Payless ShoeSource Inc. intends to file for bankruptcy protection later this month and close all of its approximately 2,300 retail locations, including nearly two dozen stores in Greater Washington.
It’s the second time the Topeka, Kansas-based company has filed for bankruptcy protection in two years, Reuters reports.
The previous filing, in April 2017, came with plans to close 400 stores. About four months later, Payless emerged from bankruptcy with no CEO and $435 million less debt.
After that, a group of creditors, including hedge fund Alden Global Capital LLC, took over ownership, Reuters reports.
Payless had been trying to find a buyer, and when that failed it made plans to liquidate, though it’s still possible a white knight could emerge, Reuters reports.
The company takes its place among the ranks of numerous national brick-and-mortar retailers done in by increasing competition with online sales and other shifting consumer habits.Read the full story from the Washington Business Journal.