Forever 21 plans to close all stores

Driving the news: F21 OpCo LLC, which operates the U.S. stores through a brand licensing agreement, is set for an "orderly wind down" of its operations. Liquidation sales will begin "imminently."

• The company said it would continue to seek a buyer in a deal to keep its stores open last minute.

Zoom in: The company plans to shutter all three Pittsburgh metro stores at South Hills Village Mall, the Mall at Robinson and Monroeville Mall, as well as one an hour north at the Grove City Premium Outlets in Mercer County, according to the bankruptcy filing, with closing sales wrapping up by April 30.

Zoom out: Forever 21 said it has faced "significant losses" after grappling with the inflation crisis and the surge of Chinese retailers Temu and Shein.

• Those competitors have taken advantage of an import loophole allowing goods valued under $800 to avoid tariffs, which lets them sell items super cheap to American consumers.

Flashback: Founded in 1984, Forever 21 expanded rapidly over the next couple of decades.

• The retailer had 43,000 employees and $4 billion in sales at its peak, known for its clothing, jewelry, handbags, scarves, shoes and accessories.

The big picture: It's the latest retailer to close stores and comes as liquidation sales continue at Party City, Kohl's, Macy's, JCPenney and Joann stores.

• Approximately 15,000 store closures are expected this year, nearly double the 7,325 stores that closed in 2024, according to Coresight Research.