Christmas Tree Shops Chain To File For Bankruptcy: Report
According to the Wall Street Journal, the chain of 80 stores, also known as CTS, is rumored to be filing for Chapter 11 this weekend.
MIDDLEBORO, MA — A popular discount home goods retailer could file for bankruptcy this weekend, according to a Wall Street Journal bankruptcy alert.
Specifics about the plan were not available at post time, but the WSJ reported a Boston-based law firm had been hired to shepherd the company through the Chapter 11 process.
The company, which was founded on Cape Cod more than 50 years ago, and its headquarters in Middleboro, Massachusetts, has 82 locations across the country, including 15 in the Bay State —Falmouth, Foxborough, Hyannis, Lynnfield, North Attleborough, Shrewsbury, and Somerville; four in New Hampshire — in Nashua, North Conway, Portsmouth, and Salem; and two in Rhode Island, in Middletown and Warwick.
The chain was taken private two and half years ago by Handil Holdings for an undisclosed amount from Bed Bath & Beyond. Bed Bath & Beyond purchased the company in 2003 from the Bilezikian family, the founders. Handil Holdings rebranded the chain as CTS, to emphasize the store was more than just Christmas items.
The bankruptcy will also include a few andThat! locations that were part of the chain.
Bed Bath & Beyond announced late last month it was filing for bankruptcy and closing all its stores.
According to Wikipedia, the Bilezikians built the chain from a single store in Yarmouth Port, MA, in the 1980s, eventually establishing 83 stores in 18 states. The family lived upstairs. Greg Bilezikian owns the original location and features different gift shops.
No comments:
Post a Comment
Note: Only a member of this blog may post a comment.