Luxury retailer Saks Global is planning to file for Chapter 11 bankruptcy as soon as Sunday, Bloomberg News ⁠reported on Friday, citing people familiar with the matter.

The ⁠owner of New York’s century-old Fifth Avenue flagship store is preparing ‍to ‌file for bankruptcy without a restructuring ⁠deal in ‌place, though it aims ‌to craft one in the coming weeks, according to the report.

The company is also in ‍advanced discussions on about $1.25 billion debtor-in-possession financing package with creditors, which ‌would ⁠allow ​it to keep its ⁠business ​running during bankruptcy and pay vendor dues, the report added.

Saks ​Global did not immediately respond to a Reuters ⁠request for comment.