DALLAS (CBSDFW.COM) – The coronavirus shutdown is hitting the retail industry hard and none more so than Dallas-based Neiman Marcus. There are reports the luxury retailer could file for bankruptcy as early as this week.

According to a report by Reuters, Neiman Marcus Group is carrying almost $5 billion in debt and has been forced to close its stores and furlough most of its employees due to the pandemic. With so much debt, S&P Global Ratings downgraded the company last week to CCC — the lowest rating before default.

According to the news organization, Neiman’s is close to securing a loan worth hundreds of millions of dollars to maintain some operations s it restructures during the bankruptcy proceedings.

The Marcus and Neiman families opened the flagship Neiman Marcus store in downtown Dallas in 1907. The company website says the families decided to undertake the high-end department store venture after rejecting an investment opportunity in a small-time soft drink company called Coca-Cola.

Neiman Marcus — which includes some 24 Last Call stores and two Bergdorf Goodman stores in New York — was acquired in 2013 by Ares Management LLC and the Canada Pension Plan Investment Board.