Payless ShoeSource closing 12 stores in PR; 389 in total
There are about 70 Payless ShoeSource stores in Puerto Rico. (Credit: Wikipedia)
Payless ShoeSource is closing 389 underperforming stores in the United States — including 12 in Puerto Rico — providing “a rare opportunity for savvy shoppers to snap up footwear for the whole family at liquidation prices,” the company said Thursday.
A joint venture between Great American Group and Tiger Capital Group is conducting the store closing sales. Bargain-hunters nationwide will find significant discounts; popular footwear brands include Airwalk, Dexflex Comfort, American Eagle by Payless and many more, the retailer said.
The stores closing in Puerto Rico are located in: Coto Laurel; Barranquitas; San Lorenzo; Canóvanas; San Germán; San Sebastián; Guayama, Corozal, Mayagüez; Juncos; Manatí; and Guaynabo.
Founded in Topeka in 1956, Payless ShoeSource will continue to operate approximately 3,000 stores in the U.S. mainland and Puerto Rico. The retailer filed a voluntary petition for reorganization pursuant to Chapter 11 of the U.S. Federal Bankruptcy Code on April 4 to facilitate the financial and operational restructuring necessary to strengthen its balance sheet and position Payless for long-term success.
“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,” said Scott K. Carpenter, President of GA Retail Solutions, a leading provider of asset disposition and auction solutions, and a subsidiary of B. Riley Financial Inc.
“Everybody needs footwear, whether you’re a runner, office worker, parent or maybe all three,” said Michael McGrail, COO of Tiger Group, which provides asset valuation, advisory and disposition services to a broad range of retail, wholesale, and industrial clients. “These store-closing sales epitomize the retailer’s familiar slogan—’Go To, Get More, Pay Less.'”
During the store closing sales, shoppers will find significant liquidation discounts off Payless’ robust selection of well-known and popular national brands. These include brands such as American Eagle by Payless, Christian Siriano for Payless, Airwalk, Dexter and Dexflex Comfort, as well as Brash. Kids’ brands include SmartFit, and a range of character shoes.
The cost of operating stores forced to live with ever greater need for compliance with rules, regulations, taxes, incompetence, in a world of inter-net selling with lower costs and prices is a fact of life, and always has been. Most can keep ordering the same shoe that fits and move into a life style that does not require or need time to devote to perpetual search for new style to impress self,and friends! Mass marketing is being automated, like production of shoes too!