USA discount retailer Payless ShoeSource Inc plans to close all of its approximately 2,300 stores when it files for bankruptcy later this month for the second time in as many years, people familiar with the matter said on Thursday.
The Payless bankruptcy from 2017 resulted in the company shuttering the doors of more than 500 "underperforming" locations in the US and Puerto Rico.
FOX Business has been following the "retail apocalypse" as more and more brick-and-mortar stores either seek bankruptcy protection or go out of business completely.
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Payless had been trying unsuccessfully to find a buyer.
The Topeka, Kansas-based chain said Friday it will hold liquidation sales starting Sunday and wind down its e-commerce operations.
This will be the second time the footwear retailer is going down the bankruptcy road.
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The sources asked not to be identified because the liquidation preparations are confidential.
According to Reuters, approximately 2,300 stores will be closing their doors. A group of creditors took over ownership then.
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