Another legendary store has filled for Chapter 11 bankruptcy and this time for good. Payless ShoeSource is shuttering all of its 2,100 remaining stores in the U.S. and Puerto Rico.
The Topeka, Kansas-based chain said Friday it will hold liquidation sales starting Sunday and wind down its e-commerce operations. All of the 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.
The company said in an email that the liquidation doesn't affect its franchise operations or its Latin American stores, which remain open for business as usual. It lists 18,000 employees worldwide.
Sad to see another store close their doors.