Payless says it could close another 408 stores
Reuters
The company is seeking to immediately close 112 locations and potentially shut down another 296 stores if it can't get cheaper rent for those stores, according to court papers filed this week at federal bankruptcy court in St. Louis, Missouri. Fortune's Phil Wahba first reported on the closures.
The closures could impact more than 2,000 employees.
Prior to filing for bankruptcy in April, Payless had 4,400 stores in 30 countries and employed nearly 22,000 people.
The retailer said in April that more store closures were likely. In a news release, the company said it planned to "work to aggressively manage the remaining" stores through additional closures or modified lease terms.
- I quit McKinsey after 1.5 years. I was making over $200k but my mental health was shattered.
- Some Tesla factory workers realized they were laid off when security scanned their badges and sent them back on shuttles, sources say
- I tutor the children of some of Dubai's richest people. One of them paid me $3,000 to do his homework.
- Why are so many elite coaches moving to Western countries?
- Global GDP to face a 19% decline by 2050 due to climate change, study projects
- 5 things to keep in mind before taking a personal loan
- Markets face heavy fluctuations; settle lower taking downtrend to 4th day
- Move over Bollywood, audio shows are starting to enter the coveted ‘100 Crores Club’