A long-time shoe retailer is in danger of shuttering the majority or even all of its stores in the wake of an upcoming bankruptcy.
According to CNBC, Payless Inc. is planning to shut down all of its roughly 2,700 stores after it files for its second bankruptcy later this month. This will be the second bankruptcy proceedings for the company, which previously filed for bankruptcy in April 2017.
Reuters reports that the retailer has been seeking a buyer for the company but has been unsuccessful. The company has elected to begin liquidation, according to Reuters, but there is a “small chance” that a buyer could swoop in to purchase the company.
Payless Inc.’s troubles come in the wake of multiple retail bankruptcies in recent years, according to Bloomberg. Increasing competition from online juggernauts and debt loads have forced formerly-dominant companies like Sears to close, Bloomberg reports.
The company’s previous bankruptcy was filed in 2017, and Payless closed approximately 400 stores, CNBC reports.
Bloomberg first reported Payless’ bankruptcy plan.