Container Store Cleared to Exit Bankruptcy in Take-Private Deal

The Container Store won court approval to exit bankruptcy a little more than a month after filing Chapter 11 and to enact a lender-backed plan to cut its debt and provide the retailer with fresh capital to withstand the post-pandemic sales lull.

Judge Alfredo Perez in Texas said Friday he’d confirm the retail chain’s restructuring plan, which would take the business private by exchanging lender debt for the company’s equity. The restructuring cuts about $88 million in long-term debt and provides Container Store with $40 million in fresh cash, according to court documents. The restructuring doesn’t impact vendors or other ...