Christmas Tree Shops has decided to close its last 72 stores after unsuccessfully trying to find a buyer for its remaining assets.
Earlier it became known that Christmas Tree Shops announced a default on a $45 million loan. The retailer’s creditors planned to provide limited financing if the company found a buyer for its assets.
The retailer’s stores nationwide are currently undergoing a final sale of merchandise ahead of an impending liquidation. Hilco Merchant Resources, managing the sale, has posted discounts of up to 50 percent on furniture, seasonal decor, home goods and other merchandise.
Christmas Tree Shops filed for bankruptcy at the end of May 2023, planning to close only 10 stores and restructure the business. However, the loan default that occurred has put a kink in the retailer’s plans to remain in operation.
SSG Capital Advisors held talks with 350 potential buyers but failed to reach an agreement to purchase the assets on time. Bed Bath & Beyond, founded in the 1950s and formerly owned by Bed Bath & Beyond, appears to be finally exiting the market.
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