On the heels of Bed, Bath & Beyond and Tuesday Morning announcing that they are going out of business, yet another national home goods retailer is planning to declare bankruptcy. According to the Wall Street Journal, Christmas Tree Shops, which has 83 locations across the country, will likely be filing for chapter 11 in the coming days.
The Massachusetts-based retailer, which was once owned by Bed, Bath & Beyond, rebranded to CTS last year to clear up confusion with potential shoppers thinking that the store only sold Christmas trees. They had even announced plans to open 15 new stores as well. However, due to insolvency, bankruptcy looms for the chain.
The good news is that unlike Bed, Bath & Beyond and Tuesday Morning, the filing would not necessarily mean that all stores will be closing. Since it will likely be a Chapter 11 filing, it allows for the company to restructure. That way, some stores would have to shut down, but the better performing ones might be able to stay open.
Regardless of the store's future, some retail experts are suggesting any customer with a gift card for CTS use it now before anything progresses with the bankruptcy.
CTS has had a long history. It was formed in Cape Cod in 1970 by married couple Charles and Doreen Bilezikian before expanding across the Northeast, then spreading to the Mid-west in the 80s, and soon after going nationwide. In 2003, Bed, Bath & Beyond acquired the company but later sold off 80 stores to a private company.