Payless files for bankruptcy. Here’s what it could mean for the shoe retailer
It looks like the end of the line for discount shoe retailer Payless ShoeSource Inc.
The same brand that popularized the buy-one-get-one half off sale planned to file for bankruptcy later this month for the second time in as many years. But according to a Reuters report, this bankruptcy could mean the company will be shuttering more than 2,300 stores.
According to the report, Payless unsuccessfully looked for a buyer, but when they couldn’t find one, the Kansas-based company went ahead with the decision to liquidate assets. This could mean that Payless stores could start going-out-of-business sales at its stores in the next week.
Major retailers have been going under in recent years largely due to the rise of online shopping, and the Payless bankruptcy is the latest in a series of high profile retailers being driven out of business by e-commerce. Toys “R” Us closed all its stores last year after filing for bankruptcy, and children’s clothing retailer Gymboree announced its decision to shutter all its Gymboree and Crazy 8 stores last month.
