Payless Shoes Files For Bankruptcy, 5 WNY Stores Closing
Just add another retailer to the list. Payless Shoes has filed for Chapter 11 bankruptcy protection. In this announcement a few things changed from their previous announcement that involved closing 1,000 stores. This announcement came with a restructuring plan that involves only closing 400 stores, those stores being the most underperforming store in the U.S. and Puerto Rico. According to USA Today, these closures will help their plan to "shed debt, attract new capital, boost its e-commerce efforts and emerge stronger and more competitive." While 400 stores may seem like a lot the company actually operates about 4,400 stores in 30 countries. It's apparent under this plan they are trying to minimize the closure of their brick-and-mortar stores.
Look for Payless to capitalize with their online stores in the future, this is where a lot of their harshest competition is coming from with sites like Zappos, Amazon and other online retailers. It only makes sense that pushing more of their resources into their web platform would be part of their restructuring plans.
What does this mean for WNY? It has been announced that 5 stores in WNY will be closing.
East Aurora –
Aurora Village SC, 123 Grey St.
5999 S. Park Ave.
North Tonawanda –
301 Meadow Dr.
Eastgate Plaza, 5049 Transit Rd.
Eastern Hills Mall, 4545 Transit Rd.
That does leave several locations open in the area, it is actually impressive how many were located in WNY. Find the store that remains open closest to you HERE.