The Container Store has officially filed for bankruptcy. So what happens to the popular home storage and organization chain? According to CBS News, the Texas-based company said that its stores and online operations will remain open throughout its Chapter 11 bankruptcy process. The chain has more than 100 locations across the United States.

The company, which counts more than 100 locations, is the latest national retailer weighed down by market forces.

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.

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 home-organizing giant struggled with a pullback in store sales and increased competition from discounters.

The Container Store just filed for bankruptcy. I visited the store's Manhattan location in September and was disappointed with the pricing.

The Texas company has faced increasing competition from retailers like Target and Walmart at the same time that demand for its goods is under strain in a rough housing market.

The Container Store has filed for Chapter 11 bankruptcy protection, the New York Post reported. With around 100 stores around the country, including at the Staten Island Mall in New Springville, the storage and organizational products retailer has seen demand decline amid a tough housing market marked by high prices and rising mortgage rates.