Bed Bath & Beyond is reportedly preparing to file for bankruptcy as soon as this weekend.

Citing sources familiar with the Union-based home goods retailer’s plans, Bloomberg and The Wall Street Journal reported April 19 that talks are underway with advisors and lenders ahead of such a filing.

The cash-strapped company is also reviewing financing options to help fund itself while restructuring, according to Bloomberg.

To avoid Chapter 11, Bed Bath & Beyond recently launched a stock sale to raise $300 million and said it would use the capital for strategic initiatives, investing in merchandise inventory, increasing store footprint and realigning cost structure. However, if the effort comes up short, the company has said its next move may be bankruptcy.

As a way to cover the terms of the equity offering, Bed Bath & Beyond is also seeking shareholder permission for a reverse stock split. But, if that isn’t approved, the company said it likely won’t have enough equity to pay its debts and stay in business.

With shares trading at about 46 cents as of 10 a.m. April 20, it remains unlikely that Bed Bath & Beyond will raise the necessary funding by April 26, which is when the company loses its eligibility to sell stock under its share registration documents, The Wall Street Journal noted.

A representative from Bed Bath & Beyond did not immediately respond to a request for comment on the media reports.

Despite attempts to turn its business around, Bed Bath & Beyond continues to struggle with dropping sales, cash burn and competition from big box retailers, prompting the chain to issue a going concern warning in January.

Since first sounding the alarm earlier this year that it was in dire financial straits and exploring all options, the company’s stock has tumbled about 86%. Over the past year, Bed Bath & Beyond’ s stock has lost 98% of its value, which is roughly $2 billion.

In addition to layoffs and hundreds of store closures, the company has been working with suppliers to boost inventory levels as well as paying off outstanding interest payments.

Bed Bath & Beyond Chief Executive Officer and President Sue Gove recently reaffirmed the company’s commitment to a turnaround.

“We recognize this past year has been among the most difficult in our company’s history. Particularly over the last several months, we are grateful to have overcome immediate challenges and impediments again and again thanks to the support of our customers, associates, business partners, and shareholders,” she said in an April 10 statement.

“Our dedication to delivering for our supporters remains unwavering and we will continue to pursue our operational and financial goals to drive our turnaround,” Gove stated, who went on to say, “We are taking the necessary steps as part of our financial strategy to sustain and grow our business.”