A popular retailer has filed for bankruptcy and has announced its store in Flint, Michigan, will close.
Christmas Tree Shops, a home decor, furniture, and discount gift retailer, is the latest business to file for bankruptcy protection. It has also announced ten of its stores will be closed.
The Christmas Tree Gift Shop (now known as CTS) first opened as a seasonal gift shop open between May and October in the 1950s. Bed Bath & Beyond owned it for some time before being acquired by Handil Holdings in 2020.
At the time of the bankruptcy filing, the brand had 82 stores across 20 states and employed more than 5,700 staff 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.”
“Christmas Tree Shops is in bankruptcy probably for the same reasons as Bed Bath & Beyond but with less of a lead-up. It’s another store that sells everything, and you can still get that stuff easier from Amazon.” Ted Gavin, managing director and founding partner of Gavin/Solmonese, a corporate recovery firm
Stores closing in Flint, Michigan
The store in Flint was one of the ten stores listed to close. A sale has commenced, and according to a press release, “shoppers can take advantage of discounts up to 30 percent off the lowest ticketed prices throughout the store. These stores offer a huge selection of home décor, furniture, gifts, and so much more, including popular brands, now at even lower prices.”
- 4071 Miller Road, Flint, MI, 48507
No date has been listed for when the store may close, so shoppers should act quickly to take advantage of this sale.
Several retail chains have filed for bankruptcy recently, including Bed Bath & Beyond, Tuesday Morning, David’s Bridal, and Party City. Other major retailers such as Walmart, Macy’s, GAP, and Best Buy are also closing stores across the United States.
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Source: original.newsbreak.com