American homeware retailer, Bed Bath & Beyond Inc. has completed the sale of its Christmas Tree Shops business to Handil Holdings, which is owned by Marc and Pam Salkovitz.
Handil — a contraction of their children’s names, Hannah and Dillon — has operated mostly in the greeting card business for the past few years, but now intends to focus on Christmas Tree Shops.
In a statement to Forbes magazine, Mr Salkovitz said: “Since I moved from Philadelphia to Boston in 1983, I’ve loved this chain, and for a long time, it just kept getting better.
“While CTS maintained their stronghold on the seasonal business, we watched as the brand started to become less relevant… as the emphasis shifted solely towards the financial metrics and with that, the company lost a bit of its soul.”
But the business itself remained viable, he said. “What got us most interested in acquiring CTS was when we learned that there were still so many passionate and loyal customers who have stuck with the brand and craved more. They love the excitement of the treasure hunt, seeing the bargains and all of the special finds. We viewed this as an opportunity to rebuild the legacy with a renewed focus on the customer, updated branding initiatives, operational efficiencies and new merchandising strategies.”
Christmas Tree Shops, which was purchased by Bed Bath & Beyond in 2003 for $200 million, operates from 80 retail locations around the United States.