It was just last year that Christmas Tree Shops announced it was rebranding as CTS and moving forward with the opening of 15 new locations, but it appears plans have changed as the home goods store is reportedly filing for bankruptcy.

What could this mean for CTS? Is this the end for the local chain?

The Wall Street Journal reported on Thursday that the Chapter 11 bankruptcy filing could happen as soon as Friday with the help of the law firm Murphy & King in Boston.

The chain was owned by Bed Bath & Beyond until 2020 when it was purchased by Handil Holdings LLC. They may have parted ways with Bed Bath & Beyond, but it appears they are suffering a similar, unfortunate fate as their former owner. Bed Bath & Beyond announced its bankruptcy filing this year and has begun closing its doors in every location in the country.

So what does bankruptcy mean for CTS?

Bankruptcy is defined as a legal proceeding initiated when a person or business is unable to repay outstanding debts or obligations. It offers a fresh start for people who can no longer afford to pay their bills. This bankruptcy could potentially be a legal action that caters to the company’s rebranding.

Bye-bye Christmas Tree Shops and its mountain of debt. Hello CTS and a fresh new start.

Or, this could mean means CTS is ceasing all operations and New Englanders will have to kiss the Yarmouth-born business goodbye.

Shoppers can expect more details once the filing is official.

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