The Container Store’s difficulties continue with the New York Stock Exchange announcing it has begun proceedings to delist the common stock of The Container Store Group from the market.
The NYSE delisting decision comes after The Container Store dropped below the market’s continued listing requirement of maintaining an average global market capitalization of at least $15 million over a consecutive 30 trading day period. The Container Store can request a review of the delisting determination by an exchange board of directors committee.
In October, Beyond agreed to invest $40 million in The Container Store subject to set terms and conditions. Those terms and conditions included amendment or refinancing of The Container Store’s credit facilities in a manner commercially acceptable to Beyond. In late November, Beyond announced The Container Store had failed to do so. Beyond noted that, if The Container Store failed to obtain acceptable financing by January 31, 2025, either party can terminate the deal.
