Forever 21 has been a fast fashion staple for over 40 years, offering trendy clothes at low prices. At its peak, the brand earned more than $4 billion in annual sales.

The fast fashion company has now filed for bankruptcy for the second time, and plans to lay off hundreds of employees in April.

But, as LA Times reporter Caroline Petrow-Cohen writes, nothing lasts forever. She joined Lisa McRee on LA Times Today to explain the rise and fall of Forever 21.

Watch the full interview above. 

Watch "LA Times Today" at 8 and 11 p.m. Monday through Friday on Spectrum News 1 and the Spectrum News app.