The business, which sells a variety of discounted home goods, filed for Chapter 11 bankruptcy in May.
At the time, the company also revealed it had received interim approval for a $45 million loan, with the hopes to continue operating its stores.
"We thank our customers for their loyalty and our employees for their hard work and dedication as we work to complete our Chapter restructuring and emerge a financially stronger retailer by the end of August," Christmas Tree ShopsAn exterior view of a Christmas Tree Shops on July 5, 2023 in Waldorf, Maryland.
But last week, the company disclosed in a court filing that it defaulted on the loan, which was used to keep its stores afloat, according to aThis news comes just a few months after Bed Bath & Beyond filed for bankruptcy protection and closed its retail locations. The company sold Christmas Tree Shops to Handil Holdings in 2020.
will live on, online at least, after Overstock.com recently acquired the chain’s intellectual property assets for $21.5 million. The online retailer Overstock.com is dumping its name online and will become Bed & Bath & Beyond. Overstock.com's CEO Jonathan Johnson told The Associated Press in a phone interview last month that the company is considering changing its corporate name but won't make any decisions until after it digests the assets.
Christmas Tree Shops operates stores in 20 states and is the go-to destination for celebrating, decorating and everyday-ing at bargain prices, according to the company.All the news you need to know, every day
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