Jul 7, 2023 4:57 pm • Last updated: Jul 7, 2023 4:57 pm
WATERFORD – Christmas Tree Shops stores across the country, including here at Crystal Mall, began selling on Friday, a first step in their eventual closure, according to a company spokeswoman.
The exact dates of the store closures would depend on how quickly each store sells its inventory of inexpensive Christmas decorations, furnishings, furniture and gifts, said Maya Pogoda, the spokeswoman.
All 72 of the Massachusetts-based chain’s remaining stores, including four in Connecticut, would be closed, she said.
Hilco Merchant Resources, the financial services company managing the liquidation sales, announced that the sales will include discounts of up to 50% off the lowest ticket prices and that new merchandise will arrive during the sales.
Connecticut officials Friday advised shoppers to use any Christmas Tree Shops gift cards in their possession by July 21, after the chain said it would stop accepting gift cards after that date. Consumers can check the balance on their gift cards on the company’s website.
“With all Christmas tree stores forced to close, time is running out to use gift cards and make definitive returns,” Attorney General William Tong said in a release. “Consumers should act fast and get their money’s worth now, especially since you don’t necessarily have to expect a refund or other compensation from the store.”
Consumers with questions may contact the Attorney General’s Consumer Assistance Unit at (860) 808-5240 or the state Department of Consumer Protection at dcp.complaints@ct.gov.
The Wall Street Journal reported last week that Christmas Tree Shops, which filed for Chapter 11 bankruptcy protection in May, planned to close its stores unless a buyer came forward by the end of the first week of July. First, the company closed 10 of its 82 stores and took out a $45 million loan to keep the others afloat while it tried to restructure its finances.
However, the Journal reported that the company had defaulted on repaying the loan.
Christmas Tree Shops’ Crystal Mall store previously shared an anchor position with Bed, Bath & Beyond, which acquired Christmas Tree Shops in 2003 and sold it to Handil Holdings in 2020. Bed, Bath & Beyond closed its Crystal Mall store late last year and filed for bankruptcy earlier this year.
The other Christmas Tree Shops locations in Connecticut are in Danbury, Manchester and Orange. Founded on Cape Cod in the 1950s, the chain once had stores in 20 states.
Crystal Mall, which was acquired last month by Namdar Realty Group and Mason Asset Management of Great Neck, Long Island, still has one anchor store, a JCPenney.
The new owners of the mall have yet to discuss their plans for the site with the city government.
b.hallenbeck@theday.com
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https://www.theday.com/local-news/20230707/christmas-tree-shops-begins-liquidation-sale/
