The Container Store, located in Coppell, Texas, has declared bankruptcy.
What we know: On Sunday, the business filed for Chapter 11 bankruptcy protection in a court in the Southern District of Texas.
According to court records, The Container Store has only $11.8 million in cash on hand and over $230 million in debt. According to the corporation, new funding of $40 million is anticipated.
The strategy for rearrangement requires thirty-five days.
It is anticipated that the chain’s 102 sites will remain open during the bankruptcy process.
“The Container Store is here to stay,” they say. “We are confident that the actions we are taking today will enable us to further develop our business, strengthen our capabilities, broaden our customer base, and improve our reach,” stated Satish Malhotra, president and CEO of The Container Store. “Our strategy is sound.” “We intend to maintain our strong workforce and remain committed to delivering an exceptional experience for our customers while we execute this recapitalization and for many years to come.”
What’s Next: According to the Container Store, the new financiers will eventually acquire the company.
They anticipate that The Container Store will remain a privately held business.
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The Container Store and papers from the US Bankruptcy Court for the Southern District of Texas provided the information used in this article.
The Container Store and papers from the US Bankruptcy Court for the Southern District of Texas provided the information used in this article.
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