MC Sports, which has a store in East Peoria, is filing for bankruptcy and plans to immediately liquidate all of its 68 stores.

The Grand Rapids, Mich.-based sporting goods retailer filed for Chapter 11 bankruptcy protection as part of "voluntary reorganization proceedings."

"After a valiant and concerted effort by MC Sports' associates, vendors, landlords, and outside professionals to restructure the company's balance sheet and operating performance, the company was unable to reach an agreement on a viable out of court proposal," MC Sports President and CEO Bruce Ullery said in the statement.

"The only alternative to address our immediate liquidity issues is to commence liquidation sales at all stores, while concurrently expediting our pursuit of alternative financing and going-concern sale options under the protections of Chapter 11."

MC Sports operates in seven Midwest states.