The company was founded Topeka, Kansas in the mid-1950s.
However, the company said in an email that the liquidation doesn't affect its franchise operations or its Latin American stores, which remain open for business as usual.
Payless reportedly plans to close thousands of stores in what could be the largest retail liquidation.
Payless now has more than 2,700 North American stores, according to its website.
Like other "brick and mortar" retailers, Payless has struggled with sales as online sales have strengthened. Online shopping has led to a drop in foot-traffic at USA malls, which were a vital source of customers for stores like Payless. "Yet, the pace of change inside retailers continues to lag".