The storage and organizational goods retailer, which has roughly 100 stores around the country, has seen demand plunge in a rough housing market, where soaring prices and elevated mortgage rates have stunted sales.
Just three years ago, The Container Store’s net sales reached $1 billion — marking a major milestone for the firm. At the time, the stock was trading for just pennies on the dollar — a far cry from the $525 share price at its initial public offering in 2013. The earnings results indicated that the firm may need to “scale back” and even “discontinue certain or all of our operations to reduce costs…or seek bankruptcy protection.”
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