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The home organization company's CEO cited a "challenging" economic environment as the reason for the move
The Container Store has filed for bankruptcy protection as the storage and organizational goods retailer with roots dating back to the 1970s grapples with mounting losses and cash flow shortages.
In fact, Malhotra explains, the bankruptcy filing represents a step toward a new phase for The Container Store. "We intend to implement a transaction under Chapter 11 of the U.S. Bankruptcy Code ...
Global Container Freight Index, July 2019 – August 2022. In 2021, as a consequence of the COVID-19 pandemic and, later, the ongoing 2022 Russian invasion of Ukraine, global supply chains and shipments slowed, causing worldwide shortages and affecting consumer patterns. Causes of the economic slowdown included workers becoming sick with COVID ...
The Container Store was founded in Dallas by Garrett Boone and John Mullen. With the backing of their families, they inaugurated the first The Container Store on July 1, 1978. The store introduced a new retailing category: home storage and organization. [2] [3] Kip Tindell and his wife joined the founding team the next year.
Evergreen Marine is the third-largest containerized shipping company in the world, with a fleet of over 165 ships calling on 240 ports worldwide in about 80 countries. Evergreen Marine Corporation includes subsidiaries/divisions Uniglory Shipping Corporation, Hatsu Marine Ltd., and Italia Marittima S.p.A.
The Container Store says business will continue as usual while it restructures after filing for Chapter 11 bankruptcy protection amid steep losses, slumping sales and increased competition.
The Container Store revealed in court documents that it has about $230 million in debt and just $11.8 million in cash on hand, but will receive $40 million in fresh financing.