EDMONTON -- Planet Organic Market is closing its 11 stores, citing the company's current financial state in an internal memo.

"We have tried to find a solution for the company but now it has come the time to recognize that despite the best efforts to restructure the business we are at an end," Planet Organic Market CEO Alan Thompson said in a letter to all employees. "After conducting a full review of our current financial state, we conclude that there were too many factors working against us to continue operating Planet."

In October 2018, Edmonton-based Honest Dumplings said Planet Organic owed it $5,850. Just over a month later, another 12 companies said Planet Organic owed them more than $200,000 altogether, and one of them sued the Alberta-based company.

The letter stated employees will be paid everything owed to them, but there's no word on whether suppliers will receive their money.

"A letter like this can't fully express the range of emotions from reaching this difficult decision to close Planet," Thompson said.

Planet Organic Market operated four locations in Edmonton, five in Calgary, and two outside of Alberta.

CTV News Edmonton has reached out to Planet Organic Market.

With files from CTV News Calgary