Payless ShoeSource is going to close all its 2,300 stores nationwide after it files for bankruptcy later this month, according to a report by Reuters.

Citing unnamed sources "familiar with the matter," the news agency said Payless would file after unsuccessfully trying to find a buyer.  Liquidation sales could begin as soon as next week, according to Reuters.

The chain has 20 stores in New Jersey.

Like other "brick and mortar" retailers, Payless has struggled with sales as online sales have strengthened. Sears has escaped bankruptcy after closing stores but Toys R Us went completely under in 2018.

It would be the second time Payless has filed for bankruptcy in the past two years. It closed 400 stores, including seven in New Jersey, in 2017 after filing for Chapter 11 protection.

Contact reporter Dan Alexander at Dan.Alexander@townsquaremedia.com or via Twitter @DanAlexanderNJ


 

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