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J.C. Penney Co. Inc. (NYSE: JCP) shares dropped on Friday following a report that the retailer has hired advisors to restructure its debt in an effort to push for a turnaround. This stock has fallen a long way, and it seems that nothing short of a miracle could save it.

According to CNBC, J.C. Penney has more than $1.5 billion available under a revolving credit line, and investors have continued to sell off the retailer’s shares in response to financial losses. Its credit rating is deep in junk territory, increasing its borrowing costs.

This retailer currently employs roughly 95,000 people and operates more than 850 stores, but some of these could fall to the wayside as J.C. Penney tries to figure out what to do with its debt.

J.C. Penney’s restructuring plans are at an early stage. The discussions with restructuring specialists reflect J.C. Penney’s resolve to take steps in coming months to increase its financial breathing room and avoid confronting a potential bankruptcy filing down the road.

Back in May, the retailer said same-store sales fell more than expected during the first quarter and that its net loss nearly doubled to $154 million. Despite closing stores over the years and revamping remaining locations, analysts seem to think that J.C. Penney will run out of time and money to reverse its declining fortunes.

Excluding Friday’s move, J.C. Penney had underperformed the broad markets, with its stock up only 4% year to date. However, in the past 52 weeks, the stock was down closer to 55%. Over the past five years, the stock was down over 90%.

Shares of J.C. Penney traded down over 11% to $0.96 on Friday, in a 52-week range of $0.80 to $2.65. The consensus price target is $1.10.