2,300 Payless Stores Closing 2019: 7 Things We Know

Payless ShoeSource announced that the company will be shuttering thousands of its U.S. stores as it has been struggling to compete with other big-name brands in the industry.

Payless stores closing

Here are seven things to know about the company’s closures:

  • The company said that it will shutter the doors of its 2,300 U.S. stores.
  • The move comes as Payless is filing for bankruptcy later this month.
  • This could lead to the company having clearance, liquidation sales as soon as next week.
  • The decision would mark the second bankruptcy for the shoe chain as it previously filed for bankruptcy in 2017 to eliminate large amounts of debt.
  • The Payless bankruptcy from 2017 resulted in the company shuttering the doors of more than 500 “underperforming” locations in the U.S. and Puerto Rico.
  • The retailer has yet to confirm the report, although sources close to the matter told Reuters that there is a small chance of a buyer saving the company from closing all its locations, although who that buyer could be remains unclear.
  • If the company follows through with the closure of its 2,300 stores, it would continue the trend of retail businesses in the U.S. struggling to keep up with the surge of e-commerce, causing them to close their doors.

Payless was founded in Topeka, Kansas in 1956 by cousins Louis and Shaol Pozez. W. Paul Jones currently serves as the CEO.

Article printed from InvestorPlace Media, https://investorplace.com/2019/02/payless-stores-closing/.

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