By Tilly Armstrong | Daily Mail
The struggling home goods chain, The Container Store, which has been around for 46 years, filed for Chapter 11 protection in Texas late on Sunday.
The store is known for its home organizational goods, including closet organizers and storage bins.
Despite receiving a boost from Marie Kondo’s hit Netflix show ‘Tidying Up’ during the Covid-19 pandemic, the chain has been weighed down by mounting losses in recent years.
The company had $229.8 million in long-term debt as of the quarter ended September 28.
CEO Satish Malhotra, a former Sephora executive who took over the top spot at the chain in 2021, said he is confident The Container Store is ‘here to stay’ despite the filing, Yahoo! Finance reported.