Categories: Shopping & Retail

Payless wants to shutter 400+ more stores after first round of closures

  | 
Team Clark is adamant that we will never write content influenced by or paid for by an advertiser. To support our work, we do make money from some links to companies and deals on our site. Learn more about our guarantee here.

When we told you back in February that Payless was reportedly looking to close around 1,000 locations, we weren’t lying!

Read more: Report says Payless is looking to close 1,000 stores

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.

The chain is also petitioning the U.S. Bankruptcy Court in the Eastern District of Missouri to allow the shuttering of another nearly 300 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.

Read more: Retail alert — Another major clothing retailer files for bankruptcy

Liquidation sales underway at 138 J.C. Penney locations

 

This post was last modified on May 30, 2017 1:00 pm

Recent Posts

Should I Fire My 1% Financial Advisor To Save on Fees?

Deciding to save and invest are great habits. But once you check that box, your…

22 hours ago

Fubo Drops Popular Channels Amid Dispute with Warner Bros. Discovery

If you're considering subscribing to Fubo, you need to be comfortable missing out on some…

2 days ago

5 Things To Know About the Wells Fargo Signify Business Cash Card

Are you looking for a way to earn 2% back on every purchase you make…

2 days ago

How Dividing Your Monthly Credit Card Payment Speeds Up Your Payoff Date

You're not alone if you're running a balance on your credit cards. Collectively, Americans are…

2 days ago

5 Things You Should Re-Shop To Save Money

A big part of saving money comes down to knowing how to comparison shop. But…

3 days ago

What Are My Retirement Account Options if My Company Doesn’t Offer a 401(k)?

If you work for a big company as a full-time employee, chances are you have…

3 days ago