America is about to say goodbye to one of their favorite stores. The discount retailer Payless ShoeSource just announced a massive closure.
According to Fox Business, the company plans to close all of its approximately 2,300 stores when it files for bankruptcy later in February.
This will be the second time the footwear retailer is filing bankruptcy. They are just the latest casualty of the so-called “retail apocalypse." Many brick-and-mortar stores have been filing bankruptcy or going out of business entirely.
Toys "R" Us and The Bon-Ton Stores are among the retailers that have disappeared from the retail landscape in the last 12 months. However, Toys "R" Us is due to return after being purchased by another company.
Payless hasn't found itself to be so lucky. The search for a potential buyer has turned up little results, causing the company to prepare for liquidation.
The sources asked not to be identified because the liquidation preparations are confidential. Payless declined to comment to Reuters.