Christmas tree shops are closing all 14 New York stores

Back in May, it was reported that The Christmas Tree Shops (CTS) could file for bankruptcy and once that happens, the retail giant could start closing store locations. Shortly after that initial news, it was confirmed that Christmas Tree Shops had filed a voluntary petition under Chapter 11 in the US Bankruptcy Court for the District of Delaware.

CTS planned to permanently close a small number of its underperforming locations, including at least one store in New York, by August 11, 2023. Now that plan appears to have changed. What does this mean for New York locations as well as shops across the country?

According to the Connecticut Post, CTS is now set to close all 82 of its locations around the US, with 14 in New York state including Albany in Center Colony, Syracuse and Poughkeepsie. the reason? Possible bankruptcy solution, which means “the recognition of this party’s inability to pay its debts when due.”

WGRZ reports that CTS filed for a $45 million bankruptcy loan failed to make payments due to a deteriorating economy. Now the creditors have terminated that loan.

At this time, CTS has not made a public announcement or statement regarding the closure. The Wall Street Journal broke the news of the store’s closure after citing a notification filed with the US Bankruptcy Court. Comments on the CTS Facebook page indicate that some employees may have been notified.

Just a few minutes ago I got an email from the owners letting me and all the staff know that starting next Thursday they will be letting most of the staff off. All stores will be closed. – Cindy F.

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