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Payless ShoeSource is set to close 2300 stores: Report



The clock ticks to another retailer closure.

The Payless ShoeSource retailer plans to close all of its approximately 2,300 stores when it registers for bankruptcy later this month, according to Reuters.

FOX Business follows the "retail apocalypse" as more and more shops of bricks and mortars seek bankruptcy protection or go completely out of business

R-toys and Bon-Ton shops are among the traders retailers who have disappeared from the retail market in the last 12 months.

Demand for a potential buyer has fallen, leading to the company's liquidation.

This was a process that Sears had recently overcome as a rescue plan for President Eddie Lambert, who was approved by a judge. This plan saved thousands of jobs and will open hundreds of seats in Sears and KMart

Sources requested not to be identified because preparations for liquidation are confidential. Payless declined to comment on Reuters.

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