US-based gift retailer Things Remembered is reportedly seeking bankruptcy protection and potential buyers for the sale some of its assets.

Undergoing bankruptcy procedures could result in the closure of a significant number of Things Remembered stores.

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Founded 40 years ago, the company sells personalised engraved gifts. It currently operates around 400 stores, which employ 2,500 people in the US and Canada.

“Undergoing bankruptcy procedures could result in the closure of a significant number of Things Remembered stores.”

News agency Reuters reported that the company did not recover following debt restructuring in 2016. Private equity firm KKR and other financial entities saved the retailer in 2016, and it is currently owned by this consortium of investors. The retailer currently has a debt of around $120m.

Things Remembered is currently planning to divest its brand and online business during the bankruptcy proceedings. If implemented, the plan is expected to save hundreds of jobs.

In addition, the chain is planning to offer severance packages and outplacement services for its associates, who may lose their jobs during several store closure processes.

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The company has appointed investment bank Miller Buckfire to seek buyers for its stores and Kirkland & Ellis for its bankruptcy filing.

Things Remembered joins a growing list of retailers that are going out of business or closing stores, including Toys R Us, Destination Maternity, Gymboree, Sears, The Children’s Place and Chico’s.