Forever 21 is now navigating its second bankruptcy in five years.The brand was known for limited-run collections that turned the typical apparel cycle on its head.It also laid the groundwork for brands like Temu and Shein, which won over much of its business.Forever 21, the once iconic fast fashion mainstay of shopping malls, is now navigating its second bankruptcy in five years, as rising costs and new competition have led to several years of financial losses.For decades, the brand was a popular choice for budget-minded shoppers, offering limited-run collections that turned the typical apparel cycle on its head.Forever 21 was once one of the fastest-growing fashion retailers in the world, laying the groundwork for brands like Temu and Shein, which the company later cited as threats to its existence.Here's a look back at the rise and fall of Forever 21.The company was founded in 1984 by married couple Jin Sook and Do Won "Don" Chang in Los Angeles.Forever 21 founders Jin Sook Chang and Don Chang. Forever 21 The couple arrived three years earlier from South Korea with basically no money, no degrees, and nearly no English.Jin Sook worked as a hairdresser while Don worked as a janitor, pumped gas, and served coffee.Don said he noticed that the nicest cars were driven by people in the garment business.Don Chang with Michael Bloomberg at a store opening in 2010. Jamie McCarthy/Getty Images Originally called Fashion 21, the Changs' first location in 1984 was a 900-square-foot clothing store they opened with $11,000 in savings.The store made $700,000 in sales in its first year.Soon the Changs were opening a new location every six months.Forever 21 took off quickly in the '80s. AP/Mary Altaffer They also rebranded as Forever 21, saying that he store was "for anyone who wants to be trendy, fresh and young in spirit."The company pioneered the concept of "fast fashion" to stay on-trend.Forever 21 specialized in combining on-trend with low-cost. Forever 21 Jin Sook eventually approved more than 400 designs a day, some of which got the company into trouble with other brands.By 2015, Forever 21 had 480 US stores and $4.4 billion in global sales.Forever 21 has aspirations of aggressively expanding overseas. Shuji Kajiyama/Associated Press The Changs became one of America's wealthiest couples, with a combined net worth reaching an estimated $5.9 billion in March 2015.A goal of 600 worldwide stores and $8 billion in sales by 2017 proved too lofty.Apparel at a Zara store. Business Insider/Jessica Tyler As the company focused on growth, some of its styles became more predictable, while competitors like H&M and Zara gained market share. An executive later said that opening stores in 47 countries in less than six years introduced a lot of "complexity" to the business.Competition from e-commerce brands also started to eat away at sales.Fashion Nova brimmed with influencer-ready styles. Screenshot of Fashion Nova's Instagram page. Brands like Fashion Nova began churning out styles, not to mention the rising influence of Amazon.Some designs and partnerships didn't exactly help the brand stay relevant with young shoppers, either.As Forever 21 got bigger, some customers felt it became more predictable and generic. Timothy Hiatt/Getty Images Some social media users have mocked some of its recent designs over the last 6 years, including some from Cheetos, Top Ramen, and the United States Postal Service, as driving Forever 21's financial troubles.Burdened by $500 million in debt, the company filed for bankruptcy for the first time in 2019.A Forever 21 store closing during an earlier round of bankruptcy. John Keeble/Getty Images "Filing for bankruptcy protection is a deliberate and decisive step to put us on a successful track for the future," the company said at the time.In 2020 just before the pandemic Forever 21 reached a deal.Shoppers ascend and descend escalators at the King of Prussia Mall, owned by Simon Property Group. Mark Makela/Reuters A strategic partnership between Authentic Brands Group and two shopping center owners, Simon and Brookfield, was intended to revitalize the mall-rat-favorite brand.Brookfield later sold its stake.The pandemic brought a litany of new headaches namely inflation and supply chain challenges.Containers stacked up at the Port of Los Angeles. Jeff Gritchen/MediaNews Group/Orange County Register via Getty Images Although the company enjoyed a period of success following the bankruptcy sale, it later said things have deteriorated since 2021.New competitors, like Shein and Temu, also turbocharged the fast fashion game.Shein keeps costs low by shipping directly to US customers from overseas. Rodrigo Arangua/AFP via Getty Images Under a trade rule known as the "de minimis" exemption, e-commerce retailers can ship packages worth less than $800 to the US from overseas without paying a tariff, passing some of the savings along in the form of lower prices.In March, Forever 21 once again filed for bankruptcy.Forever 21 said in February that it would close around 200 stores. Justin Sullivan/Getty Images The company blamed the "de minimis" rule for partly undercutting its ability to compete on price with "non-US online retailers."The financial hole has gotten steep, with more than $550 million in losses over the past four years, per the company's filings.Clothing is displayed on mannequins at a Forever 21 store that is preparing to close in San Francisco. Justin Sullivan/Getty Images The company now plans to close several underperforming stores as it looks for a buyer to keep the brand alive, albeit likely at a fraction of its peak scale and cultural influence.Forever 21's future is far from certain, but one possibility is that it could live on as an e-commerce brand.Former housewares giant Bed Bath & Beyond exists now only online. SOPA Images/Getty Images "This would make Forever 21 a shadow of its former self, but a sale is possible as e-commerce and brand groups may show some interest," GlobalData retail analyst Neil Saunders said in a note.Other former titans of 20th Century retail, like Bed Bath & Beyond, have previously shed their prior physical presence for an online-only brand that capitalizes on the loyalty and recognition of the original.