Augusta Exchange losing another big store as chain to shut down
AUGUSTA, Ga. (WRDW/WAGT) - Christmas Tree Shops will liquidate all of its stores and go out of business unless someone comes forward to rescue the chain in the next few days.
The closure poses another problem for the busy Robert C. Daniel Jr. Parkway area that includes the Augusta Exchange shopping center. The area in recent weeks has lost Bed, Bath & Beyond, Buy Buy Baby and O’Charley’s.
COMING AND GOING:
Christmas Tree Shops disclosed in a court filing last week that it defaulted on a $45 million loan and is closing its approximately 70 stores.
The company filed for Chapter 11 bankruptcy in May, but sales continued to decline and the chain ran out of the money it needed to implement the bankruptcy plan.
Last week, the company decided instead to close its stores, which sell a whole variety of things besides Christmas decorations.
Brick-and-mortar retailers, especially houseware stores, have struggled in recent years as customers have switched to online shopping and other big-box chains like Target, which has a newly remodeled store near the Christmas Tree Shops location in Augusta.
Aside from Bed, Bath & Beyond, SteinMart and Tuesday Morning have pulled out of business.
Out-of-business sales could start as soon as Thursday at Christmas Tree Shops, per court documents. Landlords also have until Thursday to file objections.
Christmas Tree Shops’ history dates back to the 1950s, when the original small holiday store opened on Cape Cod, in Yarmouth Port, Mass.
In 1970, Chuck Bilezikian purchased the seasonal business, transforming it into a destination for one-of-a-kind items and low prices that became a year-round shopping destination largely anchored in the Northeast.
Over time, Christmas Tree Shops expanded into more states and moved beyond holiday items. The chain recently worked to rebrand itself as “CTS” — in hopes of underlining that its products are not isolated to seasonal goods.
In 2003, the Christmas Tree Shops chain was acquired by Bed Bath & Beyond, which also declared bankruptcy earlier this year. In 2020, the chain was sold to Handil Holdings, led by retail veteran Pam Salkovitz and entrepreneur Marc Salkovitz.
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