The Container Store has officially filed for bankruptcy. So what happens to the popular home storage and organization chain? According to CBS News, the Texas-based company said that its stores and online operations will remain open throughout its Chapter 11 bankruptcy process. The chain has more than 100 locations across the United States.

The Texas-based company, which has stores in Uniondale and Huntington, is grappling with mounting losses and cash flow shortages.

The Container Store filed for bankruptcy protection on Sunday amid a slowdown in sales. Under Chapter 11 protection, the storage and organizational supply retailer based in Coppell will still operate and make timely payments to vendors and suppliers.

The home-organizing giant struggled with a pullback in store sales and increased competition from discounters.

The company, which counts more than 100 locations, is the latest national retailer weighed down by market forces.

The Container Store just filed for bankruptcy. I visited the store's Manhattan location in September and was disappointed with the pricing.

During what has been a rough year for some big-name American retailers, the CEO of The Container Store said on Monday that the company is "here to stay" and looking at the future despite its bankruptcy.

The Container Store couldn't keep up as consumers turned to Amazon, focused on essential goods and pulled back on big-ticket items.

The Container Store, a once-thriving home organization retailer, has become the latest casualty in a string of bankruptcy filings that have rocked the retail industry. In a recent message to customers,

Big Lots, Party City, and The Container Store are all facing either bankruptcy or demise. The news rounded off an already tough year for US retailers.

The business will be acquired by members of the family and El Puerto de Liverpool, a Mexican real estate company