Payless Shoes Files Bankruptcy, Announces Closure of 400 Stores, Including 10 in Michigan
In your business news —
On Tuesday Payless Shoesource’s North American entities filed for Chapter 11 Bankruptcy.
The company says they filed for the protection to help with the restructuring necessary to strengthen its balance sheet and position the company for long-term success.
Payless says they will attempt to operate its business as normal, including providing associate wages, healthcare coverage, and other benefits without interruption.
As well as honoring obligations to customers, including all gift cards with Payless stores and Payless.com.
However, the company says they will immediately close 400 underperforming locations across the U.S.
And of those 400 stores – 10 are here in Michigan, including three across northern and west Michigan.
Those are the stores in Cadillac, Big Rapids, and Alpena.
A full list of the impacted stores can be found here.