The Container Store Group, Inc. has filed for bankrutpcy.

The 46-year-old retailer of organizing solutions and custom space has filed for Chapter 11 protection in the Bankruptcy Court for the Southern District of Texas. In a statement, Container Store said the filing will help it "bolster its financial position, fuel growth initiatives, and drive enhanced long-term profitability."

The company said that it has negotiated and solicited support for a prepackaged plan of reorganization and expects the entire process to take less than 35 days. The Container Store's 102 locations and website will remain open for business during the process,

"The Container Store is here to stay," said Satish Malhotra, CEO and president of The Container Store. "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. We intend to maintain our strong workforce and remain committed to delivering an exceptional experience for our customers while we execute this recapitalization and for many years to come."