Ending years of speculation, the Container Store late Monday filed a registration statement with the Securities and Exchange Commission for an initial public stock offering.
The operator of 62 stores in 22 states with annual sales of $702 million contends the U.S. can support as many as 300 locations with international growth also a possibility. The company expects to open six stores during the current fiscal year and seven stores next year. The company’s stores average around 19,000-sq.-ft. and carry approximately 10,500 items grouped in 16 departments.
Funds raised in the stock offering will be used to pay a dividend to holders of the company’s senior and junior preferred stock. The Container Store currently has outstanding debt of $392 million, according to the filing.