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Payless filed for bankruptcy in early 2017, closing stores and restructuring debt, but it wasn't enough.

Payless, which first opened in 1956, originally filed for bankruptcy in 2017 and has struggled to find a buyer.

Payless ShoeSource is planning on closing all of its USA stores, almost 2,300 locations, in the next few weeks, Reuters reports.

The chain said today it will hold liquidation sales starting Sunday and wind down its e-commerce operations.

The move comes as Payless is filing for bankruptcy later this month.

"Payless will begin liquidation sales at its USA and Puerto Rico stores on February 17, 2019, and is winding down its e-commerce operations", Payless spokeswoman Lauren Jeffords wrote in an email to the Bangor Daily News.

About 1,200 retail stores outside the US are not affected. Payless declined to comment to Reuters.

Payless ShoeSource has announced they will be closing their doors in 2019.

According to University of West Georgia Economics Professor Dr. Mary Kassis, the shift from in-store to online shopping will result in fewer brick-and-mortar stores in the future.

The company was founded Topeka, Kansas in the mid-1950s. A group of creditors, including hedge fund Alden Global Capital LLC, took over ownership, according to bankruptcy court records.


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