04/04/17 UPDATE: According to NBC 5 in Chicago, Payless ShoeSource has indeed filed for bankruptcy and will close nearly 400 stores.

People have been talking about the coming retail apocalypse and with the news today, it appears it may be closer than you think.

That's because a report on Consumerist now says that retail shoe giant, Payless Shoesource is on the verge of filing for bankruptcy.

The Consumerist report goes on to say that the filing could happen as early as next week.

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Bloomberg says Payless "is initially planning to close 400 to 500 stores as it reorganizes operations."

Payless with 4,000 locations in 30 countries has three stores in the Rockford area including the CherryVale Mall, Forest Plaza, and Rockton Shopping Center.

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Sweet Lenny is the brand manager of 97ZOK and Operations Manager for Townsquare Media Rockford. He also likes a nice, comfortable and above all, sensible shoe. Catch him afternoons 3 to 7 on 97ZOK. Follow him on Twitter and like his page on Facebook.