Payless to close all stores in US, Puerto Rico
Payless ShoeSource, the United States-based footwear company, has announced plans to close all 2,100 stores in the US and Puerto Rico by May.
USA Today reports that some stores are expected to close before April and that Payless also plans to pull its online operations.
“We expect all stores to remain open until at least the end of March and the majority will remain open until May,” Payless said in a statement to the newspaper.
However, the company says it will be business as usual for its franchise operations and stores across Latin American.
“This process does not affect the company’s franchise operations or its Latin American stores,” Payless said.
The iconic footwear company was founded in 1956 by two cousins in Topeka, Kansas.
The chain, which filed for Chapter 11 bankruptcy in 2017, is planning to hold liquidation sales as early as tomorrow.
Two years ago, Payless boasted over 4,400 locations in over 30 different nations.
Despite slashing 900 stores and $435 million in debt at the time, the company has continued to struggle to stay fiscally afloat in the competitive market.