Salina Payless Not Among Those Closing
KSAL Staff - April 5, 2017 10:18 am
Payless shoes is closing 400 stores across the country.
Topeka based Payless shoes is closing 400 stores across the country. The Payless shoe store in the Salina Central Mall is not among them, and will stay open.
Other communities in Kansas are not so fortunate, though. Payless stores in Great Bend, Hutchinson, Liberal, and Emporia are closing.
The shoe chain has filed for Chapter 11 bankruptcy protection, becoming the latest retailer to succumb to increasing competition from online rivals like Amazon.
The Topeka, Kansas-based retailer said Tuesday that it will be immediately closing nearly 400 stores as part of the reorganization. On Wednesday morning it announced the specific stores that will close.
Payless plans to reduce its debt by almost 50 percent, lower how much it pays in interest and line up funds. The company says some of its lenders have agreed make available up to $385 million to keep the stores running.
Payless has over 4,400 stores in more than 30 countries and was founded in 1956.