Payless ShoeSource is asking a bankruptcy court judge to close 408 more locations. This is in addition to the 389 stores it plans to close the shoe retailer announced when it filed for bankruptcy on April 4.
According to court documents filed last week, the retailer is requesting bankruptcy court approval to close 112 stores in the U.S. and Puerto Rico, and could potentially close another 296 stores if ongoing negotiations with store landlords are not successful.
“As part of our efforts towards managing our real estate portfolio, we have been working diligently to negotiate rent concessions on the remaining leases,” a company spokeswoman said in a statement Tuesday. In formulating the second store closure list, Payless considered profitability, recent sales, the geographic market and potential rent reductions, according to court documents.
A hearing on the store closures is scheduled for June 8 before Judge Kathy Surratt-States in U.S. Bankruptcy Court in St. Louis.
Photo courtesy Payless
