The Container Store files for bankruptcy amid stiff competition

The Container Store, which has several locations in the Los Angeles area, has filed for Chapter 11 bankruptcy protection. The Container Store Group Inc. has filed for Chapter 11 bankruptcy protection amid steep losses, slumping sales and increased competition. “Our strategy is sound, and we believe the steps we are taking today will allow us to continue to advance our business.” The Container Store peaked in its 2021 fiscal year, when the company exceeded $1 billion in sales for the first time and posted record earnings as consumers spent heavily on home remodeling and redecorating projects during months of pandemic quarantine. The Container Store said it expected to confirm a plan of reorganization within 35 days and emerge from bankruptcy soon after as a private company.