{{Short description|American retailer (1978–2026)}} {{Use mdy dates|date=October 2021}} {{Infobox company | name = The Container Store Group, Inc. | logo = ContainerStoreLogo.svg | logo_size = 200px | image = Containerstore.jpg | image_caption = The Container Store in Schaumburg, Illinois | type = Private | traded_as = | industry = Retail | founders = {{unbulleted list|John W. Mullen III| Garrett Boone| Kip Tindell}} | key_people = Joel Bines (Head of the Office of the Chief Executive Officer) | revenue = {{decrease}} {{US$|848 million|link=yes}} (2023)<ref name=10K /> | operating_income = {{nowrap| {{increasenegative}} US$−105 million (2023)<ref name=10K />}} | net_income = {{nowrap| {{increasenegative}} US$−103 million (2023)<ref name=10K />}} | assets = {{decrease}} US$936 million (2023)<ref name=10K /> | equity = {{decrease}} US$160 million (2023)<ref name=10K /> | owner = Bed Bath & Beyond, Inc. | successor = The Container Store / Bed Bath & Beyond | num_employees = 4,300 (2024)<ref name=10K /> | homepage = {{URL|containerstore.com}} | foundation = {{start date and age|July 1978}} in Dallas, Texas, U.S. | location = Coppell, Texas, U.S. | defunct = {{sda|July 1, 2026}} (expected) | fate = Undergoing acquisition/merger with Bed Bath & Beyond | locations = 102 (2024)<ref name=10K>{{cite web|url=https://www.sec.gov/ix?doc=/Archives/edgar/data/1411688/000162828024025287/tcs-20240330.htm|title=Form 10-K for fiscal year ended March 30, 2024|publisher= U.S. Securities and Exchange Commission|date=May 28, 2024}}</ref> }}'''The Container Store Group, Inc.''' was an American specialty retail chain which offered storage and organization products, and custom closets. The company would be acquired by Bed Bath & Beyond, Inc. for $150 million, with rebranding of 98 locations under the Bed Bath & Beyond name starting in April 2026.<ref>{{Cite web |last=Vimal |first=Shubhendu |date=2026-04-06 |title=Bed Bath & Beyond agrees $150m takeover of The Container Store |url=https://www.retail-insight-network.com/news/bed-bath-beyond-takeover-the-container-store/ |access-date=2026-05-08 |website=Retail Insight Network |language=en-US}}</ref>
==History== The Container Store was founded in Dallas by Garrett Boone and John Mullen. With the backing of their families, they inaugurated the first The Container Store on July 1, 1978. The store introduced a new retailing category: home storage and organization.<ref name="hoovers">[http://www.hoovers.com/container-store/--ID__44395--/free-co-factsheet.xhtml Hoover's Inc. fact sheet on The Container Store]</ref><ref name="USAtoday2002">{{cite news | url= https://www.usatoday.com/money/covers/2002-04-30-container-store.htm | title=Container Store's workers huddle up to help you out | newspaper=USA Today | date=Apr 29, 2002 | access-date=Oct 26, 2009}}</ref> Kip Tindell and his wife joined the founding team the next year.
