Value City Furniture's parent company is closing stores and selling company assets after filing for Chapter 11 bankruptcy, which will cause Illinois locations to shutter.

The company, American Signature, Inc., made the announcement in a Nov. 23 press release . The closures will include Value City Furniture and American Signature Furniture stores.

Here's what we know about Illinois closures.

What are Chapter 11 filings?

The filings typically allow companies to reorganize with hopes of keeping businesses open and paying creditors over time, per the United States Courts. Holiday shopping: We found the best Cyber Week deals for you.

Court documents obtained by USA TODAY show American Signature, Inc., based in Columbus, Ohio, has more than 1,000 creditors, over $100 million in as

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