- The container store’s CEO is decreasing weeks after the company’s bankruptcy.
- In a memo obtained by the BI, the board told employees on Wednesday that the chairman who would lead the new “CEO’s office”.
- After the pandemic collision, sales have struggled and the company had previously disclosed a $ 230 million loan.
According to internal communication viewed by the Business Insider, the CEO of the container store, Satish Malhotra, is leaving the company weeks after being out of bankruptcy.
The company told employees in a memo, saying, “The route to Malhotra is immediately effective when they” follow other opportunities “.
Melhotra joined the Houses retailer in 2021 after more than 20 years with Sefora, where he was the Chief Revenue Officer and Chief Operating Officer.
The Board of Directors of the Container Store told employees on Wednesday that it was setting up the CEO’s office, led by the board chairman who would be Bins and also included Chief Transformation Officer Martin Schumacher. Employees will report the same managers, while Malhotra’s direct reports will work with the CEO’s office.
On Wednesday, the Memo said the company is “strong and healthy” after its reorganization and is ready to “re -occupy a dominant position”.
Neither the company nor Malhotra responded to requests for business internal opinion. Dallas Morning News reported the first changes.
The sale at the container store, which sells the supply of a domestic organization, saw an epidemic diseases but in the years the struggle was when US retail costs slowed down. The company revealed a $ 230 million loan in bankruptcy filing in December.
In January, a judge of the American bankruptcy approved the reorganization Contract This allowed the company to reduce the loan of $ 88 million and go privately to the ownership of Gleb Capital and Glendon Capital Management.
Malhotra said at the time, “With the process of reorganization behind us, we have renewed energy and excitement to supply our customers.”
Prior to bankruptcy filing, the company announced a Million 40 million contract with former rival Bed Bath and beyond, but eventually Fell.
Texas -based company has around 100 physical stores and online presence in the United States.