Christmas Tree Shops, which filed for bankruptcy in May, plans to close all of its stores.
The liquidation sales could begin as early as Thursday, according to court documents. The sales will likely occur unless a buyer emerges before then, according to the Wall Street Journal.
Christmas Tree Shops operates 82 stores in 20 states, including Pennsylvania. Locations in the region include one at the Airport Shopping Center on Airport Road in Hanover Township, Lehigh County, as well one in Downingtown, Chester County.
Originally, Christmas Tree Shops had planned to close 10 stores including one Pennsylvania location in East Lampeter Township, Lancaster County, and remain open.
The retailer took out a $45 million bankruptcy loan, including roughly $20 million in fresh capital, from its lenders, according to the Wall Street Journal. The newspaper reported that the creditors terminated the loan recently after the company defaulted on the terms due to worsening revenues and liquidity.
Christmas Tree Shops was once owned by Bed Bath and Beyond, which also filed for bankruptcy this year and is closing all of its stores.
The retailer sells holiday and seasonal items, decorations, home decor, kitchen and dining items, furniture, pet items, pool items, and garden and outdoor items among other products.
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Source: Berkshire mont