The Container Store may be the next home goods chain to file for bankruptcy as a weak housing market and inflated prices hurt sales, according to a report.

The Container Store Group Inc. (TCS) is officially bankrupt. The storage and organization retailer filed its Chapter 11 petition on Sunday in a Texas bankruptcy court in Houston.

The Container Store said it is filing for bankruptcy protection after years of losses and declining sales.

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Popular home storage and organization retailer The Container Store intends to file for Chapter 11 bankruptcy, the company announced Sunday.