DISCOUNT footwear chain Payless ShoeSource reportedly may seek bankruptcy court protection and close as many as 500 stores as the Kansas-based company joins other retailers struggling with a consumer shift to online shopping.
Payless initially plans to shut down 400 to 500 stores as part of its latest reorganization plan. - From http://www.winnipegfreepress.com/business/payless-shoesource-edges-toward-bankruptcy-416897144.html
That number is fewer than the projected 1,000 locations eyed earlier, Bloomberg News reported, citing people familiar with the issue.
Founded in Topeka in 1956, Payless offered a new retailing experience, enabling customers to self-select footwear with affordable prices.
The company says it is now the largest specialty family footwear retailer in the Western Hemisphere, with more than 4,000 locations in 30 countries and nearly 22,000 employees.
The company is owned by Golden Gate Capital and Blum Capital Partners, San Francisco-based private equity firms that took over the retailer in 2012 as part of the US$2-billion breakup of Collective Brands.
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