Home decor retailer At Home has emerged from Chapter 11 bankruptcy protection after eliminating nearly $2 billion in funded debt, completing a financial restructuring that gives the company a stronger balance sheet and new ownership.

The Dallas-based chain said the restructuring process leaves it with a “meaningfully strengthened financial position” and $500 million in new exit financing to fund strategic initiatives and future growth. 

At Home operates 229 stores across 39 states, as well as an e-commerce platform. 

“We are officially starting our next phase with renewed financial strength, flexibility, and momentum,” said Brad Weston, CEO of At Home.

“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.” 

As part of the emergence, ownership has transferred to a group of lenders, including funds managed by Redwood Capital Management, Farallon Capital Management, and Anchorage Capital Advisors. 

Weston and Andrew Kilbourne of Redwood Capital have joined At Home’s board of directors, while John Eck, former CEO of Mattress Firm, and Karen Stuckey, a former Walmart executive, are expected to join in the near term.

At Home said it plans to continue focusing on innovation, customer inspiration, and trend-driven assortments, aiming to make stylish home decor accessible for every room, style, and budget.