Payless reportedly in talks to close 1,000 stores

Daniel Acker | Bloomberg | Getty Images

American footwear retailer Payless is reportedly in talks to close 1,000 stores, making it the latest retailer facing closures as consumers shift to online shopping.

The Topeka, Kansas-based company is in talks with lenders over a restructuring plan that includes closing stores as it struggles with debt, Bloomberg reported, citing sources with knowledge of the matter.

CNBC has reached out to Payless for comment.

The chain may consider filing for bankruptcy if it is unable to reach a deal with creditors, the report said.

Other retailers have reported problems in the traditional shopping environment. On Friday, retailer Sears Holdings announced a cost-cutting plan as customers move to online shopping or to rivals such as Wal-Mart.

Read the full report from Bloomberg here.