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 store, which sells home products from kitchen storage containers to fully customized closet systems, said in an email sent to customers on Monday that they intend to file for Chapter 11 Bankruptcy with the intention to "strengthen our balance sheet and protect our financial health for the long-term."

Company leaders say the chain's 100-plus locations – including one at Kenwood Collection – will remain open during the restructuring.

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,

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 has filed for bankruptcy, while both Party City and Big Lots have announced they are shuttering all their stores.

The Container Store says business will continue as usual while it restructures after filing for Chapter 11 bankruptcy protection amid steep losses, slumping sales and increased competition.

Thanks to an agreement with most of its term loan lenders, the retailer will keep its stores and website open and emerge as a private company.

The retailer, which has several stores across South Florida, has filed for bankruptcy protection as it contends with mounting losses and rising debt.