Can’t pay up: Payless Shoes may shut down 1,000 stores

Miami /
Feb.February 10, 2017 03:00 PM

From the New York website: Discount shoe purveyor Payless Shoes is considering shuttering some 1,000 stores to deal with its $600 million debt load.

The retailer is debating whether or not to restructure in or out of court, Bloomberg reported. The company might file for bankruptcy if it can’t reach a deal with its creditors.

As of last year, Payless had 95 stores in New York City, and was one of the top 10 retailers in both Brooklyn and the Bronx, with 35 and 18 stores in the respective boroughs, according to a report by the Center for an Urban Future. Payless has more than 4,400 stores across 30 countries and employs 25,000 people.

Private equity firms Golden Gate Capital and Blum Capital Partners bought Payless in 2012, as part of a deal that split up Collective Brands, the shoe store’s publicly traded parent company. Other retailers, including Claire’s, True Religion, J. Crew and Gymboree are also struggling to compete with online stores, according to Bloomberg. [Bloomberg] — Kathryn Brenzel 


Related Articles

arrow_forward_ios
Terranova’s Stephen Bittel with 93 Miracle Mile
Terranova plans retail-and-office project on Coral Gables’ Miracle Mile
Terranova plans retail-and-office project on Coral Gables’ Miracle Mile
1665 Alton Road, Retail
After $39M sale, Robert Shor picks up another South Beach retail property
After $39M sale, Robert Shor picks up another South Beach retail property
Château Group’s Manuel Grosskopf and Pacific Star Capital's Aria Mehrabi with 600 East Hallandale Beach Boulevard (Château Group, Farhang Foundation, Google Maps)
Château sells Hallandale retail plaza it planned to redevelop
Château sells Hallandale retail plaza it planned to redevelop
Ytech's Yamal Yidios with 1500 Brickell Avenue
Ytech buys historic Brickell château, plans restoration
Ytech buys historic Brickell château, plans restoration
50 and 60 Northeast Third Street and 222 and 234 Northeast First Avenue (Google Maps)
Namdar pays $41M for downtown Miami apartment towers dev site
Namdar pays $41M for downtown Miami apartment towers dev site
Tricera Capita's Ben Mandell with rendering of The Press project (Tricera Capital)
Lease roundup: Tricera scores tenants in West Palm, Boca
Lease roundup: Tricera scores tenants in West Palm, Boca
From left: Lalo Durazo, Ricardo Dunin, Peacock Garden cafe, Gregory Galy and Mark Scheinberg (Getty, Peacock Garden)
Billionaire’s hospitality group buys Peacock Garden in Coconut Grove
Billionaire’s hospitality group buys Peacock Garden in Coconut Grove
Rockpoint's Bill Walton and Keith Gelb with the Shops at Mary Brickell Village (left), 1221 Brickell (middle), and 911 Southwest First Avenue (right) (Rockpoint, Google Maps, Twitter)
Rockpoint’s Brickell bonanza: Firm reaps riches in booming neighborhood
Rockpoint’s Brickell bonanza: Firm reaps riches in booming neighborhood
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...