Payless To Close More Than 2,000 Stores

Follow CBSMIAMI.COM: Facebook | Twitter

MIAMI (CBSMiami) - Payless reportedly plans to close thousands of stores in what could be the largest retail liquidation.

The move comes less than two years after the retailer filed for bankruptcy.

Patti Pena said she's been shopping at Payless since she was a little girl.

"It makes me sad because I like Payless, you can pay less," she said with a chuckle.

The Wall Street Journal is reporting that the popular footwear chain plans to close more than 2000 stores when it files for bankruptcy later this month.

Men-Lei Carrington said she loves Payless' shoes.

"I bought, I don't know how many shoes from there. I can't believe they are closing," she said.

The shoe retailer emerged from bankruptcy protection 18 months ago with nearly $400 million in unpaid loans.

Payless like so many other brick and mortar stores are being boxed out as more shoppers turn to online retailers like Amazon.

"Amazon is more convenient, you don't have to go anywhere, so people aren't going to brick and mortar anymore," said Reshmi Basu, editor at Debtwire.

Sources say Payless will start running going-out-of-business sales next week.

Payless was founded in Topeka, Kansas in 1956 and employees 18-thousand people globally.