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The company's bankruptcy announcement was part of a trend of retail closures in 2016–2017 known as the retail apocalypse. [17] [18] Payless emerged from bankruptcy court protection in August 2017. The company was the first among a group of retailers going through bankruptcy since 2016 to successfully complete the process of restructuring. [15]
On March 11, 2020, the company filed for bankruptcy, and announced it would close all 115 stores. At the time of the announcement, Modell's was the world's oldest sporting goods chain Olympia Sports – the company was founded in 1975, and on July 22, 2022, the company filed for bankruptcy and announced it would close all 35 stores by September ...
Payless ShoeSource: 2019–2020 2,500 – all stores in North America and Puerto Rico (2019) Filed February 2019 Emerged January 2020 (second bankruptcy) 700 (Latin and Central America, Caribbean, Southeast Asia, Middle East and India) [55] [56] Pier 1: 2020 Remaining 942 stores Filed February 2020 None [57] Neiman Marcus: 2020 6 Filed May 2020 37
Payless ShoeSource The famed discount shoe retailer was a popular spot for shoppers on a frugal budget, but the momentum eventually died down to the point where the company couldn’t catch its ...
Another one bites the dust! The discount shoe chain has filed for Chapter 11 protection on less than $1 billion in assets and $10 billion in liabilities.
Once Payless of Tacoma declared bankruptcy in 1991, the company was merged with the existing Payless stores from the other company and the Value Giant name was removed for the existing stores. Early photos of a Payless Drug Store under the ownership of L.J. Skaggs are currently on display at the Albany Regional Museum in Albany, Oregon .
Eighteen months after bankruptcy, Payless ShoeSource Inc has hired an adviser to help evaluate strategic alternatives, including a sale or restructuring. Shoe retailer Payless to explore options ...
The company is seeking to immediately close 112 locations and potentially shut down another 296 stores if it can't get cheaper rent for those store. Payless says it could close another 408 stores ...