The Coppell-based chain of 102 stores has been cutting costs and expanding into general merchandise.
The Container Store, founded in Dallas as the original storage and organization store in 1978, may be sold after trying for years to grow the business.The chain of 102 stores said its board has initiated a formal review process to evaluate strategic alternatives, which generally includes the possibility of a sale of the company, saying it doesn’t believe “the current market value is reflective of its intrinsic value.
The Container Store stock will continue to trade on the NYSE during a six-month cure period. The stock closed at 88 cents a share on Monday giving the retailer a market capitalization of $46.5 million. The stock has been trading at the low end of a 52-week trading range of 83 cents to $3.71 a share.
The Container Store has hired J.P. Morgan Securities, as its financial advisor, and Latham & Watkins for legal assistance, and has not put a deadline on the strategic review process.Competition has increased in recent years not only from online retail but also from storage and organization sections in Walmart, Target and even supermarkets.The retailer’s sales have been on a downward trajectory and on Tuesday it posted a fiscal fourth-quarter sales decline of 20.7% to $206.
He thanked employees across the business for “exercising strong cost discipline resulting in positive free cash flow for the fiscal year, and in delivering superior customer service.”Maria Halkias , Staff writer. Maria Halkias has covered the retail scene for The Dallas Morning News since 1993. She has chronicled the stark changes in grocery, malls, e-commerce, major bankruptcies and local retail entrepreneurs.
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