SYRACUSE -- Electronics chain Ultimate Electronics, which has a store in Syracuse's Carousel mall, has filed for Chapter 11 bankruptcy, according to the Denver Post.

The store's parent company, Ultimate Acquisitions LP, said the filing was made based on a "significant downturn" in sales at some stores. It also cited the refusal of some wholesalers to supply merchandise on open credit, according to the report.

According to bankruptcy papers, the Ultimate Electronics will reorganize its operations, which includes underperforming stores.

So far, there are no details on which stores will be closed, including the Carousel mall location.

There are 46 Ultimate Electronics stores nationwide, employing about 1,500 workers.