Remember Future Shop? How about Blockbuster? Pretty soon another familiar retailer will become a distant memory as well. Payless Shoes is closing.
The company is officially filing for bankruptcy. It now owes approximately $470 million to creditors.
Payless Shoes Closing Stores
The shoe retailer announced Monday that it would be closing all 2,500 stores across North America this Spring.
248 of those stores are in Canada. Shutting down the business also means many people will be losing their jobs.
This isn’t the first time Payless has filed for bankruptcy. Although the footwear store had become one of the most successful shoe retailers of its kind, the company filed for bankruptcy protection in the United States 2017.
400 stores were closed as a result but Canadian stores remained unaffected.
Payless will begin the closing process in March and expects to have all stores shut down by the end of May.
So much for paying less.
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