https://www.nytimes.com/2019/02/16/business/payless-shoes-stores.html
Payless Shoes to Shut All U.S. Stores and Wind Down Online Operation
A Payless shoe store in San Francisco. The company said on Saturday that it planned to close all of its American stores.CreditJustin Sullivan/Getty Images
Image
A Payless shoe store in San Francisco. The company said on Saturday that it planned to close all of its American stores.CreditCreditJustin Sullivan/Getty Images
By Michael Corkery
The company said on Saturday that it would begin liquidating all 2,100 of its stores in the United States, including Puerto Rico. Payless is also winding down its online business.
The retailer, which filed for bankruptcy two years ago, had already closed hundreds of stores in recent years as its brand lost luster among women searching for deals on shoes. It is the latest mass-market retailer to vanish from the retail landscape.
The liquidation of Payless, based in Topeka, Kan., is another example of how bankruptcy has helped retailers shed their debt, but it has not helped many of them restructure their businesses and regain sales.
Toys “R” Us and Bon-Ton, a department store chain, liquidated last summer, after failing to come up viable reorganization plans. Sears narrowly escaped liquidation this month after a judge allowed its chairman and largest lender, the hedge fund manager Edward S. Lampert, to buy the company and keep its stores open.
The Payless liquidation comes as more people are opting to shop online rather than in stores, which were at the core of the shoe company’s strategy. But e-commerce explains only part of Payless’s challenges. While Payless struggled to stay relevant with shoppers, other retailers catering to bargain conscious shoppers, like TJ Maxx and Nordstrom Rack, are thriving.
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https://www.al.com/news/2019/02/pay...-sales-start-sunday-no-more-online-sales.html
Payless going-out-of-business sales start Sunday; no more online sales
Updated 11:18 AM; Posted 11:18 AM
Going-out-of-business sales start Sunday at Payless ShoeSource locations. (NJ.com file phot)
32 shares
By Leada Gore | [email protected]
Going-out-of-business sales at Payless ShoeSource start today.
The discount shoe chain announced last week it was closing all of its 2,100 stores in the U.S. Liquidation sales will start Sunday with store closures expected to begin in March and be completed sometime in May.
The company is also ending its e-commerce business.
In a statement online, Payless said as of Feb. 15 it was no longer selling products online. Merchandise is available on Amazon.com “for the time being.” Customers with questions should contact [email protected].
Payless said its franchise operations, as well as its Latin American stores, will remain open.
The closures come as Payless reportedly readies for its second bankruptcy filing since 2017. At the time, Payless operated close to 3,000 stores, but closed hundreds it identified as “underperforming.”
Founded in 1956 in Topeka, Kansas, Payless is currently a privately held company owned by Blum Capital and Golden Gate Capital. The chain currently employs some 18,000 people.
Payless is the latest in a string of national retailers shutting their doors as they grapple with increased business from online sellers. In recent years, Toys R Us, Gymboree and Charlotte Russe have filed for bankruptcy and either stopped operations or closed multiple stores.
http://fortune.com/2019/02/16/payless-closing-stores/
Payless Closing U.S. Stores, Winding Down Online Operations
Payless Tricked People With This Fake Luxury Store
Guests paid hundreds of dollars for $20 shoes.
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By Dan Wilchins, Lauren Coleman-Lochner, and Bloomberg
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Payless Inc. is liquidating its U.S. and Puerto Rico stores and shutting down its online operations as the upheaval in the retail industry claims its latest victim.
The discount shoe chain is starting liquidation sales on Feb. 17, and expects the stores to remain open until at least the end of March, according to a statement. The company was preparing to file for bankruptcy for the second time in two years, people with knowledge of the matter said last week.
The liquidation process doesn’t affect Payless’s franchise operations or its Latin American stores, which remain open for business, according to the statement. The Topeka, Kansas-based retailer has been looking for loans to get through bankruptcy proceedings, the people with knowledge said last week.
Heavily indebted store chains have been going under for two years, claiming once-iconic names like Toys “R” Us. Retailers including Shopko, FullBeauty Brands, Charlotte Russe, Things Remembered and Gymboree have filed for bankruptcy this year.