In 1982, the company switched to a computerized management system, which almost drove the company into the ground. The Houston store opening in 1988 marked the start of the company's booming sales.<ref name=":1">{{Cite web |last=Kline |first=Laurie |date=2001-07-01 |title=Street Talk : The Secret of their Success |url=https://www.dmagazine.com/publications/d-magazine/2001/july/street-talk-the-secret-of-their-success/ |access-date=2024-11-07 |website=D Magazine |language=en-US}}</ref> It opened its first location outside of Texas in 1991 in Atlanta,<ref name="AJC1991">{{cite news |date=Mar 23, 1991 |title=Getting it together in vogue in the '90s |url=http://nl.newsbank.com/nl-search/we/Archives?p_product=AT&p_theme=at&p_action=search&p_maxdocs=200&p_topdoc=1&p_text_direct-0=0EB7D0A277323802&p_field_direct-0=document_id&p_perpage=10&p_sort=YMD_date:D&s_trackval=GooglePM |access-date=Oct 27, 2009 |newspaper=The Atlanta Journal-Constitution}}</ref> its first New York area store in 2000,<ref name="NYT2000">{{cite news |last=Beller |first=Peter |date=Sep 24, 2000 |title=The Container Store Opens Its First New York Site |url=https://www.nytimes.com/2000/09/24/nyregion/in-business-the-container-store-opens-its-first-new-york-site.html?scp=1&sq=%22the%20container%20store%22&st=cse |access-date=Oct 26, 2009 |newspaper=The New York Times}}</ref> and its first Los Angeles area store in 2006.<ref name="RMN2006">{{cite news |date=Oct 10, 2006 |title=Container Store finds right box in Denver |url=http://www.rockymountainnews.com/drmn/other_business/article/0,2777,DRMN_23916_5054649,00.html |url-status=dead |archive-url=https://web.archive.org/web/20080724061638/http://www.rockymountainnews.com/drmn/other_business/article/0,2777,DRMN_23916_5054649,00.html |archive-date=2008-07-24 |access-date=2019-09-27 |newspaper=Rocky Mountain News}}</ref> In 1999, The Container Store bought one of its main suppliers, Elfa International, a Swedish companies that specialized in shelving and storage units.<ref name="CnnMoneyJune2007">{{cite news |last1=Howell |first1=Arnesa A. |date=June 5, 2007 |title=Lessons from a colossal cleanup |url=https://money.cnn.com/magazines/business2/business2_archive/2007/06/01/100050981/index.htm |url-status=dead |archive-url=https://web.archive.org/web/20141107012232/http://money.cnn.com/magazines/business2/business2_archive/2007/06/01/100050981/index.htm |archive-date=2014-11-07 |access-date=2019-09-27 |publisher=CNNMoney.com}}</ref>
The founders hired by the dozen but realized they also needed a strong company culture to maintain the spirit and attractiveness of their stores.<ref name=":1" /> The company started giving 235 hours of training time to its new salespeople, ten times the industry average.<ref>{{Cite web |last=Harnish |first=Verne |date=2002-12-01 |title=The X Factor TO BUILD A BUSINESS THAT DOMINATES, YOU NEED TO DISCOVER AN EDGE THAT PUTS YOUR COMPANY WAY AHEAD OF ITS COMPETITORS. |url=https://money.cnn.com/magazines/fsb/fsb_archive/2002/12/01/333869/index.htm |archive-url=https://web.archive.org/web/20070218085751/http://money.cnn.com/magazines/fsb/fsb_archive/2002/12/01/333869/index.htm |url-status=dead |archive-date=February 18, 2007 |access-date=2024-11-07 |website=money.cnn.com}}</ref> By the early 2000s, The Container Store had become a regular recipient of the Best Company to Work for in America award delivered by ''Fortune''.<ref name=":1" /><ref>{{Cite news |date=2000-12-18 |title=The Container Store |url=https://www.npr.org/2000/12/18/1115691/the-container-store |access-date=2024-11-07 |work=NPR}}</ref>
