Well-known retailer declares bankruptcy! "Share price plummeted 99%" shocked the market

Another retailer is in trouble due to sharp decline in sales! The Container Store, a large American home furnishings retailer, announced today that it has filed for bankruptcy protection.

Image source: Retail Dive

According to a report by the media "CNN", the "Container Store" was established in 1978 and specializes in selling self-organized storage system furniture such as shelves and cabinets. It became famous in 1990 and is a well-known storage product with a long history in the United States. Specialty store. However, with the rise of e-commerce, the advantages of container stores have ceased. In recent years, performance has been declining. The company's stock price has even plummeted from a historical high of US$543 to US$0.32, a drop of more than 99%. It was recently delisted from the New York Stock Exchange. The delisting process is expected to begin this week.

Image source: The Container Store

The operation of the container store is in crisis. As of the end of September this year, the company's total liabilities have reached US$230 million. Therefore, the container store issued a statement today, announcing that it would apply for bankruptcy protection in order to conduct financial reorganization. It also stated that it has received US$40 million in new financing, which will be used to support the restructuring plan.

Image source: CoStar

Container Store emphasized that despite the company's declaration of bankruptcy, its 102 stores and online stores are still operating normally, and supplier payments and customer order delivery are guaranteed not to be affected, but it does not rule out the closure of some physical stores in the future.

Image source: from Foursquare