Large Retailers Which Have Filed For Bankruptcy
Payless ShoeSource
Another beloved brick and mortar brand that has since thrown in the towel due to its inability to compete with the convenience offered by free websites like Amazon is Payless ShoeSource. Founded over 60 years ago in 1956, Payless sold discount footwear, including its popular Pro Wings sneaker line.
As of 2012, they had almost 4,500 locations worldwide. However, as the retail environment changed, the company started reporting weaker sales and increasing debt, despite a buyout by a private investment firm in 2012. In April 2017, they filed for Chapter 11 bankruptcy and closed 800 stores in an effort to reduce debt. They are currently switching gears and focusing on the Hispanic market.
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