The Container Store Lays Off 2% of Workforce
The Container Store, which less than six months ago filed for bankruptcy, has announced it will lay off about 2 percent of its workforce, or around 70 people, mostly in corporate positions. Capital projects will be also be placed on hold. The Container Store's former president and CEO, Satish Malhotra, resigned last month and was replaced by an Office of the CEO led by chairman Joe Bines and made up of several leaders who oversee strategy and operations, according to CoStar News.
Total Retail's Take: It's being reported that the layoffs are an effort to streamline the reporting structure of The Container Store. The retailer, which sells organizational and storage solutions for the kitchen, home, closet and travel, isn't immune to the economic downturn retailers are facing as a result of raised tariffs, inflation, and consumer spending slowdowns. Despite the bankruptcy filing and layoffs, The Container Store's brick-and-mortar locations and e-commerce site remain fully operational.
Marie Albiges is the managing editor for Women in Retail, Total Retail, and Women Leading Travel & Hospitality. She is responsible for content development, management and production for the group. Marie is a former journalist, a travel aficionado, a French native and fitness enthusiast who lives in Philadelphia with her partner, stepdaughter and dog.
