In December we wrote an article on how financial engineering had allowed At Home Group to grow at an exorbitant rate, despite having operations that generate relatively little cash flow. The end product of this PE-backed financial engineering is a highly leveraged business challenged by a growing cohort of online furniture retailers that the PE sponsors have in large part reduced their holdings in.
In 2020, the At Home share price rebounded to $7.15 before tumbling to roughly $4.50 prior to today's trading, all time lows. What most investors don't know is what's been happening