Payless asks court to double planned store closure count
What the company first hinted at in February became a reality only two months later. In April, Payless ShoeSource announced that 400 of its roughly 4,400 stores would be closing immediately. The closures took place in nearly every state across the country.
Now as part of its ongoing Chapter 11 bankruptcy filing, Payless has announced the closure of 112 more stores.
If approved, that would bring the total amount of stores closed to over 800.
Yet with the threat to close some 1,000 locations still afoot, it looks like even more closures may be forthcoming down the road.
But there is one ray of hope on the horizon. The company reportedly remains in negotiations with landlords.
That means Payless may still be able to save some of the nearly 300 stores it’s targeted for closure if more favorable lease arrangements can be agreed upon with landlords.
“We remain hopeful that these negotiations will be successful and provide us with the ability to avoid additional closures,” the company notes on its restructuring website.
Other footwear retailers are also struggling
Meanwhile, Payless isn’t the only shoe retailer that’s faced trouble amid a major shakeout at retail brought on by strengthening e-commerce trends and changing consumer tastes shifting away from apparel.
Back in March, Crocs — maker of the once-ubiquitous spongy shoes with holes that were popular among children — announced in March that it plans to pull the plug on 158 stores from its 558-store portfolio by the end of 2018.