Christmas bargain retailer with 72 stores announces final day of business with huge sale after filing for bankruptcy
CHRISTMAS Tree Shops customers have just days remaining to get a last-minute sale as chiefs prepare to shutter dozens of stores.
The beleaguered big box retailer is set to close its final 72 shops on August 12.
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The stores will shut their doors for good – just three months after the chain filed for bankruptcy.
Bosses have cut the prices of goods by up to 90 percent as they rush to clear all remaining items.
But, shoppers cannot use coupons and gift cards on items that have already been reduced in price.
Christmas Tree Shops does not sell items online meaning fans must go in-store to grab a deal.
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Chiefs tried to take on a $45million loan before it was terminated by creditors, according to court docs seen by The Wall Street Journal.
The company was forced to default because of worsening revenues and liquidity.
Bosses scrambled to find a buyer for the chain but the drastic attempts failed.
Harold Murphy, a lawyer for the chain, said the business had struggled to re-stock shelves quickly enough.
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The bankruptcy filing came just months after owner Pam Salkovitz said chiefs planned to open another 15 stores by the end of the year.
She said: “We are excited to grow our locations and bring our unique shopping experience to more customers.”
A phenomenon, dubbed the retail apocalypse, has gripped the sector and led to thousands of store closures nationwide in recent years.
Christmas Tree Shops is not the only retailer that has been impacted.
Hundreds of Bed Bath & Beyond stores have also recently shut up shop – months after the company filed for bankruptcy in April.
When Bed Bath & Beyond filed for bankruptcy protection, it emerged that the retailer had debts of at least $5.2billion in debts, per CNBC.
Around five years ago, Bed Bath & Beyond had more than 1,000 stores before chiefs whittled down the portfolio of outlets.
But, the iconic chain’s name still has a presence thanks to the company Overstock, who bought its IP.
Overstock's CEO Jonathan Johnson told CNBC that the brand will help them seize the online shopping market.
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He said: "Bed Bath & Beyond is an iconic consumer brand, well-known in the home retail marketplace.
“The combination of our winning asset-light business model and the high awareness and loyalty of the Bed Bath & Beyond brand will improve the customer experience and position the company for accelerated market share growth."
