Payless Shoes Files For Bankruptcy, 4 Minnesota Stores Closing
According to the publication Consumerist, Payless shoes has become the latest retailer to file for bankruptcy protection this year, joining Wet Seal, Aeropostale, American Apparel, The Limited, Eastern Outfitters, MC Sports, BCBG Max Azria, Gander Mountain, RadioShack, hhgregg and Gordmans. In the filing, Payless announced they will close 400 stores almost immediately and four of them are in Minnesota.
The Minnesota stores closing are Cottage Grove, Elk River, Medford and Moorhead.
This year there have already been more retail bankruptcies than in all of 2016. JC Penney announced that they were closing stores to reduce debt, including the store in the Faribo West Mall and Sears is saying they may have a difficult time staying afloat if things continue.