Another Corporate Bankruptcy That Might Affect Maine?
Christmas Tree Shops filed for bankruptcy protection on Friday. Just weeks after Bed Bath and Beyond did the same. And isn’t it ironic that Bed Bath and Beyond owned Christmas Tree Shops up until a few years ago.
How will that will affect Maine.
According to the company statement, it won’t have an effect.
According to a story on Forbes, Christmas Tree Shops, along with its parent company Handil Holdings LLC, filed for a Chapter 11 petition in Delaware bankruptcy court Friday, claiming in a statement the decision marks a
strictly financial restructuring.
The bankruptcy is said to be due to high inflation along with recent interest rate hikes. And of course to a changing consumer who doesn’t frequent big box stores like they once did.
Most Christmas Tree Shops locations will remain open, with 10 of its stores set to close, the company announced.
There are 82 Christmas Tree Shops, in total. Three in Maine. Bangor. Augusta. And Scarborough.
The headquarters is in Massachusetts, where they were founded in 1950. They have 15 locations in that state.
Just recently they began rebranding at CTS to take the focus off the fact that they sell much more than just Christmas items.
Are Christmas Tree Shops next? Or will the financial restructuring, save the company?
Time will tell.