Loot Crate is out of loot.

The Los Angeles-based subscription business that sends monthly curated boxes of "geek and gamer" products filed for Chapter 11 bankruptcy protection on Monday, three years after claiming the No. 1 spot on the Inc. 5000 list of America's fastest-growing private companies. Founded in 2012, Loot Crate disclosed debts of more than $30 million in a bankruptcy filing, revealing an additional $20 million in paid customer orders that it has not yet shipped. The company will now sell itself to Money Chest LLC, a lender that will provide up to $10 million to help Loot Crate through its bankruptcy process. Loot Crate co-founder Chris Davis declined to comment beyond what the company published in a press release Monday.

Loot Crate generated more than $116 million in annual revenue in 2015, representing three-year growth of 66,789 percent. The company raised $18.5 million in Series A funding in 2016, led by Upfront Ventures, which owns about 10 percent of the company. Among Loot Crate's other investors are Downey Ventures, the venture capital firm of actor Robert Downey Jr., which also owns about 10 percent of the company. Loot Crate co-founders Davis and Matthew Arevalo own about 51 percent and 21 percent, respectively. The company now has 60 full-time employees after experiencing a "reduction in force" in recent months, according to its bankruptcy filing.

"We have worked diligently to overcome challenges with our capital structure, along with legacy issues the Company has been struggling with for the past 18 months," Davis said in a statement. "We are very pleased with our progress from an operational efficiency standpoint, however, the company still faces liquidity issues." Davis added that employees and customers would not notice any disruption in operations during the sale process, which is "necessary to continue to prosper and grow."

Loot Crate is not the only company to file for bankruptcy after claiming the No. 1 spot on the Inc. 5000. Tablet maker Fuhu topped the list for the second consecutive year in 2014 before filing for bankruptcy protection in 2015, its annual revenue once reaching just under $196 million. Toy maker Mattel later bought the company out of bankruptcy for $21.5 million in 2016.

Loot Crate expects its sale to be completed within 45 days, after which Davis hopes the company will resume sending its subscribers boxes of collectibles, gear, and other swag. "By utilizing the Chapter 11 process, we are able to ensure an expedited and orderly transition," he said in the statement.