Payless ShoeSource will close all of its approximately 2,100 stores in the U.S. and Puerto Rico as part of the largest retail liquidation ever, the Wall Street Journal reported citing a source close to the situation. Payless filed for bankruptcy protection previously and emerged in 2017. Liquidation sales are expected to start as early as next week, with those locations in Canada and Latin America unaffected. The SPDR S&P Retail ETF XRT, +2.69% has lost nearly 2% over the past year while the S&P 500 index SPX, +1.05% has gained 1.4% for the period.