The Container Store said the bankruptcy proceedings will have no impact on customers and will keep all 102 of its U.S. locations open.

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The Container Store – once the premier center for all things storage and organization – filed for bankruptcy amid mounting debts.

The 46-year-old retail chain filed for Chapter 11 bankruptcy protection in a Texas district court late Sunday. It comes just days after Big Lots and Party City announced they would close permanently in response to their own financial woes.

In a company statement, Container Store said the bankruptcy process would have no impact on customers. The 102 locations nationwide and the website will continue to operate as usual.

“The Container Store is here to stay,” CEO Satish Malhotra said in a statement. “We want to maintain our strong workforce and remain committed to providing our customers with an exceptional experience as we execute this recapitalization and for many years to come.”

According to court documents, the company has accumulated more than $243 million in debt and has about $11.8 million in cash. The company plans to raise $40 million in new financing and confirm a restructuring plan within 35 days.

The popular depot, known for its wide range of storage boxes, shelving and home accessories, has been struggling for some time. In the most recent quarter ended in September, sales fell 10.5% year-over-year, resulting in a loss of $16 million.

The company’s bankruptcy filing comes just two months after it reached an agreement to offer products from the previously shuttered Bed Bath & Beyond brand in its stores.

During the October earnings call, Container Store Chief Financial Officer Jeff Miller attributed the company’s financial challenges to “declining demand and increased price sensitivity.”

The Container Store is the latest retail chain to fall victim to bankruptcy. In September, Big Lots filed for bankruptcy in hopes of being acquired by a private equity group. Last week, the discount retailer announced that the deal had fallen through and it would begin the exit process. Then on Saturday, Party City announced that it had filed for bankruptcy and plans to permanently close all of its locations.