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.
e-commerce operations. All of the stores will remain open until the end of March and the remainder will remain open until May. .
At the time, it had about 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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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, as low-price outlets as Payless. Heavy debt loads also have handcuffed retailers, leaving them less flexible to invest in their businesses.
Before this announcement, there have been 2,187 US 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 23 percent from the 1,776 announcements a year ago. Year-to-date, retailers have announced 1,411 store openings, offset 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 .