Home goods retailer with 102 stores becomes latest chain to file for bankruptcy – but CEO takes defiant stand

EXECS of the popular home goods retailer The Container Store has filed for bankruptcy.

The chain, founded in 1978, has seen a dip in sales, and bosses are scrambling to clear debts of more than $240 million.

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Bosses at The Container Store have filed for bankruptcy[/caption]

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It is the second chain to file for bankruptcy in days (stock)[/caption]

The Container Store filed for bankruptcy days after Party City bosses revealed all of its remaining stores would close.

But, its CEO Satish Malhotra has issued a defiant warning.

“The Container Store is here to stay,” Malhotra said.

“Our strategy is sound, and we believe the steps we are taking today will allow us to continue to advance our business, deepen customer relationships, expand our reach, and strengthen our capabilities.”