Christmas Tree Shops Planning To Close All Remaining Stores
The discount retailer is reportedly going out of business and plans to shutter its remaining 72 stores unless it can find a buyer in the next few weeks.
Last week, Christmas Tree Shops opted to default on its loan of $45 million as a result of worsening finances, according to The Wall Street Journal. Proposed orders were filed in federal bankruptcy court in Delaware on June 29, outlining the liquidation sales and closure of all Christmas Tree Shops.
The news comes after the retailer filed for Chapter 11 bankruptcy in May 2023. At the time, CTS framed the filing as part of financial restructuring, noting that the move would “reduce the company’s debt, better aligning its balance sheet with current market conditions that have been negatively impacted by slowing consumer demand fueled by inflationary pressures and increased interest rates.”
These closures also come nearly three years after the company was sold by the similarly troubled retailer, Bed Bath & Beyond, which also recently announced it was filing for bankruptcy and closing all stores.
CTS has worked hard in recent years to overhaul its branding and optimize operations to align with changing customer needs and preferences. In December 2022, the company overhauled its website in time for the holiday season, rolling out a slew of UX and a more visually appealing layout.
At the time, the company also made changes to store designs, including an updated logo, more spacious aisles, a different color palette, and a return to its “Don’t you just love a bargain?” tagline.
