Payless ShoeSource Expected to File for Bankruptcy and Close Its 2,300 Stores
Although no formal announcement has been made, Payless ShoeSource is expected to file for bankruptcy and close all of its shoe stores. Sources are saying that the company has unsuccessfully tried to find a buyer and plans to file later this month.
It is being predicted that the retailer will be holding liquidation sales in the coming weeks to get rid of inventory. In 2017, Payless filed bankruptcy in attempt to get rid of some its $800+ million debt which it was able to cut in half. Creditors took over the company’s ownership at that time.
More than 2,000 stores will be shuttered if the company goes under permanently. Business experts are comparing Payless to other brick-and-mortar household names like Toys “R” Us, whose demise was partly attributed to lack of an effective digital strategy.
The company has not yet responded to any of these reports, but customers should be on the lookout for “Store Closing” signs within the next week or so. Unless a buyer comes through in the 11th hour, it seems inevitably true that Payless will be closing for good.
Watch this video from CBS 2 to hear more about the shoe brand’s circumstances. Keep an eye out in your area for sales.
Do you shop at Payless? Will you be sad to see this company shut down? What are your thoughts on their bankruptcies?