In July 2007, The Container Store sold a majority stake of the company to the private equity firm based in Los Angeles Leonard Green & Partners.<ref name="hoovers2">[http://www.hoovers.com/free/co/news/detail.xhtml?ID=44395&ArticleID=200702171180.3.46_a7e500441a717b5d&source_type%5B%5D=n "Container Store put on market: Retailer wants to use equity but preserve workplace culture,"] ''The Dallas Morning News''/KRT, February 17, 2007 {{dead link|date=September 2019}}</ref><ref name="NYTjuly07">{{cite news |date=July 3, 2007 |title=Container Store Agrees to Partner with Leonard Green |url=http://dealbook.blogs.nytimes.com/2007/07/03/container-store-agrees-to-partner-with-leonard-green/?scp=4&sq=%22the%20container%20store%22&st=cse |access-date=Oct 26, 2009 |newspaper=The New York Times}}</ref><ref name="DentonMar08">{{cite news |date=March 7, 2008 |title=Container Store says expansion plan on track |url=http://www.dentonrc.com/sharedcontent/dws/bus/stories/030808dnbuscontainerstore.2fd4d8c6.html |access-date=Oct 26, 2009 |newspaper=The Dallas Morning News}}</ref> After the deal, The Container Store announced plans to open 29 more stores in the next five years.<ref name="DentonMar08" /> 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."<ref>{{Cite web|url=https://www.forbes.com/sites/joanverdon/2019/07/31/the-container-store-needs-to-do-a-better-job-of-thinking-outside-the-box/|title=The Container Store Needs To Do A Better Job Of Thinking Outside The Box|last=Verdon|first=Joan|website=Forbes|language=en|access-date=2020-03-23}}</ref>
In 2016, Kip Tindell stepped down as CEO and was replaced by Melissa Reiff. In 2021, Satish Malhotra replaced Melissa Reiff as CEO and president of the company.<ref name="CEO">{{Cite web |title=The Container Store Group, Inc. Announces Plan for CEO Succession; Satish Malhotra to be Appointed CEO and President Effective February 1, 2021 |url=http://investor.containerstore.com/press-releases/press-release-details/2020/The-Container-Store-Group-Inc.-Announces-Plan-for-CEO-Succession-Satish-Malhotra-to-Be-Appointed-CEO-and-President-Effective-February-1-2021/default.aspx}}</ref> In the same year, the company reached the billion-dollar mark in revenue for the first time in its history<ref name=":0">{{Cite web |last=Parton |first=Mitchell |date=2024-10-22 |title='An act of desperation': Why The Container Store needed a lifeline from Beyond Inc. |url=https://www.modernretail.co/operations/an-act-of-desperation-why-the-container-store-needed-a-lifeline-from-beyond-inc/ |access-date=2024-11-07 |website=Modern Retail |language=en}}</ref> and acquired Closet Works for $21.5 million.<ref>{{Cite web |last=Jansen |first=Caroline |date=2002-01-04 |title=The Container Store acquires Closet Works for $21.5M |url=https://www.retaildive.com/news/the-container-store-acquires-closet-works-for-215m/616620/ |access-date=2024-11-07 |website=Retail Dive |language=en-US}}</ref> In 2024, Beyond Inc. (formerly Overstock Inc., owner of Bed Bath & Beyond since 2023) invested $40 million in The Container Store in a deal where Bed Bath & Beyond showcase spaces were to be integrated in The Container Store, marking Bed Bath & Beyond's return to physical stores.<ref>{{Cite web |last=Delesline III |first=Nate |date=2024-10-16 |title=Beyond to invest $40M in The Container Store |url=https://www.retaildive.com/news/beyond-invest-40m-container-store/729995/ |access-date=2024-11-07 |website=Retail Dive |language=en-US}}</ref><ref name=":0" />
On December 23, 2024, The Container Store filed for Chapter 11 bankruptcy, expecting to complete reorganization and emerge as a private company by January 26, 2025, without closing any stores in the process.<ref>{{Cite web |last=Valinsky |first=Jordan |date=2024-12-23 |title=The Container Store files for bankruptcy |url=https://www.cnn.com/2024/12/23/investing/container-store-bankruptcy/index.html |access-date=2024-12-23 |website=CNN |language=en}}</ref> In January 24, 2025, The Container Store received court approval from a bankruptcy judge regarding its bankruptcy plan to go private. The company emerged from bankruptcy on January 28, 2025 after successfully eliminating most of its debt.<ref>{{Cite web|url=https://chainstoreage.com/container-store-exits-bankruptcy|title=Container Store exits bankruptcy|first=Marianne|last=Wilson|date=January 28, 2025|access-date=January 28, 2025|website=Chain Store Age|language=en}}</ref> The conversion of lender debt into company equity under the approve restructuring plan took The Container Store private, and gave ownership to its term loan lenders, which include Golub Capital, LCM Asset Management, and Glendon Capital Management. <ref>{{Cite web |date=2025-01-27 |title=Court Approves Container Store Lender-Backed Bankruptcy Exit Plan - ABF Journal |url=https://www.abfjournal.com/court-approves-container-store-lender-backed-bankruptcy-exit-plan/ |access-date=2025-04-03 |language=en-US}}</ref> On March 20th, 2025, Malhotra resigned as CEO to "pursue other opportunities".