Payless ShoeSource Files for Bankruptcy, 400 Stores Shutting Down
Another brick-and-mortar falls victim to e-commerce.
Footwear retailer Payless ShoeSource files for bankruptcy as the brand closed 400 stores throughout the U.S. Known for its discounted footwear and velcro strapped in-house line, the 61-year-old brand followed suit with other mall brick-and-mortars such as J.C. Penney, The Limited, Sears and Kmart as they closed its local outlets earlier this year. According to Reuters, “Existing lenders have agreed to provide up to $385 million in debtor-in-possession financing, allowing Payless to remain in business and pay its bills throughout the Chapter 11 process.”
While the streetwear universe traditionally tends to stray away from the above stores, it’s not unheard of to find your favorite influencers in mall brands; A$AP Rocky has been seen in Topman, Lil Uzi Vert in Abercrombie & Fitch, etc. Find out more about your favorite rappers’ mall brands.
