Area Payless stores likely to close as company-wide shutdown appears imminent

(Mankato, MN) – Payless ShoeSource Inc will close all of their 2,300 retail stores next month, business publication Reuters announced today.

The Topeka, Kansas-based company will file for bankruptcy later this month – the second time in two years.  The company has tried without success to find a buyer and will prepare for liquidation.  The news rings a familiar tone for southern Minnesotans who saw their beloved Herberger’s stores in New Ulm and Mankato close under similar circumstances.

According to the report by Reuters, there is a “small chance” that a buyer could swoop in before the company files for bankruptcy, but going-out-of-business sales are already planned for next week.

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