New York: Low-price fashion chain Forever 21, a one-time hot destination for teen shoppers that fell victim to its own rapid expansion and changing consumer tastes, has filed for Chapter 11 bankruptcy protection.

The firm based in Los Angeles said on Sunday it will close up to 178 stores. Founded in 1984, Forever 21 has 815 stores in 57 countries. According to a Bloomberg report, the firm plans to shut most of its stores in Asia and Europe. However, it will continue operations in Mexico and Latin America, the report added.