Another Iconic retailer shuts down: Payless ShoeSource to close all 2,300 stores in biggest retail liquidation ever

PHOTO CREDIT: WIKIPEDIA


This is becoming all to familiar, another iconic brand is disappearing. According to this Reuters report Payless ShoeSource will be closing all 2,300 stores.

U.S. discount retailer Payless ShoeSource Inc plans to close all of its approximately 2,300 stores when it files for bankruptcy later this month for the second time in as many years, people familiar with the matter said on Thursday.

The move would make Payless one of the most high-profile victims of the string of bankruptcies that have hit the brick-and-mortar retail sector as more shopping is done online. Toys “R” Us and The Bon-Ton Stores are among the retailers that shut their stores in liquidations in the last 12 months

Payless had been trying unsuccessfully to find a buyer. After no such deal could be clinched, the Topeka, Kansas-based company has decided to initiate preparations to liquidate, the sources said.