The Container Store Files for Bankruptcy

The Container Store — once the premier hub for all things storage and organization — filed for bankruptcy amid mounting debt. The 46-year-old retail chain filed for Chapter 11 bankruptcy protection late Sunday in a Texas district court. It comes just days after Big Lots and Party City announced they will be closing down for good in response to their own financial struggles. In a company statement, The Container Store said the bankruptcy process will have no impact on customers. Its 102 locations nationwide and website will continue to operate as normal.

Total Retail's Take: In what has been a tough few days for the retail industry, The Container Store has announced a bankruptcy filing. It comes after Big Lots and Party City announced this past weekend that they would be going out of business, putting a damper on what is traditionally the busiest (and most festive) time of the year for the retail industry. However, unlike Big Lots and Party City, The Container Store has every intention of remaining open through its bankruptcy process and emerging from it a stronger company. In its latest quarter, which ended in September, The Container Store's sales declined by 10.5 percent over the previous year, resulting in a loss of $16 million. That downward trend will need to reverse itself if the business truly is in it for the long run.