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.
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“Unfortunately, circumstances have resulted in the plan really not being able to go forward because quite simply, the debtor doesn’t have the time nor the money to go forward with the plan,” a lawyer for the retailer Harold Murphy said during a court hearing.
People took to Twitter to share their feelings about the closing and even suggested some prospective buyers who can save the brand.
I am so mad that they are closing the Christmas tree shops and bed bath and beyond. These people were nice enough to come back after the pandemic and work while having to wear a mask. I wish someone could save these stores and the dedicated people who work there.
— Diane Beland (@labladydi1953) July 5, 2023
@tjmaxx any interest in buying Christmas Tree Shops?? Someone needs to save this beloved store #savechristmastreeshops
— Erica DiFalco Wynimko (@DifalcoErica) July 5, 2023
@elonmusk hey, interested in buying The Christmas Tree Shops?? They are desperate!
— Shari (@ShariArcuri) July 4, 2023
The Christmas Tree Shops is owned by Handil Holdings, LLC after purchasing the chain from Bed Bath & Beyond, which is also in the process of liquidating, in 2020. It originated as a boutique in Cape Cod in the 1950s, according to NPR, before expanding to 82 locations across the country in its heyday.
It’s unknown at this time when the Christmas Tree Shops will close for good.
Source: entrepreneur.com