The famous Staten Island store is scheduled to be sold forever for more than a week, and it has been revealed.
The New Springville container will be closed on February 16th, despite the challenging words from the company's CEO just months ago.
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Speaking last December, Satish Malhotra insisted: “The container store is here to stay,” although the company has just applied for bankruptcy of Chapter 11.
He added: “Our strategy is sound, and we believe that the steps we take today will allow us to continue to progress our business, deepen customer relations, expand our arrival, and enhance our capabilities.”
The company has now emerged from bankruptcy, and completed the financial restructuring and “implementing its plan to reorganize”, according to a press statement issued by the retail seller issued in January.
The closing of the only staten Island store will leave nine locations all over New York and New Jersey.
Read more about closing the store
According to the news Silive.com, a container spokesman claimed that the closure is not part of Chapter 11, but “closing a normal path”.
The site opened in 2017 – was the sixth in New York and the nineties in the United States.
The container store was established in the late 1970s, and was prosperous for the following decades.
A specialist in storage products, which sells organizational solutions to the home, offices and travel, including baskets, shelves, drawers and treasury systems.
However, the Texas -based retail seller has struggled since the epidemic and has been unreasonable over the past two years.
It is believed that the high mortgage rates and the increase in real estate prices had a negative impact on sales.
The company informed losses of about 10 million dollars at the end of last September.
Revenue decreased by 10.5 % last year, compared to 2023 and store sales decreased by 12.5 %.
She currently has 102 stores across the United States.
Retail
The container store is not the only retail seller who was bankrupt last year.
US brackets for “45, 000 stores”
Experts have warned that about 45,000 bricks and junior stores could be closed in the next five years.
Several major retailers have announced the closure of the stores or have completely worked out in recent years.
In 2023, chains such as Foot Locker announced plans to close up to 400 outlets by 2026.
Meanwhile, other well -known retailers such as Tuesday morning and Mitchell Gold + Bob Williams offer bankruptcy in 2023.
Bed Bath & Beyond closed all its brick and mortar stores and is now online retail.
The most affected retailers have been the most affected clothes, consumer electronics, sports commodities, hobby, book, music and home furniture stores since the beginning of 2019.
UBS predicted that the total number of retail stores will decrease by 45 thousand from 958 kilos to 913 kilos.
Nevertheless, the report says that some stores should flourish while others decrease.
She said retailers like Walmart, Costco, Home Depot and Target could be among the winners.
Party City announced that it was closing all its sites after it was submitted for bankruptcy for the second time last December.
All 750 parties to the country's 750th party stores were expected to close.
She had advanced before and came out of bankruptcy in 2023.
According to a statement from the company at the time:
“The decision was taken after the comprehensive efforts by the company to find a path forward that would allow continuous operations in a very difficult environment driven by inflationary pressure on costs and consumer spending, among other factors.”
The big opponent series also disappears from the American retail scene after it was submitted to bankruptcy last September.
She was rescued in the last minute deal by Gordon Brothers Retail Partners in December, but hundreds of its stores are still closed.
As part of the diverse wholesalers in deals, they take from 200 to 400 sites and this will continue to work under the Big Lots logo.
Conn's HomePlus prominent in Conn's HomePlus also advanced bankruptcy in 2024.
