Payless ShoeSource Inc. to close 2,300 stores nation-wide

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Payless Shoesource Inc., unlikely to find a buyer, will be filing for bankruptcy and closing 2,300 retail stores nationwide. (MONTCO.Today photo)

U.S. discount footwear retailer Payless ShoeSource Inc. intends to file for bankruptcy later this month, the second time in two years. They will be closing about 2,300 stores nationwide.

Payless ShoeSource Inc. has 4 retail locations in Montgomery County that will be closing their doors. Locations include the King of Prussia Mall and Northetowne Plaza. These locations and two other stores in the area join the growing number of victims of the sharp increase of failing brick and mortar stores in the United States.

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As online shopping becomes increasingly popular, retail locations will continue to suffer. Payless Shoes joins Toys “R” Us and The Bon-Ton Stores as yet another high profile retail company filing for bankruptcy in recent months. This will be the second time Payless has had to file for bankruptcy in just the last 12 months.

Payless ShoeSource, based in Topeka, Kansas, has been unsuccessful in their search for a buyer. After deciding a deal was unlikely, they have begun to make preparations to liquidate the company. While there is still a very small chance that a buyer will show up after Payless files for bankruptcy, the company shows signs of preparing for the end. Payless will be running going-out-of business sales in all of its shoe stores next week.

To browse for discounts visit Payless.com while you still can.

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