Payless Shoes reportedly considers bankruptcy | The Colpitts Law Firm
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Bankruptcy May Be Your Option

Payless Shoes reportedly considers bankruptcy

Many retail stores have experienced financial struggles recently. Several businesses in Oklahoma and across the country have made the decision to seek bankruptcy protection after realizing they would be unable to manage their debt. Some reports indicate that Payless Shoes may be the next store to follow this path.

Payless Shoes opened in 1956. At the time of its opening, customers were able to choose their own footwear that was priced affordably -- an experience that was new in the post World War II era. The company claims that it is now the largest chain of its kind in the Western hemisphere, employing 22,000 people and operating 4,000 locations across 30 countries.

Last year, the company proposed a plan to manage its debt that called for closing hundreds of smaller locations in favor of larger stores with more stock. However, the company is still attempting to manage approximately $665 million of debt. While some people who are familiar with the company's financial circumstances indicate that the company is on the verge of seeking bankruptcy protection and considering the closure of approximately 500 stores, a representative for the company declined to comment.

Companies in Oklahoma can struggle for a variety of different reasons. Unfortunately, many retailers are facing an uncertain future due to a changing market, including shifts in the way consumers shop. For many of these companies, seeking bankruptcy protection may be the best option for managing debt, allowing them to reorganize and seek future success. An experienced attorney can hope both companies and individuals fully understand their debt relief options.

Source: USA Today, "Payless reportedly eyes bankruptcy filing, up to 500 store closings", Kevin McCoy, March 22, 2017

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