Texas-Based Retailer Survives Bankruptcy, Will Continue To Operate

Good news on the retail front as a major retailer based in Texas has emerged from bankruptcy and will continue to operate.

The Container Store announced last week that it had emerged from bankruptcy and is now operating as a private company. The Texas-based retailer had announced late last year that it was entering Chapter 11 bankruptcy.

The retailer had seen an increase in competition from other big box retailers as well as Amazon. After the COVID pandemic sales continued to slump.

While The Container Store was going through bankruptcy, it continued to operate as normal across its store locations and online. It also continued to offer in-home services while being able to meet all obligations to customers, vendors, and employees according to Yahoo Finance.

According to Yahoo Finance, The Container Store did not lay off any employees while going through bankruptcy and while they do plan on closing to store locations, they are reportedly not connected to the bankruptcy. The CEO of The Container Store called it a "new chapter" for the company that has been around for 46 years.

CEO Satish Malhotra — a former Sephora executive who took the top job in 2021 — called this a "new chapter" for the 46-year-old company, adding that it has a "healthier balance sheet that positions the company for profitable growth."

The Container Store has 13 locations in Texas and a total of 102 stores in 34 states.

We have seen a number of big box retailers file for bankruptcy in the United States including JoAnn, Party City, Conn's, and Big Lot's.