Payless Shoesource To Close 389 Underperforming Stores

by Katie Lee

Topeka, Kan. — Payless ShoeSource is closing 389 underperforming stores in the United States and Puerto Rico. A joint venture between Great American Group and Tiger Capital Group is conducting the store closing sales.

Founded in Topeka in 1956, Payless ShoeSource will continue to operate approximately 3,000 stores in the United States and Puerto Rico. The retailer filed a voluntary petition for reorganization pursuant to Chapter 11 of the U.S. Federal Bankruptcy Code on April 4, 2017 to facilitate the financial and operational restructuring necessary to strengthen its balance sheet and position Payless for long term success.

To see a list of underperforming locations slated for closure, please click here.

Payless is a privately held company owned by Golden Gate Capital and Blum Capital Partners, and is the largest specialty family footwear retailer in the Western Hemisphere, with more than 4,000 brick-and-mortar stores in more than 30 countries.

SOURCE: Tiger Capital Group & Great American Group

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