Container Store Pays $21.5M for Closet Works. Chicago, IL—The Container Store, a Coppell, TX specialty retailer of closets and organization supplies, paid $21.5 million for Closet Works, a Chicago-based manufacturer of closets and home organization systems.
For a Preston system, costs are $10,000 and up, including installation; it includes all the Avera features plus all-wood construction, top-tier finishes, and glass cabinet doors. Online only. Use its planning tools to spec out your system; if you need help it offers free online design assistance.
The Container Store began selling elfa® products in 1978 and acquired Elfa in 1999. Today our TCS segment is the exclusive distributor of elfa® products in the U.S. and represented approximately 58% of Elfa's total sales in fiscal 2023.
What happens now? The Container Store's failure to secure enough capital and maintain an average market capitalization led to the company's decision to file for Chapter 11 bankruptcy, but it does not necessarily mean stores are closing.
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. 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.
Satish Malhotra. A seasoned retail executive with decades of diverse experience, Satish Malhotra joined The Container Store in February 2021 as Chief Executive Officer and President.
The 10 largest of those private equity buyouts are all household names: PetSmart, Dollar General, Staples, Toys R Us, Neiman Marcus Group, Michaels, Petco, Mattress Firm and Claire's Stores.
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.
“As part of our effort to double our sales over time, I am thrilled to announce our strategic acquisition of Closet Works,” says Satish Malhotra, The Container Store president and CEO since February 2021.
The Container Store files for bankruptcy, but CEO says chain is 'here to stay' Texas-based retailer The Container Store announced Sunday it filed for Chapter 11 Bankruptcy, though the CEO has since said the chain is "here to stay."
The Container Store competitors include The Home Depot, Target, J. C. Penney, Bed Bath & Beyond and Crate and Barrel.
About Home Organizers, Inc.
It serves customers in California and Las Vegas under the Closet World, Closets by Design and Home Closets brands.
The Container Store opened for business in Dallas in 1978. Today, based in Coppell, Texas, it employs more than 5,000, and in 2015 it generated $782 million in revenue and reported net income of $22.7 million. It has retail locations in 28 states and the District of Columbia.
Elfa is around $4300 for a walk-in closet, and $5000+ for a hallway or bedroom closet. Design consultations are free. Elfa has a 20% off annual sale (late Dec to mid-Feb). California Closets run from $2500 to $5000, with most customers averaging $3500 for a regular size and standard design.
Our Return Promise: If the products you purchased don't meet your expectations, please return to us for another solution or for a refund. However, a return for another solution or a refund will not be offered for products that have been successfully utilized and enjoyed for an extended period of time.
In general, a new 20ft dry container can be purchased from anywhere between $1,500 and $3,500, while a new 40ft dry container typically costs between $2,500 and $4,500. If you're interested in a new 40ft high cube (HC) container, expect to pay roughly $2,500 to $6,000.
California Closets is a manufacturer of custom closets and storage for homes. The company provides its products through its showrooms franchising business systems in the United States, Canada, Mexico, Puerto Rico, and Dominican Republic.
If you're interested in selling your products in our stores or on our website, we'd love to hear from you! Please contact us at [email protected]. Companies interested in providing services or operating goods to The Container Store should reach out to us at [email protected].
Founded in 1978 and based in Coppell, Texas, The Container Store is the nation's original and leading retailer of organizing solutions, Custom Spaces and in-home services, with the purpose of transforming lives through the power of organization.
The store offers products that many people need when moving away from home for the first time, such as laundry hampers, desk essentials, and kitchen utensils. In terms of marketing, The Container Store targeted primarily parents shopping for their kids and older college students.
"The Container Store is here to stay," CEO Satish Malhotra said in a statement. "We intend to maintain our strong workforce and remain committed to delivering an exceptional experience for our customers while we execute this recapitalization and for many years to come."
So far, the company hasn't announced any store closures as part of the Chapter 11 process and, in fact, The Container Store insists that none of this will have any impact on in-store services or online operations. “The Container Store is here to stay,” CEO Satish Malhotra said in a statement.
Private equity firms are investment management companies that specialize in making investments in privately held companies. These firms raise capital from institutional investors, such as pension funds and endowments, as well as high-net-worth individuals, to invest in various private equity opportunities.
Blackstone Group Inc's top holdings are Cheniere Energy Partners, L.P. - Limited Partnership (US:CQP) , Energy Transfer LP - Limited Partnership (US:ET) , Corebridge Financial, Inc. (US:CRBG) , FirstEnergy Corp. (US:FE) , and Expand Energy Corporation (US:EXE) .