GROVE CITY, Pa. - The parent company of a fast fashion retailer with a store here in the valley has filed for Chapter 11 bankruptcy protection, announcing plans to wind down its U.S. operations.

F21 OpCo, LLC, the operator of Forever 21 stores in the United States, said in a statement that it has entered into a Plan Support Agreement with its secured lenders and filed voluntary petitions in the U.S. Bankruptcy Court for the District of Delaware.

Forever 21, which has a store in the Grove City Premium Outlets, says its U.S. stores and website will remain open as the company begins liquidation sales. The company is also seeking court approval to conduct an auction for its assets, which could potentially lead to a sale and prevent a full wind-down.

"Following the conclusion of our strategic review and after careful deliberation, we made the decision to file for chapter 11 to implement a court-supervised marketing process to solicit a going concern transaction, and, in the absence of such an arrangement, an orderly wind-down of operations," said Brad Sell, the chief financial officer of F21 OpCo, in a statement.

Sell cited competition from foreign fast-fashion companies, rising costs, economic challenges affecting core customers, and changing consumer trends as factors contributing to the bankruptcy.

The company said its international stores, operated by other licensees, are not affected by the U.S. filing. Authentic Brands Group, which owns the Forever 21 intellectual property, will continue to license the brand.