The company has continued to have debt problems after filing its first bankruptcy two years ago. Bankruptcy court documents showed debts totaling $500 million to $1 billion.
The company has two locations in Joplin, 1502 S. Range Line and Northpark Mall and has been in Joplin for 26 years.
Payless was one of the first businesses to rebuild after its Range Line location was destroyed in the May 22, 2011 tornado.
"The people of Joplin have been through a great loss and they need the support of many to build-back all that was lost," said LuAnn Via, CEO and President of Payless in an August 2011 news release.
"They are now energized by their future and focused on rebuilding a community even better than before. And we'll be there with them."
Immediately following the tornado, Payless delivered 6,000 pairs of shoes to those who needed them and donated money to the American Red Cross to help Joplin.
While the Range Line location was being rebuilt, Payless workers from that store were able to keep working at other company stores.