F21 OpCo, LLC, the company and licensee of the brand in the U.S., filed a Chapter 11 case in the U.S. Bankruptcy Court for the District of Delaware. Although stores will remain open for now, Forever 21, which is headquartered in Los Angeles, said it will hold liquidation sales at its U.S. stores.

The retail chain Forever 21 announced it will enter bankruptcy proceedings while it seeks a buyer for the financially troubled company in its second Chapter 11 filing in six years.

Forever 21 filed for chapter 11 bankruptcy and plans to close all its 350 locations, following weeks of speculation, the fashion brand announced Sunday. Reports had circulated in the last several weeks that the fashion brand was close to filing for bankruptcy after shuttering its Los Angeles headquarters.