The ongoing retail downturn has claimed another victim.

Trendy fashion retailer Forever 21 filed for bankruptcy Sunday and will close all stores.

In a statement, Forever 21 operator F21 said it will “implement an orderly wind down of its U.S. businesses” though stores and the chain’s website remain open for now.

“While we have evaluated all options to best position the company for the future, we have been unable to find a sustainable path forward, given competition from foreign fast fashion companies…pricing and margin, as well as rising costs, economic challenges impacting our core customers, and evolving consumer trends,” Brad Sell, Chief Financial Officer of F21 OpCo said.

“As we move through the process, we will work diligently to minimize the impact on our employees, customers, vendors and other stakeholders,” he added.

According to CNN, Forever 21 first filed for Chapter 11 bankruptcy in 2019 and subsequently shut down 200 stores. It was later bought by mall operators Simon Property Group and Brookfield Properties and brand management firm Authentic Brands Group.

Forever 21 currently has more than 540 locations globally and online.