Payless ShoeSource to shutter all of its remaining 2,100 US stores

[cadence4u]

Payless ShoeSource to shutter all of its remaining 2,100 US stores but plans to still keep its 1,400 in Latin America open:

* The Topeka, Kansas-based chain said Friday it will hold liquidation sales starting Sunday and wind down its e-commerce operations
* All of the stores will remain open until at least the end of March and the majority will remain open until May
* The company said in an email that the liquidation doesn't affect its franchise operations or its Latin American stores, which remain open for business as usual
* It lists 18,000 employees worldwide

Payless ShoeSource is shuttering all of its 2,100 remaining stores in the U.S. and Puerto Rico, joining a list of iconic names like Toys R Us and Bon-Ton that have closed down in the last year.

The Topeka, Kansas-based chain said Friday it will hold liquidation sales starting Sunday and wind down its e-commerce operations. All of the stores will remain open until at least the end of March and the majority will remain open until May.

The debt-burdened chain filed for Chapter 11 bankruptcy protection in April 2017, closing hundreds of stores as part of its reorganization.

At the time, it had over 4,400 stores in more than 30 countries. It remerged from restructuring four months later with about 3,500 stores and eliminated more than $435 million in debt.

The company said in an email that the liquidation doesn't affect its franchise operations or its Latin American stores, which remain open for business as usual. It lists 18,000 employees worldwide.

Shoppers are increasingly shifting their buying online or heading to discount stores like T.J. Maxx to grab deals on name-brand shoes. That shift has hurt traditional retailers, even low-price outlets like Payless. Heavy debt loads have also handcuffed retailers, leaving them less flexible to invest in their businesses.

But bankruptcies and store closures will continue through 2019 so there's 'no light at the end of the tunnel,' according to a report by Coresight Research.

Before this announcement, there have been 2,187 U.S. store closing announcements this year, with Gymboree and Ascena Retail, the parent of Lane Bryant and other brands, accounting for more than half the total, according to the research firm. This year's total is up 23 percent from the 1,776 announcements a year ago. Year-to-date, retailers have announced 1,411 store openings, offsetting 65 percent of store closures, it said.

Payless was founded in 1956 by two cousins, Louis and Shaol Lee Pozez, to offer self-service stores selling affordable footwear.

https://www.dailymail.co.uk/news/article-6711013/Payless-ShoeSource-shutter-remaining-US-stores.html

[countrygirl12]

Did not read your super long post. But I heard they were closing their stores while I was in town this morning.  I also heard something about they were going to sell online.  Even Walmart is moving to just selling most stuff online.

[aflyingmonkey]

Wow.... too bad, but these stores need to change their business models to keep up with Amazon & other online sources.   I never really shopped at Payless Shoes, but I had a friend who used to take advantage of all their BOGO sales for her & her kids.

[Yukichan77]

That's a shame. Maybe they weren't always the best quality but I did like them.

[alina6]

I shopped at Payless. I do care if I have high prices footwear. It just needs to be comfortable.

[teresa3200]

I sure hated to hear that they were closing. I used to buy so many shoes there. I was a manager at Payless at the time so I saw all the new styles first and grabbed them up, and I always loved the shoes. We went there today to get some deals but it was just buy one get one 50% off.

[hkckk5]

I was never one who shopped Pay Less shoes. However, I am sad that all these employees will be out of a job. I have a friend of mine whose teen daughter works for them. Hopefully she can find her another part time job.

[countrygirl12]

There is not one in my town. Not sure how close the nearest one is.  Not close enough to just drop by to see what their sales are.  If you give less than $20 for a pair of tennis shoes and they last a year I guess you are doing good.  I got a pair of Avia at Walmart and they were falling apart in less than 6 months.  I gave about $17 for them so what can you expect?

[countrygirl12]

I was never one who shopped Pay Less shoes. However, I am sad that all these employees will be out of a job. I have a friend of mine whose teen daughter works for them. Hopefully she can find her another part time job.

Part time retail jobs are a dime a dozen pretty much any where.

[ktheodos]

Wow...another store going under...a sign of the times I guess

[autumnsparklemom]

I heard they were going out of business. I used to get shoes from there but haven't lately.

[makeblessed]

We have one in our local mall, I am sure they will be having sales soon. This online shopping shopping is doing in so many stores; while  I did not shop there much; whenever I did I could generally find a comfortable shoe at a price that I could afford. Feel sorry for all of their employees.

[UGetPaid]

Did not read your super long post. But I heard they were closing their stores while I was in town this morning.  I also heard something about they were going to sell online.  Even Walmart is moving to just selling most stuff online.

I don't shop there very often for my shoes, but I cannot imagine many shoe stores that I would shop at online. Some clothes, you just NEED to try them on for fit and feel before buying them. With shoes - that is a must as far as I am concerned.

[countrygirl12]

Did not read your super long post. But I heard they were closing their stores while I was in town this morning.  I also heard something about they were going to sell online.  Even Walmart is moving to just selling most stuff online.

I don't shop there very often for my shoes, but I cannot imagine many shoe stores that I would shop at online. Some clothes, you just NEED to try them on for fit and feel before buying them. With shoes - that is a must as far as I am concerned.

Well I ordered a pair of tennis shoes I knew the size I needed for the exact style and brand I was buying.  I got them from Amazon.  The shoe had no size in it but the box had my shoe size on it.  The shoe was at least an inch too long for my foot.  Since then tee shirts are about all I will order online.  They did give me a refund and free return shipping.

[LaTashaS28]

I haven't heard that they were closing but I never really shopped there