PROVIDENCE, R.I. (WPRI) — Christmas Tree Shops is preparing to close 10 underperforming stores, including two on Cape Cod.

The retailer, best known for selling a variety of seasonal items and home décor, filed for Chapter 11 bankruptcy last week.

The move, according to Christmas Tree Shop chairman Marc Salkovitz, is “strictly a financial restructuring.”

“Our operations are sound,” Salkovitz said. “By increasing our financial flexibility, we will be able to focus on continuing to delight our loyal customers with a wide selection of unique goods at affordable prices.”

“We continue to believe that given its storied history and strong customer loyalty, Christmas Tree Shops has tremendous potential, and we remain committed to the long-term success of the business,” he added.

Christmas Tree Shops has 82 stores across 20 states. The retailer is planning on shuttering two well-known stores in Massachusetts, according to a closing agreement filed Sunday. Those stores include the Falmouth and Sagamore locations.

The Falmouth store is located off of Route 28, while the other store, located at the base of the Sagamore Bridge, is a known landmark on Cape Cod thanks to its large windmill.

Other stores on the chopping block include locations in Florida, Georgia, Michigan, New York, Pennsylvania and Virginia.

Both Rhode Island stores, located in Warwick and Middletown, will remain open. Christmas Tree Shops is also keeping its flagship store in Holyoke open, which was the first to be rebranded after the retailer discovered that shoppers outside of New England believed they only sold Christmas trees.

Salkovitz expects Christmas Tree Shops to complete it financial restructuring and emerge from Chapter 11 by the end of August.

“We are confident we will emerge a stronger business, better positioned to grow and prosper into the future,” he said.

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