Retailer Payless to file bankruptcy, close stores
TOPEKA, Kan. - Reports say Payless ShoeSource Inc. plans to close all of its stores when it files for bankruptcy later this month.
According to Reuters, approximately 2,300 stores will be closing their doors. This is the second time in two years the company has filed for bankruptcy.
The company has been trying to find a buyer, but so far Payless has been unsuccessful. After no such deal could be reached the company has decided to initiate preparations to liquidate, Reuters reports.
Sources say there is still a small chance a buyer could emerge after Payless files for bankruptcy. In the meantime, Payless is preparing to run going-out-of-business sales at its locations next week.