Update: According to CNBC, Mall Of America's location is set to close.

Famous retailer Forever 21 has filed for bankruptcy and as a result, plans to close hundreds of stores in the near future.

According to The Washington Post, the retailer will close 350 stores in 40 different countries. Nearly half of those will be in the United States and the others will be in different countries. As of now, it is not public knowledge exactly which locations will close.

Forever 21 is known as being an affordable clothing store with low prices. CNN reports the fashion chain has 549 stores in the United States right now. The same report says that a good chunk of those stores will remain open and the company has no plans to shut down stores in major market areas.

The rise in popularity of online retailers has had a big impact on brick-and-mortar stores. In February, Payless announced they would be closing all stores in the United States. Hallmark is yet another example of this, as they announced around the same time that their Miller Hill Mall location would be closing its doors for good.

There are no Forever 21 stores located in the Northland. The closest location is about two hours from Duluth.