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Payless Shoes In Debt, Shutting Down Stores

Another week and another retail chain is forced to close it’s doors.

Following in the footsteps of a few other major businesses like Sears, Kmart and Macy’s, Payless Inc. announced this week that the company is in the process of debt reconstruction and could be closing 1,000 of it’s 4,400 stores as a cost cutting tactic. Bloomberg’s Jodi Xu Klein and Lauren Coleman-Lochner say that the discount shoe retailer owes about $600 million and may have to declare bankruptcy if this strategy doesn’t work.

Unfortunately, it is not surprising that retail stores are taking a hit as of late due to the “quickening shift to online shopping offered by competitors led by Amazon.com Inc.”

Klein and Coleman-Lochner also mention that “retailers such as J. Crew Group Inc., Claire’s Stores Inc., Gymboree Corp., Rue21 Inc., and True Religion Apparel Inc. are identified as the most troubled companies on S&P Global’s list of retailers on negative outlook.” So don’t be surprised if more of your favourite retailers get affected by this mall decline.

Keep your eyes peeled for updates on which Payless locations will be shutting their doors and if they’ll be having closing sales.