The parent company of Fallas and other popular stores filed for bankruptcy Monday.
According to CNBC, National Stores, Inc., announced the voluntary petition for relief under Chapter 11 of the U.S. Bankruptcy Code and plans to close 74 of its 344 stores.
According to court documents, the Fallas store in Lompoc might close, but the Santa Maria location wasn’t listed.
The company says it suffered financial setbacks from under-performing stores; some stores’ under-performance was likely caused by severe weather and other tragedies.
"National Stores, historically a profitable company, is committed to improving its financial health and returning to profitability," said Michael Fallas, National Stores Inc., CEO. "Our goal is to emerge a reorganized Company poised to compete in an evolving industry so that we can continue to serve the communities where we are rooted."
The company will begin to close stores beginning Thursday.
You can read more about the bankruptcy filing here.
