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Full Version: Payless Closing All 2500 of its North American Locations
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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.

http://fortune.com/2019/02/16/payless-closing-stores/

The debt-burdened chain filed for Chapter 11 bankruptcy protection in April 2017, closing hundreds of stores as part of its reorganization.
At the time, it had over 4,400 stores in more than 30 countries. It reemerged from restructuring four months later with about 3,500 stores and eliminated more than $435 million in debt.
The company said in an email that the liquidation doesn't affect its franchise operations or its Latin American stores, which remain open for business as usual. The company’s stores in Puerto Rico, however, will close. Payless lists 18,000 employees worldwide.
Shoppers are increasingly shifting their buying online or heading to discount stores such as T.J. Maxx to grab deals on name-brand shoes. That shift has hurt traditional retailers, even low-price outlets such as Payless. Heavy debt loads have also handcuffed retailers, leaving them less flexible to invest in their businesses.
But bankruptcies and store closures will continue through 2019, so there's “no light at the end of the tunnel,” according to a report by Coresight Research.

https://www.latimes.com/business/la-fi-p...story.html

I think a lot of chains will close down this year. I liked Payless. -S
Aww dang. I went there for reasonably priced shoes...and only there.
I kept thinking my cheap shoes would fall apart, but in reality, they wore out from the bottoms first. Sad to see this go.
Alert.....go and get them now....
(02-19-2019, 07:45 PM)PickleSnout Wrote: [ -> ]Aww dang. I went there for reasonably priced shoes...and only there.
I kept thinking my cheap shoes would fall apart, but in reality, they wore out from the bottoms first. Sad to see this go.

I bought a pair of boots there once.
I liked them so much I had them resoled when they wore out.
That cost more than the boots did I think. lol
Well. You haven't lived until the soles of your shoes crumble underneath you while you're out running errands, or discovering, while changing the seasons in your closet, that the soles of the not-cheap (Bass) sandals you loved have crumbled *while they were languishing in the box* over the Winter. I had another pair (Connie, I think- once upon a time, not considered a cheap brand; and they weren't Jimmy Choos, but they weren't cheap, either)
Third strike's a charm- from here on out, I buy nothing but leather soled anything. And stacked leather heels.

A pox on all their houses.
I usually buy my shoes at the thriftstore, or at garage sales. Then I wash them, and put in some soles (I don't want to get toe fungus).

I got some Brooks runners that weren't even used for $2 at a garage sale. Oh the walmart website has a clearance section too that is good to shop from.

Probably what will happen with Payless is they will sell all the shoes at a discounted price to get rid of them. How good that will be depends on the management. So it will be a good time to shop there now.

Hallmark is closing down too.
Oh no! No more star trek ornaments?
My world is changing.
Profit margins in the market place for most ALL business 40 years ago was a 25 to 35% profit as time has progressed big companies put small companies out of business by using LARGE volume and very SMALL profit margins, now lots of companies run margins of less than 3% and that is just CRAZY, one little bump and your toast. This is partially why it is hard to start some businesses because you can't compete without a high volume to produce the profits, this practice is a negative on our economy. and of course laws were relaxed to favor this, and whom do you think allowed this to happen, started with lobbyists and then government passed laws. more corruption.
(02-20-2019, 12:40 AM)Apache54 Wrote: [ -> ]Profit margins in the market place for most ALL business 40 years ago was a 25 to 35% profit as time has progressed big companies put small companies out of business by using LARGE volume and very SMALL profit margins, now lots of companies run margins of less than 3% and that is just CRAZY, one little bump and your toast. This is partially why it is hard to start some businesses because you can't compete without a high volume to produce the profits, this practice is a negative on our economy. and of course laws were relaxed to favor this, and whom do you think allowed this to happen, started with lobbyists and then government passed laws. more corruption.

I think you are right about that.
Payless is a great store. I used to go there all the time.


Sad to see another American icon of retail go.

Ive seen way to many in my years just disappear into the past.

The childhood memories of shopping with my mom at christmastime will remain though.


Thank you Payless.

It brings tears to my eyes to see these icons of shopping go away.
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