Payless Just Filed for Bankruptcy and Is Closing 400 Stores

Payless Just Filed for Bankruptcy and Is Closing 400 Stores

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Payless Shoe Source announced Tuesday that it has filed for bankruptcy and will close at least 400 stores in the U.S. and Puerto Rico.

While 400 is a lot of locations to shutter, that still leaves the discount shoe retailer over 4,000 brick-and-mortar locations worldwide, according to Business Insider. The number is also better than initial rumors, which estimated that Payless would close at least 1,000 operations in an effort to pay back debts owed.

“This is a difficult, but necessary, decision driven by the continued challenges of the retail environment, which will only intensify,” CEO W. Paul Jones said in a statement. “We will build a stronger Payless for our customers, vendors and suppliers, associates, business partners, and other stakeholders through this process.”

2017 is shaping up to be a pretty bad year for retailers with physical locations. Payless is just one of many former mall staples — including Bebe, BCBG, Abercrombie & Fitch, Wet Seal, and more — buckling under the pressure of a new consumer landscape (people can’t kick their online shopping habits, apparently). Pour one out for that distinct new-shoe smell Payless always had, guys.

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