Christmas Tree Shops will close remaining stores, including three in Maine
Alexis Wells
Company leaders attributed the decision to file bankruptcy to high inflation, interest rate hikes and decreasing consumer demand for home goods and seasonal decorations.
Another retail business will close up shop for good, including its Maine locations.
Christmas Tree Shops is another casualty of the ongoing retail shakeout and will close its last 70 stores in the coming weeks.
The chain started on Cape Cod, Mass., in 1950 as a seasonal gift shop.
Plans call for liquidating all of its stores in the United States, including the three locations in Maine, unless a buyer can be found at the last minute.
The Maine stores at 490 Payne Road in Scarborough, 42 Whitten Road in Augusta and 46 Springer Drive in Bangor would all be affected.
According to published reports, the retail chain defaulted on a $45 million loan. In May, it filed for Chapter 11 bankruptcy and said it would close 11 stores.
The retailer had been restructuring its finances, with the goal of lifting out of bankruptcy by August. But sales continued to decline and the company ran out of money it needed to go forward with the original plan.
Christmas Tree Shops were previously owned by Bed Bath and Beyond, which recently announced it was closing all of its stores and liquidating all inventory. Christmas Tree Shops are now based in Middleboro, Mass., and owned by Handil Holdings LLC, which purchased the company in 2020.
Christmas Tree Shops is a one-stop shopping experience stocked with holiday items, furniture, home decor, pet treats, beauty supplies and food.
Over the past few years, fueled by pandemic shutdowns and changing consumer habits, a number of retailers have struggled to keep up with the changing retail landscape. A range of retailers have sought bankruptcy protection, including David's Bridal, Party City, Serta Simmons, Bed Bath and Beyond, Tuesday Morning and Jenny Craig.
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