(Zero Hedge)—As the retail apocalypse that started with Amazon and e-commerce continues, the latest victim is The Container Store.
The retail giant could file for bankruptcy as soon as next year, according to the New York Post, who said the retailer is blaming its recent descent on “a weak housing market and inflated prices” hurting sales.
The chain, based in Coppell, Texas, saw a pandemic-driven surge in 2020 and 2021 as homebound consumers, inspired by Marie Kondo’s Netflix show, embraced decluttering.
However, a sluggish housing market and persistent inflation have curbed moves, home renovations, and discretionary spending, shrinking demand for storage products. Or, in other words, people simply have less money for crap nowadays.
The Post reported that the Container Store faces a “high probability” of bankruptcy next year, according to Tim Hynes, global head of credit research at Debtwire, following the path of retailers like Big Lots and LL Flooring.
Amid a record wave of store closures predicted this year by Coresight Research, The Container Store has shown signs of distress. In May, it suspended its earnings outlook and began a strategic review to address declining performance. In its latest quarter ending September 28, sales dropped 10.5%, with losses totaling $30.8 million.
A potential $40 million lifeline from Beyond, owner of Bed Bath & Beyond and Overstock.com, to stock Bed Bath & Beyond products appears in jeopardy. Last week, Bed Bath & Beyond hinted the deal might collapse, citing The Container Store’s inability to meet financing conditions.
Hynes said: “I don’t see any dramatic increase in holiday sales that will change the situation. They are already pretty far down the line.”
Incidentally, this also means a lot of bored housewives could be looking for new ‘projects’ heading into the New Year, so stay out of their way…
Why One Survival Food Company Shines Above the Rest
Let’s be real. “Prepper Food” or “Survival Food” is generally awful. The vast majority of companies that push their cans, bags, or buckets desperately hope that their customers never try them and stick them in the closet or pantry instead. Why? Because if the first time they try them is after the crap hits the fan, they’ll be too shaken to call and complain about the quality.
It’s true. Most long-term storage food is made with the cheapest possible ingredients with limited taste and even less nutritional value. This is why they tout calories so much. Sure, they provide calories but does anyone really want to go into the apocalypse with food their family can’t stand?
This is what prompted the Llewellyns to launch Heaven’s Harvest. They bought survival food from multiple companies and determined they couldn’t imagine being stuck in an extended emergency with such low-quality food. They quickly discovered that freeze drying food for long-term storage doesn’t have to mean sacrificing flavor, consistency, or nutrition.
Their ingredients are all-American. In fact, they’re locally sourced and all-natural! This allows their products to be the highest quality on the market, so good that their customers often break open a bag in a pinch to eat because they want to, not just because they have to due to an emergency.
At Heaven’s Harvest, their only focus is amazing food. They don’t sell bugout bags, solar chargers, or multitools. They have one mission – feeding Americans in times of crisis.
What they DO offer is the ability for people to thrive in times of greatest need. On top of long-term storage food, they offer seeds to help Americans for the truly long-term. They want them to grow their own food if possible which is why they offer only Heirloom, Non-GMO, Non-Hybrid, Open-Pollinated seeds so their customers can build permanent food security on their own property.
