MASSACHUSETTS, USA — Christmas Tree Shops, a staple in New England and across the region, is set to close all of its remaining stores, including those in Connecticut, the Wall Street Journal reported. The closures are part of a final bankruptcy dissolution.
The Massachusetts-based chain filed for bankruptcy in May with plans at the time to close a small number of underperforming stores by Aug. 11.
However, according to the WSJ, the retailer took out a $45 million bankruptcy loan which has since been terminated by creditors after the company defaulted on the terms due to worsening revenues.
The WSJ cited a notice filed with the U.S. Bankruptcy Court in Wilmington, Delaware in its reporting.
The discount home-good retailer has roughly 70 stores across the region. Its four stores in Connecticut are located in Danbury, Orange, Manchester and Waterford at Crystal Mall.
According to the WSJ, the company and its stakeholders have reached an agreement to liquidate the remaining stores unless a buyer emerges within the next week.
Christmas Tree Shops started on Cape Cod in the 1950s. Until earlier this year, the chain ran 82 stores in 20 states.
The company has been under new ownership since Bed Bath & Beyond sold them in 2020.
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