Report: Payless ShoeSource to close all stores

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A popular shoe store plans to file for bankruptcy and expects to close all of its stores.

Payless ShoeSource plans to file for bankruptcy for the second time and close its approximately 2,300 stores, according to a report from Reuters.

The shoe company has been unsuccessful in trying to find a buyer, so they have decided to initiate preparations to liquidate.

The Kansas-based company is preparing to run going-out-of-business sales at their shops next week.

The shoe company previously filed for bankruptcy in April 2017 and emerged with around $400 million in loans.

Payless declined to comment. 

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