Waukegan-based home improvement retailer Home Owners Bargain Outlet has filed for Chapter 11 bankruptcy, with plans to liquidate and close its stores.

The retailer, known as Hobo, made the filing yesterday "to wind down its operations . . . while liquidating its assets to maximize returns to its creditors," according to a statement from the company’s lead bankruptcy attorney. It said the company has been struggling financially along with other brick-and-mortar retail in recent years. Competition from rival chains and a slowdown in discretionary spending also contributed.

Hobo had $80 million in 2017 sales, according to Sugar Felsenthal Grais & Helsinger, the law firm handling the company’s bankruptcy.

Hobo filed a notice on Oct. 19 with the Wisconsin Department of Workforce Development indicating it was preparing to shut down its stores by the end of the year if it wasn’t able to find a buyer. The notice shows the company’s more than 200 employees were warned they could lose their jobs as early as Dec. 20.

Hobo operates five stores in the Chicago area and two stores in the Milwaukee area. One of the Chicago-area stores is located inside the Forest Park Plaza, where mall officials hoped to set up a meeting with Hobo's owners to encourage them to keep the store open at least through the holidays and ideally throughout the duration of its 10-year lease.