(Gray News) - The end is reportedly near for another retailer.
Payless ShoeSource is planning to file for bankruptcy later this month and close all of its stores, according to a report in Reuters, who cited people familiar with the matter.
The company has not commented.
Reuters reported that the company has been seeking a buyer but hasn’t found one, thus prompting liquidation.
The report said there’s always the chance the company could find a buyer after declaring bankruptcy.
Saddled with debt from a 2012 buyout, the Topeka, KS-based company previously declared bankruptcy in April 2017 and re-emerged a few months later, Bloomberg reported.
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.
If the company goes under, it will join a number of major brand over the past year, such as Toys R Us and Gymboree.