The Container Store filed for bankruptcy protection on Sunday as the latest retailer to face business restructuring following mounting losses and cash flow shortages.
Based in Texas, the company operates more than 100 outlets nationwide along with an online store. A leading provider of organizing solutions selling more than 10,000 products, the company, via the bankruptcy filing, will implement a “recapitalization transaction” to improve its financial situation. The Container Store will not shut down operations but will “operate its business as usual,” said a Dec. 22 company statement, adding that “all customer deposits and orders will be honored and delivered as normal.”
Some of the company’s lenders have committed to investing $40 million and, at the end of the restructuring process, “will be the new owners” of the business, according to the company….