consumer maker of outdoor stoves, has completed a debt restructuring deal designed to give the company more runway as it continues with a turnaround effort.
“This is a pivotal time for Solo Brands, and we have a strong team in place to implement our plans,” CEO John Larson said in a statement. “This successful debt restructuring marks a substantial step forward, creating a significant runway and providing financial flexibility to execute our strategic vision.”
The company has not been profitable since its IPO in 2021, when DTC brands were rushing to public markets. It has since undergone multiple leadership changes and strategic shifts that have so far failed to bring the company back from the brink, culminating with the company being delisted from the New York Stock Exchange in April.