After more than 62 years in business, Payless Shoes is shutting down, which means all of those shoes have to go somewhere. Prepare yourself for a huge Payless sale.
The company announced it would be shutting down all 2,500 stores throughout North America by the end of May.
With 248 stores are in Canada, many people will also be losing their jobs.
The closing sales have begun and are operated by asset disposition firms, Great American Group and Tiger Capital Group. The two firms are liquidating $1 Billion of inventory from stores in Canada, United States and Puerto Rico.
“This is the largest liquidation event, by store count, in retail history,”states a release by Tiger Capital.
The release also states shoppers can expect to see an initial discount of 40 per cent off merchandise. Furniture, equipment and fixtures will also be sold.
As one of the most successful shoe retailers of its kind in North America closes its doors, we can take comfort in paying less one last time.
Find a store near you here.
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