Pembroke Pines, Florida – In a recent development, Christmas Tree Shops, a renowned retailer dealing in home decor, furniture, and discounted gifts, has decided to file for bankruptcy protection. The company also declared the impending closure of ten of its outlets.
The beginnings of Christmas Tree Gift Shop, currently recognized as CTS, date back to the 1950s, when it started as a seasonal gift outlet open from May to October. The brand was under the ownership of Bed Bath & Beyond for a period before being bought by Handil Holdings in 2020.
At the juncture of its bankruptcy filing, the company boasted 82 outlets spread across 20 states and an impressive workforce of over 5,700 employees on a national scale.
As per Forbes, the company attributes its bankruptcy to the escalating inflation, recent hikes in interest rates, and a slump in consumer demand for home goods and seasonal decor.
Ted Gavin, the managing director and founding partner of Gavin/Solmonese, a corporate recovery firm, commented on this situation: “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.”
Interestingly, the store located at 11470 Pines Blvd, Pembroke Pines, FL, 33026, is among the ten outlets slated for closure. This comes as a surprise given that it was opened as recently as November 29, 2022.
Upon its opening, Pamela Salkovitz, the owner and CEO, had expressed: “We receive many requests from CTS fans to expand into their communities, and we are thrilled to welcome them. Pembroke Pines is an exciting opportunity to introduce our unique brand experience to more customers.”
Despite the enthusiasm, the store is set to shut down, and a clearance sale has already kicked off. As per a press release, “shoppers can avail discounts up to 30 percent off the lowest ticketed prices throughout the store. These stores offer a massive selection of home décor, furniture, gifts, and so much more, including popular brands, now at even lower prices.”
The exact date of closure hasn’t been disclosed yet, which indicates that customers should make haste to capitalize on the ongoing sale.
The recent times have seen several retail chains, including Bed Bath & Beyond, Tuesday Morning, David’s Bridal, and Party City, filing for bankruptcy. In addition, retail giants like Walmart, Macy’s, GAP, and Best Buy are also shutting down stores across the United States.