DISCOUNT SHOE RETAILER 'PAYLESS' TO CLOSE ALL CANADIAN STORES
Feb 19, 2019
By Bob Komsic
Saying prior reorganization left it ”ill-equipped” for the current retail environment with too much remaining debt and too large a store footprint, Payless has announced it’s closing all 2,500 of its North American locations this spring.
That means the closure of 248 Canadian stores will result in job losses for about 2,400 employees.
Payless, founded in Kansas 63-years go, was once one of the largest shoe retailers in the world, selling more than 110-million pairs-a-year.
The company, which has filed for bankruptcy in the U.S. and will soon file for creditor protection in Canada, will start closing stores the end of March, though some will remain open until the end of May.