We talked about this in a blog post two weeks ago. The organizing giant announced they were shutting down their wholesale Elfa business in North American as soon as early summer, in a move that smelled like streamlining for a possible sale.
The company decided to launch a formal process after Chairman and co-founder Garrett Boone’s family expressed interest in selling a large portion of their leading stake in the company.
Boone said that at one time the families believed they would sell the company bit by bit but now realize that by selling the company to one large majority investor, they can control the chain's destiny in the long term. Their priority however, is to keep the culture that Fortune Magazine called one of the top places to work.
Ladies and gentleman, this deal will surely bring-in a premium price if they get it right. Container Store sales have grown an average of 15 percent to 20 percent a year since it opened in 1978.
Source: Dallas Morning News and Maria Halkeas
Photo courtesy of Heather
- Container Store closing down wholesale USA Elfa