Thursday 22 August, 2019

Payless reportedly eyes bankruptcy filing next week

The report further says the filing could happen as early as next week and that the company is planning to close as many as 500 stores in an effort to reorganizes the business.

Bloomberg News reached out to Payless, but the company declined to comment on the report.

Founded in Topeka in 1956, Payless offered a new retailing experience, enabling customers to self-select footwear with affordable prices. The company says it now is the largest specialty family footwear retailer in the Western Hemisphere, with more than 4,000 locations in 30 countries and nearly 22,000 employees.

The company is owned by Golden Gate Capital and Blum Capital Partners, San Francisco-based private equity firms that took over the retailer in 2012 as part of the $2 billion breakup of Collective Brands.

The report of Payless’ potential bankruptcy filing comes amid grim financial news for other major retailers.

 

 

 

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