Retailer Forever 21 will close 350 stores as it files for bankruptcy

Forever 21, the fast fashion clothing retailer and a staple of malls around the country, announced it has filed for bankruptcy and will close hundreds of stores, a move that underscores the struggles brick-and-mortar stores are facing among the rise in e-commerce.

The California-based company, which boasts 800 stores worldwide, plans to shutter 350 stores, including as many as 178 locations in the United States, it said Sunday. Forever 21 will also pull out of 40 countries, among them Canada and Japan. Operations in Mexico and Latin America, however, will remain.