Retailer with 80 Stores That Has Existed for More Than 50 Years Set to File Bankruptcy: Report
Another major home goods retailer has announced it will file for bankruptcy and close all of its locations.
In April, Bed Bath & Beyond announced it would file for bankruptcy and shutter stores across the country.
On May 4, Tuesday Morning announced it, too, would close up shop as part of what is now a brick-and-mortar massacre.
The Wall Street Journal reported that the company Christmas Tree Shops is also waving the white flag and closing its 83 locations.
The report said the company, founded in New England, had retained the Boston-based law firm Murphy & King and could file for bankruptcy by the end of the weekend.
The stores sell discounted home goods and are known for the slogan “Don’t you just love a bargain?”
Christmas Tree Shops has stores along the East Coast from Maine to Florida and as far west as Kentucky.
This past weekend we opened our brand new #CTS location in Estero, FL at @Coconut_Point bringing us to a total of 81 stores in 20 states! Come check us out! https://t.co/Bhwjdb7kqP pic.twitter.com/FyBxCybhcs
— Christmas Tree Shops (@ShopsTree) September 1, 2022
Fifteen of the company’s stores are located in Massachusetts, where the first location opened in 1970 in Yarmouth Port.
The company was purchased in 2003 by Bed Bath & Beyond, which sold it in 2020 to Handil Holdings, LLC.
Bed Bath & Beyond itself filed for bankruptcy a year after investors and a new CEO hoped to breathe life into the struggling chain.
Financial Times speculated the chain’s demise might be a result of the state of the economy rather than shopping trends.
The investment firm Sixth Street Partners pumped $375 million into the retail chain a year ago, but market factors and sales collided to kill the company through a death of “a thousand cuts,” the outlet reported.
“The optimism [at Bed Bath & Beyond] quickly evaporated, exposing tensions between the company and its supposed [investors] that show the knife-edge nature of distressed-debt investing in a slowing US economy,” it said.
CNN Business reported Bed Bath & Beyond will begin closing some stores nationwide slowly.
“Thank you to all of our loyal customers,” the company’s website states at the top. “We have made the difficult decision to begin winding down our operations.”
Meet H for Happy™, our festive & fun new collection to help you celebrate each holiday. Which holidays, you ask?
🕎 = yes!
🎄 = for sure
💘 = can’t wait
☘️ = aye!
🐰 = yup
🏳️🌈 = definitely
🇺🇸 = of course
Ground 🐷 day = sorry no pic.twitter.com/LNH8ZLekL1
— Bed Bath & Beyond (@BedBathBeyond) November 18, 2021
Bed Bath & Beyond employs 14,000 people across 360 nationwide locations.
It also owns the company buybuy BABY, which is also closing all 120 locations.
Tuesday Morning, which operates nearly 500 stores nationwide, announced all in-store items are 30 percent off in all locations.
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