The Container Store

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The Container Store Group, Inc.
IncreaseUS$51.26 million (FY2019)[3]
IncreaseUS$21.68 million (FY2019)[3]
Total assetsDecreaseUS$749.4 million (FY2019)[3]
Total equityIncreaseUS$248.7 million (FY2019)[3]
OwnerLeonard Green & Partners
Number of employees
5,110 (Jan. 2020)[4]
Websitewww.containerstore.com
The Container Store in Schaumburg, Illinois
The Container Store in Pasadena, California

The Container Store Group, Inc. is an American

specialty retail chain company that operates The Container Store, which offers storage and organization products, and custom closets. In February 2007, its owners announced that they were "exploring alternatives," including selling The Container Store to private investors, in order to fund future growth. They stated that they would not sell unless they received guarantees that the corporate culture would be preserved. On July 2, 2007, The Container Store announced that they had closed a deal with a private equity firm based in Los Angeles, Leonard Green & Partners, which obtained a majority stake.[5][6][7]

Retail History

On July 1, 1978, The Container Store opened in a small, 1,600-square-foot (150 m2), retail space in

Los Angeles area location in October 2006.[16]

The Container Store had made Fortune magazines list of "100 Best Companies to Work For" for many years with Boone at the helm. Running through 2016.[17] Following the deal with Leonard Green & Partners, announced in July 2007, The Container Store announced plans to open 29 more stores in the next five years. The first Arkansas location (Little Rock) opened in March 2008, followed by the first Arizona location (Scottsdale) in the summer, and the first Minnesota location (Edina) and second Ohio location (Cincinnati) that fall.[7] [relevant?] In 2013, the retailer was one of the hottest IPOs of 2013. However, according to Forbes, "the Container Store is a far cry from the 300 store potential investors were promised in the IPO." Since 2013, only 30 stores were added, or about 5 per year. The Container Store has not kept its promise to investors "to be the category killer of storage containers and home organization."[18] As of May 2016, The Container Store had 80 locations, with plans to open several stores in the following months.[19] On May 9, 2016, The Container Store announced that Kip Tindell would be stepping down as CEO and would be succeeded by COO and president Melissa Reiff.

On December 22, 2020, The Container Store Group, Inc. announced that retail executive Satish Malhotra would succeed Melissa Reiff as CEO and president on February 1, 2021. Effective March 1, 2021, Reiff retired from the Container Store, while retaining her epitaphic position as chairwoman of the board of directors until the annual meeting of shareholders in late summer 2021.

Chapter 11 bankruptcy filing.[20]

See also

References

  1. ^ "Form 10-K for fiscal year ended March 28, 2020". U.S. Securities and Exchange Commission.
  2. ^ a b "The Container Store Group, Inc. Announces Plan for CEO Succession; Satish Malhotra to be Appointed CEO and President Effective February 1, 2021".
  3. ^ a b c d e "Container Store (The) (TCS) Income Statement - Yahoo Finance".
  4. ^ "The Container Store". Forbes.
  5. ^ "Container Store put on market: Retailer wants to use equity but preserve workplace culture," The Dallas Morning News/KRT, February 17, 2007 [dead link]
  6. ^ "Container Store Agrees to Partner with Leonard Green". The New York Times. July 3, 2007. Retrieved October 26, 2009.
  7. ^ a b "Container Store says expansion plan on track". The Dallas Morning News. March 7, 2008. Retrieved October 26, 2009.
  8. ^ Hoover's Inc. fact sheet on The Container Store
  9. ^ "Container Store's workers huddle up to help you out". USA Today. April 29, 2002. Retrieved October 26, 2009.
  10. ^ Containerstore.com, About Us, Retrieved 2009-10-16
  11. CNNMoney.com. Archived from the original
    on November 7, 2014. Retrieved September 27, 2019.
  12. ^ "Getting it together in vogue in the '90s". The Atlanta Journal-Constitution. March 23, 1991. Retrieved October 27, 2009.
  13. ^ Hays, Constance L. (December 23, 1998). "Service Takes a Holiday; These Days the Customer Isn't Always Treated Right". The New York Times. Retrieved October 26, 2009.
  14. ^ Beller, Peter (September 24, 2000). "The Container Store Opens Its First New York Site". The New York Times. Retrieved October 26, 2009.
  15. CNNMoney.com. Archived from the original
    on October 17, 2015. Retrieved September 27, 2019.
  16. ^ "Container Store finds right box in Denver". Rocky Mountain News. October 10, 2006. Archived from the original on July 24, 2008. Retrieved September 27, 2019.
  17. ^ "The Container Store". Fortune. March 3, 2016. Retrieved May 20, 2016.
  18. ^ Verdon, Joan. "The Container Store Needs To Do A Better Job Of Thinking Outside The Box". Forbes. Retrieved March 23, 2020.
  19. ^ "Store Locations". The Container Store. Retrieved May 20, 2016.
  20. ^ "11 retailers at risk of bankruptcy in 2023". Retail Dive. October 2, 2023. Retrieved October 3, 2023.

External links

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