Chain retailer The Container Store, which specializes in organizational and storage-related products, has filed for Chapter 11 bankruptcy protection in Texas as customers increasingly begin to cut back on discretionary spending.
The announcement came on Sunday, with the company aiming to use the protection to "bolster its financial position, fuel growth initiatives, and drive enhanced long-term profitability." The company will continue to operate and its 102 locations will remain open for business as it restructures, reported CNN.
