A BELOVED discount retailer and Five Below rival has reportedly begun preparations for a Chapter 11 bankruptcy claim.
Christmas Tree Shops, a 50-year-old retailer known for low-priced home furnishings and decorations, may close some stores shortly.
The filing could happen as soon as this weekend, The Wall Street Journal reported citing people familiar with the matter.
The company rebranded to CTS to expand audiences and show they had offerings beyond Christmas trees.
Christmas Tree Shops started in 1970 in a three-store Massachusetts location, selling Christmas ornaments.
The brand expanded over the years to sell year-round home goods and fabrics and had a small clothing section.
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The brand's recognizable slogan - "Don't you just love a bargain?" - permeated television audiences in the early 2000s.
The brand leaned heavily into the period's decorative zeitgeist - including traditional décor and seasonal ornaments at bargain prices.
The store even decorated the exteriors with distinctive styles.
CTS has waffled through ownership structures following its peak popularity.
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Bed Bath & Beyond, which announced its bankruptcy last week, purchased the furnishing retailer in 2003 for $200million.
The brand sold CTS to Handhil Holdings LLC in 2020 for an undisclosed amount.
CTS runs 85 store locations throughout the US.
BANKRUPTCY, GALORE
CTS's potential bankruptcy is another early 2000's "category killer" brand facing financial hardship.
The category killer term refers to a retail chain with medium-sized stores that sells specific products.
Stores like Toys R Us, JCPenney, and Party City have gone through bankruptcy proceedings in the past few years.
The bankruptcy proceedings haven't killed the brands - they have reconfigured company structures and allowed the brands to downsize their footprints.
BED BATH AND BEYOND BE GONE
Bed Bath & Beyond, however, said the company's bankruptcy will end the store's run.
The home-good retailer will close all 360 stores by the end of June.
Liquidation sales started on April 26 - all purchases at the store are final sale.
Customers cannot use the brand's iconic 20 percent discount coupons anymore.
The company said that sales will exceed the coupons as the stores get closer to fully shuttering.
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Plenty of stores keep announcing they are closing shop - here is a big pharmacy chain that is leaving an important neighborhood.
Also, another big brand is closing a store after filing for bankruptcy.
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