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viceroy hotels limited (523796) ✌️【Part-Time Position】✌️ Real-time India stock and global stock indices, futures prices, and data to help you make efficient investment decisions. The 46-year-old company said in a statement late Sunday that filing for Chapter 11 bankruptcy protection will help it “bolster its financial position, fuel growth initiatives, and drive enhanced long-term profitability.” The Container Store revealed in court documents that it has about $230 million in debt and just $11.8 million in cash on hand, but will receive $40 million in fresh financing.
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“The Container Store is here to stay,” said CEO Satish Malhotra in a statement. “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.”
Payments to vendors and suppliers will be made as normal and all customer deposits and orders will be honored and delivered, the company said. The Container Store plans to emerge as a private company when the Chapter 11 process is complete.
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viceroy hotels limited (523796) ✌️【Part-Time Position】✌️ Expert market predictions, real-time updates, and personalized investment advice designed to help you succeed. Seize the best investment opportunities in global stocks, metals, and energy markets. The filing comes a few weeks after a deal with Beyond, the parent company of Bed Bath & Beyond and Overstock.com. The Container Store was expectedbring Bed Bath & Beyond-branded products to some stores, but that deal appears to be in jeopardy. Beyond previously said that the financing deal was in doubt because the Container Store was struggling to reach an agreement with its lenders.
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In addition to several quarterly losses, the company is vulnerable to changes in the housing market. Mortgage rates hit two-decade highs near 8% last year and are still hovering close to 7%. High interest rates have kept many people from buying or selling their homes, and the frozen housing market has spilled over to hurt the Container Store.
viceroy hotels limited (523796) ✌️【Part-Time Position】✌️ Free stock market strategies and analysis based on real-time data, empowering you to choose profitable investment options and avoid risks. Our expert predictions will help you stay in tune with the latest market trends. The retailer is also facing competition from other companies with lower prices, such as Amazon, Walmart and HomeGoods. Holiday shopping likely won’t be strong enough to prop up the Container Store, analysts say.
viceroy hotels limited (523796) ✌️【Part-Time Position】✌️ AI-powered stock trend analysis with free, up-to-the-minute updates. Analyze global stock, futures, and forex data to capture market movements and make smart investment choices with expert insights. Moody’s Investors Service predicts overall holiday sales will grow just 1% to 3%, a slowdown from last year. Sales may be weaker for home furnishings, pressuring companies like the Container Store and Wayfair, said Christina Boni, a retail analyst at the firm.
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