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.

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.

Fast fashion brand Forever 21’s US operator and licensee F21 OpCo and its domestic subsidiaries have initiated voluntary Chapter 11 proceedings in the United States Bankruptcy Court for the District of Delaware.