The discount shoe store will close all 2100 of its locations in the United States and Puerto Rico in the coming months, a CNN Business spokesman said on Friday. Liquidation sales will begin on Sunday, and stores will close in March, though most will open until May. Payless also plans to close his online store. The company may file for bankruptcy for the second time by the end of the month, according to reports.
Founded in 1956 in Topeka, Kansas, Payless has more than 3,600 jobs in 40 countries and over 18,000 employees, according to its website. A spokeswoman said her international franchises and Latin American shops would not be affected.
"The rate of retail trade disturbances is widely recognized," Greg Porttel, a consultant at AT Kearney told CNN Business, "Still, the pace of change in retailers is still lagging behind. Many retailers find themselves trapped in the cycle of continuing to pursue consumer trends. Isidore and Nathaniel Meyerson contributed to this story.