At Home Successfully Completes Financial Restructuring

Enters Next Phase with Stronger Financial Foundation, More Profitable Operating Model and Additional Resources to Support Strategy

DALLAS--(BUSINESS WIRE)--At Home Group Inc. (“At Home” or the “Company”) today announced that it has successfully completed its financial restructuring and emerged from Chapter 11.

With its court-supervised process now complete, At Home enters a new era of renewal and profitable growth – emerging with a meaningfully strengthened financial position, additional resources to invest in its strategic initiatives and supportive new owners.

Through its restructuring process, At Home has eliminated substantially all of its nearly $2 billion in funded debt, implemented a more profitable operating model and secured $500 million in new exit financing to drive strategic growth initiatives forward. At Home team members continue to serve and inspire customers across 229 stores in 39 states, as well as online at athome.com, with on-trend home products to fit every room, style, season and budget. At Home remains focused on innovation and relevance, continuously evolving its assortments with new and reimagined products.

“Today marks an exciting new beginning for At Home,” said Brad Weston, Chief Executive Officer of At Home. “We are officially starting our next phase with renewed financial strength, flexibility and momentum. We’re taking decisive actions to become more relevant, more inspiring and more connected to our customers. This new chapter redefines what At Home can be—a brand that helps customers design and create spaces that reflect who they are and how they live.”

Weston continued, “I want to express my heartfelt gratitude to our incredible team members and vendor partners for their dedication, to our loyal customers for their trust and support, and to our new owners for their belief in our business and brand. As we move through the heart of the holiday season, we’re thrilled to continue welcoming customers into At Home stores and online.”

In connection with its emergence, the Company has executed a transition of ownership of At Home to a group of its lenders, including funds affiliated with Redwood Capital Management, LLC, Farallon Capital Management, L.L.C. and Anchorage Capital Advisors, L.P. Sean Sauler and Ruben Kliksberg, Co-Chief Investment Officers at Redwood Capital Management shared, “We’re proud to partner with the At Home management team as they move forward from a position of strength and renewal. Their commitment to strategic growth, innovation and an optimized business model positions At Home for long-term success.”

Chief Executive Officer Brad Weston and Redwood Capital Management representative Andrew Kilbourne have been appointed to At Home’s Board of Directors. In the near term it is expected that industry leaders John Eck and Karen Stuckey will be appointed to the Board. John Eck most recently served as CEO of Mattress Firm prior to its sale to Somnigroup, while Karen Stuckey spent 18 years at Wal-Mart and currently serves on the board of Gildan. John shared, "I am honored to join the Board of Directors for At Home and to be part of such an energized organization with forward momentum. The company’s commitment to customer centricity and delivering fresh, inspiring assortments positions it for an exciting future. I look forward to collaborating with the management team to support At Home’s long-term success.”

About At Home:

At Home believes your home should be a reflection of your personal style – warm, thoughtful and inviting. As your go-to source for design and decorating inspiration, AT HOME offers exclusive, elevated collections that blend value with distinctive style. The Company is passionate about inspiring and helping customers Design Their Life At Home with beautiful, accessible solutions. Headquartered in Dallas, Texas, At Home operates 229 stores in 39 states. For more information, please visit athome.com.

Advisors

Kirkland & Ellis LLP served as legal counsel, PJT Partners served as financial advisor, AlixPartners served as restructuring advisor, and Hilco Real Estate served as real estate consultant to At Home. Joele Frank, Wilkinson Brimmer Katcher served as strategic communications advisor.

Dechert LLP served as legal counsel and Evercore Group LLC served as financial advisor to the ad hoc group of lenders.