After more than 85 years in business, Family Christian, the "world's largest retailer of Christian-themed merchandise" is shutting its doors.
The Christian retail chain cited declining sales as the reason for its closure. This isn't the first time the company has revealed its financial troubles, having previously filed for bankruptcy in 2015.
"Despite improvements in product assortment and the store experience, sales continued to decline," company president Chuck Bengochea said in a statement, USA Today reported. "In addition, we were not able to get the pricing and terms we needed from our vendors to successfully compete in the market. We have prayerfully looked at all possible options, trusting God's plan for our organization, and the difficult decision to liquidate is our only recourse."
Family Christian was first founded under the name Zondervan in 1931 by brothers Bernie and Pat Zondervan, the company's website explains. The company, which was first renamed Family Bookstores in 1971 before taking its current name in 1997, later became a nonprofit organization in 2013 and has since donated its profits to Christian charities.
When the company filed for Chapter 11 bankruptcy in 2015, USA Today noted, they reported that sales had fallen 29% from 2008 to $216 million. The Grand Rapids, Michigan-based company currently operates 240 stores in 36 states, employing more than 3,000 people.
No timetable for the stores' closure has yet been given.
"We're sad to say that all The Limited stores nationwide have officially closed their doors," the company said in an online statement. "But this isn't goodbye. The styles you love are still available online — we're just a quick click away 24 hours a day."
Macy's is closing 68 stores and laying off nearly 4,000 employees, beginning in early 2017. Ultimately, the retailer plans to shut down about 100 stores, or 15% of its store base, over the next couple of years.
The closures come two years after Wet Seal closed 338 of its then-511 stores in January 2015, shortly before the company filed for bankruptcy protection. At the time, Wall Street analysts said that falling foot traffic at shopping malls played a major role in Wet Seal's death spiral.
The retailer is shuttering 120 locations, primarily in the US, the Star Tribune reported in early February. Currently, BCBG has 570 locations worldwide, and 175 in the US.
In January, BCBG told Bloomberg that it would shift its focus away from brick-and-mortar stores, and instead double down on e-commerce and selling the BCBG brand through other retailers.
Bebe's sales have been slumping in recent years. In the most recent quarter, the company reported that same-store sales dropped 10.5%, compared the same period a year ago, in which sales declined 2.5%.
In January, Reuters reported that Payless was working with attorneys to restructure debt worth roughly $655 million. Later in the month, Payless laid off 165 associates, including 110 employees at the Topeka corporate office, The Topeka-Capital Journal reported.
The future of American Apparel's stores remains unknown, following the retailer's acquisition by Gildan Activewear Inc.
Gildan did not acquire the chain's 110 locations when it bought the American Apparel brand. If American Apparel doesn't find a buyer, then these stores will likely be shut down.