Finance
The Container Store files for Chapter 11 bankruptcy
Investors in The Container Store (TCSG) have been sent packing as the struggling home goods chain files for bankruptcy.
The retailer filed for Chapter 11 bankruptcy protection late Sunday, Yahoo Finance learned exclusively. The company said in a press release it is doing this in order to refinance its debt to “bolster its financial position, fuel growth initiatives, and drive enhanced long-term profitability.”
For the quarter-ended Sept. 28, 2024, The Container Store listed total liabilities of $836.4 million against $969 million in total assets.
CEO Satish Malhotra — a former Sephora executive who took over atop The Container Store in 2021 — is confident the maneuver will allow the 46-year old company to stick around.
“The Container Store is here to stay,” Malhotra said in a statement, adding that it is taking these necessary steps in order to advance the business, strengthen customer relationships, expand its reach and bolster its capabilities.
It plans to lean into custom space offerings, “which continue to demonstrate strength,” he said.
The bankruptcy process is expected to last several weeks with the reorganization anticipated to happen within 35 days. The bankruptcy does not include the company’s Elfa home goods business in Sweden.
The business will operate as usual across all stores, online and in-home services. The company operates 102 stores across 34 states.
The company says all customer deposits are safe and protected, and vendors will get paid in full. There are no planned layoffs.
There are also no planned store closures, but that may be a possibility in the future as the company goes through the reorganization process.
Chapter 11 allows companies to “renegotiate the terms of their leases to align their store footprint with market realities and business needs,” sources told Yahoo Finance, adding “if they do not achieve meaningful rent reductions, they may be forced to close a select few locations.”
The filing has been expected by industry experts.
Read more: Why Walmart won the 2024 Yahoo Finance Company of the Year award
The Container Store — a chain founded in 1978 that rose to fame for its nifty home organizational goods in the 1990s — was delisted from the New York Stock Exchange on Dec. 9 after it fell below the exchange’s standard to maintain a market cap of $15 million over 30 consecutive trading days.
The company has seen its profits plunge post the home remodeling frenzy fueled by the COVID-19 pandemic and competition picked up from Walmart (WMT), Amazon (AMZN) and Target (TGT). It has been unprofitable for the past two fiscal years, with losses tallying about $10 million for the fiscal year-ended Sept. 28, 2024.
The Poole College of Management is launching a Financial Literacy Program for adults. The program is free and open to the public, regardless of your connection to NC State University.
Srini Krishnamurthy, program co-founder and associate professor of finance at Poole, says the goal of the program is “to equip participants with the knowledge and confidence to address financial decisions they face in everyday life, such as understanding interest rates and inflation, performing loan and mortgage calculations, budgeting, saving, investing through mutual funds, and planning for retirement.”
The curriculum is based on the most up-to-date financial research available, translated by professors into easy-to-understand practices and tools for use by anyone.
Real Research Impact
The idea for the Financial Literacy Program took root in 2022 during Krishnamurthy’s participation in an NC State faculty initiative called Strengthening the Impact of Research (STIR). “The program’s goal was to help faculty translate their research expertise into meaningful benefits for the broader community,” he says. “As part of the program, each participant was required to develop and present an idea with real-world impact.”
Around this time, college affordability was a hot topic. It was an issue that hit home for Krishnamurthy — several years earlier, when his daughter was applying to colleges, the two discussed what offers cost in practical terms.
“I built a spreadsheet that incorporated tuition, scholarships, and long-term implications, and walked her through the numbers. Equipped with this information, she confidently chose to attend NC State for computer science and graduated with very little college debt. That experience made clear to me how transformative basic financial knowledge can be, and how rarely it is accessible in a clear, practical form.”
Financial Literacy for All
Knowing that not every family had the knowledge or skillset to evaluate finance – after all, not every college-bound high school student is lucky enough to have parents with terminal degrees in finance – Krishnamurthy teamed up with another faculty member in the STIR program to address that.
They developed a successful financial literacy program for college students and delivered it through the Wake County Library systems and a Wake County Public School System high school. When the opportunity arose to start a similar program at Poole aimed at adults, Krishnamurthy said he was “eager to expand this effort.”
