Giant Carpet and Flooring Ltd., the 40-year-old chain of warehouse-style stores, has declared bankruptcy, owing $5.2 million, an apparent victim of the downturn in the housing market.

Danbury Sales, the Toronto-based liquidation firm, is handling the sale of Giant Carpet’s inventory.

Giant Carpet declared bankruptcy Jan. 22, leaving an unknown number of customers with unfilled orders. The chain joins a handful of other small retailers that failed to make it since the end of a weaker than expected holiday season. The General Store, a chain of gift and craft stores that operated in major malls, also closed its doors recently, citing weak holiday sales.