Payless Shoes Going Out Of Business; Liquidation Starts Sunday

The Payless Shoe store in Willmar along with the rest of the company's stores is expected to close by the end of March. Tribune file

Payless ShoeSource is going to close all its 2,300 stores nationwide after it files for bankruptcy later this month, according to a report by Reuters.

Payless closed 673 back in 2017, and filed for bankruptcy protection. But with no deal in sight, the company has chose to start preparations to liquidate, the report said. Despite widely-spread news reports, Payless has not made an official statement publicly announcing the closure and liquidation sale during President's Day weekend.

The company began liquidation sales at its American stores on Sunday.

Reuters said that this is the second time in as many years that Payless has filed for bankruptcy.

In addition, its e-commerce operations are "winding down", the company says.

At the time, it had over 4,400 stores in more than 30 countries. Payless emerged from restructuring four months later with about 3,500 stores and eliminated more than $435 million in debt.

The clock is ticking toward the closing of another retailer.

Payless will join other brick-and-mortar retailers that have been forced to fold in recent years under the weight of debt.

After no such deal could be clinched, the Topeka, Kansas-based company has made a decision to initiate preparations to liquidate, the sources said.

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