Francesca's said Monday that it will permanently close about 140 stores by the end of January, but also warned that it may have to take more significant steps to stabilize its finances — including filing for bankruptcy.

The apparel and accessories retailer is "evaluating various alternatives to improve its liquidity and financial position," such as cutting its operating expenses, raising capital, refinancing its debt or negotiating ways to reduce lease expenses through concessions and deferrals, according to a filing with the U.S. Securities and Exchange Commission.

"If the Company is unable to raise sufficient additional capital to continue to fund operations and pay its obligations, the Company will likely need to seek a restructuring under the protection of applicable bankruptcy laws," Francesca's said in the filing.

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