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INDIANAPOLIS, Ind. – In the past few months we’ve seen multiple well-known retail chains close stores and file for bankruptcy, and it appears Payless ShoeSource will be joining that list.

Bloomberg News reports that the discount footwear chain is preparing to file for bankruptcy, and it could happen as early as next week.  The company plans to close as many as 500 stores as it reorganizes the business.

Bloomberg News reached out to Payless, but they declined to comment on the report.

According to the company website, Payless was founded in 1956, in Topeka, Kansas. It is currently a privately held company owned by Golden Gate Capital and Blum Capital Partners.

They say they are the largest specialty family footwear retailer in the Western Hemisphere with 4,000 stores and employing nearly 22,000 people worldwide.

There are over 50 Payless stores in Indiana. It is unknown at this time if any of these stores will be affected.