(WPRI) — A popular shoe store plans to file for bankruptcy and expects to close all of its stores.
According to a report from Reuters, Payless ShoeSource plans to file for bankruptcy for the second time and close its approximately 2,300 stores.
The shoe company has been unsuccessful in trying to find a buyer, so they have decided to initiate preparations to liquidate.
The report says that the Kansas-based company is preparing for going-out-of-business sales in its shops next week.
Payless has declined to comment.
The shoe company previously filed for bankruptcy in April 2017 and excited about 18 months ago with about $400 million in loans.