Published: Mon, February 18, 2019
Markets | By Erika Turner

Discount shoe seller with 4 ME stores is folding

Discount shoe seller with 4 ME stores is folding

A Payless ShoeSource store logo is pictured in the Manhattan borough of New York, New York, U.S. April 4, 2017.

"Payless will begin liquidation sales at its USA and Puerto Rico stores on February 17, 2019, and is winding down its e-commerce operations", Payless spokeswoman Lauren Jeffords wrote in an email to the Bangor Daily News.

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.

According to Reuters, approximately 2,300 stores will be closing their doors.

The report mentioned that there is still a small chance the company could be bought after the bankruptcy filing. A spokeperson said its worldwide franchises and Latin American stores will not be affected.

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In the past year, other two retail giants, Bon-Ton and Toys R Us, shut their doors after declaring bankruptcy.

This will be the second time the footwear retailer is going down the bankruptcy road. That's what happened with Gymboree and RadioShack.

Payless ShoeSource is the latest casualty in a slew of bankruptcies retailers are facing across the United States.

The online store will also be closing. Many retailers find themselves trapped in a cycle of continuing to chase consumer trends ...

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