Shoppers walk past a branch of Forever 21 store in central London. Photo: Steve Taylor/SOPA Images/LightRocket via Getty Images

Forever 21 said in a statement Sunday night it had filed for Chapter 11 bankruptcy protection and would close a number of stores in the U.S. and across the world. Most stores in Asia and Europe will close, but it would continue operations in Mexico and Latin America.

Why it matters: The Los Angeles-based "helped popularize fast fashion in the United States with its bustling stores and $5 tops," the New York Times notes. Per Axios' Future reporter Erica Pandey, the trend is increasingly coming under fire because it’s creating uncurbed waste and exacerbating retail's environmental harm.

Our thought bubble, from Axios chief financial correspondent Felix Salmon: Forever 21 remains a force to be reckoned with in the U.S. and across the Americas. It expanded too fast, especially internationally, and it will now operate fewer stores in fewer countries. But the fact that it just raised $350 million in new money proves that it's far from dead.

The big picture: Per AP, the Los Angeles-based firm operates about 800 stores across the world, including over 500 in the U.S. The retailer expects to close up to 178 stores in the U.S. and up to 350 overall, according to the Times.

  • There had months of speculation about the fashion retailer's restructuring, as the fashion retailer’s cash dwindled and turnaround options looked scarce.

What they're saying: Jon Goulding, an executive at the consultancy Alvarez & Marsal who will be Forever 21’s chief restructuring officer during the proceedings, told the NYT he believes the retailer could renegotiate many of the U.S. stores' leases.

  • Forever 21 executive vice president Linda Chang said in a statement, "This was an important and necessary step to secure the future of our Company, which will enable us to reorganize our business and reposition Forever 21."

Go deeper: Faster and cheaper online shopping means a steeper climate cost

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Coronavirus dashboard

Illustration: Annelise Capossela/Axios

  1. Global: Total confirmed cases as of 3 a.m. ET: 20,294,091 — Total deaths: 741,420— Total recoveries: 12,591,454Map.
  2. U.S.: Total confirmed cases as of 3 a.m. ET: 5,141,207 — Total deaths: 164,537 — Total recoveries: 1,714,960 — Total tests: 63,252,257Map.
  3. States: Georgia reports 137 coronavirus deaths, setting new daily record Florida reports another daily record for deaths.
  4. Health care: Trump administration buys 100 million doses of Moderna's coronavirus vaccine.
  5. Business: Moderna reveals it may not hold patent rights for vaccine.
  6. Sports: Big Ten scraps fall football season.
  7. World: Anthony Fauci "seriously" doubts Russia's coronavirus vaccine is safe

EU threatens Belarus with sanctions amid third night of unrest

Belarus riot police detain protesters in Minsk on Tuesday. Photo: Sergei Gapon/AFP via Getty Images

The European Union warned Tuesday it could reimpose sanctions on Belarus as riot police clashed for a third night with demonstrators protesting this week's elections that the EU described as "neither free nor fair," per the Guardian.

Why it matters: The EU removed most sanctions against Belarus four years ago, after "Europe's last dictator" Alexander Lukashenko released political prisoners and permitted protests, AP notes. The EU said in a statement Tuesday it would be "conducting an in-depth review" into its relations with former Soviet country over his elections win claim and the deadly crackdown on protesters.

Ilhan Omar wins Minnesota primary

Photo: Stephen Maturen/Getty Images

Rep. Ilhan Omar (D-Minn.) won the Democratic primary against lawyer Antone Melton-Meaux on Tuesday evening, AP reports.

Why it matters: The race is one that's played out across the U.S. as progressives continue to sweep party nominations. Omar's win officially means all four progressive members of "The Squad" have won their primary elections.