If there was ever a time to visit Payless, none may be more opportunistic than the present.
As part of the retailer’s liquidation process, having filed for Chapter 11 bankruptcy on April 4th, almost four hundred of their locations are offering significant markdowns on retail prices. Their goal is to lower their debt significantly as they look to shutter those locations following the process.
Payless has brought in two firms to oversee the brand through this progression: Tiger Capital Group and Great American Group. Both have made it clear that this sale is one that can benefit just about anyone, hoping to drive business with a product that is general necessity.
“Everybody needs footwear, whether you’re a runner, office worker, parent or maybe all three. These store-closing sales epitomize the retailer’s familiar slogan — ‘Go To, Get More, Pay Less,'” chief operating officer, Michael McGrail, stated in a press release from Tiger Group.
Echoing this way of thinking was Great American Group, as president of GA Retail Solutions, Scott Carpenter stated.
“For bargain-conscious shoppers across the United States, the store closing sales represent a pragmatic opportunity to save a significant amount of money on a universal need.”
They are hoping that this route will lower their total debt. It currently spans $838 million, to which Payless is expecting to diminish it less than $500 million according to their bankruptcy plan.
The impact of consumer habits and online shopping becomes more apparent with every announcement of mass closings from struggling retail chains.
Still, this may not be the end of Payless for their loyal customer base. Even closing 389 locations, the retailer still has about 3,600 other stores that will not be subject to the liquidation.
If you’re wondering whether your nearest Payless location is among those offering liquidation sale prices, the entire list of participating stores can be found on Tiger Capital Group’s website.