Colonie Center outlet could be among those impacted after spring bankruptcy filing
ALBANY — The Christmas Tree Shops outlet in Colonie Center could be headed for closure as the national chain faces liquidation, according to a report in the Wall Street Journal.
The paper reported Friday that the chain’s 72 remaining stores — including more than a dozen in New York — are at risk of shutting their doors after its lenders filed a motion in court in Delaware initiating liquidation procedures after the chain defaulted on a loan that supports its operations during bankruptcy, which it declared in early May. Its initial plan was to close 10 underperforming stores by the end of August.
Absent the appearance of a buyer who could take on the chain’s debt, a final liquidation determination could be made by the end of the week.
A worker at the Colonie Center store said it was pursuing business as usual, and could not comment on broader issues. A message seeking comment from the mall’s manager was not immediately returned.
The chain — known for its holiday decorations as well as more year-round discount wares — is five decades old, with its roots on Cape Cod in Massachusetts.
Bed Bath & Beyond, which is in the process of closing all its locations after its own bankruptcy, previously owned Christmas Tree Shops before Marc and Pam Salkovitz and their Handil Holdings company took it over in 2020. According to Forbes, Handil bought the 80-unit Christmas Tree operation as part of Bed Bath’s plan “to shed non-core businesses and concentrate on its nameplate brand” — which ultimately did not work.
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