US discount footwear retailer Payless ShoeSource is reportedly planning to shut all its stores in the country, with around 2,300 closing.

Reuters reported that the retailer is planning to file for bankruptcy later this month and the company declined to comment on this move.

According to sources familiar with the matter, the retailer failed to find a suitable buyer and has decided to initiate liquidation of its business.

They also expect that after filing for bankruptcy, there is a chance that a buyer could still be interested in acquiring the company.

In April 2017, the footwear retailer filed for bankruptcy and exited by clearing a debt of more than $800m and having around $400m in loans.

“After filing for bankruptcy, there is a chance that a buyer could still be interested in acquiring the company.”

Alden Global Capital and a group of creditors assumed ownership of the company during its exit from bankruptcy.

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By GlobalData

Last month, the retailer announced that it has taken steps to realign its North America retail organisational structure as part of its transformation efforts.

The company aims to increase the number of associates in North America and reduce layers between its corporate headquarters and retail stores.

As part of the realignment strategy, Payless also announced its intention to drive results by developing a team of group leaders to lead the majority of its store teams.

Payless offers a wide assortment of shoes and accessories under various brands that include Champion, American Eagle by Payless, Christian Siriano for Payless, Airwalk, KangaROOS, Dexter, and Brash.

The company operates around 3,600 brick-and-mortar stores in more than 40 countries, as well as an online store.