Mubasher: Retail chain Forever 21 filed for Chapter 11 bankruptcy protection to restructure its business, the latest fashion merchant who failed to cope with fierce competition from e-commerce companies, according to Reuters.

Forever 21 said that the restructuring will enable focus on the profitable core part of its business and close some international locations.

“We have requested approval to close up to 178 stores across the US,” a statement by the company was quoted by the news agency.

It received $275 million in financing from its lenders with JPMorgan Chase as agent, and $75 million in new capital from TPG Sixth Street Partners, and some of its affiliated funds.

In addition, its Canadian subsidiary filed for bankruptcy as it aims to wind down the business and close 44 stores in the country.

The company plans to shut down most of the stores in Asia and Europe, while it does not expect any key markets in the US.

Business in Mexico and Latin America will continue, Forever 21 said.

“The decisions as to which domestic stores will be closing are ongoing, pending the outcome of continued conversations with landlords,” Forever 21 said.

Since the beginning of 2017, more than 20 US retail chains, including Sears and Toys ‘R’ Us, filed for bankruptcy as more customers tended to shop online.