The Container Store files for bankruptcy

The Container Store is the latest company to file for bankruptcy.

The company filed for Chapter 11 bankruptcy protection and will complete a reorganization within 35 days, The Wall Street Journal reported.

Part of the reorganization includes The Container Store becoming a private company once the process is done. It will also have $40 million in financing and $45 million in deleveraging.

It had a debt of about $232 million by the end of September, the newspaper reported. It had only $11.8 million in cash according to the bankruptcy filing, CNN reported.

The business will continue to operate as normal.

“The Container Store is here to stay,” CEO Satish Malhotra said, according to CNN. “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.”