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Headquartered in California, the company will close nearly 350 stores internationally, including 178 in the U.S.
"The bankruptcy is a blow to a company that prided itself on embodying the American dream, as well as a reminder of how quickly the retail landscape is transforming," the New York Times reports.
Forever 21 was most successful in the early 2000s, selling clothing that replicated designer looks for "rock-bottom prices," The Times said.
A staple at large shopping malls, Forever 21 has stores at the Westfield Garden State Plaza, the Willowbrook Mall, the Jersey Gardens, Hanover Commons, The Mall at Short Hills and more.
The company has not yet announced which ones will be closing.
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