Forever 21's operator, F21 OpCo, said it plans on vacating all of its approximately 354 leased stores after completing closing sales.

The international operations and the intellectual property of the fast-fashion business are not a part of the bankruptcy.

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.