Paylesss ShoeSource is shuttering all of its 2,100 remaining stores in the U.S. and Puerto Rico, joining a list of iconic names like Toys R Us and Bon-Ton that have been shuttered in the last year.

The Topeka, Kansas-based chain said Friday it will hold liquidation sales starting Sunday and wind down its e-commerce operations. All stores will remain open until at least the end of March and the majority will remain open until May.

The debt-burdened chain filed for Chapter 11 bankruptcy protection in April 2017, closing hundreds of stores as part of its reorganization.

At the time, it had over 4,400 stores in more than 30 countries. It remerged from restructuring four months later with about 3,500 stores and eliminated more than $435 million in debt. </s> Payless ShoeSource has filed for Chapter 11 bankruptcy and is shuttering its remaining stores in North America.

The filing on Monday occurred a day after it began holding going-out-of-business sales at its North American stores. The shoe chain, based in Topeka, Kansas, updated the number it plans to shutter to 2,500 stores, up from 2,100 on Friday when it confirmed it was planning to liquidate its business. It reiterated that stores will remain open until at least the end of March and the majority will remain open until May.

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The liquidation doesn't affect its franchise operations or its Latin American stores, which remain open for business as usual, it said.

The debt-burdened chain filed for Chapter 11 bankruptcy protection the first time around in April 2017, closing hundreds of stores. </s> Feb 18 (Reuters) - U.S. discount retailer Payless ShoeSource Inc filed for voluntary Chapter 11 bankruptcy protection along with its North American subsidiaries on Monday and said it will wind down all North American stores by the end of May.

The company said it will close about 2,500 stores in North America starting from the end of March and wind down its e-commerce operations.

The retailer listed both assets and liabilities in a range of $500 million to $1 billion in a filing in the U.S. Bankruptcy Court for the Eastern District of Missouri. (Reporting by Ishita Chigilli Palli in Bengaluru; Editing by Subhranshu Sahu) </s> The famous Payless ShoeSource says they will be closing down the rest of the 2,100 stores across the United States.

The Kansas-based chain says starting on Sunday, they will hold liquidation sales and discontinue their e-commerce operations. A few stores will end operation until the end of March and the rest will end in May.

Before, they had over 4,400 stores in over 30 countries. After restructuring from debt problems, it went down to roughly 3,500 stores.

An email sent by the company states that it will not affect the franchise or the Latin American stores. Those stores will remain open.

Consumers are buying shoes at discount stores, which hurt traditional retailers and Payless. </s> New York – Payless ShoeSource has filed for Chapter 11 bankruptcy protection and is shuttering its remaining stores in North America.

The filing on Monday came a day after the shoe chain began holding going-out-of-business sales at its North American stores.

The company, based in Topeka, Kansas, updated the number of stores it is closing to 2,500, up from the 2,100 it cited on Friday when it confirmed it was planning to liquidate its business. It reiterated that stores will remain open until at least the end of March and the majority will remain open until May.

The liquidation doesn’t affect its franchise operations or its Latin American stores, which remain open for business as usual, it said.

The debt-burdened chain filed for Chapter 11 bankruptcy protection a first time in April 2017, closing hundreds of stores as part of its reorganization.

“The challenges facing retailers today are well documented, and unfortunately, Payless emerged from its prior reorganization ill-equipped to survive in today’s retail environment,” said Stephen Marotta, Payless ShoeSource’s chief restructuring officer.

He noted that the prior Chapter 11 proceedings left the company with too much debt and with too many stores. </s> NEW YORK — Payless ShoeSource is shuttering all of its 2,100 remaining stores in the U.S. and Puerto Rico, joining a list of iconic names like Toys R Us and Bon-Ton that have closed down in the last year.

The Topeka, Kansas-based chain said Friday it will hold liquidation sales starting Sunday and wind down its e-commerce operations. All of the stores will remain open until at least the end of March and the majority will remain open until May.

The debt-burdened chain filed for Chapter 11 bankruptcy protection in April 2017, closing hundreds of stores as part of its reorganization.

At the time, it had over 4,400 stores in more than 30 countries. It remerged from restructuring four months later with about 3,500 stores and eliminated more than $435 million in debt.

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The company said in an email that the liquidation doesn't affect its franchise operations or its Latin American stores, which remain open for business as usual. It lists 18,000 employees worldwide.

Shoppers are increasingly shifting their buying online or heading to discount stores like T.J. Maxx to grab deals on name-brand shoes. That shift has hurt traditional retailers, even low-price outlets like Payless. Heavy debt loads have also handcuffed retailers, leaving them less flexible to invest in their businesses.

But bankruptcies and store closures will continue through 2019 so there's "no light at the end of the tunnel," according to a report by Coresight Research.

Before this announcement, there have been 2,187 U.S. store closing announcements this year, with Gymboree and Ascena Retail, the parent of Lane Bryant and other brands, accounting for more than half the total, according to the research firm. This year's total is up 23 percent from the 1,776 announcements a year ago. Year-to-date, retailers have announced 1,411 store openings, offsetting 65 percent of store closures, it said.

