On April 4, Payless' North American entities, as well as two foreign Hong Kong-based entities, filed voluntary Chapter 11 petitions to help with restructuring, according to a statement on their website.
According to their website, the reason for the filing was to strengthen its balance sheet and restructure Payless’s debt load, to invest in three specific areas that Payless believes will provide sustainable growth: Omnichannel expansion, product and inventory initiatives, and international expansion in Latin America and elsewhere, to optimize its store footprint, with the immediate closure of nearly 400 underperforming locations in the U.S. and Puerto Rico, and work to aggressively manage the remaining real estate lease portfolio either by modifying terms,or evaluating closures of additional locations.
Payless has strong support of its senior lenders and will assist through a plan support agreement to reduce debt as they restructure.
Here is a complete list of stores that are closing throughout the United States. La Crosse, Onalaska and Winona store locations are not listed.
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