Christmas Tree Shops recently announced that it would be closing its remaining stores after filing Chapter 11 bankruptcy in May. Initially, the beloved home goods retailer planned to close only 10 of its stores, but after the price of consumer goods skyrocketed, the company decided to shut all of its locations.

“When the Ukraine war hit, the inflationary pressures had a massive impact on our consumer,” co-owner and company chairman Marc Salkovitz told the Wall Street Journal.

How It Happened

Christmas Tree Shops secured a $45 million bankruptcy loan, which also included a whopping $20 million from its lenders. However, due to a reduction in sales, the retailer breached the terms of the contract. Thus, the loan was terminated.

In a June court hearing, Christmas Tree Shops attorney Harold Murphy explained what happened. “Unfortunately, circumstances have resulted in the plan really not being able to go forward because quite simply, the debtor doesn’t have the time nor the money to go forward with the plan.”

As a result, the popular discount retailer recently disclosed that it would close and liquidate the rest of its 72 stores across 20 states.

Unfortunately, Christmas Tree Shops is not the only retailer to experience a massive loss. A growing number of companies are finding it increasingly challenging to keep afloat. Two uber popular chains — Bed, Bath, and Beyond and Tuesday Morning — also announced their plans to close up shop.

What’s Next for Christmas Tree Shops?

Christmas Tree Shops is known for its affordable prices on home goods. And now that the retail giant is closing, customers can expect even greater savings.

“At the Going Out of Business sales, shoppers can take advantage of discounts up to 50% off the lowest ticketed prices throughout the store, with all Christmas and other holiday items being 50% off the lowest ticketed prices,” said Hilco Merchant Resources, a company hired to oversee the liquidation process.

And customers who have gift cards can still redeem them in-store and online. The company even plans to schedule reminders about the final redemption date.