NEW YORK (AP) — Paylesss ShoeSource is shuttering all of its remaining stores in the U.S. and Puerto Rico, joining a list of iconic names like Toys R Us and Bon-Ton that have been shuttered in the last year.
The Topeka, Kansas-based chain said Friday it will hold liquidation sales starting Sunday and wind down its e-commerce operations. All stores will remain open until at least the end of March and the majority will remain open until May.
The debt-burdened chain filed for Chapter 11 bankruptcy protection in April 2017, closing hundreds of stores as part of its reorganization.
At the time, it had over 4,400 stores in more than 30 countries. It remerged from restructuring four months later with about 3,500 stores and eliminated more than $435 million in debt.
Payless ShoeSource Inc. could be the latest brick-and-mortar store to fall victim to bankruptcy, according to multiple news outlets.
The company could close about 2,300 stores in the U.S., Reuters reported on Thursday. There are about 2,700 stores in North America and Puerto Rico, according to Payless’ website.
There are four Payless locations around the La Crosse area. Two are located inside of Shopko stores in La Crosse. One is in Valley View Mall, and the other is a retail store on Highway 16.
It would be the company’s second bankruptcy filing in as many years, Bloomberg reported. The company declared bankruptcy in April 2017 and reemerged a few months later.
Payless representatives declined to comment for the Reuters and Bloomberg reports.
Founded in 1956 in Topeka, Kansas, Payless has about 3,600 stores in 40 countries around the world. The company website says it employs approximately 18,000 worldwide.
The news for Payless comes as Sears and Kmart look to regroup under slimmer footprints and as Toys “R” Us and The Bon-Ton Stores closed within the last year.
Payless has unsuccessfully tried to find a buyer, according to Reuters.