The news broke this morning that Payless Shoes will be filing for bankruptcy later this month and then closing all of their stores. KLTV reports that the shoe store has been looking for a buyer to take over but haven't been able to so this is their only option. Payless currently has over 18,000 employees and over 3,600 stores nationwide. If they follow through it'll add to the recent list of other national brands closing like ToysRUs and Gymboree.

I remember shopping at Payless every summer growing up to buy shoes for the new school year but with the way people shop nowadays, this isn't very surprising. Online sales have hurt most brick and mortar companies and will continue to do so.