After announcing as many as 30 store closures this year, JCPenney (JCP) has taken measures to evaluate its options for a possible turnaround. The retailer has hired a restructuring firm to help with its estimated $4 billion in debt, CNBC reported.

According to the news outlet, JCPenney has been in talks with lawyers and investment bankers about the matter as it looks for help restructure its debt. The company is reportedly looking at all of its options as it seeks to raise more cash and negotiate with creditors before its mounting debt matures.

JCPenney does maintain as much as $1.5 billion in revolving credit, but it has seen its investors sell off their shares as the company continues to lose revenue amid a decreased credit rating, the news outlet said.

The move to work with a restructuring firm is reportedly an attempt by JCPenney to avoid filing for Chapter 11 bankruptcy protection, which like other retailers could lead to the liquidation of its assets.

JCPenney has reported a loss of $1.7 billion since 2014 and watched as its stock dropped by more than 50 percent over the last year. Its shares currently trade at just over $1. It also saw its net losses nearly double to $154 million in the first quarter of the year.

The company, which has been operating for 117 years, has reportedly struggled with its online business in an era where e-commerce reigns and has seen reduced foot traffic in its stores as well. The retailer has instead turned its attention to apparel and merchandise sales that it hopes will draw in consumers.

JCPenney is currently being led by a new CEO, who came aboard in late 2018. The company has since stopped selling appliances and has a limited furniture line.

JCPenney employs 95,000 workers and has more than 860 store locations.

Shares of JCPenney stock were down 16.67 percent as of 2:34 p.m. EST on Friday. 

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