Business & Tech
Major Home Goods Retailer Closing Stores In NoVA, Blames Bankruptcy, Tariffs
The company joins Big Lots, Joann Fabrics, Rite Aid and more in announcing closings just this year.
VIRGINIA - The retailer At Home is closing dozens of its stores as the company files for Chapter 11 bankruptcy.
According to court documents filed on Monday, 26 stores are on the path to shut their doors by Sept. 30, including two of its nine in Virginia.
The company pointed to a "challenging commercial environment brought on by both broader economic and retail-specific market pressures" and blamed macroeconomic issues like increased tariffs for placing significant pressure on their revenue and cost structure.
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At Home has 260 locations nationwide after reducing its footprint by six stores over the past year. The expenses associated with brick-and-mortar locations and other issues affecting the retail industry are now causing the remaining stores to operate at sub-optimal performance levels.
The following stores in Virginia will be shutting operations as part of the company's initial round of closings:
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- 8300 Sudley Rd., Manassas
- 19460 Compass Creek Pkwy., Leesburg
Ownership of At Home will be transferred to a group of hedge funds and other firms based in New York City and San Francisco as part of Monday's filings. The lenders hold more than 95 percent of the company's debt.
“We are pleased to have reached this agreement with our lenders, which represents a critical and positive advancement of our work to best position At Home for the future,” said Brad Weston, chief executive officer of At Home said of the restructuring plan.
At Home acknowledged in the bankruptcy filings that additional store closings could be announced at a later date.
The company joins Big Lots, Joann Fabrics, Rite Aid, Kohl's, JCPenney, Macy's and Party City in the group of major retailers announcing closings just this year.
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