Payless ShoeSource files for bankruptcy; closing 400 stores

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cathandler
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Payless ShoeSource files for bankruptcy; closing 400 stores

Post by cathandler »

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Re: Payless ShoeSource files for bankruptcy; closing 400 stores

Post by SamSpade »

Originally they said the list would be available after 4 pm CST today, but it's now been moved to after 10 CST tomorrow.

This is only about 10% of their stores; doesn't seem that horrid when you think about it. (of course, I'm not a creditor/supplier that might not be paid)
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Re: Payless ShoeSource files for bankruptcy; closing 400 stores

Post by cathandler »

SamSpade wrote:Originally they said the list would be available after 4 pm CST today, but it's now been moved to after 10 CST tomorrow.

This is only about 10% of their stores; doesn't seem that horrid when you think about it. (of course, I'm not a creditor/supplier that might not be paid)
Compared to the 1,000 locations originally speculated when BK talk first surfaced a few months ago, perhaps this isn't quite so bad. But you have to wonder if they're not closing enough stores to make restructuring successful.
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Re: Payless ShoeSource files for bankruptcy; closing 400 stores

Post by mbz321 »

SamSpade wrote:Originally they said the list would be available after 4 pm CST today, but it's now been moved to after 10 CST tomorrow.

This is only about 10% of their stores; doesn't seem that horrid when you think about it. (of course, I'm not a creditor/supplier that might not be paid)
Other articles seem to indicate that the 400 is just a start and more will likely be shuttered if lease negotiations can't be worked out.
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Re: Payless ShoeSource files for bankruptcy; closing 400 stores

Post by SamSpade »

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Re: Payless ShoeSource files for bankruptcy; closing 400 stores

Post by Super S »

I wonder if any of those are the leased departments inside Shopko stores?

While I do feel bad for mass closings resulting the loss of jobs, I will also say that I am surprised this chain has lasted this long. With the low prices comes very low quality. I remember often when my family was struggling growing up we went there for shoes and it never failed...shoes fell apart within 1-2 months. I am sure I am not the only person that views this chain as a place to find "one time use" types of shoes and not much more than that. As an adult I have avoided this place.
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Re: Payless ShoeSource files for bankruptcy; closing 400 stores

Post by Alpha8472 »

I also agree with the low quality review. The shoes seem cheap and do not last. It just makes you come back again to buy more. Even Walmart shoes seem higher quality than Payless.

The problem is that Payless seemed like they had too many stores. There was one in my local mall and then 2 more just down the street in some rundown strip malls. They had too many stores and needed to get rid of these duplications.
Last edited by Alpha8472 on April 6th, 2017, 1:46 pm, edited 1 time in total.
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Re: Payless ShoeSource files for bankruptcy; closing 400 stores

Post by wnetmacman »

Another thing I noticed, that happened a lot: Payless would have a store in the mall parking lot or within a mile of the mall, and then just inside the mall as well. Too much overlap.
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Re: Payless ShoeSource files for bankruptcy; closing 400 stores

Post by reymann »

three fresno locations will be closing, fulton mall, manchester center, and first & shields. i'm putting them on the liquidation clock!!
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