Payless Inc. is preparing for its second trip to bankruptcy court with a plan that could drastically shrink the size of the discount shoe chain, Bloomberg News reported. The retailer is seeking a loan to get through bankruptcy proceedings and discussing plans to shutter a significant portion, and potentially all, of its North American stores. Payless struggled to manage debt taken on in a 2012 leveraged buyout by Golden Gate Capital and Blum Capital Partners, filing for bankruptcy protection in April 2017. It emerged with fewer stores, its debt cut in half and creditors owning the company. The chain employs more than 18,000 globally and operates about 3,600 outlets worldwide, according to its website, with more than 2,700 in North America.
