Fashion giant Forever 21, known for its stylish clothes at a budget price, has filed for bankruptcy and will close all store locations, including two in Austin and one in San Marcos.

The Los Angeles-based company, which sells trendy fast fashion and accessories for women, men, and children, announced its bankruptcy in a statement on Sunday, March 16. This is the second time Forever 21 has filed for bankruptcy since 2019, when it was sold to Authentic Brands Group, Simon Properties Group, and Brookfield Property.

"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," said the parent company's CFO Brad Sell in a statement.

The physical and online stores will remain open for now as they prepare for an "orderly wind down" in the U.S. They'll also hold liquidation sales while conducting a court-supervised sale and looking for a buyer.

The Austin stores on the chopping block are located at 2901 S. Capital Of Texas Hwy. and 3409 Esperanza Crossing. The San Marcos location is located at 4015 South I-35.

Forever 21 was founded as a single store in 1984 by husband-and-wife duo Jin Sook and Do Won Chang after they emigrated from South Korea to Los Angeles. It went on to become one of the most recognizable names in "fast fashion" — the term for inexpensive clothing that follows high-fashion trends, and is manufactured and hurried to market, often to be discarded just as quickly.

They went on to open more than 800 stores worldwide, including 549 in the U.S. — some occupying massive footprints exceeding 35,000 square feet.

Acquiring designer-inspired looks quickly and cheaply was initially a revelation, but their fortunes peaked in 2015. In recent years, younger environmentally-conscious shoppers have eschewed an industry that hinges on wasteful disposability.

Forever 21’s locations outside of the United States are operated by other licensees and are not included in the bankruptcy filings. The Forever 21 locations outside the U.S. and its international e-commerce sites will continue operating as usual.

"We are also grateful for the many years of support from our partners and our loyal customers, who have allowed us to serve as a fashion industry leader and go-to retailer for generations,” Sell said.

Other Texas locations include:

• Allen: 820 W. Stacy Rd.
• Amarillo: 7701 I-40 Frontage Rd.
• Arlington 3811 S.Cooper St.
• Beaumont: 6155 Eastex Fwy.
• Cedar Hill: 305 W. 1382
• College Station: 1500 Harvey Rd.
• Corpus Christi 5488 S. Padre Island Dr.Dallas: 13350 Dallas Pkwy. and 8166 Park Ln.
• El Paso: 8401 Gateway Blvd. West
• Fort Worth: 4800 S. Hulen St.
• Friendswood: 1408 Baybrook Mall
• Grapevine: 3000 Grapevine Mills Pkwy.
• Houston: 5085 Westheimer Rd. and 7925 FM 1960 Rd. W.
• Humble: 20131 US-59
• Hurst: 1101 Melbourne Rd.
• Katy: 5000 Katy Mills Circle
• Laredo: 5300 San Dario Ave.
• Lubbock: 6002 Slide Rd.
• McAllen: 2200 S 10th Street and 700 East Expy. 83
• Mercedes: 5001 East Expy 83
• Mesquite: 2063 N. Town East Blvd.
• Pearland: 11200 W. Broadway St.
• San Antonio: 15900 La Cantera Pkwy. and 7400 San Pedro Ave.
• Spring: 1201 Lake Woodlands Dr.
• Sugar Land: 16535 Southwest Fwy.