The Container Store, a retailer specializing in storage and organizational products, announced it is filing for Chapter 11 bankruptcy protection after experiencing years of losses and declining sales. The company stated that its stores and online operations will remain open during the bankruptcy process, and customer deposits and orders will be honored. This filing comes amidst a challenging year for brick-and-mortar retailers, with many facing store closures and financial difficulties.
The Container Store said late Sunday that it is filing for Chapter 11 bankruptcy protection after years of losses and declining sales.The retailer, known for selling storage and organizational products, said its stores and online operations will remain open while it goes through the bankruptcy process. Customer deposits and orders will continue to be honored. The Container Store has more than 100 locations in the U.S.
Some retailers are struggling to attract inflation-weary customers who are cutting back or becoming more choosy in searching for sales and deals. The Container Store has posted losses for each of its last two fiscal years, while sales have plunged about 23% over that time.The company said Sunday that it has negotiated and solicited support for a prepackaged plan of reorganization and expects the entire process to take less than 35 days.'The Container Store is here to stay.
BANKRUPTCY RETAIL CONTAINER STORE CHAPTER 11 ECONOMIC TRENDS
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