Christmas Tree Shops Inc., a discount home goods retail chain with a store in Greenwood, plans to begin liquidation sales at all of its locations after failing to save itself through bankruptcy.
The Massachusetts-based company had 82 stores in 20 states when it filed for Chapter 11 bankruptcy in May, listing liabilities of as much as $100 million in its bankruptcy petition.
The firm received commitments for $45 million in bankruptcy financing from its creditors but defaulted on terms of the loan due to faltering revenue.
Christmas Tree Shops, which repositioned itself as CTS, a year ago,
Christmas Tree Shops was acquired for $200 million in 2003 by Bed Bath & Beyond, which sold the company to Handhil Holdings LLC in 2020 for an undisclosed amount.
The firm traces its roots to a gift shop on Cape Cod in the 1950s, but eventually spread across the United States and branched out beyond holiday supplies to selling affordable home goods.
Liquidation sales are expected to be completed by the end of August so the business can avoid paying September rents, Chairman Marc Salkovitz testified in court last week during bankruptcy proceedings.
Outside of Greenwood, Christmas Tree Shops has one other Indiana store, in Mishawaka.
By IBJ staff and Bloomburg News
