MEMPHIS, Tenn. — Shoe retailer Payless ShoeSource will be declaring bankruptcy and closing their remaining stores later this month, Reuters reported on Thursday.
The news agency was told on a condition of anonymity that the company has been trying to find a buyer for some time, but failed to drum up enough interest to save it from starting the liquidation process. They said after the paperwork is filed a buyer could come forward.
In the meantime they plan to start going out of business sales in the near future, the source added.
If it is true this isn’t the first time Payless has filed for bankruptcy.
In April 2017, the company filed for Chapter 11 bankruptcy and decided to close nearly 400 stores in the United States and Puerto Rico citing the “challenges of the retail environment.”
It currently has approximately 2,300 stores, including 13 right here in the Memphis metro area. It’s unclear how many locals will be impacted by the decision to close.