Payless ShoeSource to close all remaining U.S. stores

United States
Published:  19 February, 2019

The U.S. chain of discount footwear is allegedly closing all of its 2,100 remaining stores in the country, with liquidation sales to be scheduled.

As previously reported by ILM, the American discount footwear chain had filed for Chapter 11 protection in April 2017 and later said it was confident it had succeeded in restructuring its debt load, after eliminating in excess of US$435 million in funded debt. At the time, the Company had over 4,400 stores in more than 30 countries, and it re-emerged from restructuring four months later with around 3,500 stores.

However, Payless is to file for bankruptcy once again at the end of February. Allegedly, it has been unsuccessful in finding a buyer and all U.S. shops are to close by the end of March. Founded in 1956, Payless employs around 18,000 people worldwide.

Sources: LA Times/Reuters