Discount shoe store Payless ShoeSource Inc is set to close all 2,300 stores when it files for bankruptcy, reports Reuters.
Payless joins other large retailers that are closing stores across the country. Last year Toys R’ Us closed all of its stores, Gymboree and sister stores Crazy 8 along with Janie and Jack are also closing. And joining them, Charlotte Russe has also announced closures.
In Williamson County, Payless can be found inside the CoolSprings Galleria, 1800 Galleria Blvd, Franklin.
Payless previously filed for bankruptcy in April 2017 and exited 18 months ago, with about $400 million in loans, after slashing its debt pile from over $800 million, according to court papers. A group of creditors, including hedge fund Alden Global Capital LLC, took over ownership, according to bankruptcy court records, reported Reuters.
Payless was in search of a buyer. Since no buyer is in place, the company is making plans to liquidate.