Texas-based retailer The Container Store announced Sunday it filed for Chapter 11 Bankruptcy, though the CEO has since said the chain is "here to stay."

Parent company The Container Store Group said in a press statement that the move aims to bolster the company's financial position, calling it a "recapitalization transaction" that will "fuel growth initiatives, and drive enhanced long-term profitability." 

The retailer, known for selling storage and organization products, has struggled with growing debt and dismal sales in recent years. In October, it reported a 26-week net loss of $30.8 million and was delisted from the New York Stock Exchange (NYSE) in early December.

According to the company statement, at least 90% of the company's lenders have agreed to the bankruptcy filing, which is expected to add $40 million in financing, reduce company debt by $45 million and extend the timeline for paying back other remaining debts.

Are any Container Store locations closing?

The Container Store did not announce store closures along with its bankruptcy news Sunday.

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“The Container Store is here to stay,” CEO Satish Malhotra said in Sunday's statement. “Our strategy is sound, and we believe the steps we are taking today will allow us to continue to advance our business, deepen customer relationships, expand our reach, and strengthen our capabilities.”A separate statement on the company's website also reassured that stores will maintain normal operations throughout the process, which is expected to take 35 days. The company will operate privately once the bankruptcy process is over, it said.

Employees should "see no change in [their] daily work because of this announcement," the company also said.

The bankruptcy does not affect or include its Elfa business in Sweden.

Can you still use coupons, store card at The Container Store?

The Container Store will remain open and fully functioning for both online and in-person shopping.

Customers should expect no changes to their experience, said the company, meaning gift cards, store credit cards, product warranties and the Organized Insider program will all remain intact and usable.

There should likewise be no change to product orders, deposits, or planned installations, it said.