The Wall Street Journal reported Barneys New York is preparing to file for Chapter 11 bankruptcy protection.

According to the Journal, the restructuring plan under discussion calls for the retailer, which operates 13 department stores and nine warehouse stores, to immediately shut down most of its locations and look for a buyer for seven core stores.

The Journal added Barneys is close to a deal with Gordon Brothers and Hilco Global which would provide a loan to fund the company’s stay in bankruptcy for 60 days while it attempts to clinch a deal with a buyer.