The US operator of Forever 21 is reportedly preparing to enter Chapter 11 as soon as next month and might wind down the brand’s store network if it cannot find a buyer.

The company is closing at least 200 more locations as part of the bankruptcy process, Bloomberg reported, citing people with knowledge of the matter.

If there are no qualified buyers, it will potentially liquidate its entire network of approximately 350 stores.

Authentic Brands owns the Forever 21 trademark and intellectual property but has licensed them to F21 OpCo, the report said, adding that the US operator is now a unit of Catalyst Brands.

Authentic Brands’ ownership of the Forever 21 brand would remain intact through any bankruptcy process, according to Bloomberg. 

The company plans to license the label to other retailers and distributors regardless of the outcome of F21 OpCo’s bankruptcy process.