The Original Storage and Organization Store
The container store, which is based in Capelle, filed for Chapter 11 bankruptcy. It is the latest retailer impacted by customers really cutting back on discretionary spending. The company has $230 million in debt with nearly $12 million in cash on hand. Thanks to the filing, it will receive $40 million in fresh financing. In a statement, the container store said bankruptcy protection will help bolster its financial position, fuel growth initiatives, and drive enhanced long-term profitability. All 102 locations will remain open during this process.