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The Container Store says it’s filing for bankruptcy protection
In a shocking move, The Container Store has announced that it will be filing for Chapter 11 bankruptcy protection. According to the company’s statement, it expects to have a reorganization plan in place within 35 days and plans to emerge from bankruptcy soon after.
Despite posting losses for each of its last two fiscal years, the retailer claims that its strategy is sound and that this move will allow it to continue advancing its business while strengthening its capabilities. The company also emphasized that its online operations and physical stores will remain open throughout the process.
It’s worth noting that The Container Store has seen a significant decline in sales over the past two years, with losses totaling 23%. This trend is not unique to The Container Store, as many retailers have struggled in recent times due to inflationary pressures and changes in consumer behavior. In fact, the data shows that store closures have spiked by almost 70% this year alone.
According to a CoreSight report, over 45 retailers have already filed for bankruptcy protection in 2024, compared to just 25 retail bankruptcies for all of 2023.
Source: www.cbsnews.com
