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At Home Group files for IPO

At Home Store

At Home Group, the retail chain that sells furniture and homewares, has announced that it intends to become a publicly-traded company.

Founded in 1979, At Home was previously known as Garden Ridge until it changed its name in 2014 and now has 94 stores across the US. The company announced that stores opened at least a year averaged more than $6 million in annual sales and its average store is 120,000 square feet.

The retailer did not say how many shares it expects to sell in an initial public offering, or how much they will cost, or when it will happen. It said it expects to raise as much as $100 million, but that number will likely change. It plans to use the money raised to pay off debt.

The company reported a loss of $436,000 in the year ending Jan. 31, 2015, narrower than its loss of $22.3 million the previous year. In the latest year, its revenue rose 23 percent to $497.7 million.

Based in Plano, Texas, At Home Group Inc. also sells Christmas decorations, wall art, frames and plants.

Source: The Wall Street Journal.

Read more here.

07 September 2015

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