Classes are taught by current Poole professors, including Krishnamurthy, Umut Dur and Denis Pelletier. Topics include (but are not limited to) budgeting, investing basics, time value, loans, credit and retirement planning. Data from participants shows that comfort with major financial decisions increased by 45% by the end of the program, and objective understanding of investments and fees increased by 20%
The first set of classes are on Jan. 26th and 28th. Register using this Google Form.
Finance
Ken Ofori-Atta: Ex-Ghana finance minister US case adjourned, e go remain for ICE detention till April – BBC News Pidgin
Wia dis foto come from, GHANA FINANCE MINISTRY
Read am in 7 mins
One US judge for di Annadale immigration court for Virginia adjourn hearing of di immigration case against ex-Ghana finance minister Ken Ofori-Atta, who dey face corrupting charges back home.
Di judge David Gardey move di hearing to 27 April.
Dis be in connection wit immigration wahala afta US Immigration and Customs Enforcement (ICE) arrest and detain di ex-finance minister for Virginia since 6 January 2025, sake of e overstay im visa.
Tori be say US authorities revoke di ex-minister visa for November 2025 wey he refuse to comot di kontri.
During di first appearance bifor di court on 20 January, lawyers for di ex-finance minister ask di court for private hearing.
By dis time many pipo join di virtual hearing sake of Ghanaians dey interested in di mata.
Two cases dey bifor di court – one of dem be bond application; wey mean say lawyers for di minister apply for di release of dia client from ICE custody wey di oda one be di immigration case proper.
How di minister appear for di court hearing
Dis be di first time since January 2025 wey di ex-minister dey appear for public afta e comot Ghana to di US for “medical attention.”
Di ex-Ghana minster appear for di Caroline detention centre as e dey wear one grey jacket, wey he wear black detention coverall.
He also dey wear blue face mask – di common one wey pipo wear during di covid 19 pandemic.
As e waka enter di isolated room, e comot di jacket, leaving im dark detention outfit.
E carry di jacket hang for chair behind a table for di centre of di empty room, wey e sidon.
Di minister also wear one armband for his wrist.
Few minutes later, Ken Ofori-Atta comot di chair wey e comot di lonely detention room briefly, bifor e return when di judge call im case.
As e return, e move im glasses wey e hang am on top his head wey e sidon for di chair dey face di camera.
As di judge call di case, lawyers for di minister, Christopher Chaisson and Kwao Amagashie tok say dem wan make di judge hear di case for private.
Wia dis foto come from, SCREENGRAB
Wetin happun during di virtual hearing as judge ‘ban’ di public
Judge David Gardey: Dis be di bond determination hearing for di mata wey involve Kenneth Ofori-Atta. Dem detain am for di Caroline detention centre wey he dey appear by Webex (virtual conference). Make di lawyers wey dey represent am enta dia appearance.
Lawyers: I be Christopher Chaisson, I dey on behalf of Enayat Qasimi and Kwao Amagashie on behalf of di respondent.
Judge David Gardey: Sake of di nature of di issues wey we discuss for di bond hearing, you pipo want di bond hearing to be private, as in make e dey closed to di public?
Christopher Chaisson: Yes, your honour. I make happy say you raise dis mata serf. I wan raise am bifor.
Judge David Gardey: Okay. I hear am.
Christopher Chaisson: For di record, your honour. Di oda issue also dey – di master calendar hearing. Wit di way di mata dey, some of di issues we go raise for di hearing be sensitive.
Judge David Gardey: You dey ask say di master calendar hearing also go dey private; closed to di public?
Christopher Chaisson: Yes. We wan clarify sometin small. We go like say make di two hearings all dey closed to di public.
However, for di bond hearing case, we go ask di court say make dem try anytin dem fit do for dia power, to finish di case [today]. I go wait for di court decision.
Judge David Gardey: I understand. So all di pipo wey join us for di Webex (online video conference), we go hear di mata in private under di US immigration law. Di law say if any party for di immigration case say make di hearing dey private and closed to di public, under di circumstances, di court go close di hearing.
If anyone dey for di Webex (online video platform) wey dey here to view dis hearing; either di bond hearing or di master calendar hearing, make everyone comot now sake of we neva go continue if pipo still dey on di online link. Only di parties for di case dey allowed to be present during di hearing.
