Fallas Paredes: The parent company of Fallas discount stores has filed for bankruptcy and plans to close 74 stores

Facebook.com/FallasStoresNational Stores, parent company of discount-store chains Fallas, Conway's, and Factory 2-U, filed for Chapter 11 bankruptcy protection on Monday. It plans to close 74 of its 344 stores. Its stores currently employ more than 9,800 people in 22 US states and Puerto Rico. Store closing sales will begin on Thursday.National Stores Inc, which operates the Fallas, Factory 2-U and other discount apparel and housewares stores, on Monday filed for Chapter 11 bankruptcy, becoming the latest U.S. retailer to succumb to financial pressure as more consumers shop online.The family-owned company founded in 1962 plans to close 74 of its 344 stores, which now employ more than 9,800 people in 22 U.S. states and Puerto Rico.See the rest of the story at Business InsiderNOW WATCH: What it's like inside North Korea's controversial restaurant chainSee Also:Mattress Firm is considering filing for bankruptcyRetail defaults are at an all-time high - here are all the bankruptcies and liquidations so far in 2018We went shopping at TJ Maxx and Nordstrom Rack to see which was a better discount store, and the winner was clearSEE ALSO: Retail defaults are at an all-time high - here are all the bankruptcies and liquidations so far in 2018