You Might Be About to ‘Payless’ for Shoes in Lubbock
Just as I thought I could stop reporting on retailers that are dead and dying, another one popped up on my screen.
According to our great friends at The Consumerist, Payless ShoeSource is looking to file for bankruptcy as early as next week.
It is estimated that 400-500 stores will close as the company starts to reorganize. After speaking to a manager at a Lubbock store who did not want to be identified, just like Sears, it's business as usual and no announcements have been made regarding any closings.
From The Consumerist:
Payless also happens to have significant debt, with a term loan of more than half a billion dollars coming due in 2021. The retailer would have to sell a lot of BOGO glitter ballet flats to cover that payment if it can’t somehow restructure its debt. That could mean filing for Chapter 11 and reducing its footprint.
Not too sure I would miss Payless, as I haven’t stepped inside of one in years. Will you miss them if they go away? Let us know in the comments.
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