Announcement: My MBA Career Concludes Operations After Bankruptcy

Last Updated on August 6, 2023 by Robert C. Hoopes

Beloved Bargain Retailer Christmas Tree Shops to Close Permanently

In a sad turn of events, beloved bargain retailer Christmas Tree Shops announced that it will be closing its doors for good on Aug. 12. Despite efforts to find a buyer and a failed attempt to emerge from bankruptcy, the company was unable to secure its future.

The popular retailer filed for Chapter 11 bankruptcy protection in May, with a plan to close down 10 stores and take on a $45 million loan. However, this plan fell through, leaving the company with no other option but to shut down completely.

As a part of its closure, Christmas Tree Shops will be holding a going out of business sale, with discounts of up to 80% on its merchandise and home decor. However, it is important to note that coupons and gift cards will not be accepted during this sale.

After Aug. 12, all 72 remaining Christmas Tree Shops locations will be permanently closed. This news comes as a disappointment to loyal customers who have enjoyed the store’s unique offerings and affordable prices over the years.

Interestingly, the company had rebranded to CTS in June 2022 in an effort to expand and open 15 new stores by the end of 2023. Unfortunately, this rebranding effort was not enough to overcome the financial struggles faced by the company.

Founded in 1970, Christmas Tree Shops quickly gained popularity for its discounted seasonal home decor. At its peak, the company operated 82 stores across 20 states. However, at the time of filing for bankruptcy, it had up to $100 million in liabilities and $50 million in assets.

Court documents revealed the extent of the company’s financial struggles, with $544 million in revenue but negative $45 million in earnings before interest, taxes, depreciation, and amortization in 2022.

With the closure of Christmas Tree Shops, customers will undoubtedly miss the opportunity to find unique and affordable decor for their homes. However, the impact of this closure goes beyond just shoppers, as it also means the loss of jobs for many dedicated employees.

As we bid farewell to Christmas Tree Shops, its legacy will be remembered by those who found joy and inspiration within its aisles.