Payless was founded in 1956 by two cousins, Louis and Shaol Lee Pozez, to offer self-service stores selling affordable footwear. </s> CLOSE The discount shoe retailer Payless ShoeSource is set to close all of its stores when its files for bankruptcy later this month. Veuer's Mercer Morrison has the story. Buzz60

Payless ShoeSource confirmed Friday that it will close its 2,100 stores in the U.S. and Puerto Rico and start liquidation sales Sunday. The company is also shuttering its e-commerce operations.

The closings mark the biggest by a single chain this year and nearly doubles the number of retail stores set to close in 2019.

"We expect all stores to remain open until at least the end of March and the majority will remain open until May," the company said in a statement to USA TODAY. "This process does not affect the company’s franchise operations or its Latin American stores, which remain open for business as usual.”

Payless.com is no longer accepting online orders but its store locator was still working Saturday.

The Topeka, Kansas-based discount shoe retailer had previously filed for bankruptcy protection in 2017 and closed 673 stores.

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Payless ShoeSource is closing all U.S. stores. (Photo: J.C. Reindl, Detroit Free Press)

In a September news release, Payless said it was "the largest specialty footwear retailer in the Western Hemisphere" with more than 3,500 stores in 40 countries worldwide and nearly 18,000 employees.

Days before Payless confirmed stores would be shuttered, Coresight Research on Wednesday released an outlook of 2019 store closures that said there was "no light at the end of the tunnel."

Prior to the Payless announcement, 2,187 store closings had been announced in the first six weeks of the year, according to the global market research firm's report. This represented a 23 percent increase over the same time period last year.

Those closings include 749 Gymboree stores, 251 Shopko stores and 94 Charlotte Russe locations.

For 2018, Coresight Research tracked 5,524 closings, which included all Toys R Us stores, and hundreds of Mattress Firm stores, Kmart and Sears locations, and Brookstone's remaining mall stores.

The record year for closings was 2017, with 8,139 shuttered stores, Coresight reported. This included the 2017 Payless closings, the entire HHGregg electronics and appliance chain and hundreds of Sears and Kmart stores.

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Follow USA TODAY reporter Kelly Tyko on Twitter: @KellyTyko

Read or Share this story: https://www.usatoday.com/story/money/2019/02/15/payless-shoesource-all-u-s-stores-liquidating-and-closing/2885949002/ </s> Payless ShoeSource confirmed Friday that it will close its 2,100 stores in the U.S. and Puerto Rico and start liquidation sales Sunday. The company is also shuttering its e-commerce operations.

The closings mark the biggest by a single chain this year and nearly doubles the number of retail stores set to close in 2019.

"We expect all stores to remain open until at least the end of March and the majority will remain open until May," the company said in a statement to USA TODAY. "This process does not affect the company’s franchise operations or its Latin American stores, which remain open for business as usual.”

On Wednesday, Coresight Research released an outlook of 2019 store closures that said there was "no light at the end of the tunnel."

Are more store closings coming: Firm forecasts 'No light at the end of the tunnel'

Gymboree liquidation: Last day to use Gymboree and Crazy 8 gift cards is Feb. 16

Prior to the Payless announcement, 2,187 store closings had been announced in the first six weeks of the year, according to the global market research firm's report. This represented a 23 percent increase over the same time period last year.

For 2018, Coresight Research tracked 5,524 closings, which included all Toys R Us stores, hundreds of Mattress Firm stores, Kmart and Sears locations. The record year for closings was 2017 with 8,139 shuttered stores, Coresight reported.

The Topeka, Kansas-based discount shoe retailer had previously filed for bankruptcy protection in April 2017 and closed 400 stores.

This story will be updated.

Charlotte Russe bankruptcy: 94 stores are closing. Is your store on the list?

Shopko bankruptcy: More than 250 stores amid bankruptcy filing: See the full list

This article originally appeared on USA TODAY: Payless ShoeSource closing all 2,100 stores, starting liquidation sales Sunday </s> Payless ShoeSource will begin to close its U.S. stores on Sunday, a spokesperson for the shoe retailer told CNBC in a statement.

The retailer will begin liquidation sales for its U.S. stores on Feb 17. It is also winding down its e-commerce operations. It expects all stores to remain open until at least the end of March and the majority until May.

CNBC previously reported the chain was preparing for a potentially imminent bankruptcy. In hopes of keeping some stores open, it had been seeking to find a buyer for swaths of its real estate across the U.S.

Payless currently has more than 2,700 North American stores, according to its website. The liquidation will not impact its franchised or Latin American stores, the spokesperson said.

Payless, which first filed for bankruptcy protection in April 2017, had been notable for its ability to emerge from bankruptcy, a feat many retailers, like Toys R US, have been unable to achieve. Still, several of its peers, like Gymboree, have emerged from bankruptcy only to boomerang back.
Payless ShoeSource is closing all its 2,100 stores in America, starting liquidation sales on Sunday.