And then I’ll close four hundred more.
Last month, Payless ShoeSource filed for Chapter 11 bankruptcy protection, and immediately announced a list of 400 stores on the chopping block, including the one closest to me.
But that was last month. Now the company has asked the court for permission to shut down 408 more.
The first round included 12 Oklahoma stores; the second adds (or, technically, subtracts) six more. Will we lose all eighteen? Maybe, maybe not:
Keep in mind that this isn’t a final list of stores that will be closing. It’s a list of stores where the company hasn’t been able to negotiate a good enough rent concession, and it’s asking for permission to close these stores if the retailer and its landlords can’t negotiate a rent that both parties are happy with. There will be a hearing on this motion, among others, on June 8.
Payless has just over 4000 stores — for the moment.