Christmas Tree Shops expects to liquidate all of its stores

Christmas Tree Shops is poised to liquidate all of its stores roughly two months after the struggling home-goods retailer filed for Chapter 11 bankruptcy protection. When Christmas Tree Shops filed for bankruptcy in early May, the Middleboro, Massachusetts-based chain aimed to complete restructuring and exit Chapter 11 as a “financially stronger retailer” by the end of August. At the time, Christmas Tree Shops planned to close a small number of underperforming stores. But in a court filing last week, the struggling home-goods retailer confirmed that it defaulted on a $45 million bankruptcy loan and had agreed to liquidate its more than 70 remaining locations across 20 states, unless a buyer emerges in the final hour. Out of business sales could start as soon as Thursday.