Beloved chain Christmas Tree Shops is expected to liquidate all of its stores – Gist It

Beloved chain Christmas Tree Shops is expected to liquidate all of its stores

Retail chain Christmas Tree Shops is anticipated to liquidate all of its stores amid worsening financial conditions.

The big picture: Massachusetts-based Christmas Tree Shops filed for Chapter 11 bankruptcy in May 2022.
* Initially, the company planned to close only 10 underperforming stores and stabilize by August.

The turning point: Last week, the chain defaulted on a $45 million loan intended to maintain its existing 72 stores, leading to plans for total liquidation.
* Unless a buyer emerges within the week, every store will likely be liquidated, according to The Wall Street Journal.

Company’s backstory: Christmas Tree Shops started as a holiday boutique in Cape Cod in the 1950s.
* It was owned by Bed Bath & Beyond from 2003 until 2020, when it was sold to Handil Holdings, LLC.
* Prior to filing for bankruptcy, it operated 82 stores across 20 states. Over the past few months, 10 stores have closed in seven states.

View original article on NPR

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