Bankruptcy Days Away For Well Known Discount Home-Goods Stores?
Another popular name in discount home decor is allegedly close to filing for bankruptcy, are New York stores being threatened with closing?
According to multiple reports, it seems like we could be days away from adding another name to the list of big-name chain stores that have recently filed for bankruptcy protection. Bed Bath & Beyond, Party City, and David’s Bridal are a few of the big-name companies that have already filed for bankruptcy in 2023, and according to CBS, the Christmas Tree Shops could be the next name to file for bankruptcy.
Christmas Tree Shops Bankrupt?
If you like home decor and decorating your house around specific holidays a popular place to shop for great deals is the Christmas Tree Shops (CTS). CTS is well known for selling furniture, decorations, food, toys, and of course Christmas decorations at 82 different stores across the country. Christmas Tree Shops were owned by the recently bankrupt Bed Bath & Beyond until 2020 and got their start 50 years ago in Cape Cod. Since then they have expanded across the country but it looks like the expansion could be ending as they are reportedly getting ready to file for bankruptcy.
CTS has reportedly hired a law firm to possibly file Chapter 11 as soon as this weekend according to the Wall Street Journal. Just last year it was reported that the company would be rebranded as "CTS" because people outside of its home area of New England believed the stores only sold Christmas trees. When they announced the rebranding they also announced they would be opening another 15 stores with the new CTS name.
Christmas Tree Shops New York Stores Closing?
Many experts say that filing Chapter 11 doesn't always mean all stores will close. One expert, Ken Morris of Cambridge Retail Advisors told CBS, "Chapter 11 isn't the end of the road. It is really a way for firms to restructure. I look at, there are A, B, C, and D stores. If you have A stores, you're not going to close those. But you may want to close the D stores. This allows them to restructure some of their debt."
SEE ALSO: Popular Party Supply Stores Closing in New York
Christmas Tree Shop Locations
There are currently two Christmas Tree Shop stores open in the Hudson Valley, one in Poughkeepsie, and another in Middletown. There are 12 other locations scattered across New York including stores in Albany, Spring Valley, Amherst, Bohemia, Deer Park, Hartsdale, Johnson City, Riverhead, Rochester, Staten Island, Syracuse, and Watertown. The company didn't say if any of the New York stores are in trouble or not but when more information becomes available we will update this article.