18 retailers closing 100s of stores: JC Penney, Children’s Place, Men’s Wearhouse, Chico’s and more
Shoe retailer Payless Inc. is set to file for Chapter 11 bankruptcy protection, leading to the closure of as many as 500 stores, according to reports.
Sears, Kmart, Aeropostale, JC Penney, Macy’s and Children’s Place have all announced they are shuttering stores due to declining sales and increase online competition.
Payless, founded in Topeka, Kansas in 1956, has about 22,000 employees working at 4,000 stores in 30 companies.
Bloomberg first reported news of the impending bankruptcy, which could come as soon as next week.
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Five Payless shoe stores to close in NM
Payless will close nearly 400 stores nationwide as part of the reorganization.
Five Payless ShoeSource outlets will close in New Mexico, including one in Albuquerque, as part of the company’s decision to file for Chapter 11 bankruptcy protection.
Teen retailer Wet Seal in January said it would close its 171 stores.
A number of retailers have closed stores or gone out of business in 2017.
It had operated nearly 400 stores at the end of 2000.
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