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Amended Bankruptcy Filing Announced Plans To Shutter At Home’s Nanuet Location
In a blow to Rockland County’s retail sector, At Home in Nanuet is slated to close.
In an amended bankruptcy filing, the national retailer and home décor specialist added the Nanuet location to its list of store closings.
At Home filed for Chapter 11 protection on June 16, and identified 26 of its 260 stores that it planned to close. Since that filing, the list of store closings have been in flux, with some stores removed from the closing list and others added.
Last week, the Coppell, Texas-based retailer filed a document with the U.S. Bankruptcy Court for the District of Delaware that added its store in Nanuet, N.Y., to the list of stores to close.
In Feb. 2021, At Home opened its 101,488-square-foot location at the Shops at Nanuet today on the ground floor of the former Macy’s department store. The property is owned by Metropolitan Realty Associates, which acquired the site in December 2018 in partnership with long time equity partners Angelo, Gordon & Co., LP, and simultaneously announced the lease to At Home as the new anchor. Storage King occupies the remaining space in the building.
In May of 2021, At Home was acquired by private-equity firm Hellman & Friedman in an all-cash transaction valued at $2.8 billion, including the assumption of debt. Hellman & Friedman was founded in 1984 by two former partners at the investment bank Lehman Brothers.
In June, RCBJ reported that the home goods retailer planned to close 26 “underperforming” stores by the fall, according to its bankruptcy filing. The filing was part of a prearranged financial restructuring that will transfer ownership of the company to its lenders and eliminate nearly $2 billion in debt. The restructuring agreement with lenders will transition ownership of the company to a group of hedge funds and investment firms that hold more than 95% of its debt.
“At Home Group Inc., a furniture and home decor retailer based in Coppell, Texas, is taking steps to strengthen its financial foundation and position the business for long-term success while continuing to serve its customers,” the company said.
Court documents state that rising interest rates, “persistent inflation” and a growing concern over unsustainable customs costs resulting from increased tariffs, led At Home to file for bankruptcy.
At Home has already closed six stores over the past year. Stores in Rego Park and the Bronx are also slated for closure.
“Given the expenses associated with brick-and-mortar operation and the issues affecting the retail industry, a number of the (At Home) remaining stores are operating at sub-optimal performance levels,” court documents said.
Tariffs have been a particular challenge for At Home as 90% of its products come from overseas.
“While At Home has had to deal with tariffs for some time given the nature of its business, the volatility of the current tariff environment came at a time when the management team was working to address the company’s existing issues,” according to the court filing. “These newly imposed tariffs and the uncertainty of ongoing U.S. trade negotiations intensified the financial pressure on the company, accelerating the need for a comprehensive solution.”
