Report: Payless to close all stores

News

(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.

(In the Knoxville area, there are Payless ShoeSource stores at Knoxville Center, Turkey Creek and in Pigeon Forge.)

The shoe company has been unsuccessful in trying to find a buyer, so the 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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