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Payless Could Close All North American Stores In Prospective Bankruptcy Proceedings

Payless Could Close All North American Stores In Prospective Bankruptcy Proceedings

Payless is discussing plans to shutter a significant portion, or even all, of its North American stores as the retailer plans for another bankruptcy, people familiar with the situation told Bloomberg. A Payless representative declined to comment on the matter.

This would mark the second time Payless has entered bankruptcy proceedings in two years. The shoe retailer spent four months in a Chapter 11 bankruptcy in 2017, emerging in August. The restructuring process included the closure of 700 stores and elimination of more than $435 million in debt, and CEO Paul Jones retired after its completion. The chain currently operates approximately 3,600 outlets worldwide, with more than 2,700 in North America.

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Payless is one of multiple retailers facing or emerging from bankruptcy in early 2019:

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