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 clothing retailer previously filed for Chapter 11 bankruptcy protection in 2019. Here’s what the move means for the company.

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.