MIDDLEBORO, Mass. – Massachusetts-based Christmas Tree Shops is preparing for liquidation sales at all of its stores after defaulting on a loan financing its bankruptcy.
The discount home goods retailer, which had more than 80 locations in 20 states, announced in May that it had filed for Chapter 11 bankruptcy with plans to close a small number of underperforming stores.
Christmas Tree Shops took out a $45 million bankruptcy loan, but creditors decided to terminate the loan after the company defaulted, in part because of worsening earnings, the Wall Street Journal reported. reported.
The company’s stakeholders have agreed to liquidate the approximately 70 remaining stores unless a buyer emerges in the near future, according to court documents obtained by the Journal.
The first Christmas Tree Shops location opened in 1970 in Yarmouth Harbor on Cape Cod. Over the following decades, the brand expanded across the United States.
Bed Bath and Beyond owned and operated the stores from 2003 to 2020 before selling all locations to Middleboro-based Handil Holdings.
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