(Zero Hedge)—As the retail apocalypse that started with Amazon and e-commerce continues, the latest victim is The Container Store.
The retail giant could file for bankruptcy as soon as next year, according to the New York Post, who said the retailer is blaming its recent descent on “a weak housing market and inflated prices” hurting sales.
The chain, based in Coppell, Texas, saw a pandemic-driven surge in 2020 and 2021 as homebound consumers, inspired by Marie Kondo’s Netflix show, embraced decluttering.
However, a sluggish housing market and persistent inflation have curbed moves, home renovations, and discretionary spending, shrinking demand for storage products. Or, in other words, people simply have less money for crap nowadays.
The Post reported that the Container Store faces a “high probability” of bankruptcy next year, according to Tim Hynes, global head of credit research at Debtwire, following the path of retailers like Big Lots and LL Flooring.
Amid a record wave of store closures predicted this year by Coresight Research, The Container Store has shown signs of distress. In May, it suspended its earnings outlook and began a strategic review to address declining performance. In its latest quarter ending September 28, sales dropped 10.5%, with losses totaling $30.8 million.
A potential $40 million lifeline from Beyond, owner of Bed Bath & Beyond and Overstock.com, to stock Bed Bath & Beyond products appears in jeopardy. Last week, Bed Bath & Beyond hinted the deal might collapse, citing The Container Store’s inability to meet financing conditions.
Hynes said: “I don’t see any dramatic increase in holiday sales that will change the situation. They are already pretty far down the line.”
Incidentally, this also means a lot of bored housewives could be looking for new ‘projects’ heading into the New Year, so stay out of their way…
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