(Bloomberg) -- The Container Store Group Inc. has filed bankruptcy to address mounting losses and a substantial debt load that has weighed the retail chain, which sells closet organizers and storage bins.

The retailer sought court protection Sunday in the Southern District of Texas listing assets as well as liabilities of between $100 million to $500 million on a Chapter 11 petition.

The Coppell, Texas-based retailer comes to bankruptcy after Beyond Inc., the owner of Bed Bath & Beyond and other brands, questioned the retailer’s ability to complete a deal with lenders needed to satisfy a $40 million preferred equity injection. The New York Stock Exchange in December also moved to delist Container Store’s common shares.

Bloomberg News earlier reported that the company would seek Chapter 11 protection with a plan in place for lenders to take control of the business. Lenders had offered to provide The Container Store with additional capital before those discussions pivoted to restructuring talks, Bloomberg also reported.

Founded in 1978, Container Store has struggled with declining revenues and debt. The company had more than 100 locations and $229.8 million in long-term debt as of Sept. 28, according to a quarterly report.

--With assistance from Reshmi Basu and Janine Phakdeetham.

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