Payless Shoes Going Out Of Business; Liquidation Starts Sunday
Payless ShoeSource became the latest victim of the online retailing revolution, announcing it will close all its 2100 stores. Liquidation sales begin Sunday and stores will being to close in March, though CNN reports most will stay open until May. The company said it is also ending its e-commerce business.
Payless is the latest brick-and-mortar retailer to suffer in the age of Amazon, joining Toys "R" Us, Brookstone and clothing store Charlotte Russe. Online shopping has led to a drop in foot-traffic at US malls, which were a vital source of customers for stores like Payless. - cnn.com
Payless filed for bankruptcy in early 2017, closing stores and restructuring debt, but it wasn't enough.
According to USA Today, over 2000 store closings have been announced so far this year, which is over 20% more than last year at this time.