Billionaire developer Donald Trump, who holds 28 percent of the company's stock, resigned from his role as chairman of the board Friday. Trump's daughter, Ivanka Trump, also removed herself from the board, the Journal said.
Company stock has fallen from more than $4 a share a year ago to around 23 cents a share.
"Some time ago, I made an offer to buy the company in the hopes that I might be able to reverse its fortunes but the bondholders turned me down," Trump said in a recent statement.
"Now I will study and watch as the horrible and outrageous fees being paid to lawyers and consultants will suck the blood from the company," he said, adding someday "I hope to return."