Last July, I wrote Payless Shoes, a tale of the Retail Apocalypse. Since then, things have gone from bad to worse. In November, Company Man asked The Decline of Payless...What Happened?
Payless ShoeSource is the largest store of its kind in the United States but has recently had some tough times. Within the past few years Moody's has lowered their credit rating multiple times, they've closed 800 stores, and filed for bankruptcy. This video takes a look at their rise and fall and attempts to provide explanations for all of it.Company Man's hope that the chain's fortunes did not come to pass, as CBS Miami reported yesterday Payless To Close 2,000 Stores.
Payless reportedly plans to close thousands of stores in what could be the largest retail liquidation.When I wrote, "the Retail Apocalypse continues, as...Claire's, Brookstone, NineWest, and The Walking Company...declar[ed] bankruptcy last year, [while] Shopko and Charlotte Russe filed for bankruptcy protection this year, and 2019 is still young," I was not kidding. I expect more retail bankruptcies and liquidations in the months to come, even before the next recession begins.