Another one bites the dust, #Roommates. Looks like #Payless is no more.
Payless ShoeSource officials confirmed today that they will be closing all 2,100 stores in the U.S. and #PuertoRico and that liquidation sales begin this Sunday. The company is also shutting down its online operations.
“We expect all stores to remain open until at least the end of March and the majority will remain open until May,” the company said in a statement to @Usatoday. “This process does not affect the company’s franchise operations or its Latin American stores, which remain open for business as usual.”
It was hard to stop Payless from going the way of retailers such as #MatressFirm and #Gymboree because the company never dug itself out of the hole after filing for bankruptcy back in 2017.
At that time, Payless closed 400 stores but had plans to reorganize and cut millions of dollars of debt, but the plan was not enough to save the company, which was founded in 1956 in Topeka, Kansas. Beyond the United States, Payless has more than 3,600 stores in 40 countries and over 18,000 employees.
Payless, like many other brick and mortar businesses, are struggling to remain open with the rise of online retailers.
Earlier this month we reported that mall staple Charlotte Russe had filed for bankruptcy, with plans to shut down nearly 100 stores in the coming months.
Hoping to not go the way of stores such as #LimitedToo and #WetSeal (RIP), Charlotte Russe plans to emerge from bankruptcy with a new owner and a lighter balance sheet.
Officials secured $50 million from lenders to continue running about 400 Charlotte Russe and Peek Children’s stores, as well as its website, during the bankruptcy.
#Roommates, are you sad to see Payless go? Let us know!
TSR STAFF: Christina C! @cdelafresh
