Payless Shoesource files for bankruptcy protection
10/04/2017
It also announced the immediate closure of nearly 400 “underperforming” stores in the US and Puerto Rico.
“This is a difficult but necessary decision driven by the continued challenges of the retail environment, which will only intensify,” said Payless CEO Paul Jones. “We will build a stronger Payless for our customers, vendors and suppliers, associates, business partners and other stakeholders through this process.”
Payless revealed it has negotiated agreement with some of its existing lenders to access up to $385 million of debtor-in-possession financing.
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