Christmas Tree Shops Closing All 14 New York Stores

Back in May it was reported that Christmas Tree Shops (CTS) could be filing 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 filed its voluntary Chapter 11 petition in the U.S. Bankruptcy Court for the District of Delaware.

CTS had planned to permanently close a small number of their underperforming locations, including at least 1 New York store, by August 11, 2023. Now it appears that plan has changed. What does this mean for the New York locations as well as the shops around the Country?

According to the Connecticut Post, CTS is now scheduled to close all of its 82 locations around the United States, with 14 in New York State including Albany at Colonie Center, Syracuse and Poughkeepsie. The reason? Possible bankruptcy dissolution, which means “the admission by such party of its inability to pay its debts as they mature”.

WGRZ indicates that CTS took out a $45 million dollar bankruptcy loan failed to make good on payments due to a worsening economy. Now creditors have terminated that loan.

At this time CTS have not made a public announcement or statement regarding the closing. The Wall Street Journal broke the news of the store closings after citing a notice filed with the U.S. Bankruptcy Court. Comments on the CTS Facebook page suggest that some employees may have been notified.

Just a few minutes ago I got an email from the owners letting me and all employees know that as of this coming Thursday they are letting go most of the employees. All stores would be closed. – Cindy F.