OAN Staff Abril Elfi
6:12 PM – Monday, December 23, 2024
The Container Store has filed for Chapter 11 bankruptcy protection.
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On Sunday, the Container Store announced that the bankruptcy process will have no impact on customers in a company statement.
Its 102 store locations nationwide and the company website will continue to operate as normal.
“The Container Store is here to stay,” CEO Satish Malhotra said in a statement. “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.”
Court documents have noted that the company has accumulated more than $243 million in debt while having around $11.8 million cash in hand.
Within 35 days, it hopes to confirm a…
