The decision would mark the second bankruptcy for the shoe chain as it previously filed for bankruptcy in 2017 to eliminate large amounts of debt.
Payless ShoeSource has stores in the Maine Mall in South Portland, and in Auburn, Windham and Westbrook.
Payless ShoeSource Inc., one of the country's most recognizable discount shoe sellers, plans to shutter all of its US stores when it files for bankruptcy later this month, according to a Reuters report. But with no deal in sight, the company has made a decision to start preparations to liquidate, the report said.
The company began liquidation sales at its American stores on Sunday.
The company does not have specific information regarding the timeline for the Newnan store's closing at this, according to the Payless spokesperson.
University of Arizona researcher Sabrina Helm found that most consumers would be concerned about the social implications of abandoning physical stores.
The decline in sales for the discount shoer retailer have been chalked up to competition from online sellers, like Amazon and Zappos. Heavy debt loads have also handcuffed retailers, leaving them less flexible to invest in their businesses, according to AP. This year's total is up 23 percent from the 1,776 announcements a year ago.