Home goods retailer Pier 1 is planning to lay off about 40% of its headquarters staff, or roughly 300 people.
According to Business Insider, the company has also drafted a bankruptcy plan.
Pier 1 has been struggling to turn around its business following eight straight quarters of sales losses.
It's also faced mounting competition from retailers such as Wayfair and Walmart.
Pier 1 said in September that it could close up to 15% of its stores in its current fiscal year if it failed to reach performance goals.
That would amount to about 150 stores.