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yet another retail chain is broke and now closing up shop this time it is Payless Canada it has joined its us parent in filing for creditor protection and liquidating its familiar self-serve budget-friendly stores Junie Lee is here with the details on this news not long ago today what more do you have on this well last hour Jennifer we had the headline that certain Canadian subsidiaries of the parent company pay less would be seeking creditor protection now this hour we have the specifics the numbers as they will be affected in Canada and here they are as outlined in a court filing that we have received there are 2400 employees that work for pay less in Canada in two hundred and forty-eight stores across the country now the bulk of them are in Ontario but a good number of them are also in Alberta BC and Quebec and then a handful in the rest of Canada and once the court approves the liquidation sale proposal then the sale will carry out for two months and will be done by the end of April so pretty quick pretty surprising for those who have not been following the story of pay less especially in the US this will come as a bit of a surprise but again pay less in the US had already gone under creditor protection two years ago it cut a bunch of debt it closed 400 stores but it was still pretty bulky 2,100 stores to have to run and manage in the end could not do it and it filed for creditor protection a few days ago today when they went to court we found out that Canada was involved as well and as we mentioned this is just the latest retail casualty and we so often hear it's because more people are shopping online but can't that be always the case and like into this one and it isn't because the yes online shopping is growing but it is still a small percentage of all retail sales but the fact is things are moving quickly in this space and it means that a lot of stores are really two big chains are really too big there are too many outlets in too many places and think about all of money that's involved in stalking all of those stores with every kind of shoe for example that you might want within a certain price range in the Payless situation and you want shoes for kids and for older kids for teens for ladies and men as they as they as they classify them so for the entire family that is a lot of stock to have to carry and rent and over overhead as well as labor and so when that people are starting to shift online there may not be such a need for as many stores and certainly that can quickly add up and hurt a company's finances right away just suck them dry essentially and that seems to be happening to many more stores and we keep hearing about that so it's not just because of the online factor not that many people are migrating that quickly but maybe stores were as they say over stored to begin with