The Container Store will liquidate about 30% of its inventory and reset 98 stores, including its Tampa location, beginning April 24 as it prepares to integrate Bed Bath & Beyond products following a $150 million acquisition agreement.
Bed Bath & Beyond has agreed to acquire The Container Store and its brands, Elfa and Closet Works, in a deal that includes $54 million in convertible notes and stock priced at $7 per share. The combined company plans to operate more than 100 locations under a dual-branded format.
The store resets mark the first step in that transition. Locations will reduce select categories and rework selling floors to make room for new merchandise expected to arrive in phases later this year. The changes are intended to streamline assortments and improve the use of space across stores…