It's done: a deal worthy of July 4th fireworks. The Container Store has been sold.
Ending months of speculation, the mecca of home and organization products has sold a majority stake to a private investment firm. West Los Angeles-based Leonard Green & Partner, L.P holds investments in 42 other companies, including a majority stake in David's Bridal and Petco.
So what do you need to know?
- The management structure will stay the same.
- A new board of directors has been formed, including current staff.
- Prices and service will most likely stay the same say industry analysts.
- An infusion of capital will most likely result in additional stores opening.
The Container Store put itself up for sale in February and made a series of moves that caught our attention. Last October, the Container Store opened its first store in Los Angeles at the Westfield Century City shopping center – less than a mile from Leonard Green's offices.
The CS currently enjoys 39 stores. Stores planned this year include a second location in Denver and its first in Philadelphia (at Cherry Hill Mall in New Jersey).
- The Container Store up for sale (2/07)
- The Container Store shutting down North American Elfa wholesale (2/07)
- Sex in the City Star gets organized at Century City Container Store (6/07)