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Payless has filed for bankruptcy and closed all of its 2,500 stores in North America.
The closing of these stores is planned between the end of March and the end of May. Liquidation sales will begin shortly.
Despite this, Payless is still considering honoring its customer gift cards and in-store credit until March 11th. He will also accept returns and exchanges of any item purchased for the final sale between February 17th and March 1st. The retailer has applied for bankruptcy court permission to do so. A hearing is scheduled on Tuesday at 14:30. AND.
This is the second time in two years that the company has filed for bankruptcy protection. In April 2017, he filed for bankruptcy and immediately closed 400 stores. Some 500 others followed shortly thereafter.
Read more: Payless has filed for bankruptcy for the second time in two years and closed its 2,500 stores in North America
"Payless has come out of its previous reorganization, poorly equipped to survive in the context of retail," said Stephen Marotta, director of Payless's restructuring, in a statement released Monday to the press.
"The previous procedures left the company with too much debt, too much store footprint, and overhead systems and systems still to materialize. As a result, we were finally unable to operate e-commerce operations on a sustainable basis. "
Payless stores in Latin America, the US Virgin Islands, Guam and Saipan, as well as its 370 franchised international branches in the Middle East, India, Indonesia, Indochina, the Philippines and Africa, will continue to work as usual.
The discount chain joins a chain of retailers, including Shopko, Gymboree and Charlotte Russe, who also filed for bankruptcy in the first two months of 2019.
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SEE ALSO: More than 1,500 stores are expected to close this year, here is the complete list
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