Payless To Close All 2,300 Stores Amid Bankruptcy Plans: Report
(Reuters) - 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 discount shoe retailer will close all of its approximately 2,300 store locations, sources told the outlet. The company is said to be in the process of initiating a going-out-of-business sales in the next week.
Payless had been trying to locate a buyer for the sale of its company, but a deal has not been struck with any promising investor. The company has made the decision to move toward liquidation, hoping for a buyer to come forth after it files for bankruptcy, reports Reuters.
Payless filed for bankruptcy for the first time in April 2017, emerging from Chapter 11 a total of 18 months later.
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