The Container Store, buffeted by rough housing market and competition, seeks bankruptcy protection
The Container Store has filed for bankruptcy protection, as the storage and organizational goods retailer with roots dating back to 1978 grapples with mounting losses and cash flow shortages
NEW YORK (AP) — The Container Store has filed for bankruptcy protection as the storage and organizational goods retailer with roots dating back to the 1970s grapples with mounting losses and cash flow shortages.
The Texas company has faced increasing competition from retailers like Target and Walmart at the same time that demand for its goods is under strain in a rough housing market, where soaring prices and elevated mortgage rates have stunted sales.
Under Chapter 11 protection, The Container Store will continue to operate while it restructures.
The company said Sunday that it had filed for bankruptcy protection in Texas. The filing arrives two weeks after the trading of company shares was suspended by the New York Stock Exchange. The Container Store Group Inc. failed to maintain an average market capitalization of at least $15 million in accordance with NYSE rules.
