Privately owned retailer Goody’s Family Clothing Incorporated said Monday it is filing for Chapter 11 protection to restructure its business.

The Goody’s location at Meridian Crossroads is not listed as one for closure as a result of the planned restructuring.

The Knoxville, Tennessee-based company said it filed a voluntary petition for reorganization under Chapter 11 in the U.S. Bankruptcy Court for the District of Delaware.

Goody’s said it decided to file for Chapter 11 after reviewing alternatives to address ‘‘pressures from tightening credit markets, strain on merchandise flow and a sizable but isolated number of underperforming stores in the chain.’’

Goody’s said it will close 69 underperforming stores as well as a Russellville, Arkansas distribution center.

The company operates nine stores in Mississippi. Company representatives said that none of the Mississippi stores will be closing as part of the restructuring, but five will close in Alabama. Three Birmingham locations will close, as well as one store in Mobile and one in Selma.