The discount shoes store will close all 2,100 sites in the United States and Puerto Rico in the coming months, CNN Business spokeswoman said. Liquidation sales will begin on Sunday, and stores will close in March, although most will say they will be open until May.
Payless, founded in 1956 in Topeka, Kansas, has more than 3,600 locations in 40 countries and over 18,000 employees, the site reports. The spokesman said his international franchises and Latin American stores would not suffer.
" The breakthrough rate in retail is widely recognized, Greg Portell, a partner at AT Kearney's consulting firm, told CNN Business. "Nevertheless, the pace of change within retailers continues to lag behind. Many retailers have been trapped in the continuing cycle of pursuing consumer trends … Without courage, the retail landscape will continue to be scattered through bankruptcy. "