The discount shoe store will close its 2,100 stores in the United States and Puerto Rico in the coming months, a spokesman told CNN Business on Friday. Liquidation sales will begin Sunday and stores will begin shutting down in March, but most of them will open until May.
Founded in 1956 in Topeka, Kansas, Payless has more than 3,600 locations in 40 countries and more than 18,000 employees, according to its website. A spokesman said his international franchises and Latin American stores would not be affected.
"The pace of disruption in the retail business is widely acknowledged," said Greg Portell, partner of the consulting firm A.T. Kearney, told CNN Business. "However, the pace of change among retailers is still lagging behind, with many retailers trapped in a cycle of continuing consumer trends, and without bold action, the retail landscape will continue to be bankrupt. "