PROVIDENCE — Payless ShoeSource Inc., a worldwide discount shoe retail chain, is planning to shutter all of its stores in the U.S. when the company files for bankruptcy.
The retailer, which has approximately 2,300 locations in the U.S. – 18 of them in Rhode Island and Bristol County, Mass. – is filing for bankruptcy for the second time. Payless previously filed for bankruptcy in April 2017 with more than $800 million in debt and exited 18 months ago with half of that amount in debt.
Multiple local store managers either declined comment to PBN or directed a reporter to contact Payless’ corporate office. A Payless spokesperson said Friday in a statement that the company will begin liquidation sales this week at its U.S. and Puerto Rico stores, as well as wind down its e-commerce operations. The company expects all stores to remain open until “at least the end of March” with the majority of stores to remain open until May, the spokesperson said.
The company’s franchise operations and its Latin American stores will not be affected by the liquidation, the spokesperson said, and those stores will “remain open for business as usual.”
James Bessette is a PBN staff writer. Email him at Research@PBN.com.