Christmas Tree Shops seeks court approval of bid procedures

By Sarah Lizee

Olympia, Wash., June 28 – Christmas Tree Shops, LLC filed bid procedures for its assets with the U.S. Bankruptcy Court for the District of Delaware on Wednesday.

As previously reported, the company has defaulted on its $45 million debtor-in-possession facility with Eclipse Business Capital SPV LLC and ReStore Capital LLC and is unable to cure the default.

If the debtors can quickly secure an acceptable initial or stalking horse bid, they believe a sale of their assets as a going concern will avoid the loss in value of their assets and the substantial harm to creditors and employees that would result from a forced liquidation.

The proposed schedule under the bid procedures sees a July 7 deadline to identify a stalking horse bidder, a July 18 auction, a July 21 sale hearing and a July 30 deadline to close the sale.

No bid protections are expected to be offered to any stalking horse.

Middleborough, Mass.-based Christmas Tree Shops sells home goods with a specialty focus on seasonal products. The company filed bankruptcy on May 5 under Chapter 11 case number 23-10576.

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