By Manhattan Real Estate Tracker, December 23, 2024
The Container Store Files for Chapter 11 Bankruptcy
Manhattan Real Estate Tracker has learned that the Container Store has filed for Chapter 11 bankruptcy protection. The store at one time had more than 1400 locations and now is down to about 100 locations. There is one store in Manhattan at 629 Sixth Avenue near the Flatiron Building.
The 1970s-founded store of organizing and storage solutions, The Container Store, has declared bankruptcy as a result of growing losses and cash flow issues. At the same time as demand for its products is being strained in a challenging housing market, where skyrocketing prices and high mortgage rates have slowed sales, the Texas company has seen an increase in competition from retailers such as Target and Walmart. The stores will continue to operate as it restructures.
Photo of the Container Store at 629 Sixth Avenue (Google)