Bloomberg reported The Container Store won court approval to exit bankruptcy after filing Chapter 11 in late December 2024 and to enact a lender-backed plan to cut its debt and provide the retailer with fresh capital.
According the the Bloomberg report, Judge Alfredo Perez in Texas said Friday he’d confirm the retail chain’s restructuring plan, which would take the business private by exchanging lender debt for the company’s equity. The restructuring cuts about $88 million in long-term debt and provides Container Store with $40 million in fresh cash, according to court documents.
Read the full Bloomberg report.