The 75-year-old parent company of the iconic furniture and home furnishings store Value City has filed for bankruptcy, with more than 30 stores set to close for good across the U.S. including one at a busy mall in the north Chicago suburbs.

Value City Furniture parent company American Signature Inc. filed for Chapter 11 bankruptcy last month, a Nov. 23 release announced, The company has since began a court-supervised sale process, with the hopes of a "competitive auction" in the coming days.

Rudy Morando, Co-Chief Restructuring Officer for ASI, cited "ongoing macroeconomic headwinds" impacting the home furnishing industry as part of the reason for filing.

The company has carefully evaluated its options to assess the best path forward in the current operating environment," Morando said

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