Payless officially files for bankruptcy, winds down North American biz

San Francisco California. Kansas-based discount shoe retailer Payless Shoe Source has filed for Chapter 11 bankruptcy and will close nearly 400 of its

San Francisco California. Kansas-based discount shoe retailer Payless Shoe Source has filed for Chapter 11 bankruptcy and will close nearly 400 of its

"While Payless' North American stores have faced difficulty, due to a challenging retail environment, our thriving businesses in Latin America and the Caribbean have considerable profitable growth potential and remain an integral part of our long-term strategy", Zarazua continued.

Four Payless ShoeSource locations can be found in Victoria, one at the Hillside Shopping Centre, one at the Mayfair Shopping Centre, one at The Bay Centre, and one at the Tillicum Shopping Centre. The outlets will begin closing in March as stock is sold off, with the process expected to be complete by the end of May.

Despite the shuttering of its operation in North America, the company stressed that its stores in Latin America, as well as its global locations, will continue to operate business as usual in every respect. "As we wind them down, we will be conducting liquidation sales".

Winegard suspects discount footwear sellers including Walmart Inc., manufacturers with large online presences and e-commerce brands like Amazon Inc. and Asian-based e-commerce giant Alibaba Group Holding Limited. will benefit from Payless's demise.

However, all sales are now final, so if you bought something at Payless recently and want to return it, you're out of luck. At the time, it had over 4,400 stores in more than 30 countries. "The big discount and big box stores have margins that are razor thin finding it very hard to compete with online retailers".

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Intercity Shopping Centre is losing another long-time tenant.

Payless said the new online playing field left the company unable to continue with its current business model.

In a move that it said results from its inability to operate as a sustainable business following a recent restructuring, Payless Shoes announced it is closing all of its North American stores, and has "wound down" its e-commerce operations.

"We would like to express our deep gratitude for your loyalty and for your business over the years", said Payless to its customers.

"We are proud of our accomplishments in Latin America and the Caribbean, including our leading market share and strong store footprint", commented Mario Zarazua, Chief Financial Officer for Payless.

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