The Container Store filed for Chapter 11 bankruptcy protection, the latest retail chain to fold as inflation-weary shoppers scale back discretionary spending on home remodels.

The storage and organizational goods retailer, which operates about 100 stores across the country, saw demand fall in a tough real estate market where rising prices and increased mortgage rates curbed sales.

The Texas-based company, founded in 1978, said in a news release that it needed to refinance its debt to “strengthen its financial position, advance growth initiatives and achieve greater long-term profitability.”

The bankruptcy filing follows Party City’s announcement on Friday that it would permanently close.

Big Lots, the discount retail chain that once operated about 1,420 locations in the mainland United States, also announced last week that it was ceasing operations.

According to Yahoo Finance, which first reported the bankruptcy filing on Sunday, the Container Store has reached an agreement with 90% of its lenders to provide it with $40 million in new financing.

The retail chain has faced tough times since the end of the COVID-19 pandemic, when people spent more time at home and were more inclined to remodel.

Just three years ago, The Container Store’s net sales reached $1 billion, a major milestone for the company.

In 2021, the stock reached a value of almost $18 per share. But strong competition from retailers like Walmart, Amazon and Target has had a negative impact on the company’s bottom line.

On December 9, the company was delisted from the New York Stock Exchange after falling below the $15 million market capitalization threshold.

At the time, the stock traded for just pennies on the dollar — a far cry from the $525 share price at its 2013 IPO.

At the end of October, the company reported that its revenue fell 10.5% year-over-year to just $196.6 million in the most recent quarter, while its net loss was $16.1 million.

Last year, The Container Store reported a net loss of $23.7 million in the same quarter.

The company also reported that its debt rose from $173 million at the end of September last year to about $232 million this year during the same period.

Same-store sales fell 12.5%, while general merchandise sales fell 18.7%.

The company warned in its latest earnings report that there was “significant doubt” about its “ability to continue as a going concern” due to a “challenging retail environment” impacted by “reduced consumer spending in the stores and organizations category and increased price sensitivity.” ”

The earnings results suggest that the company may need to “scale back” and even “suspend certain or all of our operations to reduce costs… or seek bankruptcy protection.”

In October, The Container Store announced a strategic partnership with Beyond, owner of the now-defunct Bed, Bath and Beyond brand.

The plan called for Beyond to invest $40 million in the company in a preferred stock transaction. However, sources familiar with the situation told Yahoo Finance that the partnership will not happen given the bankruptcy filing.

The Post has reached out to The Container Store for comment.