COPPELL, TX — Home organization retailer The Container Store filed with the SEC for a proposed $200 million public stock offering. The stock would trade on the New York Stock Exchange at TCS.
Started in 1978, The Container Store has experienced tremendous growth over the past few years with an average store size of 19,000 square feet and more than 10,500 products -- closet, kitchen, office and laundry room storage items -- stocked in each store.
According to the Wall Street Journal, the proposed IPO will raise up to $200 million in dividend payments for preferred stock holders.
Net sales for fiscal year 2012 were over $700 million, up 11.5%, and it has maintained 13 consecutive quarters of positive same-store sales. A significant part of its net sales, $94 million, is for Elfa, a Swedish-based designer and manufacturer of component shelving and drawer systems for the closet, kitchen, offices and garages. Sales of the Elfa brand represented close to 13% of the company’s total net sales.
The Container Store has approximately 5,100 employees and 61 retail outlets in 22 states and the District of Columbia.