Report: Payless to close all stores

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

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

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

The report says that the Kansas-based company is preparing for going-out-of-business sales in its shops next week.

Payless has declined to comment.

The shoe company previously filed for bankruptcy in April 2017 and exited about 18 months ago with about $400 million in loans.

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