As expected, Christmas Tree Shops, the long-time Massachusetts-based retail chain with stores in North Attleboro and Foxboro, has filed for bankruptcy.
The Wall Street Journal reported Friday on the Chapter 11 bankruptcy filing and said the retail chain plans to emerge from bankruptcy by August, with most of its stores remaining open.
However, the company intends to close 10 underperforming stores, the report said. It was not specified which.
The Middleboro-based company has no plans to look for a buyer, it added.
On Thursday, the WSJ reported that the bankruptcy filing was imminent and said the company had hired a Boston law firm to prepare.
Christmas Tree Shops is a discount home goods chain known for its slogan, “Don’t you just love a bargain?”
It has stores at Route 1 in North Attleboro and at Patriot Place at Route 1 in Foxboro.
There are 80 Christmas tree stores, 15 in Massachusetts and two in Rhode Island.
The company’s roots stretch back to the 1950’s when there was a summertime store on Cape Cod, The Christmas Tree Gift Shop. There are three Christmas tree shops in the Cape including Hyannis.
The company’s troubles stem from multiple retail chain bankruptcies, including recently Bed, Bath & Beyond.
It had stores in the area including North Attleboro, Foxboro, and Seekonk.
Bed, Bath & Beyond, which owned the Christmas Tree Shops until 2020, is closing.