Discount home goods store Christmas Tree Shops is reportedly going to file for bankruptcy as the economy struggles under President Joe Biden’s (D) leadership.
Those familiar with the matter said the chain, “spun out” by Bed Bath & Beyond a few years ago, may file over the weekend, the Wall Street Journal reported Thursday.
“The Middleboro, Mass.-based chain of roughly 80 bricks-and-mortar stores recently hired Boston-based law firm Murphy & King to prepare a potential chapter 11 filing, according to the people,” the article continued:
The chain was acquired from Bed Bath & Beyond by Handil Holdings, owned by entrepreneurs Marc Salkovitz and Pam Salkovitz. They embarked on a plan to rebrand the stores as CTS to increase awareness of the breadth of its offerings beyond Christmas items. Mr. Salkovitz told The Wall Street Journal in 2021 that the name of the chain led many customers to believe that the stores only sell Christmas-related items.
One shopper told CBS Boston the store was her go-to spot for special occasions.
“I love coming here, especially the holidays, Christmas, Thanksgiving…I decorate my house from this store,” she explained:
Meanwhile, Bed Bath & Beyond recently said it filed for Chapter 11 bankruptcy, Breitbart News reported April 23.
“A statement released on Sunday found that the company’s 360 stores, and its 120 BABY stores, will remain open as the company goes through restructuring,” the outlet said.
However, the company is not alone in suffering through the Biden economy.
Breitbart News noted that ride-share company Lyft will cut approximately 1,200 more jobs, food delivery service DoorDash laid off 1,250 workers, Amazon cut its workforce by about 10,000 workers, and Facebook’s Meta Platforms, Inc. said it will cut 10,000 jobs.
Christmas Tree Shops began in the 1950s as a Christmas gift shop in Cape Cod that was open from May through October, according to WCVB.
The store took off in 1970 when couple Chuck and Doreen Bilezikian bought it. The family moved into the upstairs portion of the building and later began selling summer items along with Christmas ornaments and gifts.
“The official name of the retail chain is plural because the original location was made up of a trio of buildings: the Front Shop, the Back Shop and the Barn Shop, the latter of which primarily sold penny candy,” the outlet said.
One customer said the bankruptcy news hit her quite hard.
“Oh my God, I’m destroyed. This is my favorite store,” she commented:
“It’s not fun to shop online, you know? You gotta touch it and feel it,” the woman added, noting Bed Bath & Beyond was one of her other favorite places.
“I’m just wondering where retail is going,” she questioned.
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