Today is the last day to use any gift cards you may have for Payless ShoeSource.
Discount shoe store Payless ShoeSource Inc is set to close all of its 2,300 stores soon.
Following the shoes of Toys “R” Us, the store is seeing a decline in sales and, as a result, plans to file for bankruptcy for the second time in as many years. According to the report, Payless has been trying to find a buyer to prevent the closing but so far no one has bit.
Reuters said Payless filed for bankruptcy once before in April 2017, and exited 18 months ago, with about $400 million in loans, after slashing its debt pile from over $800 million, according to court papers. A group of creditors, including hedge fund Alden Global Capital LLC, took over ownership, according to bankruptcy court records.