Payless ShoeSource likely to close all of its stores according to source

Say goodbye to those buy-one-get-one shoe deals: Payless ShoeSource is declaring bankruptcy and closing all of its stores, according to various media reports on Friday. According to the report, Payless has been trying to find a buyer to prevent the closing but so far no one has bit. The company said liquidation sales will start on Sunday.

There is still a chance that a buyer could emerge after filing for bankruptcy.

According to the Wall Street Journal, Payless will shutter its approximately 2,100 stores in the US and Puerto Rico in what the Journal said was likely to be " the largest ever retailer liquidation".

Before this announcement, there have been 2,187 USA store closing announcements this year, with Gymboree and Ascena Retail, the parent of Lane Bryant and other brands, accounting for more than half the total, according to Coresight.

However, many customers have pointed out that they can no longer purchase shoes on the Payless ShoeSource website.

The decline in sales for the discount shoer retailer have been chalked up to competition from online sellers, like Amazon and Zappos.

The company was founded in 1956 in Topeka. Alden Global Capital also owns Digital First Media, a company known for buying financially distressed newspapers, including the Denver Post and San Jose Mercury News, and slashing staff to boost profits.