Container Store Group, Inc.

Form Type: 8-K

Filing Date: 2024-12-23

Corporate Action: Bankruptcy

Type: New

Accession Number: 000110465924131067

Comments: On December 21, 2024, The Container Store Group, Inc. and its domestic subsidiaries executed a Transaction Support Agreement with holders of over 90% of the claims under the company's senior secured term loan facility. Subsequently, on December 22, 2024, they commenced voluntary Chapter 11 bankruptcy cases in the Southern District of Texas. The restructuring plan entails the cancellation of all outstanding shares of common stock without compensation to shareholders and aims to convert the company to a private entity post-reorganization. The company intends to utilize new debtor-in-possession (DIP) financing to cover its financial obligations and maintain operational stability during the bankruptcy process. Additionally, solicitation for votes to approve the reorganization plan has been initiated. Trading in the company's securities is cautioned as speculative due to the ongoing Chapter 11 proceedings, with investors potentially facing significant losses on their investments.

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