Rumored Payless Bankruptcy Filing, Up to 500 Store Closings
Discount shoe store Payless is struggling. USA Today reports the retailer has been rumored to be seeking bankruptcy court protection and may close as many as 500 stores. Payless plans to shut down the stores as part of its reorganization strategy. While 500 stores closing is a lot, it's less than the original estimate of 1,000 stores. Unfortunately, Payless joins the likes of Sears and Kmart in a particular tough fiscal quarter for retail.
Total Retail's Take: Payless has seen its fair share of ups and downs over the last few years, with more and more consumers shifting to online shopping. As recent as last year, the company was trying out superstores to enhance the omnichannel experience, closing 300-500 smaller stores. We'll see what 2017 holds for the retailer in a crowded market.
