FILE PHOTO: A Payless ShoeSource store is pictured in El Cajon, California, U.S., August 8, 2017. REUTERS/Mike Blake (Reuters) - U.S. discount retailer Payless ShoeSource Inc plans to close all of its approximately 2,300 stores when it files for bankruptcy later this month for the second time in as many years, people familiar with the matter said on Thursday. The move would make Payless one of the most high-profile victims of the string of bankruptcies that have hit the brick-and-mortar retail sector as more shopping is done online. Toys “R” Us and The Bon-Ton Stores are among the retailers that shut their stores in liquidations in the last 12 months. Payless had been trying unsuccessfully to find a buyer. After no such deal could be clinched, the Topeka, Kansas-based company has decided to initiate preparations to liquidate, the sources said. There is still a small chance a buyer could emerge after Payless files for bankruptcy, the sources said. In the meantime, … [Read more...] about Retailer Payless ShoeSource set to shutter its U.S. stores: sources
Visit The Boston Globe Share on Twitter Share on Facebook Comment on this Scroll to top of page Bloomberg News February 08, 2019 Payless Inc. is preparing for its second trip to bankruptcy court with a plan that could drastically shrink the size of the discount shoe chain, according to people with knowledge of the matter.The retailer is seeking a loan to get through bankruptcy proceedings and discussing plans to shutter a significant portion, and potentially all, of its North American stores, said the people, who weren’t authorized to speak publicly. A representative for Topeka, Kansas-based Payless declined to comment.Payless would become the latest in a wave of retail bankruptcies during the past two years as online rivals and heavy debt overtake once-iconic brands like Toys “R” Us and Sears. There’s no letup in sight, with at least half a dozen names going bust so far this year, including Shopko, FullBeauty Brands, Charlotte Russe, … [Read more...] about Payless shoe retailer may close more stores in bid for second bankruptcy
Feb 08, 3:54 PM EST Newsletter Signup BusinessTechnologyWorldNationalMedia & CultureOpinionSportsLuxury Business By Dawn Geske 02/08/19 AT 3:44 PM Discount shoe retailer Payless ShoeSource may be preparing to file for its second bankruptcy since 2017, which could include the offloading of the majority of its stores in the process.The bankruptcy could come within the next two weeks, a source told CNBC.Through the bankruptcy, Payless is looking to sell its store locations throughout certain regions of the U.S., or it may need to close the majority or possibly all of its brick-and-mortar locations, the news outlet reported.The bankruptcy plans are not certain for Payless if it can find a suitable buyer for the entire company, according to the source. Currently, the company is looking to secure a loan to move through the bankruptcy process as well as finalize the details to shutter stores, a source told Bloomberg.Payless is just one of a string of retailers to fall victim to … [Read more...] about Payless ShoeSource Bankruptcy Plans: Will Stores Close?
Breaking News Emails Get breaking news alerts and special reports. The news and stories that matter, delivered weekday mornings. SUBSCRIBE Feb. 8, 2019, 6:27 PM GMT / Source: CNBC.com By Lauren Hirsch, CNBC Payless ShoeSource is preparing for its second bankruptcy, which could come as soon as within two weeks, a person familiar with the situation told CNBC. As part of the bankruptcy process, Payless is is looking for buyers for its real estate, which could include selling large blocks of stores in certain areas of the country. If it cannot find buyers, it may need to shutter the majority, if not all, of its North American store-base, the person said. The person cautioned that plans remain in flux and it is still possible that Payless could avoid a bankruptcy filing, potentially by finding a buyer for the entire company. Payless filed for bankruptcy protection in April 2017 and closed nearly 400 stores. The retailer currently has more than 2,700 North American stores, … [Read more...] about Payless ShoeSource prepares for bankruptcy that could come within weeks, plans store closures
A Payless ShoeSource store is pictured in El Cajon, California, U.S., August 8, 2017. REUTERS/Mike Blake (Reuters) - U.S. discount retailer Payless ShoeSource Inc has hired an adviser to help evaluate strategic alternatives, including a sale or restructuring, less than 18 months after it emerged from bankruptcy, people familiar with the matter said on Tuesday. The action underscores the efforts Payless is making to avoid a second bankruptcy, as the popularity of online shopping on websites such as Amazon.com Inc (AMZN.O) continues to challenge the viability of many brick-and-mortar retailers. Payless has hired investment bank PJ Solomon, the sources said. The chain, a fixture in malls and strip malls known for its shoes costing less than $30, is also considering shuttering at least one-third of its approximately 3,000 stores, one of the sources added. The retailer may also consider filing for bankruptcy, the sources said, cautioning that no decisions on the company’s … [Read more...] about Shoe retailer Payless to explore options, including sale: sources