Christmas Tree Shops’ ‘last day’ of business: Here’s all you may want to know

economictimes.indiatimes.com:

Christmas Tree Shops has announced that August 12 will be its last day and has urged the customers to not miss the last opportunity of buying at its shop. Christmas Tree Shops is a retail chain company selling outdoor furniture, bedding sets, seasonal decor and other home products in 70 stores in 20 states of the country.

The retail firm has said in its filing with the U.S. Bankruptcy Court in Wilmington, Delaware, that the stakeholders have reached an agreement to liquidate all 70 stores until a buyer is found.

According to the media reports, Christmas Tree Shops took a loan of $45 million, but it defaulted, and the creditors terminated the loan, throwing it further deeper into financial woes.

Earlier in 2003, Bed Bath and Beyond purchased the stakes in the company for $200 million and sold it to Handil Holdings in 2020. But the company could not come out of its financial problems despite changing hands and its management. Ultimately, it filed for bankruptcy and decided to liquidate its assets. Christmas Tree Shops has 49 remaining shops in 16 states including 11 in New York, 9 in New Jersey, 8 in Massachusetts and 4 in Connecticut.

What is the Christmas Tree Shops? Christmas Tree Shops is a retail chain company selling outdoor furniture, bedding sets, seasonal decor, and other home products in 70 stores in 20 states of the country.Why is Christmas Tree Shops closing its business?According to the media reports, Christmas Tree Shops took a loan of $45 million, but it defaulted, and the creditors terminated the loan, throwing it further deeper into financial woes.