Expand chart
Data: BankruptcyData; Chart: Axios Visuals

Payless ShoeSource has filed for bankruptcy protection — and intends to close all of its stores in the U.S. and Puerto Rico — just 2 years after it emerged from its last bankruptcy proceeding.

Why it matters: Payless' second bankruptcy follows a clear trend in the retail sector.

By the numbers: According to an Axios analysis of BankruptcyData research, 8 out of the 10 biggest bankruptcy declarations (by assets) in which the company remained intact were followed by another bankruptcy protection filing.

  • The largest was Kmart, which emerged from its 2002 bankruptcy and later merged with Sears. The merged company filed for bankruptcy last year.
  • Payless Cashway — not to be confused with the discount shoe retailer — filed for bankruptcy in 1997, then went out of business following a subsequent bankruptcy in 2005.
  • Hills Department Stores, No. 4 on the list, was acquired by Ames 7 years after it emerged from bankruptcy protection. Ames itself went bankrupt in 1990, then went bankrupt again in 2001.

The big picture: Payless' dance with bankruptcy protection is common for companies in the business of sales. Retailers will often use "bankruptcy to reorganize by shedding debt and closing stores, but often these companies end up with a second bankruptcy soon after," as CNN Business points out.

The exceptions:

  • Zale Corp. avoided a second bankruptcy protection filing when it was bought by Signet Jewelers in 2014.
  • Claire's emerged from bankruptcy late last year and eliminated $1.9 billion of debt.

Go deeper: Axios' Deep Dive on the future of retail

Go deeper

Updated 14 mins ago - World

Scoop: Decisive meeting could lead to Israeli-Sudanese normalization

Lt. Gen. Abdel Fattah al-Burhan, Sudan's head of the Sovereign Council, meets with Bahraini aid officials in Khartoum, Sept. 15. Photo: Mazen Mahdi/AFP via Getty Images

U.S., Emirati and Sudanese officials will hold a decisive meeting in Abu Dhabi on Monday on a possible normalization agreement between Sudan and Israel, Sudanese sources told me.

Why it matters: If the U.S. and the United Arab Emirates accommodate Sudan’s requests for economic aid, an announcement on a normalization agreement with Israel similar to the ones struck with the UAE and Bahrain could be made within days, sources briefed on the process tell me.

Updated 2 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 12:45 p.m. ET: 30,838,610 — Total deaths: 958,090— Total recoveries: 21,088,552Map.
  2. U.S.: Total confirmed cases as of 12:45 p.m. ET: 6,777,026 — Total deaths: 199,352 — Total recoveries: 2,577,446 — Total tests: 94,211,463Map.
  3. Politics: Testing czar on Trump's CDC contradictions: "Everybody is right" Trump's health secretary asserts control over all new rules.
  4. Education: What we overlooked in the switch to remote learning
  5. Health: The dwindling chances of eliminating COVID-19.
  6. World: Guatemalan president tests positive for COVID-19 — The countries painting their pandemic recoveries green.
Updated 2 hours ago - Health

7 states set single-day coronavirus case records last week

Data: Compiled by Axios; Map: Danielle Alberti/Axios

Seven states set new highs last week for coronavirus infections recorded in a single day, according to the COVID Tracking Project and state health departments. Wisconsin and Nebraska surpassed records set the previous week.

Why it matters: Problem spots are sticking in the Midwest, although the U.S. is moving in the right direction overall after massive infection spikes this summer.