The well loved Christmas Tree Shops stores have officially moved into “Closing all Stores” mode, with the closeout sales starting today, Friday July 7th.
Reports are saying that gift cards must be used by July 21st.
We reported earlier this week that closing all of the stores this summer looked to be the inevitable outcome unless a buyer showed up at the last minute to take over the chain.
That company savior did not arrive.
Earlier this year Christmas Tree Shops had borrowed $45 Million, in an effort to turn the company around.
It did not take long for them to realize that their sales numbers did not support what was needed to pay back the loans and keep the company afloat.
From our earlier reporting (which was based on reports from the Wall Street Journal), CTS told the bankruptcy judge the prior week that they would like to start the store closing process as soon as possible, so that they could close all stores by the end of August and avoid rent payments for September.
But the final determination of their future was not known… until earlier today.
Today the official Christmas Tree Shops website was updated to clearly state they are closing all stores and discount sales have started, with a goal to empty the stores of all merchandise.
I stopped in at the Deptford NJ location today to see that the now all-too-recognizable “Store Closing” signs are up on the front doors, and throughout the store.
They are advertising all merchandise is 10%-50% off.. but it was clear to me in my visit that for the initial start of the sale most items are marked at 10%.
Honestly I wasn’t looking too hard but I don’t think I saw anything marked down beyond the 10% off.
Update: Early commenters at the 42Freeway Facebook have said that some items were marked with the larger discounts… but still rang up at the registers only at 10%.
But you know the process… when the Store Closing announcements are made and inventory is fullest, they discounts start very low.
But over time they will increase the discounts in effort to entice people back into the store, but of course the selection of products available starts reducing significantly.
For those looking to find the best products at the best discounted deals, it’s a bit of a strategy game to determine when is the best time to buy something “ok, 20% of is pretty good but will this still be here when they drop the discount to 30%?”
Prime Deptford Shopping Center – No Tenants
The Deptford Christmas Tree Shops location is part of a relatively newer shopping center across from the mall that was originally developed to house all of the then Bed, Bath and Beyond stores; buybuy Baby, Harmon Face Values, Christmas Tree Shops and the namesake store, Bed, Bath and Beyond.
Three months ago we reported that Christmas Tree Shops was going to be the last remaining retailer in shopping center… but with the latest news, by the end of the summer the entire complex across from the Deptford Mall will be closed.
About 4 years ago the then thriving center was sold for $18 Million… and by the end of this year the new owners will not have any tenants.
While the overall retail store sector has become very challenging everywhere, the Deptford shopping and restaurant mecca still appears to be thriving (scaled to 2023 expectations), and the “Christmas Tree Shops” shopping center is likely located in one of the best locations in town…
So I hope (and expect) we see some interest in these open units!
Links and Locations
Christmas Tree Shops – Deptford
1775 Deptford Center Rd
Deptford, NJ 08096
Christmas Tree Shops – Cherry Hill
2130 Marlton Pike
Cherry Hill, NJ 08002