The Container Store has filed for bankruptcy protection as the storage and organizational goods retailer with roots dating back to 1978 grapples with mounting losses and cash flow shortages. The Texas company has faced increasing competition from retailers like Target and Walmart at the same time that demand for its goods are under

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,

The specialty retail chain offering storage and organization products filed for bankruptcy as it contends with quarterly losses and rising debt levels that have shaken investor confidence and led to its imminent delisting.

The company has faced increasing competition at a time when demand for its goods is under strain in a rough housing market.

The Container Store expects to confirm a plan of reorganization within 35 days and “emerge shortly thereafter, positioned for sustainable growth,” it said. The retailer will continue to operate its business “as usual” and will continue to provide products and in-home services to its customers without disruption,