Apparel retailer Express may file for bankruptcy as soon as next week, Bloomberg News reported Tuesday, citing people familiar with the matter.

The company has asked its lenders for funds to help finance a potential Chapter 11 bankruptcy process, the report further said, adding that the preparations to file for bankruptcy are not final and that the plans could change.

Express did not immediately respond to a Reuters request for comment.

Launched in 1980, Express Inc has a multi-brand portfolio, including Express, Bonobos and UpWest.

The company has been battling with soft consumer demand due to slowing spending patterns and increased price sensitivity in discretionary categories.

Express had said in November it would continue to conduct a comprehensive review of its business model to induce cost-cutting strategies.

In March, the New York Stock Exchange said it would commence delisting proceedings against the apparel retailer, meaning its common stock would no longer be traded.