More new stores for Coconut Point, but it may lose a high-profile one. 12 things to know

Estero's Coconut Point may be gaining more stores, but one of its high profile establishments has hit rough waters and filed for bankruptcy on Friday afternoon.

Christmas Tree Shops, a Massachusetts-based institution that has existed for more than a half-century, filed for Chapter 11 bankruptcy near the end of the day Friday and plans to shutter in 12% of the neighborhoods it serves, but didn't name them. With the 12 days of Christmas in mind, here's a dozen things to know.

1. What is the company's situation when it comes to the bankruptcy?

As consumer demand has waned, the company has as little as $50 million in assets and up to $500 million in debts stated in its court filing, according to Reuters. The company called it a "financial restructuring," and that 10 unnamed venues would be marked for elimination. "We are confident we will emerge a stronger business, better positioned to grow and prosper into the future,” Chairman Marc Salkovitz said in a statement Friday evening.

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2. What is Christmas Tree Shops and its slogan?

Christmas Tree Shops, also known as CTS, is a discount home goods chain that heavily marketed its slogan: "Don't you just love a bargain?"

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3. What is the roots of the Christmas Tree Shops and where?

The company's early roots go back to the 1950s as a summertime Christmas gift shop on Cape Cod known as "The Christmas Tree Gift Shop," according to Good Housekeeping. Unlike most holiday outlets, Mark and Alice Matthews operated their Yarmouth Port shop from May through October — when vacationers flock to the Cape.

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4. When did Christmas Tree Shops make its New England debut?

Christmas Tree Shops had its true beginning in 1970, when Chuck and Doreen Bilezikian bought it and moved their family into the apartment above it. The Bilezikians decided to eventually expand the merchandise beyond Christmas ornaments and gifts, and began stocking summer vacation items like beach towels and sunscreen.

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5. What prompted the name of the Massachusetts-based chain?

The official name of the chain is plural because the original was made up of a trio of buildings: the Front Shop, the Back Shop and the Barn Shop, the latter of which primarily sold penny candy.

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6. Where are Christmas Tree Shops located?

Prior to Friday afternoon's bankruptcy filing, there were 82 throughout the eastern United States including 15 in its home state of Massachusetts. Most in New England are in buildings that resemble Colonial, Victorian or even Old English barn style. Other Massachusetts spots have distinct features, such as the Lynnfield store's lighthouse and the windmill at the business situated at the base of the Sagamore Bridge. Estero's location is in a typical slot that one would normally see in a shopping center.

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7. When did CTS start in Southwest Florida?

Officially Christmas Tree Shops launched in Tamiami Trail's Coconut Point on Sept. 10 with 33,190 square feet, but it did a soft opening for a few days previous.

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8. What was significant about picking Estero as a destination?

The 8020 Mediterranean Drive address was its furthest south locale when the doors were unlatched, followed by two more that landed in Sarasota and Pembroke Pines to go with existing Jacksonville and Altamonte Springs settings.

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9. Did Bed Bath & Beyond really own the chain?

In 2003, Bed Bath & Beyond — which itself has filed for bankruptcy protection and plans to close four Southwest Florida locations by June 30 — bought Christmas Tree Shops for $200 million and expanded the regional retailer. It then sold Christmas Tree Shops to Handhil Holdings LLC, a private company, in November 2020 for an undisclosed amount.

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10. What strategy did new owners employ to address a misconception?

Handhil then updated the brand logo to prominently feature "CTS" in 2022 to try to clear up misconception that it only sells Christmas-themed goods. Hence, its statement for Estero's inception: "Contrary to its name, CTS is not a year-round Christmas store, but rather a one-stop shop for seasonal, entertaining and decorating essentials at bargain prices. The brand is well-known for its ever-changing assortment of products, from bed and bath, paper and party goods, to food and storage, indoor and outdoor home decor and much more."

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11. What new stores are coming to Coconut Point?

Without info on CTS, Coconut Point did share this week that it had two new additions coming this fall. PGA Tour Superstore will tee off with its 10th Florida store to go with Naples, offering golf equipment, apparel, a 1,043-square foot putting green and three simulators. “With nearly 100 golf courses in the Bonita Springs-area, we have been wanting to expand to this community for a number of years," said Jill Thomas, the chain's chief marketing officer. The Face Foundrie facial bar chain is also setting up in the plaza.

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12. What restaurants are in play at Coconut Point?

In the Know first reported Coconut Point's plans to bring The Cheesecake Factory to its lineup in winter 2023 with up to 9,000 square feet to go with another at Coastland Center in Naples. Earlier this year, it had a half-dozen newcomers including Johnny Was, but as we've said, it has lost the Banana Republic. Plus, another transition: Darden Restaurants, with Olive Garden in place, is taking over Ruth's Chris Steak House there as part of a $715 million deal this week. More closings: The Saloon on April 30 after six years, and across the street, Pollo Tropical last month.

Based at the Naples Daily News, Columnist Phil Fernandez (pfernandez@gannett.com) writes In the Know as part of the USA TODAY NETWORK, which supplemented this report. Support Democracy and subscribe to a newspaper.

This article originally appeared on Naples Daily News: More stores for Coconut Point, but major spot in trouble. What we know