Forever 21 has filed for bankruptcy protection for the second time in six years, citing competition from fast-fashion e-tailers Shein and Temu as a major factor in its demise. The retailer's U.S. operations are expected to cease, with liquidation sales already underway at its 350+ locations. Despite efforts to find a buyer, no viable deal has materialized, and the company's struggles have been exacerbated by the Covid-19 pandemic and high inflation. The brand's international stores and website are expected to continue operating, with potential for new operators to run the business in the U.S. in the future.