Payless ShoeSource has filed for bankruptcy, and Westchester and Fairfield’s vacancy rates will see the effects. Of the more than 2,000 Payless stores the chain plans to shutter, around 20 are within Westchester and Fairfield counties, according to the Westchester Business Journal [WBJ]. “After downsizing by almost 700 stores during a previous bankruptcy, the remaining 2,100 stores will shutter due to a combination of competition from stronger players such as DSW, Nordstrom Rack and others,” Howard Greenberg, president of Howard Properties Ltd. in White Plains told WBJ. He added that another cause was “shopper preferences to shop for multiple items at the same time, rather than a single item in a one-product store. Shoppers want name brands and convenience, and Payless was apparently not providing either.” The chain’s outposts are expected to start closing at the end of March. [WBJ]
20 Payless stores in Westchester and Fairfield to close amid bankruptcy
