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The home group has been filed for bankruptcy so that the decoration of the house has to go through restructuring.
The company announced on Monday that it started Chapter 11 bankruptcy proceedings So that it can implement a “reorganization support agreement”, which he signed with lenders “is exceeding 95% of the company’s loan.”
Reorganization aid agreement will help Retailer Wipe out “to a large extent” in a loan of about $ 2 billion at home. It will also infect the retailer with a capital of $ 200 million.
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CEO Brad Weston said, “The steps we are taking today is releasing our balance sheet completely, which will improve our ability to compete in the market and increase the flexibility of our business in front of continuous instability.”
In the Home Group Inc., a home deck -dacoit retailer, headquartered in Texas, is preparing to file for bankruptcy in the coming weeks as it works to strengthen its liquidity. (Business Wire / Fox News)
The total amount at home has reached a deal for $ 600 million in the funding-in-possession funding. The other $ 400 million will come from the “roll up” of the current senior safe loan, said.
Money subject to court approval, according to the house, will help provide adequate liquidity to support the business during the court-preserved procedure “.
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Chapter 11 When passing through bankruptcy, the company said at home and through its website, the company said. It is planning to keep the “majority” of your home decoration store open during the procedure, according to a document on its restructuring website.
The footprints of the retailer are currently spread over 260 places scattered in 40 states.
Chapter 11 When undergoing bankruptcy, will sell products at home and through their website at home. (Lindsay Nicolson/UCG/Universal Image Group Getty Image/Getty Image)
Lenders, including Redwood Capital Management, Farlan Capital Management and Encourage Capital Advisors, will be formed according to the house after completion of reorganization among new owners of the house.
“When emerging from the rear -razor process,” will proceed with new owners and a meaningful balance sheet at home, “Weston said. “Importantly, this process will also equip us with opportunities to invest in our strategic initiatives and continue to strengthen our business for a longer period.”
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To help promote sales growth in the last several months after the reorganization aid agreement of the retailer and bankruptcy filing, to manage its inventory better and to increase your efficiency in the face of “dynamic and rapid development” Trade environment“From tariffs, according to the CEO of the house.
In its chapter 11 petition, it estimated the range of $ 1 billion to $ 10 billion for its assets. Its estimated liabilities had only one limit.
The decoration of the house returned to the retailer’s origin in the late 1970s. it is owned From 2021, with money affiliated to private equity firms Helman and Freedman.
