The US-based operator of Forever 21 is reportedly planning to close at least 200 locations as part of a bankruptcy process expected to begin next month. The closures could extend to all of its approximately 350 stores if it fails to find a buyer.

Founded in Los Angeles in 1984 by Do Won Chang and his wife, Jin Sook Chang, the fast fashion giant was originally known as Fashion 21. The business quickly expanded with the Changs adding approximately one new store every six months in its first decade. By 2011 the company’s assets had expanded to $1.4 billion and profits were $124 million.

This will be the company’s second bankruptcy in six years having originally filed for bankruptcy protection back in 2019. The company was later by a consortium including Authentic Brands Group and landlords Simon Property Group and Brookfield Property Partners.

The company is not without controversy having faced a barrage of intellectual property lawsuits over the years over its alleged coping of designs. Gucci, Puma, Diane Von Furstenberg, Gwen Stefani and Anna Sui are among the brands to have accused Forever 21 of stealing their designs. In 2019 singer Arianna Grande claimed that Forever 21 had used a lookalike model to recreate scenes from her “7 Rings” music video in an advertising campaign it ran on social media.

In more recent times the company has struggled in the face of competition from online fast fashion retailers Shein and Temu.