The end is officially near for Payless ShoeSource.
Payless late on Monday filed for voluntary Chapter 11 bankruptcy protection. In the filing, the company said that it has approximately $470 million in outstanding debt it cant service. The company has already shut down online sales and plans to close its 2,500 North American stores beginning in March. The company will begin liquidation sales as soon as Sunday and plans to have all of its stores shuttered by the end of May. Payless will only honor gift cards until March 11.
Payless, which was founded in 1956 and grew to become one of the largest shoe retailers in the U.S., filed for bankruptcy protection in 2017. At the time, Pay…
Read the full article at: http://fortune.com/2019/02/19/payless-shoesource-bankruptcy/