The Container Store files for bankruptcy under Chapter 11, plans to strengthen financial position.

From Nasdaq: 2024-12-23 14:07:52

The Container Store has filed for bankruptcy protection under Chapter 11 of the U.S. Bankruptcy Code in an effort to address losses. The company plans to implement a recapitalization transaction to strengthen its financial position and continue providing products and services to customers without interruption. The bankruptcy plan has the support of at least 90% of the company’s lenders, providing $40 million in new financing and reducing debt by $45 million. The company’s stock trading was suspended by the NYSE for failing to meet market capitalization requirements, leading to the bankruptcy filing. Last month, the company was in talks with lenders for additional capital.



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