As many of us have been decking the halls during Christmas in July, it seems as though not everyone is having a holly, jolly time.
Back in May of this year the Massachusetts-based discount retail chain Christmas Tree Shops filed for Chapter 11 bankruptcy after defaulting on a $45 million loan. And, unless they can find a miraculous last minute buyer, all 70+ of its stores will close their doors for good in the coming weeks.
The chain, which sold a variety of home goods, was the perfect place to shop year-round–not just during the holiday season. From seasonal decor and bedding sets to outdoor furniture, food, and housewares, they were a convenient one-stop-shop
However, regardless of how convenient the store was, its sales unfortunately continued to plummet, thus running out of money they needed to go forward with the bankruptcy plan.
Alas, the decision to permanently close came late last week.
The company’s history dates back to the 1950s when they got their start as a small holiday store in Massachusetts. Though they eventually expanded years later to become a bargain-hunter’s haven, they decided to keep their name as it was “adding to the store’s fun, quirky personality,” reports CNN.
Since opening they’ve grown to have 73 stores across 20 states, 11 of which are in New York.
And they’re not the only big name brand whose closing is making headlines.
Back in April Bed Bath & Beyond announced they’d be shutting down all their NYC locations after also filing for bankruptcy.
Bed Bath & Beyond actually purchased Christmas Tree Shops in 2003 for $200 million before selling the chain to Handil Holdings, a private company, in 2020, reports USA Today.
Unfortunately it seems close to impossible for retailers, specifically ones carrying housewares, to stay afloat in a time where online shopping is the new norm.