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Old 02-11-2019 , 10:56 AM     Odysseusa est dconnect  search   Quote

January 2019

This would mark the second time in a few years that Payless filed for bankruptcy. The last time was in April of 2017. Since then it has shuttered around 400 stores. It employs 2,700 in North America, noted CNBC in the report. If it did end up filing for bankruptcy it would add to the growing list of retailers that came out of bankruptcy only to find their way back in a few years later. As one example, the report cited Gymboree, which filed for bankruptcy for the second time in under two years.

In January Reuters, citing sources familiar with the matter, reported Payless had hired an advisor to help it avoid a second bankruptcy filing. At the time the news outlet reported Payless was looking at selling the company or restructuring it. It was also mulling closing one third or more of its retail stores. The investment bank Payless tapped is PJ Solomon, reported Reuters, noting the firm is tasked with determining the best course of action for the shoe retailer. When Payless came out of bankruptcy in 2017 it had around $400 million in loans and cut its debt by more than $800 million

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