Forever 21, once among America's fastest growing fast-fashion retailers, will file for bankruptcy

• Forever 21, the California-based chain which helped proliferate the "fast-fashion" trend, will file for bankruptcy.
• Linda Chang, company's executive vice president, told the New York Times that the retailer would soon cease operations in 40 countries and close up to 350 stores globally.
• The company will still operate in hundreds of locations across the US and maintain its online store.
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Forever 21, an American mall mainstay which helped proliferate the "fast-fashion" trend, will file for bankruptcy.

Linda Chang, the California-based company's executive vice president, told the New York Times on Sunday night that the retailer would soon cease operations in 40 countries as part of a Chaper 11 filing.

"What we're hoping to do with this process is just to simplify things so we can get back to doing what we do best," Chang told the Times.

The company also plans to close up to 178 stores in the US and up to 350 globally. The company will continue to operate its website and hundreds of brick and mortar shops across American shopping malls.