Deals
Payless Files for Bankruptcy, Winding Down 2,500 Stores
- All North American Payless stores to close by the end of May
- Latin America, international franchisee stores to remain open
Photographer: Scott Eells/Bloomberg
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Payless Inc. and its North American subsidiaries filed for bankruptcy protection, with the discount shoe retailer saying it plans to close its 2,500 stores in North America by the end of May.
The company, which is taking its second trip to bankruptcy court in two years, said retail operations outside North America, including company-owned stores in Latin America, aren’t included in the Chapter 11 filing and will continue business as usual. The company, which sought relief in the U.S. Bankruptcy Court for the Eastern District of Missouri, said last week it would begin liquidation sales and shut down its online operations.