Under Chapter 11 protection, The Container Store will continue to operate while it restructures.
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 company has struggled to raise cash, and last month an agreement with the owner of Bed Bath & Beyond, Overstock and Zulily that would have come with a $40 million cash infusion fell apart. The Container Store said in a regulatory filing that it did not believe that it could match the financing requirements of the partnership with Beyond Inc.
The chain had its skeptics when Boon and Tindell opened their first 1,600-square-foot location. Yet the chain expanded to more than 100 stores ranging from 12,000 to 20,000 square feet, according to the company.
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