At Home (NYSE:HOME) revealed that the home decor big box retail chain is considering a sale, according to a report from sources close to the matter.
The Plano, Texas-based business is working alongside financial institution Bank of America to meet with potential buyers who may be interesting in acquiring the company because of its poor stock price, according to a report that was published on Thursday. The company’s stock had dropped more than 20% after it missed its fourth-quarter earnings forecast, while also warning that its first quarter and full year results will be below the mark.
At Home has yet to comment on the matter, with a spokesperson saying the company “does not comment on market rumors or speculation.” The company went public back in August 2016 and its stock price soared last summer, reaching more than $40 a share.
However, the stock price has dropped since then, falling more than 40% from a year ago on Wednesday to be at $18.99 per share by end of the day yesterday. The news of the potential At Home sale sent shares soaring today as HOME stock is up close to 8% by day’s end.
The business has been experiencing an annual sales increase of more than 20% a year. Plus, it opened 31 last stores last year and it is expanding to more cities as it seeks to boost its market position in the home decor space.
