Payless shuttering 2,500 stores as it declares bankruptcy—again
The chain’s recently installed chief restructuring officer said the company ‘emerged from its prior reorganization ill-equipped to survive in today’s retail environment.’
Constant promotions and a viral marketing campaign weren’t enough to help Payless ShoeSource lace up for another retail run.
On Saturday, the bargain footwear chain announced it would close all locations across the United States, including Puerto Rico, adding up to roughly 2,500 stores. On Sunday, Payless filed for bankruptcy—the chain’s second in only a few years.
The retailer, which filed for bankruptcy two years ago, had already closed hundreds of stores in recent years as its brand lost luster among women searching for deals on shoes. It is the latest mass-market retailer to vanish from the retail landscape.
On Sunday, the retailer also began liquidation sales, which will continue through May, though some Payless locations will close as early as March. The company’s stores in Latin America, along with its international franchises, will remain open.
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Tags: Payless
