Privately held fashion company J. Crew Group Incis preparing for a bankruptcy filing that could come as soon as this weekend, CNBC reported on Thursday, citing people familiar with the matter.

The company is working to secure $400 million in financing to fund operations in bankruptcy, the CNBC report added, cautioning that timing could still slip, and plans are not yet finalized.

The company has been grappling with competition from online firms such as Amazon.com Inc.