Neiman Marcus is in discussions with lenders about filing for bankruptcy to restructure its heavy debt load, Bloomberg News reported.

Neiman Marcus has not made formal decisions about whether to declare bankruptcy as a $4.3 billion debt load weighs on the company and the coronavirus pandemic forces store closures, according to the news service.

A Neiman Marcus spokesperson told the New York Post that most businesses “are facing some degree of disruption” from the coronavirus crisis.

“We are evaluating all courses of action to preserve our financial strength so that we may continue serving our customers and associates and being a great partner to luxury brands globally,” the spokesperson said in a statement. “Our priority has bee,n and will always be, to ensure stability for our associates and brand partners.”

Neiman Marcus reached a restructuring deal with creditors last year that gave the company more time to turn itself around, according to Bloomberg.

Photo courtesy New York Post