Payless was founded in 1956 with the goal of selling affordable shoes in a self-service setting and says it’s the largest specialty footwear chain in the Western Hemisphere. The company struggled to manage debt taken on in a 2012 leveraged buyout by Golden Gate Capital and Blum Capital Partners, filing for bankruptcy protection in April 2017. It emerged with fewer stores, its debt cut in half and creditors owning the company. The chain employs more than 18,000 globally and operates about 3,600 outlets worldwide, according to its website, with more than 2,700 in North America.
https://edition.cnn.com/2019/02/15/business/payless-closing-stores-bankrupt/index.html
Payless is closing all its 2,100 US stores
By Ahiza Garcia, CNN Business
Updated 0431 GMT (1231 HKT) February 16, 2019
https://www.sammyboy.com/javascript:void(0);
San Francisco (CNN Business)Payless is the latest retail chain to close up shop in the United States.
The discount shoe store will close all 2,100 of its locations in the United States and Puerto Rico in the coming months, a spokesperson told CNN Business on Friday. Liquidation sales will begin on Sunday and stores will begin closing in March, though most will say open until May.
Payless also plans to shut down its online store. The company could file for bankruptcy for a second time by the end of the month, according to reports.
Founded in 1956 in Topeka, Kansas, Payless has more than 3,600 locations in 40 countries and over 18,000 employees, according to its website. A spokeperson said its international franchises and Latin American stores will not be affected.
The company first filed for Chapter 11 bankruptcy in April 2017 and closed roughly 400 stores at that time. It reorganized and cut millions of dollars in debt, but that doesn't appear to have been enough to save the company.
Charlotte Russe files for bankruptcy and will close nearly 100 stores
It's common for retailers to try to use bankruptcy to reorganize by shedding debt and closing stores. Often these companies end up with a second bankruptcy soon after. That's what happened with Gymboree and RadioShack.
Payless is the latest brick-and-mortar retailer to suffer in the age of Amazon (AMZN), joining Toys "R" Us, Brookstone and clothing store Charlotte Russe. Online shopping has led to a drop in foot-traffic at US malls, which were a vital source of customers for stores like Payless.
"The pace of disruption in retail is widely acknowledged," Greg Portell, a partner at consulting firm A.T. Kearney, told CNN Business. "Yet, the pace of change inside retailers continues to lag. Many retailers find themselves trapped in a cycle of continuing to chase consumer trends ... Without bold action, the retail landscape will continue to be scattered with bankruptcies."
Chris Isidore and Nathaniel Meyersohn contributed to this story.
Payless Shoes to Shut All U.S. Stores and Wind Down Online Operation
A Payless shoe store in San Francisco. The company said on Saturday that it planned to close all of its American stores.CreditJustin Sullivan/Getty Images
Image
A Payless shoe store in San Francisco. The company said on Saturday that it planned to close all of its American stores.CreditCreditJustin Sullivan/Getty Images
By Michael Corkery
- Feb. 16, 2019
The company said on Saturday that it would begin liquidating all 2,100 of its stores in the United States, including Puerto Rico. Payless is also winding down its online business.
The retailer, which filed for bankruptcy two years ago, had already closed hundreds of stores in recent years as its brand lost luster among women searching for deals on shoes. It is the latest mass-market retailer to vanish from the retail landscape.
The liquidation of Payless, based in Topeka, Kan., is another example of how bankruptcy has helped retailers shed their debt, but it has not helped many of them restructure their businesses and regain sales.
Toys “R” Us and Bon-Ton, a department store chain, liquidated last summer, after failing to come up viable reorganization plans. Sears narrowly escaped liquidation this month after a judge allowed its chairman and largest lender, the hedge fund manager Edward S. Lampert, to buy the company and keep its stores open.
The Payless liquidation comes as more people are opting to shop online rather than in stores, which were at the core of the shoe company’s strategy. But e-commerce explains only part of Payless’s challenges. While Payless struggled to stay relevant with shoppers, other retailers catering to bargain conscious shoppers, like TJ Maxx and Nordstrom Rack, are thriving.
You have 4 free articles remaining.
Subscribe to The Times
https://www.al.com/news/2019/02/pay...-sales-start-sunday-no-more-online-sales.html
Payless going-out-of-business sales start Sunday; no more online sales
Updated 11:18 AM; Posted 11:18 AM
Going-out-of-business sales start Sunday at Payless ShoeSource locations. (NJ.com file phot)
32 shares
By Leada Gore | [email protected]
Going-out-of-business sales at Payless ShoeSource start today.
The discount shoe chain announced last week it was closing all of its 2,100 stores in the U.S. Liquidation sales will start Sunday with store closures expected to begin in March and be completed sometime in May.
The company is also ending its e-commerce business.
In a statement online, Payless said as of Feb. 15 it was no longer selling products online. Merchandise is available on Amazon.com “for the time being.” Customers with questions should contact [email protected].
Payless said its franchise operations, as well as its Latin American stores, will remain open.
