Beloved bargain retailer Christmas Tree Shops recently announced its decision to permanently close its doors on August 12th. This unfortunate development comes after the company filed for Chapter 11 bankruptcy three months ago. In an effort to clear out its remaining inventory, Christmas Tree Shops will be offering discounts of up to 80% on its already affordable merchandise and home decor. It should be noted that coupons and gift cards will not be accepted during this going out of business sale.
Following the end of the sale, the New England-based chain will be closing all of its 72 stores for good. Initially, Christmas Tree Shops had hoped to emerge from insolvency by the end of August by closing down 10 underperforming stores and obtaining a $45 million loan. However, the company failed to make loan payments during the bankruptcy process and was unable to find a buyer. Consequently, the case was converted to Chapter 7 liquidation, resulting in the dissolution of Christmas Tree Shops.
These unfortunate events occurred shortly after Christmas Tree Shops underwent a rebranding in June 2022, changing its name to CTS. This decision was made as a response to customers mistakenly believing that the retailer solely sold Christmas trees. Owner Pam Salkovitz had expressed excitement about opening 15 new stores under the CTS name by the end of 2023, aiming to provide more customers with their unique shopping experience. Regrettably, these plans did not materialize, and Christmas Tree Shops found itself facing a similar fate as its previous owner, Bed Bath & Beyond, which acquired the Massachusetts-based store in 2003 and sold it in November 2020.
Inquiries made by The Post to CTS for comment were met with the news that the company’s customer service department ceased operations on July 7th. Reflecting on its origins, Christmas Tree Shops was founded by Charles and Doreen Bilezikian in September 1970. The couple’s first location in Cape Cod, Massachusetts primarily sold penny candy but soon transformed into a large-scale retailer known for its discounted seasonal home decor. At the time of its Chapter 11 filing, Christmas Tree Shops had a network of 82 physical stores spread across 20 states, including notable presences in New York (14 stores) and New Jersey (10 stores) along the East Coast. Reports indicated that the company faced liabilities of up to $100 million, possessed assets worth $50 million, and owed significant amounts to 49 creditors, with the top six being owed over $1 million each. Financial struggles were evident from court documents revealing $544 million in revenue in 2022, but negative earning of $45 million before interest, taxes, depreciation, and amortization.
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