Payless, the struggling discount shoe chain, is preparing to file for bankruptcy as soon as next week, sources familiar with the matter tell Bloomberg.
The company is initially planning to close 400 to 500 stores as it reorganizes operations, but the shoe store originally looked to shutter as many as 1,000 locations. The sources, who are not authorized to speak on the matter, say the the number may still be in flux.
Payless has several locations in the greater Baton Rouge area, including one each at the Mall of Louisiana and Cortana. The retailer’s bankruptcy would add to a tumultuous year in retail, with several bankruptcies and hundreds of store closings—even at companies that aren’t distressed. Retailers hhgregg, JCPenney and Sears recently announced closures as well. The industry is racing to try to adapt to more online purchasing and a shift away from mall shopping.
Payless was founded in 1956 in Topeka, Kansas. The company employs nearly 22,000 people and has more than 4,000 stores in 30 countries. Payless didn’t immediately respond to a request for comment.
