The Container Store

The Container Store Group, Inc. is an American specialty retail chain company that operates The Container Store, which offers storage and organization products. The company has made Fortune's list of "100 Best Companies to Work For" in each of the past 17 years, through 2016.[5]

The Container Store Group, Inc.
Public
Traded asNYSE: TCS
IndustryRetail
FoundedDallas, Texas (1978)
FounderJohn W. Mullen III, Garrett Boone, and Kip Tindell
HeadquartersCoppell, Texas
Number of locations
92 (March 2019)[1][2]
Key people
Melissa Reiff (Chairman, President & CEO)[1]
RevenueUS$895.09 million (FY2019)[3]
US$51.26 million (FY2019)[3]
US$21.68 million (FY2019)[3]
Total assetsUS$749.4 million (FY2019)[3]
Total equityUS$248.7 million (FY2019)[3]
OwnerLeonard Green & Partners
Number of employees
5,110 (Jan. 2020)[4]
Websitewww.containerstore.com
The Container Store in Schaumburg, Illinois
The Container Store in Pasadena, California

In February 2007, its owners announced that they were "exploring alternatives," including selling the company to private investors, in order to fund future growth. They stated that they would not sell unless they received guarantees that the corporate culture would be preserved. On July 2, 2007, the company announced that they had closed a deal with a private equity firm based in Los Angeles, Leonard Green & Partners, which obtained a majority stake.[6][7][8]

History

Garrett Boone and Kip Tindell met while working in the paint department of Montgomery Ward.[9] On July 1, 1978, The Container Store opened in a small, 1,600-square-foot (150 m2) retail space in Dallas. Kip Tindell (Chairman and CEO), Garrett Boone (Chairman Emeritus), and architect John Mullen opened a retail store offering a mix of products devoted to helping people simplify their lives. In doing so, they originated a new category of retailing (storage and organization). Initial cash capital was provided by Garrett, his father, and John Mullen, who were founding directors, officers and shareholders of the company.[10][11][12] In 1999, the company bought one of its main suppliers, Elfa International, a Swedish corporation that specialized in shelving and storage units.[13]

The first store location outside Texas opened in Atlanta, Georgia in April 1991.[14] By December 1998, the chain had grown to 18 stores in operation.[15] In October 2000, its first New York metropolitan area store opened.[16] As of November 2004, it had 33 locations,[17] and reached 38 with the opening of the first Los Angeles area location in October 2006.[18]

Following the deal with Leonard Green & Partners, announced in July 2007, the company announced plans to open 29 more stores in the next five years. The first Arkansas location (Little Rock) opened in March 2008, followed by the first Arizona location (Scottsdale) in the summer, and the first Minnesota location (Edina) and second Ohio location (Cincinnati) that fall.[8]

In 2013, the retailer was one of the hottest IPO’s of 2013. However, "the Container Store is a far cry from the 300 store potential investors were promised in the IPO." Since 2013, only 30 stores were added, or about 5 per year. The company hasn’t kept its promise to investors "to be the category killer of storage containers and home organization."[19]

As of May 2016, The Container Store has 80 locations, with plans to open several stores in the following months.[20] On May 9, the company announced that Kip Tindell would be stepping down as CEO and would be succeeded by COO and president Melissa Reiff.[21][22]

See also

References
  1. http://finance.yahoo.com/quote/TCS/profile?p=TCS
  2. Store Locator at containerstore.com
  3. http://finance.yahoo.com/quote/TCS/financials?p=TCS
  4. http://forbes.com/companies/the-container-store/?list=best=employers-diversity/#3829022229f8
  5. "The Container Store". Fortune. 2016-03-03. Retrieved 2016-05-20.
  6. "Container Store put on market: Retailer wants to use equity but preserve workplace culture," The Dallas Morning News/KRT, February 17, 2007
  7. "Container Store Agrees to Partner with Leonard Green". The New York Times. July 3, 2007. Retrieved Oct 26, 2009.
  8. "Container Store says expansion plan on track". The Dallas Morning News. March 7, 2008. Retrieved Oct 26, 2009.
  9. "They Fill A Niche And A Need". The Record (Bergen County). May 5, 2002. Archived from the original on November 2, 2012. Retrieved Oct 27, 2009.
  10. Hoover's Inc. fact sheet on The Container Store
  11. "Container Store's workers huddle up to help you out". USA Today. Apr 29, 2002. Retrieved Oct 26, 2009.
  12. Containerstore.com, About Us, Retrieved 2009-10-16
  13. Howell, Arnesa A. (June 5, 2007). "Lessons from a colossal cleanup". CNNMoney.com. Archived from the original on 2014-11-07. Retrieved 2019-09-27.
  14. "Getting it together in vogue in the '90s". The Atlanta Journal-Constitution. Mar 23, 1991. Retrieved Oct 27, 2009.
  15. Hays, Constance L. (Dec 23, 1998). "Service Takes a Holiday; These Days the Customer Isn't Always Treated Right". The New York Times. Retrieved Oct 26, 2009.
  16. Beller, Peter (Sep 24, 2000). "The Container Store Opens Its First New York Site". The New York Times. Retrieved Oct 26, 2009.
  17. Powers, Vicki (Nov 1, 2004). "Finding Workers Who Fit". CNNMoney.com. Archived from the original on 2015-10-17. Retrieved 2019-09-27.
  18. "Container Store finds right box in Denver". Rocky Mountain News. Oct 10, 2006. Archived from the original on 2008-07-24. Retrieved 2019-09-27.
  19. Verdon, Joan. "The Container Store Needs To Do A Better Job Of Thinking Outside The Box". Forbes. Retrieved 2020-03-23.
  20. "Store Locations". The Container Store. Retrieved 2016-05-20.
  21. "Why Container Store's Founder and CEO Is Quitting". Fortune. 2016-05-09. Retrieved 2016-05-20.
  22. "The Container Store Announces its Organized Succession Plan". Investor Relations - The Container Store. Retrieved 2016-05-20.
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