Macy's is "exploring numerous options to strengthen our capital structure," the company said in a statement. "We have relationships with a range of advisers." Macy's is working with law firm Kirkland & Ellis and investment bank Lazard, which are advising on liability management and financing options, the people said. Representatives for Kirkland and Lazard didn't immediately return messages seeking comment. Macy's has furloughed most of its workforce starting this month in a bid to preserve cash. The closure of all 775 of its physical stores has caused a sharp decline in revenue, putting severe pressure on the company's finances. It's another sign that the company's turnaround plan, announced earlier this year, is on hold. Macy's recently said it's drawing down its line of credit while deferring capital spending, extending payment terms and evaluating financing options.