» BANKRUPTCY: Payless Shoesource to close 400 stores
“This is a difficult, but necessary, decision driven by the continued challenges of the retail environment, which will only intensify,” said Paul Jones, Payless chief executive officer. “We will build a stronger Payless for our customers, vendors and suppliers, associates, business partners and other stakeholders through this process.”
Payless also negotiated agreements with certain of its existing lenders to provide the company access of up to $385 million of Debtor-in-Possession financing.
» Retail apocalypse: 3,500 stores to close in 2017
“We intend to use the Chapter 11 process to implement a comprehensive path forward to meaningfully enhance our growth profile and profitability, positioning us to continue to thrive as a sustainable business in the face of the retail industry’s radical, unprecedented transformation,” the company said in a statement.
The company has at least eight locations in the Miami Valley.
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