TGI Fridays is reportedly preparing for a Chapter 11 bankruptcy filing as the restaurant chain struggles to turn around its business.

The company is seeking financing from its lenders to continue operating restaurants during the Chapter 11 process, Bloomberg reported, citing people with knowledge of the matter. The plan is not final and may change, according to the sources.

Last month, the company’s management breached their terms by failing to file documents to bondholders on time, Bloomberg added. The firm had to turn over control of some assets to an outside manager as a result.

Founded in New York City in 1965, TGI Fridays offers casual dining such as steaks, chicken wings and burgers, along with cocktails and beer. In the US, the chain currently has 213 locations across 29 states, according to its website.

The company has closed at least a dozen locations over the past month after closing 36 earlier this year.

TGI Fridays joins a series of struggling restaurant chains this year, including BurgerFi, Red Lobster, Hooters and Mod Pizza.