Payless declared bankruptcy and announced that he would close 2,500 stores | Retail



Payless ShoeSource announced Monday its bankruptcy and will close 2,500 stores in North America, against 2,100 previously announced. Liquidation plans remain the same, with some sites closing in March and most stores remaining open until May.

Original story published Friday. February 15th.

Payless ShoeSource Friday confirmed the closure of its 2,100 stores in the United States, including Puerto Rico.

The retailer, which was founded in 1956 in Topeka, Kuwait, said liquidation sales would begin Sunday and its e-commerce business is "going away."

There are 44 Payless stores in the Dallas-Fort Worth area.

The company's spokesperson did not mention reports that sources have reported that Payless will file for bankruptcy less than two years after its reorganization protected by a court.

During its bankruptcy in 2017, Payless closed more than 2,000 stores. Since then, Payless has been owned by private equity firms Alden Global Capital, Invesco Senior Secured Management and Octagon Credit Investors.

Payless said that all stores would remain open at least until the end of March and that most would remain until May. The company's website states that it has 18,000 employees.

"This process does not affect the company's franchise operations in Latin America, which remain open as usual," the company said.

Last May, Payless transferred most of her Topeka employees to an office tower in downtown Dallas, but the spokeswoman said the seat had not been officially changed.

Twitter: @MariaHalkias


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