The details
The company news release states the filing was to bolster its financial position, fuel growth initiatives and drive long-term profitability.
The retailer offers storage and organizational products. Its website and stores will operate as normal, according to the news release. Additionally, all customer deposits and orders will be honored and delivered as normal.
This bankruptcy filing does not include the company’s Elfa business based in Sweden.
What they're saying
“The Container Store is here to stay,” Satish Malhotra, chief executive officer and president of the company, said in the news release. “We are particularly excited about the future of our custom space offerings, which continue to demonstrate strength.”
What else?
The company was founded in 1978 and has more than 100 locations across the country, including one in Southlake and its headquarters in Coppell. At least 90% of the company's term loan lenders have entered into a transaction support agreement which will provide The Container Store with $40 million in new money financing.
This agreement will also allow The Container Store to continue operating without disruption. At the end of this process, The Container Store's term loan lenders will be the new owners of the company.
- 500 Freeport Pkwy Ste. 100, Coppell
- 1200 Main Street, Southlake
- 8460 Parkwood Blvd, Plano
- www.containerstore.com
