Payless Shoes could be the next retailer to file for Chapter 11

Yesterday we heard news that Sears in the US is on the verge of bankruptcy, today there's word Payless shoes may file for bankruptcy protection.

The discount shoe retailer is struggling to survive as consumers shift to online shopping.

The company which boasts it is the largest specialty family footwear retailer in the Western Hemisphere has more than  4,000 locations in 30 countries and nearly 22,000 workers.

Footwear News is reporting the company is considering shuttering up to 500 stores within the next three years.