Two more North Carolina retail stores are due to close as a struggling retailer launches liquidation sales.
The end is in sight for a retailer synonymous with Christmas.
Christmas Tree Shops, a home decor, furniture, and discount gift retailer, is set to liquidate and close all its stores nationwide.
The Christmas Tree Gift Shop (now known as CTS) first opened as a seasonal gift shop open between May and October near Cape Cod in the 1950s. It filed for Chapter 11 bankruptcy in May to turn around the company, but the move seems to have been unsuccessful.
At the time of the bankruptcy filing, the brand had 82 stores across 20 states and 5,700 employees nationwide.
According to Forbes, the “company attributed the bankruptcy to high inflation, recent interest rate hikes and dropping consumer demand for home goods and seasonal decoration.”
The company has since defaulted on a $45 million loan and has begun liquidation sales.
“Unfortunately, circumstances have resulted in the plan really not being able to go forward because quite simply, the debtor doesn’t have the time nor the money to go forward with the plan,” company lawyer, Harold Murphy
Unless a buyer comes in at the last minute to buy the business, the stores will close in the coming weeks.
Stores closing in North Carolina
There are two Christmas Tree Shops in North Carolina, and both are holding liquidation sales. Despite the store’s name, it isn’t just Christmas items on sale. They are offering discounts on everything from “furniture to seasonal décor, houseware to gifts, food and drinks to paper and party goods.”
A message on the website states:
“Going Out of Business Sale. All Stores Closing. Up to 50% off!. Entire store on sale”
No official date has been given when these stores might close, so customers should be quick to take advantage of the discounts. The list of stores still open is below.
- 2053 Skibo Road, Fayetteville, NC 28314
- 1210-B Bridford Pkwy East. Greensboro, NC 27407
If you have a gift card to CTS, note they must be used by July 21.
It has been a challenging year for the retail industry, with several retail chains filing for bankruptcy recently, including Bed Bath & Beyond, Tuesday Morning, David’s Bridal, and Party City.
Other major retailers such as Macy’s, Walmart, Sears, Best Buy, GAP, and Walgreens are also closing locations.
Are you concerned about the number of retail businesses closing? Do you believe the government should offer these businesses more financial support? Do you fear we will head toward a recession? Who is to blame for this retail crisis?
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