Payless Could File For Bankruptcy Soon, Close 500 Stores

This popular discount shoe store is struggling.

Payless Shoe Source
Flickr | JeepersMedia

Some more bad news for mall shoppers: Payless is struggling and could file for bankruptcy soon.

The discount shoe chain is planning to close between 400 and 500 stores according to Bloomberg, which cited people familiar with the matter. Payless executives initially talked about closing as many as 1,000 stores, but that number is still being discussed.

Payless is owned by Golden Gate Capital and Blum Capital Partners, two private equity firms that bought the retailer in 2012. Payless was founded in 1956 in Tokepa, Kansas, and has nearly 22,000 employees.

There are more than 4,000 Payless stores in 30 countries.

Add Payless to the growing list of retailers that are planning to close stores in 2017 as people do more of their shopping online. The Limited, Bebe, Abercrombie and Fitch, JCPenney, Sear’s and a bunch of other brands are expected to close brick-and-mortar locations this year.

When have a complete list of stores set to close, we will update this article. Like Don’t Waste Your Money on Facebook to get the updates as soon as they happen.

 

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