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Author Topic: Payless files for bankruptcy; hundreds of stores to close *  (Read 2359 times)
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retailisking
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« on: February 10, 2017, 02:51:51 PM »

Payless was taken private years ago and has oodles of debt; you can tell where this is headed...
https://www.bloomberg.com/news/articles/2017-02-10/payless-said-in-negotiation-with-lenders-to-close-1-000-stores

Note: Thread title modified to reflect bankruptcy filing and revised store closure count
« Last Edit: June 16, 2017, 02:48:31 PM by retailisking » Logged
danfifepsu
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« Reply #1 on: February 10, 2017, 04:17:57 PM »

which ones will close.
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ShopKoFan
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« Reply #2 on: February 11, 2017, 01:38:37 PM »

I doubt the ones inside Shopko will close.
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danfifepsu
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« Reply #3 on: February 11, 2017, 02:40:18 PM »

I doubt the ones inside Shopko will close.

Prob in areas where there are many others, and likely the mall ones will stay as thats where there are more shoppers. Will they go to the way of Fayva Shoes?
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Brammy
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« Reply #4 on: February 11, 2017, 03:11:26 PM »

The one in Bristol, Connecticut just became a relocated Payless Super Store last year. It moved from a 3,000 Square Foot Store in the plaza with Pier One to a 7,400 Square Foot store next to Dress Barn in the co-owned Stop & Shop Plaza.
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Brammy
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« Reply #5 on: February 12, 2017, 02:29:43 AM »

I doubt the ones inside Shopko will close.

Prob in areas where there are many others, and likely the mall ones will stay as thats where there are more shoppers. Will they go to the way of Fayva Shoes?
Shopko had a long-term contract to lease some of the space inside their store to Payless, which they first signed in 1999. The Payless ShoeSource contract replaced their previous contract with J. Baker Shoes.
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TheFugitive
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« Reply #6 on: February 13, 2017, 03:09:12 PM »

Low-quality shoes.  Too many pricing gimmicks.  Product mix skews 80% female.

Their problem in a nutshell IMHO.
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Bdubs
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« Reply #7 on: February 13, 2017, 06:21:12 PM »

Low-quality shoes.  Too many pricing gimmicks.  Product mix skews 80% female.

Their problem in a nutshell IMHO.
I agree. There are quite a few "warehouse type" shoe stores that sell name brand, higher quality shoes for only a few bucks more sometimes.  not to mention, online shoe sales, which sounds crazy, but Zappos has perfected the online shoe experience. You can try them on, if they don't fit, send them back and exchange them for free.
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BillyGr
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« Reply #8 on: February 13, 2017, 08:09:32 PM »

Low-quality shoes.  Too many pricing gimmicks.  Product mix skews 80% female.

Their problem in a nutshell IMHO.

Not sure about the first two, but the third would seem to be more logical based on average purchasing between the two? 
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store215
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« Reply #9 on: February 13, 2017, 10:53:14 PM »

Low-quality shoes.  Too many pricing gimmicks.  Product mix skews 80% female.

Their problem in a nutshell IMHO.

The problem is, and with most floundering retailers these days, is why visit a specialty store for the same low-quality goods, when you can just pick up a cheap pair of shoes at Walmart or Target (and as you said, not have to worry about pricing gimmicks).
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TheFugitive
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« Reply #10 on: February 14, 2017, 07:55:42 AM »

The majority of cheap shoe buyers are guys.
A lot of women, even if they bought shoes they liked at Payless,
probably would not admit that they bought them there.
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retailisking
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« Reply #11 on: April 04, 2017, 04:56:08 PM »

And here's the news about the filing; the final count for store closures is 60% or so less than the original 1,000
https://www.forbes.com/sites/laurengensler/2017/04/04/payless-shoesource-bankruptcy-store-closures
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ShopKoFan
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« Reply #12 on: April 04, 2017, 09:14:16 PM »

If Payless ShoeSource goes under, who's going to replace them as the leased shoe department at Shopko? Shopko's contract with Payless ShoeSource began in 1999 shortly after their previous contract with J. Baker Shoes ended.
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busman_49
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« Reply #13 on: April 05, 2017, 11:37:06 AM »

Closing list:
http://www.businessinsider.com/payless-list-of-stores-closing-2017-4
or
http://22184-presscdn.pagely.netdna-cdn.com/wp-content/uploads/2017/03/Microsite-Store-Closing-Doc-3.31.17.pdf if you want to download it without having to sign up for a site
« Last Edit: April 05, 2017, 11:38:46 AM by busman_49 » Logged
retailisking
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« Reply #14 on: April 05, 2017, 09:37:49 PM »

Reading between the lines, this closing list is probably just an appetizer.
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BillyGr
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« Reply #15 on: April 06, 2017, 02:02:12 PM »

Looking at that listing - it looks like only the stores in the LEFT column are closing? 

The ones in the middle/right columns are suggested stores in the area of the closing one that people could go to instead?

I know our local TV mentioned 3 locations, but when I look at it, it looks like only one is actually closing.
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TheFugitive
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« Reply #16 on: April 07, 2017, 11:28:38 AM »

I'm a bit surprised that Dormont, PA did not make the list.

Payless is in a very small shopping plaza there, along with a bowling alley, a liquor store,
and a Little Caesars (there was also a CVS until they moved to a larger location several years ago). 
There is no other chain retail nearby, and the lot has metered parking!  Yes, you have
to give your spare change to Dormont Borough if you want to shop at this Payless.
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retailisking
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« Reply #17 on: April 07, 2017, 06:19:56 PM »

I'm a bit surprised that Dormont, PA did not make the list.
A lot of the store closures are tied to whatever they are paying in rent in comparison to their sales. Odds are they are paying rock-bottom rent for Dormont or they are in the midst of negotiating with the landlord.
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ShopKoFan
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« Reply #18 on: April 08, 2017, 05:07:22 PM »

I'm surprised the Shopko Payless ShoeSource locations weren't mentioned.
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retailisking
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« Reply #19 on: May 30, 2017, 12:21:03 AM »

Payless says it hasn't been able to successfully negotiate with landlords on rent concessions for 400 of its stores
https://consumerist.com/2017/05/25/here-are-the-408-stores-payless-shoesource-wants-to-close-next/
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Brammy
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« Reply #20 on: May 30, 2017, 04:39:27 AM »

Payless says it hasn't been able to successfully negotiate with landlords on rent concessions for 400 of its stores
https://consumerist.com/2017/05/25/here-are-the-408-stores-payless-shoesource-wants-to-close-next/

Of course not. Every struggling retailer wants rent concessions from their landlord. The landlords are probably fed up. I don't know the landlord of every location listed, but it should be noted that I see 3 - Brass Mill Mall Waterbury, Buckland Hills Mall Manchester, and Providence Place Mall Providence are all owned by GGP.
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Brammy
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« Reply #21 on: May 30, 2017, 08:26:42 AM »

This is kind of foolish on the landlords' part.

One of the main reasons a chain files Chap. 11 is that it allows them to FORCE
lease breakages through the court.  Better to get half-a-loaf than to have them
ask the court to start terminating leases and end up with nothing.
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retailisking
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« Reply #22 on: June 16, 2017, 02:47:50 PM »

https://consumerist.com/2017/06/14/here-are-the-81-stores-payless-shoesource-wants-to-close-next/
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