Payless Store

February 21, 2017 Comments Off on Payless Mulling Over Store Closures, Bankruptcy Views: 690 National News, Top National Stories

Payless Mulling Over Store Closures, Bankruptcy

Payless ShoeSource Inc., which sells shoes in community retail centers throughout the United States, is in talks with lenders over a restructuring plan that could involving shuttering approximately 1,000 stores. If unable to reach a deal with its creditors, the shoe retailer could end up in bankruptcy court.

The company has laid off 165 of its employees (2% of its total associate base). Additionally, several of Payless’ major vendor partners indicated that the retailer had fallen behind on payments. Payless is struggling with competitors, such as off-price retailers like DSW Inc. and TJX Cos. Inc., which has taken significant share from the company.

Read More at Footwear News


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