Pursuits
Payless Is in Talks to Close 1,000 Stores
- Restructuring plan may include closing at least 1,000 stores
- Shoe retailer may consider restructuring in bankruptcy court
Shoes sit on display in the window of a Payless ShoeSource store in New York.
Photographer: Daniel Acker/BloombergThis article is for subscribers only.
Payless Inc. is in talks with its lenders over a restructuring plan that includes closing about 1,000 stores as it wrestles with an unsustainable debt load, according to people with knowledge of the matter.
The discount shoe retailer may consider filing for bankruptcy if it’s unable to reach a deal with the creditors, said the people, who asked not to be identified because the information isn’t public. A decision on whether to restructure in or out of court may be reached as soon as this month, they said.