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By ANNE D’INNOCENZIO The Associated Press — The Container Store has filed for bankruptcy protection as the storage and organizational goods retailer with roots dating back to the 1970s grapples with mounting losses and cash flow shortages. The Texas company has faced increasing competition from retailers like Target and Walmart at the same time that demand for its goods is under strain in a rough housing market, where soaring prices and elevated mortgage rates have stunted sales. Under Chapter 11 protection, The Container Store will continue to operate while it restructures. The chain has stores in Costa Mesa and seven other locations throughout Southern California. The company said Sunday that it had filed for bankruptcy protection in Texas. The filing arrives two weeks after the trading of company shares was suspended by the New York Stock Exchange. The Container Store Group Inc. failed to maintain an average market capitalization of at least $15 million in accordance with NYSE rules. Last month, The Container Store said that it was in advanced discussions with lenders to provide additional capital as it aimed to turn around sagging earnings and sales, according to a regulatory filing. The company has struggled to raise cash, and last month an agreement with the owner of Bed Bath & Beyond, Overstock and Zulily that would have come with a $40 million cash infusion fell apart. The Container Store said in a regulatory filing that it did not believe that it could match the financing requirements of the partnership with Beyond Inc. The Container Store was founded in 1978 by Garrett Boone, Kip Tindell and investor John Mullen, who opened the doors of The Container Store’s first location in Dallas, according to the company. Neither of the men, Boone with a master’s degree in history and Tindell who was an English major, expected a career in retail. Yet both were driven by the idea of creating a store devoted entirely to storage. The chain had its skeptics when Boon and Tindell opened their first 1,600-square-foot location. Yet the chain expanded to more than 100 stores ranging from 12,000 to 20,000 square feet, according to the company. In 1999, The Container Store purchased one of its vendors, Elfa International. In 2021, it acquired Chicago’s Closet Works and launched its premium, wood-based line Preston shortly thereafter. In its most recent quarter the company reported losses of $16 million, and comparable store sales, a good barometer of a retailer’s health, dropped 12.5%.Thiruvananthapuram: Kerala Chief Minister Pinarayi Vijayan on Saturday claimed that the results of the Assembly by-elections demonstrate continued public support for the LDF government and confirm its legitimacy and approval. Hours after the results of the bypolls held for the Wayanad Lok Sabha seat and two Assembly constituencies were announced, he said the people of Chelakkara had delivered a resounding victory to the Left Democratic Front, undeterred by organised propaganda and political attacks. “The Assembly by-election results have further solidified public support for and recognition of the LDF government, with the people of Chelakkara constituency delivering a decisive victory to the Left Democratic Front, despite organised propaganda and attacks,” he said in a statement. In the Palakkad Assembly seat, more voters supported the LDF compared to previous elections, Vijayan said. This mandate will provide renewed energy to advance development and welfare initiatives more vigorously in the coming days. He further emphasised that the LDF received secular votes in opposition to all forms of communalism. The message conveyed by the election results is the necessity to expose communalism and uphold secular politics without compromise, the CM stated. The results clearly show that the anti-government sentiment campaign had no impact on the people, who rejected the controversial and false narratives, he said. The CM claimed that while the UDF managed to retain Palakkad with the backing of communal forces, the LDF saw an increase in its votes compared to previous elections. The people rejected the BJP’s claims, particularly their assertion following their victory in Thrissur in the Lok Sabha elections, and their temporary gains will not lead to a lasting movement in Kerala, he added. The Chief Minister congratulated the winners of the Assembly by-elections and the Wayanad Lok Sabha by-poll and extended greetings to all those who voted for the LDF. Both the LDF and the UDF retained the Chelakkara and Palakkad Assembly seats respectively with a comfortable margin in the bypolls. The Congress won the Wayanad Lok Sabha seat with a thumping margin.fortune gems 3 jili 。

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