Forever 21 retail stores across the United States will permanently close.

For the second time, the Forever 21 chain has filed for bankruptcy, as both foreign competitors and online marketplaces appear to have permanently eclipsed its once-favorite retailer.

A decade after being considered a leader in youth fashion, Forever 21 will permanently close all of its stores in the United States following its second bankruptcy filing.

In a statement released Sunday, management at Forever 21's U.S. branch cited factors such as international rivalry from fast-fashion brands, rising expenses, economic hardship affecting its core customers, and consumer trends as the reasons for the closure.

The company's U.S. retail stores and online platform will continue to operate for the time being while it begins to wind down its operations and seeks a potential buyer for its assets.

In a 2007 New York Times article, he wrote: "By relentlessly chasing trends and catering to an ever-broader market—young and matronly women, men and toddlers—Forever 21 has positioned itself as a retailing giant, America's answer to fast-fashion powerhouses like Zara, Mexx and H&M, based in Europe."

But as the 2010s progressed, the brand began to be overshadowed by online competitors and more affordable fast-fashion brands. Its reliance on mall visits became a liability in the face of a social shift away from conventional shopping.

Experts say the current generation of young people has largely abandoned Forever 21.

Roger Beahm, a marketing professor and director of the Retail Learning Labs at Wake Forest University, told the Los Angeles Times: “Forever 21 was the brand that the older generation used.”