The closures come as Payless reportedly readies for its second bankruptcy filing since 2017. At the time, Payless operated close to 3,000 stores, but closed hundreds it identified as “underperforming.”
Founded in 1956 in Topeka, Kansas, Payless is currently a privately held company owned by Blum Capital and Golden Gate Capital. The chain currently employs some 18,000 people.
Payless is the latest in a string of national retailers shutting their doors as they grapple with increased business from online sellers. In recent years, Toys R Us, Gymboree and Charlotte Russe have filed for bankruptcy and either stopped operations or closed multiple stores.
http://fortune.com/2019/02/16/payless-closing-stores/
Payless Closing U.S. Stores, Winding Down Online Operations
Payless Tricked People With This Fake Luxury Store
Guests paid hundreds of dollars for $20 shoes.
Video Player is loading.
Current Time 0:05
/
Duration 1:02
You Might Like
Katy Perry Pulls Shoes Over Blackface Controversy
Store Owner Stopped Selling Nike, Now Forced to Close
You Can Use Your Phone to Try on Glasses
By Dan Wilchins, Lauren Coleman-Lochner, and Bloomberg
February 16, 2019
Payless Inc. is liquidating its U.S. and Puerto Rico stores and shutting down its online operations as the upheaval in the retail industry claims its latest victim.
The discount shoe chain is starting liquidation sales on Feb. 17, and expects the stores to remain open until at least the end of March, according to a statement. The company was preparing to file for bankruptcy for the second time in two years, people with knowledge of the matter said last week.
The liquidation process doesn’t affect Payless’s franchise operations or its Latin American stores, which remain open for business, according to the statement. The Topeka, Kansas-based retailer has been looking for loans to get through bankruptcy proceedings, the people with knowledge said last week.
Heavily indebted store chains have been going under for two years, claiming once-iconic names like Toys “R” Us. Retailers including Shopko, FullBeauty Brands, Charlotte Russe, Things Remembered and Gymboree have filed for bankruptcy this year.
Payless was founded in 1956 with the goal of selling affordable shoes in a self-service setting and says it’s the largest specialty footwear chain in the Western Hemisphere. The company struggled to manage debt taken on in a 2012 leveraged buyout by Golden Gate Capital and Blum Capital Partners, filing for bankruptcy protection in April 2017. It emerged with fewer stores, its debt cut in half and creditors owning the company. The chain employs more than 18,000 globally and operates about 3,600 outlets worldwide, according to its website, with more than 2,700 in North America.
https://edition.cnn.com/2019/02/15/business/payless-closing-stores-bankrupt/index.html
Payless is closing all its 2,100 US stores
By Ahiza Garcia, CNN Business
Updated 0431 GMT (1231 HKT) February 16, 2019
https://www.sammyboy.com/javascript:void(0);
San Francisco (CNN Business)Payless is the latest retail chain to close up shop in the United States.
The discount shoe store will close all 2,100 of its locations in the United States and Puerto Rico in the coming months, a spokesperson told CNN Business on Friday. Liquidation sales will begin on Sunday and stores will begin closing in March, though most will say open until May.
Payless also plans to shut down its online store. The company could file for bankruptcy for a second time by the end of the month, according to reports.
Founded in 1956 in Topeka, Kansas, Payless has more than 3,600 locations in 40 countries and over 18,000 employees, according to its website. A spokeperson said its international franchises and Latin American stores will not be affected.
The company first filed for Chapter 11 bankruptcy in April 2017 and closed roughly 400 stores at that time. It reorganized and cut millions of dollars in debt, but that doesn't appear to have been enough to save the company.
Charlotte Russe files for bankruptcy and will close nearly 100 stores
It's common for retailers to try to use bankruptcy to reorganize by shedding debt and closing stores. Often these companies end up with a second bankruptcy soon after. That's what happened with Gymboree and RadioShack.
Payless is the latest brick-and-mortar retailer to suffer in the age of Amazon (AMZN), joining Toys "R" Us, Brookstone and clothing store Charlotte Russe. Online shopping has led to a drop in foot-traffic at US malls, which were a vital source of customers for stores like Payless.
"The pace of disruption in retail is widely acknowledged," Greg Portell, a partner at consulting firm A.T. Kearney, told CNN Business. "Yet, the pace of change inside retailers continues to lag. Many retailers find themselves trapped in a cycle of continuing to chase consumer trends ... Without bold action, the retail landscape will continue to be scattered with bankruptcies."
Chris Isidore and Nathaniel Meyersohn contributed to this story.
