At Home, the home decor superstore chain, is owned by a group of former lenders led by Redwood Capital Management, along with Farallon Capital and Anchorage Capital. These firms took control in October 2025, when At Home emerged from Chapter 11 bankruptcy and its previous owner, private equity firm Hellman & Friedman, was wiped out.1Hellman & Friedman. At Home – Hellman and Friedman
How Ownership Is Split
At Home’s owners are the lenders who financed the company through bankruptcy. The group that provided debtor-in-possession financing received 98% of the reorganized company’s equity. The remaining 2% went to other first-lien debt holders.
Redwood Capital Management led that lender group and holds the strongest governance position. It secured the right to appoint four directors to the reorganized company’s board, giving it effective control. Farallon Capital and Anchorage Capital are among the other major stakeholders.
How the Lenders Ended Up Owning It
At Home filed for Chapter 11 protection on June 16, 2025, in the U.S. Bankruptcy Court for the District of Delaware, reporting between $1 billion and $10 billion in both assets and liabilities. The filing followed months of worsening finances tied to heavy debt from a 2021 leveraged buyout and the impact of new tariff policies on the retailer’s largely imported inventory.
The company entered bankruptcy with a restructuring support agreement already backed by lenders holding 95% of its debt. The plan eliminated nearly $2 billion in debt and included a $200 million capital infusion to keep the business running. At Home also closed 26 store locations by September 30, 2025, and emerged from Chapter 11 on October 24, 2025, with the new lender-controlled ownership in place.
What Happened to Hellman and Friedman
Hellman & Friedman, the San Francisco-based private equity firm, had owned At Home since mid-2021, when it acquired the retailer in an all-cash deal valued at roughly $2.8 billion including assumed debt. The firm bought all outstanding shares at $37.00 per share, revised upward from an initial $36.00 offer, and took the company private off the New York Stock Exchange.2Hellman & Friedman. Hellman and Friedman Completes Acquisition of At Home
During the 2025 restructuring, Hellman & Friedman’s equity was cancelled in full. The firm walked away with nothing from its $2.8 billion investment four years earlier. That outcome is typical when a heavily leveraged company files for bankruptcy: secured lenders convert their debt into ownership, and prior equity holders are wiped out.
Who Runs At Home Now
Lee Bird, who led At Home as Chairman and CEO for over a decade, including through the 2016 IPO and the 2021 take-private deal, stepped down before the bankruptcy filing.3Tailored Brands. Lewis L. (Lee) Bird III Brad Weston, a retail executive with more than 30 years of industry experience, serves as CEO of the reorganized company.
The board is now controlled by appointees of the lender-owners, with Redwood Capital Management holding the strongest position through its four board seats. The company continues to operate its network of warehouse-format stores, each typically exceeding 100,000 square feet, on a leaner footprint after the store closures and roughly $2 billion in debt reduction.