Payless Shoesource is filing for Chapter 11 bankruptcy protection. The family footwear giant also announced plans to close nearly 400 stores nationwide as part of a restructuring plan. Once that’s done, the company expects to cut its debt in half and focus on global growth and online expansion.
What does 400 stores closing mean exactly? Payless operates nearly 44-hundred stores in more than 30 countries. The company says they’re looking to “optimize its store footprint, with the immediate closure of nearly 400 underperforming locations in the U.S. and Puerto Rico.” And by the way? That’s better than two months ago when the company planned to shutter 1000 stores.
Source: USA Today
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