Now is the time to stock up on rompers, floppy hats and costume jewelry, as we've got word that the Forever 21 megastore at 7 Powell St. is preparing to close its doors.

The company's Los Angeles headquarters confirmed to us that the store's last day of business will be August 2nd, and signage throughout the store clearly states that all full-priced items are now 20 percent off due to the pending closure. Before shedding a tear, however, remember that there is another multi-level Forever 21 just up the street at Stockton and Market, which is just a few minutes away by foot.

Photo: Brittany Hopkins/Hoodline

The 30,000-square-foot retail space, renovated by Gensler, is located at the base of One Powell, a historic building that once housed the Bank of Italy (the precursor to Bank of America) and now includes five floors of luxury lofts. So far, there's no indication of who might be moving in to the ornate retail space next, but there are pending building permits on file with the city requesting a remodel of all three floors. 

Photo: Bridgett P./Yelp

We'll keep you updated as we learn more (and please, let us know if you hear any hints about a future tenant). In the meantime, happy bargain hunting.

Thanks to reader Shihomi for the original tip.