Gordon Companies Inc. files for Chapter 11 bankruptcy

Gordon Companies Inc., the owner of e-commerce platforms Christmas Central, Christmas.com, and Northlight, has filed for Chapter 11 bankruptcy in a New York court. The filing is intended to allow the company to reorganize its debts, which total $32.2 million owed to 458 creditors, including Microsoft, Pepsi, FedEx, and UPS. The company will continue to operate during this process.

The bankruptcy filing occurs as the United States prepares for a major holiday shopping season. According to a study by Bain & Company, shoppers are projected to spend more than $1 trillion on holiday items this year, representing a 4.5 percent increase year-on-year despite inflation and high gas prices.

Competitors such as Balsam Hill and The Christmas Palace have already initiated early-bird sales. Meanwhile, major retailers including Amazon and Target are preparing significant promotional events in October to capitalize on the projected record-breaking sales.