Dat be how dem comot hundreds of Ghanaians wey join di virtual link to follow di proceedings for di hearing to continue.
Wetin go happun now
Afta dem arrest Ken Ofori-Atta for di US, his Ghana lawyers tok say “Oga Ofori-Atta get pending petition for adjustment of status wey go allow pesin to stay for di US legally past di period of validity of dia visa,” di statement by Justice Kusi-Minkah Premo explain.
“Oga Ken Ofori-Atta be law-abiding pesin wey he dey fully cooperate wit ICE to deal wit dis mata,” di statement from his lawyers add.
Now as di Annadale immigration court judge adjourn di case to 27 April, di ex-finance minister go likely remain in detention until di next hearing (for three months).
Sabi pipo explain say if di ex-minister lawyers succeed wit di bond application, den dia client go dey out of di ICE custody wey he go dey attend di substantive immigration hearing.
If dem no succeed or di judge no gree wit dia argument, di detainee go dey inside ICE custody until dia deportation case dey finalized.
Di judge gat di discretion to determine weda pesin be flight risk or di pesin be danger for di community
If pesin dey inside custody during di hearing, di case go fit move fast fast.
For all dis, di detainee get option to appeal if di judge deny dem di bond.
Dem fit appeal to di board of immigration appeals (BIA); but dis process neva dey easy.
Wia dis foto come from, ARISE GHANA
Why Ghana dey pursue di ex-finance minister
Attorney general for Ghana Dr Dominic Ayine, file extradition request to US authorities for di ex-finance minister.
Dem wan make US authorities carry di minister and his chief of staff wen e be minister, to Ghana make dem face accountability for di time as minister for seven years from 2017 to 2024.
“At dis point, na di US authorities especially di judicial authorities wey go determine whether sufficient evidence dey wey go demand say make di two accused pipo, dey extradited to Ghana to stand trial,” id attorney general explain.
Di kontris special prosecutor’s office already slap di ex-minister and odas wit 78 counts of corruption and related offenses.
According to di special prosecutor Kissi Agyebeng, di ex-minister and oda accused pipo allegedly conspire to set up “criminal enterprise wey directly and indirectly influence di kontri procurement process to win contracts for di company (SML).”
“Di SML company carry unfair advantage to get transaction audit services, external price verification services, measurement audit for downstream petroleum products and odas form di Ghana govment through di finance ministry and di Ghana revenue authority.”
Kissi Agyebeng di special prosecutor tok say “dem begin di criminal enterprise for 2017 by di ex-finance minister Ken Ofori-Atta, Emmanuel Kofi Nti (ex-GRA commissioner) and Evans Adusei togeda wit di SML company itself.”
Di prosecutor say dem neva ensure value for money for di contracts dem carry give di SML company wey dem cause financial loss of Ghc 1.4bn ($128m).
Dis be some of di reasons why di kontri dey pursue di ex-minister; oda investigative agencies also dey find di minister to help dem investigate oda cases wey im allegedly dey involved.
Ken Ofori-Atta comot Ghana after his govment lose di 2024 elections wey he say he dey go for medical check-up and surgery – since dat time, he neva return.
Many pipo and political watches say di ex-minister dey run away from accountability and trial – but his lawyers say di minister gat nothing to hide.
Di govment thru di Attorney general and odas say dem go work to ensure say US authorities extradite di ex-minister to Ghana to face di law.
But dem also say dem go welcome any move wey go make di minister return to Ghana faster than di extradition – if ICE fit deport am, dem go happy say he go at least return to Ghana and face accountability like anybody else.
Pipo wey dey close to di ex-minister say tins no go be easy sake of di Ken Ofori-Atta apart from di US visa, also get Canada and UK visa, wia he fit go, but time no tell.
For now di ex-minster dey remain for custody for di Caroline Detention centre for Virginia, until sometin happun.
At di time di immigration hearing dey happun, one pressure group for Ghana and oda Ghanaians gada for di US embassy for Accra to protest.
Dem carry placards wey dem wear red shirts and armbands wey dem demand say make di embassy authorities work to bring di ex-finance minister back to di kontri to face trial.
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