New Delhi, Sept. 17 -- In a major development, around 40 Banner's Hallmark stores in Virginia have filed for Chapter 11 bankruptcy protection. A Washington Business Journal report claimed that the stores are facing seasonal cash flow issues and need to reassess their leases.

Chapter 11 bankruptcy protection is a certain type of bankruptcy filing that allows businesses to restructure their debts and operations while continuing to remain functional. As per the Washington Business Journal report, Maurice VerStandig of The Belmont Firm in D.C., the company's bankruptcy attorney, said that all stores will remain open.

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