Fast fashion retailer Forever 21 is reportedly exploring a second bankruptcy as it explores strategic options in a challenging environment.

Forever 21 would close the stores under the bankruptcy agreement. However, if the retailer can’t find a buyer while undergoing the bankruptcy process, it might shut down all remaining stores in the U.S, according to Bloomberg.

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.

Five months after Forever 21 filed for bankruptcy in 2019, SPARC Group, a joint venture between Authentic Brands and mall operator Simon Property Group, bought Forever 21 out of b