A GO-TO destination for organization enthusiasts has closed its doors permanently.
On Sunday afternoon, employees were observed inside removing shelving and fixtures, while the store’s exterior branding had already been taken down.
Staten Island AdvanceEmployees were observed removing interior fixtures[/caption]The Container Store at Staten Island Mall opened back in 2017.
Formally a Sears automotive garage space, the store now instead displays signage.
The sign read: “The store is permanently closed.
You can find all the same amazing products, including custom spaces, at containerstore.com or at any of our other nine New York and New Jersey locations.”
When it opened, The Container Store at the mall offered an extensive selection of organizational products.
This included more than 300 food storage solutions, 750 office products, 70 types of laundry hampers, 400 travel organization solutions, and 200 different sizes and colors of hangers.
The Texas-based retailer, which operates approximately 100 stores nationwide, filed for Chapter 11 bankruptcy protection in December.
In a press release, the company stated it needed to refinance its debt to “bolster its financial position, fuel growth initiatives, and drive enhanced long-term profitability.”
Through this restructuring, the Texas-based chain eliminated about $88 million in long-term debt and secured $40 million in financing.
During the restructuring process, the company maintained operations at its 100+ stores and e-commerce platform.
Only two locations were closed, described as “normal-course closures,” according to reports.
Satish Malhotra, President and CEO of The Container Store, stated: “This is a new chapter in our journey as a healthier company well positioned to drive strategic growth initiatives forward.
“With our restructuring process now behind us, we have renewed energy and excitement to deliver for our customers,” he said.
“We are focused on optimizing our business, enhancing our portfolio of organizing solutions and services, and continuously improving the customer experience,” he added.
Founded in 1978, The Container Store joins a growing list of national retailers exiting Staten Island.
This also includes Party City, which recently announced the closure of all stores back in December.
Macy’s Furniture Gallery will also soon be closing its New Springville location.
US braces for '45,000 store closures'
Some 45,000 bricks-and-mortar stores could close in the next five years, experts have warned.
Several major retailers have announced store closures or gone out of business altogether in recent years.
In 2023, chains such as Foot Locker announced plans to close up to 400 outlets by 2026.
While, other well-known retailers like Tuesday Morning and Mitchell Gold + Bob Williams filed for bankruptcy in 2023.
Bed Bath & Beyond has closed all of its brick-and-mortar stores and is now an online-only retailer.
The most affected retailers have been clothing, consumer electronics, sporting goods, hobby, book, music, and home furnishing stores since the start of 2019.
UBS has predicted the total number of retail stores will drop by 45k from 958k to 913k.
Despite that, the report says that certain stores should thrive while others decline.
It said retailers such as Walmart, Costco, Home Depot, and Target, could be among the winners.
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