Neiman Marcus Group is preparing to file for bankruptcy as soon as this week, Reuters reported Sunday.

The luxury chain, which has nearly $5 billion in debt as a result of a leveraged buyout, has been forced to temporarily close all its stores and furlough most of its employees due to the coronavirus. Citing people familiar with the matter, Reuters reported the company is close to securing a loan worth hundreds of millions of dollars to keep some of its operations afloat during bankruptcy proceedings.

Neiman Marcus was acquired in 2013 by Ares Management LLC and the Canada Pension Plan Investment Board.

Photo courtesy Profile NYC