According to Spreer, global expansion remained a priority to Payless and the company planned to open 22 new locations throughout the region though she was not able to say in which territories. The good news for Nevadans is that only one store will be shuttered, the one in Gardnerville at Carson Valley Fair Shopping Center.
On Tuesday, April 4, the company with about 4,400 stores in more than 30 countries filed for Chapter 11 bankruptcy protection.
Payless plans to immediately close 400 stores in the US and Puerto Rico and will also aggressively manage the rest of its real estate portfolio. No North Dakota stores are slated to close.
Spreer said the company did not expect to close any of its stores in Latin America, including Trinidad and Tobago. Shoppers can expect a liquidation sale to begin shortly.
Payless plans to reduce its debt by nearly 50 percent, lower how much it pays in interest and line up funds.
"This is a hard, but necessary, decision, driven by the continued challenges of the retail environment, which will only intensify", Payless CEO W. Paul Jones said in a release.