American Car Center last week told employees the business was closing its doors, a day after it pulled a $222 million bond sale from the market, according to people familiar with the matter.

The used car lender, which tends to target consumers regardless of their credit history, said in an email to employees the firm was ceasing all operations, closing its headquarters in Memphis, Tenn., and all employees would be terminated by the end of the business day on Friday, the people said. The headquarters employs about 288 people.

The closure email came a day after the company sent another message to staff saying management and advisors had been working with lenders to improve liquidity and continue operations, the people said. American Car Center, which has more than 40 dealerships across 10 states, is owned by York Capital Management LLC.