Payless to close most or all shoe stores in North America

Payless, Inc. is preparing for a second bankruptcy with a plan to close most or all of it's North American outlets, according to Bloomberg.

The news outlet reports that a representative for Payless declined to comment.

The retailer follows Sears, Toys R' Us, Shopko, Gymboree, Things Remembered and others in a wave of bankruptcies during the past two years as online rivals and heavy debt sink once iconic brands.

Payless filed for bankruptcy once before, in April of 2017, and emerged with fewer stores and half it's debt.

The company was founded in 1956 and employes 2,700 stores in North America, with a total of 3,600 worldwide.