Forever 21, the fast-fashion retailer that spread its gospel of $5 shirts and $15 dresses from Southern California to hundreds of malls around the world, is preparing to file for bankruptcy in the coming weeks, according to three people with knowledge of its plans.

The privately held retailer, which has been in restructuring talks for months, may close more than 100 stores as part of the filing, one of the people said, speaking on the condition of anonymity because negotiations were still underway. The Los Angeles-based chain said last year that it had more than 800 stores globally, with most in the United States.

The Wall Street Journal reported on Wednesday that Forever 21 planned to file for bankruptcy as soon as Sunday. Alecia Pulman, an outside representative for Forever 21, said it was “inaccurate” that Forever 21 planned to file for bankruptcy on Sunday, but did not respond to questions regarding its plans after that.

She said in a statement that the chain was open and that “it is our intention to continue to operate the vast majority of U.S. stores, as well as a smaller amount of international stores.”