As JC Penney’s (JCP) stores remain dark during the coronavirus pandemic, the struggling retailer is reportedly weighing filing bankruptcy.

JC Penney closed all of its 850 stores in March with no definite plans to reopen its doors, saying it would remain closed until further notice. At the time, the company was undergoing a turnaround plan to revive its stores and rejuvenate its image to draw in customers.

The coronavirus caused an upheaval in JC Penney’s overhaul strategy after the company reported an earnings loss that was above its guidance, showing signs that CEO Jill Soltau’s turnaround plan may have been working.

Now the retailer is considering filing for bankruptcy as its debt load comes due and its looks to get its finances in order to make these hefty payments, sources told CNBC.

JC Penney has nearly $4 billion in debt with $12 million due on Wednesday, the news outlet said. Another $105 million bond repayment is reportedly due in June and $300 million is owed in annual interest payments with another $2 billion coming due in 2023.

JC Penney is reportedly looking ahead as it has seen its customer base drop and may not see the resurgence in sales it hoped for when stores reopen, which is part of its thought process into filing for bankruptcy protection, the sources said.

No final decision has been made about filing for bankruptcy by the retailer, who recently hired consulting firm, AlixPartners LLP, to provide financial assistance, Bloomberg reported. JC Penney is also reportedly looking to rework its debt to prevent filing for bankruptcy, possibly through rescue financing.

According to the sources, JC Penney has access to enough cash to keep it afloat in the coming months even as no revenue comes in from its brick-and-mortar stores. The company’s website continues to take orders during the coronavirus pandemic.

Shares of JC Penney stock were down 19% as of 2:20 p.m. EDT on Tuesday.

jcpenney People exit from JCPenny store at Herald Square on Nov. 25, 2016 in New York. Photo: KENA BETANCUR/AFP/Getty Images