The Container Store is filing for bankruptcy. Here's what will happen to its stores.

The Container Store said late Sunday that it is filing for Chapter 11 bankruptcy protection after years of losses and declining sales.

The retailer, known for selling storage and organizational products, said its stores and online operations will remain open while it goes through the bankruptcy process. Customer deposits and orders will continue to be honored. The Container Store has more than 100 locations in the U.S. 

The Container Store's woes come during what's been a tough year for some bricks-and-mortar retailers, which have seen store closures spike almost 70% this year. Through November, about 45 retailers have filed for bankruptcy protection in 2024, compared with 25 retail bankruptcies for all of 2023, according to a recent CoreSight report.