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Why is Payless ShoeSource Going Out of Business?

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Payless ShoeSource filed for Chapter 11 bankruptcy in April of 2017, USAToady reports. Payless requested permission to close 408 stores. Before filing, Payless had already closed 400 locations. Considering all the closings, Payless has cut out 20% of their worldwide locations.

Payless claims their reason behind some of the closings are due to the high rent payments that several of their locations were costing them. The company also found that their newer stores were experiencing poor sales, which prevented them from being prosperous.

In their court filing, the Kansas-based retail store left open the possibility of adding "negotiations with landlords" to secure lower rent payments. On June 8, the U.S. Bankruptcy Court for the Eastern District of Missouri will be able to authorize any additional closing Payless will have to make.

Payless hopes to have more successful negotiations with landlords and save themselves from closing completely.

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