Forever 21 filed for bankruptcy protection for a second time and is expected to close all U.S. stores, after it faced steep competition from Chinese-founded e-tailers like Shein and Temu. The fast-fashion retailer has already started going out of business sales at more than 350 locations,

The company will wind down the business in the U.S. while determining if it can continue with a partner, or if it will sell some or all of its assets.

With cost-saving initiatives failing to make up for significant losses, Forever 21 filed for Chapter 11 bankruptcy in Delaware with around $1.58 billion

The operator of Forever 21 filed for bankruptcy on Sunday due to growing competition from foreign fast fashion companies, such as Shein and Temu.