Toys R Us bankruptcy filing being considered, reports say

(CNN) – Toys R Us could be on the verge of bankruptcy, according to several reports.

Both the Wall Street Journal and CNBC are citing sources that say Toys R Us could file for bankruptcy.

If the company indeed decides to file for Chapter 11, the reports seem mixed on when such a filing would happen, but the news comes as many retailers prepare for the holiday season — which is an especially-critical time for toy sellers.

Earnings reports from Toys R Us have shown the company recently losing money by the millions.

In the first quarter of 2017, Toys R Us reported a net operating loss of $164 million.