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

Forever 21 announced that it has filed for Chapter 11 bankruptcy protection and will close all its U.S. stores, including nine in Michigan, the Detroit Free Press reports. It has about 350 stores nationwide. Going-out-of-business sales are expected to begin soon.