New York (CNN Business) Fred's, a 72-year-old discount chain, is closing all of its roughly 300 remaining stores and going out of business. The chain had as many as 557 stores earlier this year.

The Memphis-based retailer filed for Chapter 11 bankruptcy on Monday and said liquidation sales will take place at its stores over the next 60 days.

"Despite our team's best efforts, we were not able to avoid this outcome," said CEO Joe Anto in a statement.

In bankruptcy court, the company will seek a financing agreement that would inject up to $35 million in fresh funding into the business to ensure an "orderly wind-down of its operations."

Fred's FRED sells a variety of items, such as food and household cleaning supplies. Stores are scattered across several US states including Alabama, Georgia, Illinois, Florida and Texas.