By Denver Nicks and Martha C. White
Updated: May 4, 2016 12:22 PM ET | Originally published: May 3, 2016
Roberto Machado Noa—LightRocket via Getty Images

The teen-apparel retail chain Aéropostale filed for Chapter 11 bankruptcy protection on Wednesday, a move to be followed by the closing of 113 stores in the U.S. and 41 in Canada, according to Forbes, with some closing as soon as this weekend.

The closure of those 154 stores represents a large chunk of the roughly 800 Aéropostale locations currently in existence. Sources told the Wall Street Journal more store closures could be in store.

The mall-based retail chain has suffered from both changing tastes and changing shopping habits, as mall traffic has declined. Aéropostale and brands like it face strong competition from so-called “fast fashion” chains like H&M, which put new styles into production at a regular and fast pace, keeping up with quickly changing trends.

Aéropostale, currently valued at $2.9 million, has seen declining sales and, for past three years, posted losses. The company had more than 20,000 employees in January 2015.