DALLAS (CBS) – Payless ShoeSource Inc. is planning to close all its stores in the United States in anticipation of filing for bankruptcy again, according to reports.
Reuters and The Wall Street Journal report that the retailer is closing at least 2,000 stores when it files for bankruptcy this month. It would be the largest-ever liquidation by a retailer, The Journal said.
Payless first filed for bankruptcy in 2017, resulting in the closure of 11 Massachusetts stores. There are still dozens of Payless stores open in the Bay State.
Going-out-of-business sales could begin in the next week, Reuters reported. But there’s a “small chance,” that a buyer could purchase the chain after it goes bankrupt.
On Twitter, Payless has been replying to questions from customers with “Our stores & Payless.com are open and doing business as usual. We cannot provide information on specific store closings.”
Payless was founded in 1956 and employs 18,000 people worldwide.