Payless to Start Shutting Stores in the U.S. This Weekend

Starting on Sunday, Payless will begin closing its U.S. stores and will begin to wind down its e-commerce operations.

This means 2,100 stores in the U.S. will see their doors shutter and liquidation sales for its U.S. stores will start on Feb 17th.

A spokesperson for the company made the announcement to CNBC. According to the spokesperson, the liquidation will not impact its franchised or Latin American stores.

All stores are expected to stay open until the end of March with a majority staying open until May.

“The pace of disruption in retail is widely acknowledged,” Greg Portell, a partner at consulting firm A.T. Kearney, told CNN Business. “Yet, the pace of change inside retailers continues to lag. Many retailers find themselves trapped in a cycle of continuing to chase consumer trends … Without bold action, the retail landscape will continue to be scattered with bankruptcies.”

It was reported by CNBC before that the shoe retailer was preparing for a potentially imminent bankruptcy.