Fast fashion retailer Forever 21 is reportedly exploring a second bankruptcy as it explores strategic options in a challenging environment.

Forever 21 has set If the clothing retailer decides to file for Chapter 11 bankruptcy, it will be the second time the chain has filed for bankruptcy and shuttered hundreds of locations in less than six years.

Forever 21 is closing stores as the fast-fashion retailer's U.S. operator is considering bankruptcy, five years after the company escaped Chapter 11, according to multiple reports. The Los Angeles, California-headquartered company,