Payless ShoeSource, once a popular seller of cheap women's footwear and staples in many suburban malls, shuts down all American business.
The company said it would liquidate all 2,100 of its businesses in the United States and Puerto Rico on Saturday. Payless is also hiring the online business.
The retailer, which had filed for bankruptcy two years ago, had closed hundreds of stores in recent years as its brand lost glamor among women looking for shoes for footwear. It is the youngest retailer in the mass market that has disappeared from the retail landscape.
Toys "R" Us and Bon-Ton, a department store chain that was liquidated last summer after failing to set realistic restructuring plans. Sears narrowly escaped liquidation this month after a judge had bought the company and opened its stores to its chairman and largest lender, hedge fund manager Edward S. Lampert.
The payless liquidation comes as more and more people decide to shop online, not in stores that are at the center of the shoe company's strategy. E-commerce, however, only explains part of Payless' challenges. While Payless strives to be relevant to buyers, other retailers are looking to buy conscious buyers, such as TJ Maxx and Nordstrom Rack.
In order to keep pace with the emerging fashion trends and to create attractive shops, constant investment is required. Some of the company's businesses were also injured by their location in the suburban malls, another retailer, anchored by Sears and J.C. Penney shopping centers. When hundreds of these anchor markets closed, traffic to nearby retailers in shopping malls has slowed.
A payless spokeswoman said the sale of liquidations would start on Sunday and that the stores would remain open until the end of March and that many stores would open by the end of March.