Toys “R” Us, the beleaguered chain under pressure from Amazon and bigger toy sellers, may close dozens more stores as it struggles to find a path out of bankruptcy and return to financial viability.

The toy retailer has not recovered from a dismal holiday selling season, making the company’s difficult situation even worse. Now, it is under pressure to demonstrate to its lenders that it has a realistic strategy for flourishing in the ultracompetitive toy industry.

One plan under discussion includes shutting down close to 200 stores, and possibly more, according to people briefed on the matter, who were not authorized to speak publicly.

While the planning is fluid and far from completion, the possible store closings, which were reported earlier by The Wall Street Journal, reflect the serious challenges that Toys “R” Us faces.