Forever 21 has filed for bankruptcy for the second time in six years.

 Forever 21 has filed for bankruptcy for the second time in six years.

Forever 21's U.S. operating company filed for Chapter 11 bankruptcy on Sunday, marking its second such filing in six years.

F21 OpCo made this decision after failing to secure a buyer for its approximately 350 U.S. stores, despite its reputation for offering affordable, trendy fashions for teenagers and young adults.

Primarily located in malls, the retailer has struggled with declining foot traffic and fierce competition from online retailers.

Major e-commerce rivals include Amazon, Shein, and Temu.

FOREVER 21 FACES POTENTIAL CLOSURE OF REMAINING STORES AS SECOND BANKRUPTCY APPROACHES

Founded in Los Angeles in 1984 by South Korean immigrants, Forever 21 operated approximately 800 stores worldwide by 2016, including 500 in the United States.

The retailer has struggled since its initial bankruptcy filing in September 2019, during which it closed more than 150 of its 534 stores and sold off the remainder.

BANKRUPT FOREVER 21'S FAST FASHION FAILS TO KEEP UP WITH MILLENNIAL FOMO

F21 OpCo is now owned by Catalyst Brands, which was established on January 8 through the merger of Forever 21's former owner, Sparc Group, and JC Penney, a department store chain that has been owned by mall operators and Simon Property Group since 2020.  

FOREVER 21 FILES FOR BANKRUPTCY PROTECTION

Last month, when news of the impending bankruptcy surfaced, a source close to the situation informed Bloomberg that the company was preparing to shut down at least 200 of its remaining 350 locations as part of the bankruptcy proceedings.

Now, according to Reuters, F21 OpCo intends to begin liquidation sales at its stores while undergoing a court-supervised sale and marketing process for some or all of its assets.