Christmas Tree Shops started as a vacation boutique in Cape Cod within the Fifties.

Kristoffer Tripplaar/Sipa USA by way of Reuters

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Kristoffer Tripplaar/Sipa USA by way of Reuters

Christmas Tree Shops started as a vacation boutique in Cape Cod within the Fifties.

Kristoffer Tripplaar/Sipa USA by way of Reuters

The Massachusetts-based staple Christmas Tree Shops plans to liquidate all of its shops.

The retail chain, identified for promoting house items like bedding units, dinnerware and occasion decorations at a reduction, filed for Chapter 11 chapter in May. At the time, the corporate hoped to shut solely 10 shops thought-about to be underperforming and are available out of its chapter a stronger, extra secure enterprise by the top of August.

But final week, Christmas Tree Shops determined to default on its mortgage of $45 million, which was used to maintain its retaining 72 shops afloat, because of worsening funds, The Wall Street Journal reported.

The chain is predicted to liquidate its remaining shops except a purchaser emerges inside the subsequent week, in response to the information outlet.

Christmas Tree Shops started as a vacation boutique in Cape Cod within the Fifties. Bed Bath & Beyond, which had owned the chain since 2003, sold it to Handil Holdings, LLC, in 2020.

Christmas Tree Shops operated 82 shops in 20 states earlier than submitting for chapter. Over the previous few months, 10 shops have shuttered in seven states together with New York, Pennsylvania, Massachusetts, Florida, Georgia, Michigan and Virginia.