Toys R Us could file for Chapter 11 bankruptcy protection as soon as this week, according to multiple reports.

CNBC says the toy giant was acquired by private equity firms Kohlberg Kravis Roberts and Bain Capital Partners and real estate investment trust Vornardo Realty Trust in 2005 in a $6.6 billion deal.

According to USA Today, Toys R Us was more than 45 billion in debt as of the end of April. They said the company hired the law firm Kirkland and Ellis to help with the $200 million in debt due this fall and another $200 million due very close to the end of the year.

In the company's first quarter, which ended April 29, the retailer reported a net loss of $164 million and a consolidated net sales decline of $113 million.

The once-upon-a-time toy giant has seen much of its market share eroded by challengers like Target and WalMart as well as by the looming online presence of Amazon.

Toys R Us and Kirkland and Ellis both declined to comment on the reports.