Christmas Tree Shops, a discount retailer, announced closing a bunch of its stores earlier this month.
A lot of other companies, such as Macy’s, Amazon Go, etc., also announced closing stores this year. So why are so many big retailers doing this?
To find out the reason and list of Christmas Tree Shops closing stores, keep on reading.
Is Christmas Tree Shops Closing Stores?
Known for selling a range of home decor and seasonal items, Christmas Tree Shops is all set to close 10 of its underperforming stores this year.
The decision comes after Christmas Tree Shops filed for bankruptcy protection earlier this month on the 5th of May.
According to their bankruptcy filing report, the ten Christmas Tree Shops that will be closing will be in states including Pennsylvania, Georgia, Florida, Virginia, Massachusetts, Michigan, and New York.
To access the full list of Christmas Tree Shops Closing Stores, keep on reading!
Why is Christmas Tree Shops Closing Stores?
Ever since Christmas Tree Shops filed for bankruptcy protection and announced the closing of 10 stores, customers are wondering what led the company to take such a road.
Well, according to the company’s executive, Christmas Tree Shops has some burdensome financial liabilities which they need to get rid of in order to position themselves better.
Marc Salkovitz, CTS chairman, announced in a press release, “After careful consideration, we determined that availing ourselves of the Chapter 11 process was the best way to address our burdensome liabilities.”
“This is strictly a financial restructuring. Our operations are sound. By increasing our financial flexibility, we will be able to focus on continuing to delight our loyal customers with a wide selection of unique goods at affordable prices.”
Additionally, the company plans to emerge from its Chapter 11 bankruptcy filing by the end of August 2023.
List Of 10 Christmas Tree Shops Closing Stores In 2023
Here’s a list of Christmas Tree Shops closing stores:
- 11470 Pines Blvd, Pembroke Pines, Florida
- 28 Davis Straits, Falmouth, Massachusetts
- 955 East Lancaster Ave., Downington, Pennsylvania
- 845 Ernest W. Barrett Pkwy NW, Kennesaw, Georgia
- 5 Cranberry Highway, Sagamore, Massachusetts
- 2350 Lincoln Highway East, Lancaster, Pennsylvania
- 4071 Miller Road, Flint, Michigan
- 21182 Salmon Run Mall Loop West, Watertown, New York
- 32 Spring Valley Marketplace, Spring Valley, New York
- 2700 Potomac Mills Circle, Potomac Mills, Virginia
Is Christmas Tree Shops Closing Stores Permanently?
There were 80 Christmas Tree Shops in 20 states across U.S. after closing ten stores, there would be 70 stores open for customers.
It is not clear if Christmas Tree Shops is closing its ten stores permanently.
Christmas Tree Shops, in order to reduce its liabilities and improve its position in the market, is going to close down ten of its stores this year.
Thankfully, the company is not going out of business but is taking this step to restructure itself and spring out of bankruptcy before August 2023.
Shefali Jain is a Content Writer & Editor at USWorkforce.org
After completing her graduation in hospitality, Shefali decided to follow her passion and started writing. Shefali has been writing for two years now and contributes to our website as a skilled editor and content writer with strong research skills. Writing product and service reviews, biographies, and book reviews are some of her key areas, among many others in which she specializes. In her time at the organization, she has written and edited content on a range of topics, including employment law, human resources, and business management.