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.