The Container Store is undergoing a recapitalization transaction with support from at least 90% of its lenders, hoping to secure $40 million in new funding.
Despite reported net losses of $30.8 million and $35.5 million in the previous two years, The Container Store aims to strengthen its financial position through bankruptcy.
The Container Store will reorganize under Chapter 11 protection, expected to take about 35 days, with no immediate plans for store closures.
After filing for bankruptcy protection and securing funding, The Container Store has stated it anticipates emerging as a private company post-reorganization.
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