(CNN) – The retail chain Forever 21 is closing 200 stores, but executives say the brand isn’t going away.

The store closings accounts for about one-fourth of its locations in the U.S. and other countries.

The restructuring comes after Forever 21 filed for bankruptcy last month.

By scaling down, company executives say Forever 21 should have a better chance of emerging from Chapter 11.

In a letter to customers, Forever 21 executives say they are confident this is the right path for the company’s future.

The retail market has been hit hard by online shopping and rent increases.

Known for its trendy offerings and low prices, Forever 21 celebrates its 35th anniversary this year.

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