The Container Store Emerges From Bankruptcy A Private Company
The Container Store has completed its financial restructuring process and emerged from Chapter 11 bankruptcy protection as a private company.
The storage and organization specialty retailer’s plan of reorganization was confirmed in U.S. Bankruptcy Court on January 24. The company said it achieved its objectives that included refinancing short-term debt, reducing long-term debt obligations, accessing $40 million in new financing, and modifying its asset-backed lending facility to add $40 million in upsized capacity.
Additionally, The Container Store is under the ownership of its lenders.
"This is a new chapter in our journey as a healthier company well positioned to drive strategic growth initiatives forward,” said Satish Malhotra, CEO and president of The Container Store. “With our restructuring process now behind us, we have renewed energy and excitement to deliver for our customers.”
Malhotra said the company is focused on optimizing its business, enhancing its portfolio of organizing solutions and services, and continuously improving the customer experience.
