Payless preparing for bankruptcy with store closures, report says

Payless ShoeSource is reportedly preparing for its second bankruptcy with plans to shut down a significant portion of its North American stores, according to Bloomberg.

The discount shoe store is seeking a loan to cover bankruptcy proceedings, a person familiar with the matter told Bloomberg, requesting unanimity because they were not authorized to speak publicly. The number of store closures wasn't reported, but sources say the company may potentially close all North American locations.

Payless filed for bankruptcy protection in April 2017 and closed nearly 400 stores. The retailer currently has more than 2,700 North American stores, according to its website.

Let's block ads! (Why?)

from Top News & Analysis https://cnb.cx/2Dk4Gub