Forever 21 blamed its second bankruptcy on rising competition from upstarts like Shein and Temu and their use of the de minimis exemption, a trade law loophole.

Forever 21 stores in the U.S. are poised to go out of business after the company that owns them filed for Chapter 11 bankruptcy protection. Why it matters: The retailer — which has about 354 stores and more than 9,

Forever 21 has filed for bankruptcy for the second time in nearly six years and will begin winding down its U.S. operations, with all locations already beginning going-out-of-business sales.