Payless ShoeSource set to close all United States stores

Payless ShoeSource set to close all United States stores

"We expect all stores to remain open until at least the end of March and the majority will remain open until May", read a statement from the company.

Jeffords said the liquidation does not affect the company's franchise operations overseas or its Latin American stores, which remain open for business as usual.

Another one bites the dust?

Payless, which bills itself as the "largest specialty family footwear retailer in the Western Hemisphere", was founded in 1956 and is a privately held company owned by an group that includes Alden Global Capital, Invesco Senior Secured Management, and Octagon Credit Investors.

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There is still a small chance a buyer could emerge after Payless files for bankruptcy, the sources said. The company also noted that it had over 3,500 stores in 40 different countries, and nearly 18,000 employees worldwide.

Despite slashing 900 stores and $435 million in debt at the time, the company has continued to struggle to stay fiscally afloat in the competitive market. It lists 18,000 employees worldwide. That shift has hurt traditional retailers, even low-price outlets like Payless.

On the heels of learning Dillard's in Boardman is closing, a report out Thursday said all Payless ShoeSource stores will be on the chopping block. This year's total is up 23 percent from the 1,776 announcements a year ago.

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