Strangled by debt and new rivals, discount shoe chain Payless ShoeSource Inc. is closing its roughly 2,100 U.S. locations in what is likely to be the largest-ever retailer liquidation by number of stores. The chain is preparing to file for bankruptcy protection, according to people familiar with the matter, less than two years after its previous restructuring, when it shut approximately 500 locations. The retailer, taken private in 2012 in a $2 billion leveraged buyout, has been hit by declining sales.

Source: Wall Street Journal February 15, 2019 17:57 UTC