Ladies, it’s time to save those pennies, as Payless is gearing up for a going out of business sale.
The discount shoe store for women’s footwear will reportedly soon close all 2,100 of its locations in the United States and Puerto Rico, a spokesperson told CNN Business on Friday. International franchises and Latin American stores will not be affected by the liquidation. Stores will begin closing in March, though most will remain open until May, the report states.
One twitter user reacted to the news by writing, “This is so sad!”
This is so sad! 🙁Another retailer closing down, more jobs in the US lost.
— MJ Parker (@MJParkerNet) February 17, 2019
Another retailer closing down, more jobs in the US lost..” Another added: “Thought Payless has achieved its mission of putting shoes on the feet of many who could not afford anything above $25. An interesting concept.”
Thought Payless has achieved its mission of putting shoes on the feet of many who could not afford anything above $25. An interesting concept..
— mRoadSide Marketplace (@MroadsideM) February 16, 2019
Online stores will also shut down as speculation looms that the company could file for bankruptcy for a second time by the end of February.
Based in Topeka, Kan., Payless filed for bankruptcy two years ago and closed hundreds of stores in recent years as women searching for deals on fashionable shoes turned to online shopping. The brand reportedly found it challenging to keep up with emerging trends and financing attractive stores.
In the age of Amazon, foot-traffic at U.S. malls has dropped significantly. This has affected Payless, as it was a staple of many suburban malls, which are anchored by bigger brands such as SEARS and J.C. Penny (who have also felt the wrath of online sales). Payless has more than 3,600 locations in 40 countries, according to its website, but it has struggled to stay relevant with American shoppers.
“The pace of disruption in retail is widely acknowledged,” Greg Portell, a partner at consulting firm A.T. Kearney, told CNN Business. “Yet, the pace of change inside retailers continues to lag. Many retailers find themselves trapped in a cycle of continuing to chase consumer trends … Without bold action, the retail landscape will continue to be scattered with bankruptcies.”
Payless liquidation sales begin Sunday.