Debt-burdened, Payless closing all stores in U.S.

Debt-burdened, Payless closing all stores in U.S.

Debt-burdened, Payless closing all stores in U.S.

Payless ShoeSource has stores in the Maine Mall in South Portland, and in Auburn, Windham and Westbrook.

Payless filed for Chapter 11 bankruptcy back in 2017 which led to 400 stores closing and the Wall Street Journal predicts the company will file again before the remaining stores are closed.

Payless ShoeSource has 7 stores in the Rockford area, and all of them will begin liquidation sales in the next few weeks. A spokeperson said its global franchises and Latin American stores will not be affected.

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Despite slashing 900 stores and $435 million in debt at the time, the company has continued to struggle to stay fiscally afloat in the competitive market. It lists 18,000 employees worldwide. The company also noted that it had over 3,500 stores in 40 different countries, and nearly 18,000 employees worldwide.

The closures will happen between March and May on a rolling basis, according to the company. Toys "R" Us and The Bon-Ton Stores are among the retailers that shut their stores in liquidations in the last 12 months. So far, no firm closing dates have been announced.

Payless was founded in 1956 by two cousins, Louis and Shaol Lee Pozez, to offer self-service stores selling affordable footwear.

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