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It was once known as the perfect place for parents and teens who needed (cheap) new kicks for school, or a dance. But, the haylcon days at Payless have come to an end according to a report from Bloomberg.
Payless is preparing to file for bankruptcy as soon as next week. As many as 500 stores could be closed as the company reorganizes operations.
As the retail industry struggles with the new online shopping paradigm, and the shift away from mall shopping, sources told Bloomberg that the discount shoe chain originally looked at shuttering up to 1,000 locations. The number of stores closing is still in flux, however, it's a good bet that your neighborhood shoe store is on the list.
Payless was founded back in 1953 in Topeka, Kansas and expanded over the years to include more than 4,000 stores in 30 countries around the world.