Car Toys plans to sell many of its brick-and-mortar locations after filing for bankruptcy, following years of struggling with falling sales and mounting debts.

The company, an Auburn-based car audio retailer with national reach, voluntarily filed for Chapter 11 bankruptcy last week in the U.S. Bankruptcy Court for the Western District of Washington. This type of bankruptcy lets the company reorganize and continue operating, with the goal of keeping its doors open.

Car Toys plans to sell 35 of its 48 stores located across four states to five buyers for a combined price of almost $14 million, according to its legal filings. The company said the buyers are a combination of tenured employees and local competitors.

The company announced to customers that it also will eliminate its gift card

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