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Payless To Sell Less? The Retailer In Talks To Shutter Up To 1,000 Stores
After struggling to bear an unsustainable debt load, Payless is in talks to pursue a restructuring plan that depends on closing up to 1,000 stores.
People familiar with the matter said the off-price shoe seller may be forced to file for bankruptcy should it fail to reach a deal with creditors, Bloomberg reports. Perhaps following in the footsteps of Wet Seal, Payless could be the next retailer to suffer from falling foot traffic, changing consumer habits and more sales moving online.
Payless operates more than 4,400 stores and recently hired law firm Kirkland & Ellis to look at ways it can manage its $600M debt load, much of which was added when private equity firms Blum Capital and Golden Gate bought the company three years ago.
