Christmas Tree Shops plans to liquidate all of its stores, including the one at Augusta Exchange, after filing for bankruptcy in May.
The Middleboro, Mass.-based bargain home goods and decor store had previously shut down 10 under-performing stores and rebranded to CTS so shoppers wouldn’t assume the stores only sold Christmas items.
Handil Holdings was attempting to turn around the 53-year-old company after buying it from Bed Bath & Beyond in 2020.
But now the company is being forced to close its remaining 72 stores after defaulting on a $45 million loan due to declining sales.
This is the latest in a string of retailer bankruptcies, which include David’s Bridal, Bed Bath & Beyond, buybuy Baby, Party City and Tuesday Morning, as retailers struggle with the increasing cost of capital and ongoing inflation.
In the first half of 2023, the number of commercial Chapter 11 bankruptcy filings jumped 68% from last year to 2,973 total cases, according to Epiq Bankruptcy.
