Published 8:00 a.m. ET Apr. 15, 2020 Updated 2:52 p.m. ET Apr. 15, 2020 Nathan Bomey USA TODAY

J.C. Penney is considering filing for bankruptcy protection as the retailer grapples with the fallout from the coronavirus pandemic and its own long-in-the-making struggles.

The Plano, Texas-based company is exploring the possibility along with a range of other options, including out-of-court debt restructuring, according to a person familiar with the deliberations who was not authorized to speak publicly.

Reuters first reported Tuesday that J.C. Penney was considering the bankruptcy filing to “rework its unsustainable finances and save money on looming debt payments” in hopes of continuing operations.