Community
All Christmas Tree Shops headed to liquidation after failing to pay off bankruptcy loans
A popular discount retailer with locations in Massachusetts, Rhode Island, Connecticut, New York, New Jersey, Maine, Delaware, and New Hampshire, appears to be headed towards its demise.
CTS, still known to many as Christmas Tree Shops, has reached an agreement to liquidate all of their stores after failing to pay off bankruptcy loans, according to the Wall Street Journal.
The company filed Chapter 11 bankruptcy and announced in May the closure of 10 stores.
“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,” the company’s lawyer, Harold Murphy, said in the bankruptcy court hearing.
The only way liquidation of all 72 stores will cease is if CTS finds a buyer, something that has happened multiple times in the last 20 years.
In 2003, Bed Bath & Beyond purchased the company for $200 million.
Handhil Holdings LLC then purchased CTS in 2020 for an undisclosed amount of money.
CTS was founded in 1970 on Cape Cod in Massachusetts and has been known for selling toys, food, furnishings, and Christmas decorations at bargain prices.
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Tom McDonald
July 2, 2023 at 12:58 pm
What a real shame. Another nice business being forced out because of the stupid Bidenomics! Biden and his whole regime need to be kicked out of office immediately before they completely destroy our country.
God Bless America, The Republican Party and President Trump!
Kuro
July 2, 2023 at 4:28 pm
I worked for the company and I can say Biden had nothing to do with it. I can say it was the upper management to understand business 101 and the lack of changing the business model but they kept on doing the same thing what got them to chapter 11 to begin with.
Steve
July 2, 2023 at 5:39 pm
It has nothing to do with Biden…stop it….have you been there lately…the quality went way downhill while the prices went up…I was there in Feb…and saw Halloween stuff on clearance for like 25% off…really…that’s clerance….the place went downhill once they expanded too big
susanmuench15@gmail.com
July 2, 2023 at 7:04 pm
What a shame.
Fran Doherty
July 2, 2023 at 9:01 pm
It should have stayed just on the Cape. Always something to look forward too! Once they moved off the Cape it started it’s demise.
Jake Perry
July 3, 2023 at 9:22 am
Those christmas trees are a fire hazard!
MortisMaximus
July 8, 2023 at 9:24 am
Only thing good in these stores was the Jones Soda.