PROVIDENCE, R.I. (WPRI) — If you still have a Christmas Tree Shop gift card lying around, you’re going to want to use it soon.
Court filings indicate that shoppers have two weeks before the retailer, best known for selling a variety of seasonal items and home décor, will stop selling and honoring gift cards.
The news comes as going-out-of-business sales begun nationwide, during which merchandise will be up to 50% off.
The retailer said new merchandise will be arriving at all 72 stores throughout the sale as it looks to clear its inventory. All purchases made during the store closing sale are final.
“Find big bargains on all your favorite things,” said Hilco Merchant Resources, the company in charge of the liquidation process. “It’s Christmas savings in July!”
Christmas Tree Shops chairman Marc Salkovitz initially seemed confident that the retailer would emerge from Chapter 11 by the end of August, but that no longer appears to be the case.
The Wall Street Journal reported last week that the retailer had taken out a $45 million loan to push through until a buyer came forward. Christmas Tree Shops ended up defaulting on that loan, prompting creditors to terminate it.
During a bankruptcy hearing Friday morning, Christmas Tree Shops was granted one last chance to save the business and find additional investors. The retailer has until next Wednesday at 1 p.m.
It’s unclear at this time when the stores will close for good. There are two stores in Rhode Island and 15 remaining in Massachusetts.
Before filing for bankruptcy, the retailer had planned on rebranding its stores after discovering that shoppers outside of New England believed they only sold Christmas trees.