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Shoe retailer expected to file 2nd bankruptcy in as many years

Shoe retailer expected to file 2nd bankruptcy in as many years
Mike Mozart / CC BY 2.0 / MGN Online

It’s appearing more and more likely that Scottsbluff and Cheyenne will be losing a retail shoe outlet in the very near future.

Reuters is reporting that people familiar with the matter say Payless ShoeSource plans to close all of its approximately 2,300 stores when it files for bankruptcy later this month.

The report quotes sources as saying there is still a small chance a buyer could emerge after Payless files for bankruptcy. In the meantime, the company is preparing to run going-out-of-business sales at its shops in the next week, one of the sources said.

The move would be the second bankruptcy for the retailer in as many years, and make Payless one of the most high-profile victims of the string of bankruptcies that have hit the brick-and-mortar retail sector as more shopping is done online.

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