According to Bloomberg, Payless Inc. is in trouble and is in discussion with vendors about a restructuring plan that include the closure of 1,000 stores. The restructuring and closure are due to massive amounts of debt that the retailer has accumulated lately.
If the retailer cannot restructure, Bloomberg notes that Payless will likely face bankruptcy. The article further assess that the decision to restructure will likely occur this month.
Payless is just another retailer that is facing difficulties in the form of major competition from E-commerce platforms such as Amazon.
Firstly, we aren’t entirely sure how many Canadian stores would be affected by the store closures. If Payless does indeed go bankrupt we will keep you updated with the story