Payless is set to file for bankruptcy in the next week, according to Bloomberg report, hurt by lower traffic and stiffer competition. - From http://fortune.com/2017/03/22/payless-bankruptcy/
Payless, the operator of a discount shoe chain, is set to file for bankruptcy protection as soon as next week, Bloomberg News has reported, citing unnamed sources.
The retailer rose to prominence by offering customers a new approach: self-service in a shoe store in exchange for lower prices.
The prospect of a Payless bankruptcy is just the last bad news to buffet the retail world.
Stores like The Sports Authority, American Apparel, Aéropostale, Wet Seal and PacSun are among the retailers to have filed for bankruptcy protection in the last two years, with some liquidating altogether.
And a month later, credit rating agency, Moody's Investors Service in downgraded its debt rating, saying the decision reflected "weaker than anticipated operating performance."