Payless ShoeSource is heading back into bankruptcy. This time it will close its doors.
The 63-year old discount shoe retailer filed for Chapter 11 bankruptcy protection on Monday, less than two years after it emerged from its previous bankruptcy.
The bankruptcy filing Monday follows the start of going-out-of-business sales Sunday at its 2,500 US and Canadian stores. About 16,000 employees will lose their jobs. Store closings begin in March and should conclude by the end of May.
Payless is the most recent retailer to file for what has become known as "Chapter 22," in which a company emerges from Chapter 11 only to file for bankruptcy a second time and shut down its business.