Three of seven Southeast Texas Payless shoe stores closing after bankruptcy filing
- Author: Zachary Reyes Apr 06, 2017,
Apr 06, 2017, 21:15
The Payless ShoeSource store in Sikes Senter will soon close as one of 378 the retailer plans to close after filing Chapter 11 bankruptcy recently.
The two Watertown locations will remain open, but the one in Massena and a few in Syracuse will be shutdown. The store recommends visiting their other store in Carson City on Topsy Lane.
Payless ShoesSource media contact Meghan Spreer said the company will not comment on the number of employees affected by the closings.
By closing the stores, Payless just joined a list of other retailers cutting back on their physical presence.
"Like many retailers, Payless has had to take a close look at its business to make sure our company is taking the right steps in a fast-changing and challenging consumer and economic environment", the company said in its frequently asked questions section. The company has been in talks with lenders for months and plans to reduce its debt by nearly 50% through the Chapter 11 process.
"This is a hard, but necessary, decision driven by the continued challenges of the retail environment, which will only intensify", Payless Chief Executive W. Paul Jones said in a statement. It has over 4,400 stores in more than 30 countries and was founded in 1956.
Payless is also expected to renegotiate terms with several of the leaseholders of their 4,400 stores around the world.
Last week Stage Stores Inc. announced plans to acquire a fraction of department store Gordmans' assets, which would allow a subset of Gordmans stores to remain open. It had operated almost 400 stores at the end of 2000.