The retailer’s US operating company filed for bankruptcy Sunday, for the second time in six years, citing fierce competition from foreign fast fashion retailers.

F21 OpCo, LLC, the company and licensee of the brand in the U.S., filed a Chapter 11 case in the U.S. Bankruptcy Court for the District of Delaware. Although stores will remain open for now, Forever 21, which is headquartered in Los Angeles, said it will hold liquidation sales at its U.S. stores.

The fashion-forward retailer announced on Monday it has filed for Chapter 11 Bankruptcy. The company said it plans to wind-down its U.S. business. But, it also said it will continue to attempt to sell the business.