Forever 21 fashion, once a fast-fashion staple, files for bankruptcy for a second time

Forever 21's U.S. retail operator has filed for bankruptcy, the second time for the brand, which has been battered by diminishing mall traffic, inflation and online competition.

The company said it stores and website in the U.S. would stay open for the time being, but that it would start to wind down its U.S. business.

"While we have evaluated all options to best position the company for the future, we have been unable to find a sustainable path forward, given competition from foreign fast-fashion companies, which have been able to take advantage of the de minimis exemption to undercut our brand on pricing and margin," Brad Sell, CFO of F21 OpCo said Sunday in a statement.