Coppell-based company The Container Store has filed for Chapter 11 bankruptcy protection, citing $230 million in debt and $11.8 million in cash. The company plans to receive $40 million in new financing and expects to stay open during the reorganization process. CEO Satish Malhotra reassured customers that the company is here to stay and will maintain its workforce. The new lenders are expected to become the owners of the business, making The Container Store a private company after the bankruptcy process.
Source: https://www.fox4news.com/news/container-store-files-chapter-11-bankruptcy