Report: Christmas Tree Shops to Liquidate All Stores, Including North Dartmouth
MIDDLEBORO (WBSM) — It looks like time is running out for all the remaining Christmas Tree Shops, including the North Dartmouth location, according to a report published Friday.
The Wall Street Journal is reporting that the Middleboro-based retailer “is headed for liquidation after defaulting on a loan that funds its bankruptcy.”
The Journal reported that Christmas Tree Shops took out a $45 million bankruptcy loan when it filed for bankruptcy back in May. The original plan called for it to close about 10 underperforming stores, including the locations in Sagamore and Falmouth, and for the company to exit Chapter 11 by August.
However, according to the Journal, “the creditors terminated the loan after the company defaulted on the terms due to worsening revenues and liquidity, according to a notice filed with the U.S. Bankruptcy Court in Wilmington, Del. late Thursday.”
Now, Christmas Tree Shops will reportedly liquidate its remaining stores unless a buyer emerges in the next week or so. That includes other nearby stores in Hyannis, Avon, Foxboro’s Patriot Place, and Middletown and Warwick, Rhode Island.
We spoke to customer service at the North Dartmouth location on Saturday just after 5 p.m. and a store employee said they knew nothing of an impending closure or liquidation.