Payless ShoeSource prepares to file for bankruptcy

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INDIANAPOLIS (WTHR) — Payless ShoeSource is preparing for its second bankruptcy, according to CNBC.

This is the second time the company has filed for bankruptcy.

As part of the process, Payless is is looking for buyers for its real estate, which could include selling large blocks of stores in certain areas of the country. WIthout buyers, the company may have to close down a majority if not all of its 2,700 stores.

However, the company could avoid bankruptcy altogether if it finds a buyer.

Payless filed for bankruptcy protection in April 2017 and closed nearly 400 stores, CNBC reported.