Forever 21 holds a store-closing sale in London on October 16.

Topline: In an effort to emerge from bankruptcy, Forever 21 will close 200 stores, making the move to streamline its business during a tough time for brick-and-mortar retailers.

Big number: Forever 21 has 800 stores worldwide, with 549 in the U.S. That adds up to a total of 12.2 million square feet of leased retail space and an annual occupancy cost of $450 million.

Key background: Forever 21 was founded by husband and wife Do Won and Jin Sook Chang in 1984. By 2015, the company generated $4 billion of revenue and employed 43,000 people. But fast-fashion, a business model based on bringing low-cost, trendy clothing to market quickly, has floundered in 2019. Wet Seal, Delias, Aeropostale, The Limited and Payless ShoeSource also filed for bankruptcy this year. In their place are online retailers like Asos and Lulus, which can make and sell trendy clothing even faster than Forever 21.

Tangent: Ariana Grande filed a $10 million claim in September against Forever 21 for featuring a lookalike model in a social media campaign earlier this year. Grande also alleges Forever 21 used her photos and song lyrics for its Instagram posts without owning the rights to them.

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Forever 21 Closes 200 Stores Amid Bankruptcy Proceedings - Forbes