Christmas Tree Shops is reportedly preparing to shut down all of its 82 locations after initially planning to close just ten.
The discount home goods store filed for bankruptcy in May, which disappointed shoppers, Breitbart News reported.
Liquidation sales could begin Thursday unless a buyer comes forward in the next few days, Penn Live reported Monday.
Reports say the business took out a $45 million bankruptcy loan along with approximately $20 million in capital from lenders.
However, “Creditors terminated the loan recently after the company defaulted on the terms due to worsening revenues and liquidity,” the Penn Live article said.
CBS Boston reported Monday that despite the $45 million loan, sales continued to fall and the business was unable to repay the loan:
Penn Live also noted that Christmas Tree Shops was previously owned by Bed Bath and Beyond, which filed for Chapter 11 bankruptcy in April and is now shuttering all its locations.
“Christmas Tree Shops operates 82 stores in 20 states. The retailer sells holiday and seasonal items, decorations, home decor, kitchen and dining items, furniture, pet items, pool items, and garden and outdoor items among other products,” the outlet said.
According to its website, Christmas Tree Shops is for people who love bargains and offers affordable prices.
Meanwhile, as President Joe Biden (D) was preparing in June to deliver a speech in Chicago promoting “Bidenomics,” more Americans believed the economy is struggling than those who thought it was doing well, Breitbart News reported:
A Gallup poll released on Wednesday showed Americans’ assessments of the U.S. economy have improved significantly in the past month but remain deeply negative. Gallup’s Economic Confidence Index rose from -43 in May to -32 in June. That is the best score since January 2022, when the index registered at -22.
The Gallup index has a theoretical range of -100, which would indicate that all Americans rate current conditions as poor and say the economy is getting worse, to +100, which would indicate that all Americans rate conditions as excellent or good and say the economy is improving. The index has been in negative territory for all but two months of Biden’s presidency. It fell to -58 last summer, the worst reading since the Great Recession and the financial crisis.
In April, a Gallup survey found that Biden’s approval rating dipped to a record low of 37 percent after he launched his reelection effort, according to Breitbart News.
The survey also found that 59 percent disapproved of his performance on the job.
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