Did Payless ShoeSource Go Bankrupt? Here’s What Really Happened to the Retailer

Payless ShoeSource once served as a leading affordable footwear retailer. With locations sprinkled all across the nation, Payless made buying shoes set at a reasonable price possible for many. While the shoe store had a long run and gained support from many loyal customers, it ran into financial troubles as consumer behavior began to shift and competition increased.

A look at the rise and fall of Payless ShoeSource

There was a time when Payless had at least one brick-and-mortar store in each of the 50 states and Central America, according to Business Insider (1). In the 1970s, the retailer was said to have “earned $75 million in sales annually.” While things appeared to be going well for Payless, it encountered a rough patch in 2017 and 2019, the two years it filed for bankruptcy.

After filing for Chapter 11 bankruptcy for a second time in 2019, the retailer made the decision to close all of its stores–about 2,500. While many millennials were sad to see the retailer shutter its locations, the stiff competition it faced left the retailer with little choice in the matter.

Payless isn’t gone despite having had to file for bankruptcy twice.

Although Payless seemed to have disappeared, the retailer managed to stay alive, in a sense. Today, Payless operates an e-commerce website and even opened a brand-new location in Miami in 2021 post-bankruptcy. While Payless’ future still isn’t clear, its Miami location does show hope for the retailer with its “redesigned retail concept,” according to Footwear News (2).

If your business is facing financial troubles, a bankruptcy lawyer may be able to help.

Although bankruptcy isn’t the ideal solution for every business facing financial troubles, it is for some. If your business is struggling and you’ve accrued a significant amount in debt, search for bankruptcy attorneys near me as a lawyer can determine if bankruptcy might be a good option for you to consider.

The St. Clair County, AL bankruptcy attorneys at Hill, Gossett, Kemp & Hufford, P.C. are available to discuss any questions you might have and even determine if you or your business qualifies for bankruptcy protection. If you’d like to set up a time to speak with a St. Clair County bankruptcy attorney, contact Hill, Gossett, Kemp & Hufford, P.C. or call 800-672-3103.

Disclaimer: No representation is made that quality of legal services provided is greater than the quality of legal services provided by other attorneys.

Hill, Gossett, Kemp & Hufford, P.C. can be reached at:

Moody Office

2603 Moody Parkway, Suite 200

Moody, Alabama 35004

Phone: (205) 640-2000

Website: www.hwhlawgroup.com

Leeds Office

7900 Parkway Drive

Leeds, AL 35094

Phone: (205) 699-5500

Springville Office

6441 U.S. Highway 11