A DISCOUNT store has announced five locations will be closing on the same day after filing for bankruptcy.
The Christmas Tree Shops (CTS) is closing all of its remaining locations, with multiple locations shutting down on Sunday in Massachusetts.
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The company filed for bankruptcy in May, initially announcing plans to close just 10 stores.
Unfortunately, it failed to earn enough money to pay back bankruptcy investors and was forced to shut down all locations.
The locations closing this week are located in Natick, North Dartmouth, Orleans, Pembroke, and West Dennis.
There are eight other locations in the state that are due to shutter in mid-august, reports Mass Live.
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DEAL OR NO DEAL
Hilco Merchant Resources took over to manage the store closures and announced the liquidation sales would offer shoppers as much as 50 percent off.
On the CTS website, it says discounts can go as deep as 70 percent off.
In a press release, Hilco said: “In addition to holiday items and décor, these stores offer a huge selection of home décor, furniture, gifts and so much more, including popular brands, now at even lower prices."
However, the company has been accused of price gouging items that are for sale after customers spotted new price tags stuck over old ones that showed a lower price.
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"Shame on you, Christmas Tree Shop," said a TikToker (@novie333) in a video.
They claimed they paid $14.99 for a single oven mitt, only to later pull off the sticker and see the original price of the mitt was $5.99.
"Shame on you, marking things up like that and then taking only 10% off."
The Washington Post shared some tips on how to avoid marked-up items at sales like these.
Liquidators may base discounts on the manufacturer's suggested retail price, which is typically higher than what the store was selling it for originally, reports the Post.
"If you see lots of items with new stickers, odds are you are dealing with merchandise that has been marked up before sale," the article reads.
The article said these going-out-of-business sales are "a bit like a game of chicken."
As the sale goes on the discounts will grow, but the selection of merchandise will shrink.
Bryan K. Chavez, a reporter for Living on the Cheap, told The Post that he doesn't start shopping until the discount reaches 50 percent or more, but some bargain hunters choose to wait until discounts are between 75 to 90 percent off.
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Walmart is also facing a slew of closures as it shutters 23 stores this year alone.
Plus, see what an expert has to say about the "retail apocalypse" and how it will change how we shop.