<ref>{{Cite web |last=Howland |first=Daphne |date=March 20, 2025 |title=The Container Store CEO Satish Malhotra is out {{!}} Retail Dive |url=https://www.retaildive.com/news/container-store-ceo-satish-malhotra-exits/743061/ |access-date=2025-06-25 |website=www.retaildive.com |language=en-US}}</ref> In wake of his resignation, the company's board of directors formed an "Office of the Chief Executive Officer", with board chairman Joe Bines leading the new office as its head.<ref>{{Cite web |last=Goel |first=Dominick Reuter, Shubhangi |title=The CEO of The Container Store resigns weeks after the company exited bankruptcy |url=https://www.businessinsider.com/the-container-store-ceo-resigns-satish-malhotra-2025-3 |access-date=2025-06-25 |website=Business Insider |language=en-US}}</ref><ref>{{Cite web |last=Cao |first=Sean |date=2025-03-21 |title=Container Store CEO exits, replaced by a team |url=https://insideretail.us/container-store-ceo-exits-replaced-by-a-team/ |access-date=2025-06-25 |website=Inside Retail US |language=en-US}}</ref>
Starting on April 24, 2026, The Container Store launched a "Store Changing" event where they are liquidating up to 30% of existing inventory to make room for Bed Bath & Beyond products. All remaining 98 locations would be rebranded as '''The Container Store / Bed Bath & Beyond''' following the $150 million acquisition by Bed Bath & Beyond, Inc.. The merger is expected to be completed on or after July 1, 2026.<ref>{{Cite web |date=2026-04-24 |title=Bed Bath & Beyond returning to stores in SoCal, combining locations with The Container Store |url=https://abc7.com/post/bed-bath-beyond-returning-southern-california-combining-locations-container-store/18959310/ |access-date=2026-05-08 |website=ABC7 Los Angeles |language=en}}</ref>
== Growth == {| class="wikitable" |+ !Year !Stores !Revenue <small>(in million dollars)</small> |- |1998 |18<ref name="NYT1998">{{cite news |last=Hays |first=Constance L. |date=Dec 23, 1998 |title=Service Takes a Holiday; These Days the Customer Isn't Always Treated Right |url=https://www.nytimes.com/1998/12/23/business/service-takes-a-holiday-these-days-the-customer-isn-t-always-treated-right.html?pagewanted=all |access-date=Oct 26, 2009 |newspaper=The New York Times}}</ref> | |- |2004 |33<ref name="CnnMoneyNov2004">{{cite news |last=Powers |first=Vicki |date=Nov 1, 2004 |title=Finding Workers Who Fit |url=https://money.cnn.com/magazines/business2/business2_archive/2004/11/01/8189362/index.htm |url-status=dead |archive-url=https://web.archive.org/web/20151017150000/http://money.cnn.com/magazines/business2/business2_archive/2004/11/01/8189362/index.htm |archive-date=2015-10-17 |access-date=2019-09-27 |publisher=CNNMoney.com}}</ref> | |- |2006 |38<ref name="RMN2006" /> | |- |2016 |80<ref>{{Cite web |title=Store Locations |url=http://www.containerstore.com/locations/index.htm |access-date=2016-05-20 |website=The Container Store}}</ref> | |- |2021 | |1 000<ref name=":0" /> |- |2023 | |848<ref name=":0" /> |- |2024 |102<ref name=":0" /> | |}
==Governance==
=== List of Former CEOs ===
* Kip Tindell (1978 – 2016) * Melissa Reiff (2016 – 2021) * Satish Malhotra (2021 – 2025)<ref name="CEO" />
=== List of Heads of the Office of the Chief Executive Officer ===
* Joel Bines (2025 – Present )
==References== {{reflist}}
==External links== * {{Official website|https://www.containerstore.com/}}
{{Leonard Green}} {{authority control}}
{{DEFAULTSORT:Container Store}} Category:Private equity portfolio companies Category:Retail companies of the United States Category:Companies based in Coppell, Texas Category:Companies listed on the New York Stock Exchange Category:2013 initial public offerings Category:American companies established in 1978 Category:Retail companies established in 1978 Category:1978 establishments in Texas Category:Companies that filed for Chapter 11 bankruptcy in 2024 Category:American companies disestablished in 2026 Category:Retail companies disestablished in 2026 Category:2026 disestablishments in Texas