The Container Store Files For Initial Public Offering

The Container Store has filed a registration statement with the Securities and Exchange Commission for an initial public stock offering late Monday, according to Reuters.

The Container Store currently operates 62 stores in 22 states with annual sales of $702 million, Reuters stated, and expects to open six additional stores during the current fiscal year and seven stores next year. The company’s stores average around 19,000 square feet and carry approximately 10,500 items grouped in 16 departments.

Funds raised in the stock offering will be used to pay a dividend to holders of the company’s senior and junior preferred stock. The Container Store currently has outstanding debt of $392 million, according to the filing.