Fast-fashion clothing chain Forever 21 is reportedly getting ready to shutter hundreds of locations as it considers filing for Chapter 11 bankruptcy protection. If it does, it would be the second wave of mass store closings and second bankruptcy that the chain has undergone in less than six years. Heres what you need to know about Forever 21s reported closures.Forever 21 may close 200 storesor all of themThis week, Bloomberg reported that Forever 21 may close 200 locations in the United States as part of a potential second bankruptcy process that the retailer is considering. If Forever 21 cant find a buyer during the bankruptcy process, the chain would reportedly close all of its remaining U.S. stores. The situation mirrors whats been happening with the fabric-and-crafts chain Joann, which is in the process of trying to find a buyer and may be forced to go out of business if it is unsuccessful. A count on Forever 21s store locator tool reveals that is has 359 stores in the United States.Forever 21s intellectual property is owned by brand management firm Authentic Brands Group, while its operations are run by Catalyst Brands, a joint venture operated by retail group SPARC and, as of this month, JCPenney. Catalyst Brands owns other retailers including Aropostale, Brooks Brothers, Eddie Bauer, Lucky Brand, and Nautica. Last month, it said publicly that it was exploring strategic operations for Forever 21.Fast Company reached out to Forever 21 and Catalyst Brands for comment. Catalyst Brands has not confirmed that it will initiate bankruptcy proceedings for Forever 21.In a statement provided to Bloomberg, the company said, Forever 21s operating company, which is the brand licensee in the U.S., continues to explore strategic options, including a potential sale, while also reducing costs and optimizing its store footprint. The efforts are ongoing and no final decisions regarding the outcome of the process have been made.Forever on the brinkForever 21 has been struggling for years with slowing sales, a weakening brand image, and increased competition from online retailers. In September 2019, the chain filed for Chapter 11 bankruptcy protection. At the time, the company said it would be closing about 350 of its 800 stores worldwide.Less than six months later, it was announced that two of Forever 21s biggest landlords, Simon Property Group and Brookfield Property Partners, were teaming up with Authentic Brands Group to buy the struggling chain for $81 million.But since then, Forever 21 has continued to face existential pressures, including declining foot traffic and the rise of online fast fashion retailers like Temu and Shein. In 2023, Forever 21 entered a partnership with Shein that allowed its clothes to be sold on the Chinese shopping platform and saw Sheins clothing being sold in Forever 21 stores.Still, the partnership doesnt seem to have been enough to turn Forever 21s fortunes around. Shein is more popular than ever, while Forever 21 still continues to struggle with much of the same pressures it has for years.Forever 21 did not respond to a request for more information about a potential bankruptcy timeline or which locations might be closed. We will update this post if we hear back.However, as Bloomberg notes, if Forever 21 does file for bankruptcy and go out of business it will not affect Authentic Brands Groups ownership of the brands IP. The publication reports that Authentic already plans to license the Forever 21 brand to other parties.