Payless Shoe Source reportedly exploring options

Payless Shoe Source may put itself on the selling block.

The shoe retailer has hired an advisor to help evaluate strategic alternatives, including a sale or restructuring, reported CNBC. The move comes less than 18 months after the company successfully exited bankruptcy.

Payless may also consider filing for bankruptcy and closing a significant number of its approximate 3,000 stores, according to the report, which cited people familiar with the matter.

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