Forever 21 is preparing for its second bankruptcy filing — which could happen as early as this weekend, according to sources — as it shifts to more of an online model in the U.S. and searches for a new operator to keep a small percentage of its top-performing 350 stores in operation.

Hampered by plummeting sales and rising competition from overseas e-commerce merchants, the 41-year-old company entered bankruptcy in 2019, closing at least 21 stores in California at the time. After decades of family ownership, the retail chain was sold to investors, who now seek a new owner for the brand.