Forever 21, once a popular seller of inexpensive clothes and apparel, appears poised to file for its second bankruptcy in six years.

The U.S.-based operator of fashion retailer Forever 21 plans to lay off 358 people as it closes its Fashion District headquarters in downtown Los Angeles, the company said in a regulatory filing with the state’s Employment Development Department.

Forever 21 is the latest company to announce layoffs as the retailer braces for a reported second bankruptcy filing. The company plans to close at least 200 stores in the U.S. as it works toward finding a potential buyer and financial restructuring, the Los Angeles Daily News reported, citing Bloomberg.

Forever 21 would close the stores under the bankruptcy agreement. However, if the retailer can’t find a buyer while undergoing the bankruptcy process, it might shut down all remaining stores in the U.S, according to Bloomberg.

Forever 21 will close its headquarters in Downtown Los Angeles' Fashion District and lay off 358 employees.