(WAND) - Forever 21 filed for bankruptcy protection for the second time in six years Sunday and is expected to close all U.S. stores.
The retailer is blaming other fast-fashion brands like Shein and Temu.
The retailer’s operating company has already started liquidation sales at its more than 350 locations.
However, it is still open for bids if a buyer is willing to take on its inventory and keep running its stores.
Forever 21 has been looking for a buyer for several months. CNBC previously reported the operating company was in talks with liquidators.
Forever 21 was founded in 1984 and has long been credited as a leader in the fast fashion movement.
CNBC reports that, at its peak, the company employed 43,000 people and generated more than $4 billion in annual sales.
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