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The chain was founded in 1956 in Topeka, Kansas, and employs about 22,000 people, according to its website. It operates 4,000 stores in 30 countries. In its last year as part of a publicly traded company, 2012, it had U.S. sales of about $2 billion. The retailer rose to prominence by offering customers a new approach: self-service in a shoe store in exchange for lower prices. But Payless has struggled in an increasingly competitive footwear world, with everyone from DSW to T.J. Maxx (TJX, -2.07%) encroaching on what had been its turf. Payless, which reportedly had considered closing as many as 1,000 stores, had been part of Collective Brands when it was acquired in 2012 by buyout firms Golden Gate Capital and Blum Capital in a $2 billion deal. Other retailer to close stores in big numbers of late have included J.C. Penney (JCP, -6.31%) , Macys (M, -2.53%) , Sears, and Abercrombie & Fitch (ANF, -3.79%) . Some retailers are shutting down all their physical stores, including The Limited and Bebe.

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