Payless ShoeSource announced that they are closing all of their 2,100 stores across the United States and Puerto Rico. The stores will hold liquidation sales and continue to operate through at least the end of March. Payless said a majority of the stores will likely remain open until the end of May. The company will also shut down its e-commerce operations.
Payless filed for Chapter 11 bankruptcy protection in April 2017 and closed hundreds of stores across the world in a bid to cut costs. They have been trying to find a buyer but was forced to make the decision to close because of their high levels of debt and a shrinking retail market, which has seen a growing number of shoppers buying shoes online.
Photo: Getty Images