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The Container Store filed for Chapter 11 bankruptcy protection on Sunday in an attempt to save the business and ensure future profitability.
The move had been anticipated by Wall Street analysts as the retailer’s financial struggles continued to grow. The Texas-based company with 103 stores across 34 states and the District of Columbia sells storage products and custom closets.
The Container Store said this doesn’t mark the end of the retailer. The company said it filed for voluntary protection under Chapter 11 in the bankruptcy court for the Southern District of Texas as it plans to “implement a recapitalization transaction to bolster its financial position, fuel growth initiatives, and drive enhanced long-term profitability.”
At least 90% of the company’s lenders agreed to support its bankruptcy plan, which would provide the…
