Retailer Payless to file bankruptcy, close stores

Report Payless set to close all 2,300 US stores

Report Payless set to close all 2,300 US stores

Paylesss ShoeSource is shuttering all of its 2,100 remaining stores in the USA and Puerto Rico, joining a list of iconic names like Toys R Us and Bon-Ton that have been shuttered in the a year ago.

"Payless will begin liquidation sales at its USA and Puerto Rico stores on February 17, 2019, and is winding down its e-commerce operations", Payless said in a statement.

FOX Business has been following the "retail apocalypse" as more and more brick-and-mortar stores either seek bankruptcy protection or go out of business completely. Toys "R" Us and The Bon-Ton Stores are among the retailers that shut their stores in liquidations in the last 12 months.

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Payless had been trying unsuccessfully to find a buyer.

Payless was reportedly deep in debt from a 2012 buyout, the Topeka, KS-based company previously declared bankruptcy in April 2017 and re-emerged a few months later, Bloomberg reported.

The retailer has yet to confirm the report, although sources close to the matter told Reuters that there is a small chance of a buyer saving the company from closing all its locations, although who that buyer could be remains unclear. Payless declined to comment. A group of creditors, including hedge fund Alden Global Capital LLC, took over ownership, according to bankruptcy court records.

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