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Container Store’s stock pulls back from more than 5-year high after largest shareholder trims stake

Economy, Finance

Shares of Container Store Group Inc. sank 6.5% in premarket trading Monday, after the storage and organization products retailer announced a secondary offering of 5 million shares of its common stock. The stock is being sold by Leonard Green & Partners L.P., which is the company’s largest shareholder, and represents 9.9% of the shares outstanding. Leonard Green owned about 20.3 million Container Store shares as of Nov. 19, according to data provided by FactSet. The offering comes after the stock closed Friday at $15.76, the highest closing price since September 2015. The stock has soared 61.8% over the past three months through Friday, while the S&P 500 has gained 10.8%.

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