Payless ShoeSource reportedly may seek bankruptcy court protection as soon as next week with plans to close as many as 500 stores.
Payless initially plans to shut down 400 to 500 stores as part of its latest reorganization plan. That number is fewer than the projected 1,000 locations eyed earlier, sources told Bloomberg News.
Payless was bought by private equity firms Golden Gate Capital and Blum Capital Partners in 2012 as part of a split of Collective Brands Inc.
According to Payless’ website, of the company’s 4,400 stores, 3,600 are in North America. The next biggest region is Latin America and the Caribbean region, with 350 locations. It also has locations in Morocco, Ghana, Saudi Arabia, Egypt, India, Thailand, Indonesia, Philippines and South Korea.
