MIDDLEBORO - Store closing sales at the Christmas Tree Shops could begin in the next few days because thehasn't been able to pay its bankruptcy lenders.
Late last week, a judge ordered funding for the "likely liquidation process," unless a buyer can be found at the last minute for the chain with dozens of stores in 20 states.
CTS Chairman Marc Salkovitz testified in court that lenders have asked for closing sales to begin on July 7 "so that we don't have to pay September rents because we would be done and out of those stores before the end of August."
Back in May, the Middleboro-based company said that it hoped to "emerge a financially stronger retailer" after the bankruptcy filing. But sales fell when the Christmas Tree Shops wasn't able to restock shelves fast enough, a lawyer for the company said in court.
were among 10 underperforming stores that have already been closed. All remaining stores, including Massachusetts locations in Hyannis, West Dennis, Pembroke, Orleans, Shrewsbury, Avon, Lynnfield, Holyoke, North Attleboro, Natick, North Dartmouth, Somerville, Foxboro and a Middleboro distribution center appear on a store closing order.
The chain got its start on Cape Cod 50 years ago. Last year the companybecause people outside of New England believed they only sold Christmas trees
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