EXECS of the popular home goods retailer The Container Store has filed for bankruptcy.
The chain, founded in 1978, has seen a dip in sales, and bosses are scrambling to clear debts of more than $240 million.
The Container Store filed for bankruptcy days after Party City bosses revealed all of its remaining stores would close.
But, its CEO Satish Malhotra has issued a defiant warning.
“The Container Store is here to stay,” Malhotra said.
“Our strategy is sound, and we believe the steps we are taking today will allow us to continue to advance our business, deepen customer relationships, expand our reach, and strengthen our capabilities.”
The process is expected to take around 35 days and no store closures are expected at the moment.
But, bosses have not ruled out the prospect of future closures.
“If they do not achieve meaningful rent reductions, they may be forced to close a select few locations,” a source told Yahoo Finance.
This is because the company will be going through a period of reorganization.
Officials also revealed that no workers are expected to be laid off.
The Container Store is one of the retailers that have struggled post-pandemic.
It has been unprofitable for the past two years, having reported losses of around $10 million at the end of September 2024.
This is a developing story…
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