Another major home goods retailer has announced it will file for bankruptcy and close all of its locations, according to a report Thursday.
Last week, Bed Bath & Beyond announced it would file for bankruptcy and shutter stores across the country.
This week, Tuesday Morning announced it too would close up shop as part of what is now a brick-and-mortar massacre.
The Wall Street Journal reported Thursday that the company Christmas Tree Shops is also waving the white flag and closing its 83 locations.
The report said the company, founded in New England, had retained the Boston-based law firm Murphy & King and could file for bankruptcy by the end of the weekend.
The stores sell discounted home goods and are known for the slogan “Don’t you just love a bargain?”
Christmas Tree Shops has stores along the East Coast from Maine to Florida and as far west as Kentucky.
Fifteen of the company’s stores are located in Massachusetts, where the first location opened in 1970 in Yarmouth Port.
Bed Bath & Beyond itself filed for bankruptcy last week a year after investors and a new CEO hoped to breathe life into the struggling chain.
Financial Times speculated the chain’s demise might be a result of the state of the economy rather than shopping trends.
The investment firm Sixth Street Partners pumped $375 million into the retail chain a year ago, but market factors and sales collided to kill the company through a death of “a thousand cuts,” the outlet reported.
“The optimism [at Bed Bath & Beyond] quickly evaporated, exposing tensions between the company and its supposed [investors] that show the knife-edge nature of distressed-debt investing in a slowing US economy,” it said.
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