Container Store Prepares to File for Bankruptcy in Coming Weeks

The Container Store Group Inc. is preparing to file for bankruptcy in the coming weeks following mounting losses and escalating liquidity woes, according to people with knowledge of the plans.

The storage and organizational-goods retailer will seek Chapter 11 protection with a plan in place for lenders to take control of the firm, said the people, who asked not to be identified discussing private negotiations.

Last month, The Container Store was in advanced talks with lenders to provide additional capital as it looks to resuscitate its earnings and growth prospects, according to a regulatory filing. But those conversations have since ...