Specialty retail chain The Container Store will lay off 2% of its workforce, which will affect below 70 people in corporate positions, according to a report by Retail Dive.
The retailer aims to streamline its reporting structure, and the job roles that will be eliminated include tech positions and store operations.
Additionally, the company has paused its capital projects as it tries to reemerge from bankruptcy.
The company’s decision to streamline its workforce comes on the heels of an operational shakeup last month, when former CEO Satish Malhotra stepped down from the role.
Moving forward, the retail chain has appointed an Office of the Chief Executive Officer to lead store operations and strategy.
The new office will be run by board chair Joel Bines and Chief Commercial Officer Martin Schumacher.
Previously, the company faced a tumultuous period, with a previous Chapter 11 bankruptcy at the end of December; however, the company exited after a month.
The Container Store significantly reduced its debt and shed nearly $88 million in obligations.
Bines stated in a memo, “We believe in the future of The Container Store—the only national, multi-channel retailer dedicated to helping people improve their lives through the power of organization.
“The company emerged from its restructuring stronger and healthier, and we could not be more excited to help this incredible team recapture a dominant position and grow the loyal customer base.”
The Container Store currently operates around 100 locations across the US.
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