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.

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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.

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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.

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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.