Payless ShoeSource to Close Multiple Locations Across Connecticut
Just one day after they filed for Chapter 11, Payless ShoeSource announced today that it will be closing five Connecticut Stores.
My wife is a major fan of Payless ShoeSource. Hey, the deals are great, and the selection is amazing, so this news will probably hit her pretty hard.
Fortunately, for her and people in Western Connecticut and Putnam County, two of the Danbury stores -- in the Danbury Fair Mall and in the Berkshire Shopping Center -- will remain open. The local store affected will be the Newtown location in the Sand Hill Plaza.
According to patch.com, other Connecticut stores that will close are in Waterbury, Wethersfield, Norwalk, and Old Saybrook.
The shoe chain announced that some 400 stores will close immediately. Back in January, the company announced it was more than $655 million in debt. Additional store closures are likely, and could reach up to 1,000 stores by the end of 2017.
As reported by aol.com, Payless CEO W. Paul Jones cited a challenging retail environment for the closings.