Payless ShoeSource Bristol CT location

Payless ShoeSource is closing all its US stores — 2,100 across the country and in Puerto Rico — and potentially filing for bankruptcy.

The Bristol location in Bristol Plaza has already dropped all merchandise to 20% off. A staff member of the Bristol location said they are unsure when the store will close but stated the discounts will continue to rise.

The company confirmed the news to CNN Business on Friday and announced the closures on Saturday. Liquidation sales began the following day and will continue through May, a spokesperson told CNN, though some stores will begin closing in March.

There are several reasons for Payless’s demise. As the New York Times notes, brick-and-mortar stores were the core of Payless’s strategy, which may have hurt sales now that a growing number of customers prefer to shop online. (It’s worth noting that in addition to closing its physical storefronts, Payless is shutting down its online store.)

The shuttering of mall department stores across the country also hurt Payless — these bigger retailers serve as “anchor stores” that drive people to malls and other shopping centers, and closing them hurts foot traffic for smaller stores with more specific offerings like Payless.

Advertisements

Comments

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s