Christmas Tree Shops (Chicago) said it will close 10 stores in the wake of its filing Chapter 11 bankruptcy earlier this month. That will leave the specialty retailer with 72 stores.
“This decision wasn’t made lightly but is the best course of action during restructuring,” the company said in a news release.
The move comes about three years after Bed Bath & Beyond — which is also in bankruptcy — sold the chain to Handil Holdings.
Retail Dive reports CTS’s filing in federal bankruptcy court for the District of Delaware shows it has between $50 million to $100 million in liabilities, up to $50,000 in assets and up to 49 creditors. The company’s top six creditors are each owed more than $1 million.
The company says closing sales will offer shoppers discounts up to 30 percent off the lowest ticketed prices throughout the store. The stores offer a selection of home décor, furniture, gifts and more.