Christmas Tree Shops Is Closing All Stores. Here’s Why. – Entrepreneur
Key Takeaways
- Christmas Tree Shops filed for bankruptcy in May.
- The company was in business for 53 years.
- People are hoping someone steps up to save the chain.
It’s a not-so-merry time for the Christmas Tree Shops.
The chain of discount stores known for selling home goods, and, of course, Christmas decor, is set to liquidate all 70 remaining locations and go out of business.
The news, which The Wall Street Journal first reported, comes after the brand filed for Chapter 11 bankruptcy in May and took out a $45 million loan to revamp the company. However, the loan was terminated after the Christmas Tree Shops defaulted on the payments following continually declining sales, according to a filing with U.S. Bankruptcy Court obtained by the outlet.
It will liquidate all remaining stores unless a buyer steps up in the last hour.
RELATED: Here’s What Bed Bath & Beyond’s Bankruptcy Really Means for the Future of Retail
“Unfortunately, circumstances have resulted in the plan…
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