Reuters
Payless ShoeSource is closing all of its US stores.
- Payless ShoeSource is closing all of its US stores this year after years of competition with Amazon, Target, and Wal Mart.
- But the shoe retailer was once an extremely profitable company, opening stores in all 50 states and in Central America.
- In the 1970s, Payless earned $75 million in sales annually.
- But in 2017 and 2019, the company filed for bankruptcy.
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Payless ShoeSource - which was once the largest and most successful family-owned business in the country - is shutting its doors.
After years of struggling and competing against online retailers and big box stores, Payless filed for bankruptcy in February and said it plans to close all 2,500 of its retail stores in what could be the largest retail liquidation in history, reports Business Insider's Hayley Peterson.
From its rise in the 1960s to its recent downfall, this is the history of the Payless