WASHINGTON (TNND) — Forever 21 announced Sunday they were filing for Chapter 11 bankruptcy - for the second time in six years - citing being unable to beat "fast fashion companies."

F21 OpCo, which runs Forever 21 stores, added that its stores and websites in the United States will remain open and continue serving customers but plans to implement "an orderly wind down of operations."

"Through the PSA and the chapter 11 proceedings, the Company will conduct liquidation sales at its stores while simultaneously conducting a courtsupervised sale and marketing process for some or all of its assets," the company said.

Brad Sell, the company’s chief financial officer, stated: 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, as well as rising costs, economic challenges impacting our core customers, and evolving consumer trends."

The de minimis tax exemption lets shipments headed to U.S. businesses and consumers valued at less than $800 to enter the country tax free and duty free.

Forever 21 first filed for bankruptcy in 2019 subsequently closing 200 stores.

Other stores filing for bankruptcy include fabric and crafts retailer Joann Inc. and Party City as retailers face a slowdown in consumer spending, rising operation costs and inflationary pressure.

Forever 21 was founded in 1984 and, along with other fast-fashion chains like H&M and Zara, rode a wave of popularity among young customers in the mid-1990s. Their popularity grew during the Great Recession when shoppers were seeking bargains. But Forever 21 went on an aggressive expansion just as shoppers were moving more online. Critics have said that Forever 21 was too slow to embrace online shopping.

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Editor's note: The Associated Press contributed to this article.