Forever 21 closing nearly 200 stores as the company goes into its second bankruptcy

Forever 21 is planning to close nearly 200 stores.

According to Bloomberg, this comes as the Los Angeles based retailer is heading into its second bankruptcy. The process is expected to kick off as soon as next month.

Some mall-based stores in Fresno, Bakersfield and Palm Desert have already put up going-out-of-business signs.

The potential bankruptcy is also looking for a buyer for the retailer's remaining stores.

At its height, Forever 21 operated at least 800 locations worldwide.

Following its first bankruptcy in 2019, that number went down to 500 locations worldwide.