Shares of Bebe Stores (BEBE) were falling by 45.58% to $3.51 on heavy volume on Tuesday afternoon, as the women's apparel retailer is planning to shut its stores and turn itself around as an online brand, sources told Bloomberg.

Bebe is looking to close the stores without filing for bankruptcy, but Chapter 11 may be necessary if store landlords are not willing to make any kind of deal. Bebe operates about 170 boutique and outlet stores across the U.S.