Retailer Payless ShoeSource set to shutter its US stores

Retailer Payless ShoeSource set to shutter its US stores

The Wall Street Journal reported that the company is shuttering 2,100 USA locations as it prepares to file for Chapter 11 bankruptcy protections.

The company first filed for Chapter 11 bankruptcy in April 2017 and closed roughly 400 stores at that time. While the sources who spoke to Reuters indicate that there may still be time for the company to find a buyer, they also cautioned that it's an unlikely outcome. After no such deal could be reached the company has made a decision to initiate preparations to liquidate, Reuters reports.

The Reuters report says the company has been seeking a buyer but hasn't found one, thus prompting liquidation.

The footwear retailer starts a liquidation sale at stores on Sunday, and will close all 2,300 stores in the United States by May 2019.

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The Moses Lake and Wenatchee-Area Payless ShoeSource stores will be closing this spring.

Payless ShoeSource made headlines in November 2018 whenit tricked social media influencers with a fake pop-up store called Palessi.

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

According to University of West Georgia Economics Professor Dr. Mary Kassis, the shift from in-store to online shopping will result in fewer brick-and-mortar stores in the future. Sears has escaped bankruptcy after closing stores but Toys R Us went completely under in 2018.

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