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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

59 mins ago - World

China and Russia vaccinate the world — for now

Illustration: Aïda Amer/Axios

While the U.S. and Europe focus on vaccinating their own populations, China and Russia are sending millions of COVID-19 vaccine doses to countries around the world.

Why it matters: China's double success in controlling its domestic outbreak and producing several viable vaccines has allowed it to focus on providing doses abroad — an effort that could help to save lives across several continents.

Ina Fried, author of Login
1 hour ago - Technology

Report: China will dominate AI unless U.S. invests more

Photo illustration: Axios Visuals. Photo: Krisztian Bocsi/Bloomberg via Getty Images

The U.S., which once had a dominant head start in artificial intelligence, now has just a few year's lead on China and risks being overtaken unless government steps in, according to a new report to Congress and the White House.

Why it matters: Former Google CEO Eric Schmidt, who chaired the committee that issued the report, tells Axios that the U.S. risks dire consequences if it fails to both invest in key technologies and fully integrate AI into the military.

Americans agree about more issues than they realize

Data: Populace Inc.; Chart: Michelle McGhee/Axios

Many Americans assume the rest of the country doesn't share their political and policy priorities — but they're often wrong, according to new polling by Populace, first seen by Axios.

Why it matters: The polling reveals that despite growing political polarization, Americans share similar long-term goals and priorities for the country.