So far, 2017 is not turning out to be a good year for many retailers, following a weak 2016. Hundreds of stores around the country have closed in the first three months, with thousands more expected to shut their doors in the months ahead.
The latest chain to file Chapter 11 bankruptcy, and announce store closings, is Payless ShoeSource.
Payless, which has more than a dozen stores in Greater Cincinnati, has just announced that three of them will be among the 400 shutting down nationwide.
The following Tri-State locations will be closing in the coming weeks:
- Downtown (Race Street)
- Delhi Township (Delhi Shopping Center)
- Springdale (Tri-County Mall)
Remaining stores in Florence, Eastgate, Western Hills, Liberty Township and other areas will remain open, and will be able to handle returns and other issues after your store closes.
Why the Store Closings
Closing 400 locations is part of a plan to reorganize $385 million in debt.
In a statement, Payless described the 400 locations it is closing as "underperforming." Payless announced those locations late Tuesday evening on this website.
“This is a difficult, but necessary, decision driven by the continued challenges of the retail environment, which will only intensify," Payless CEO Paul Jones said. "We will build a stronger Payless for our customers, vendors and suppliers, associates, business partners and other stakeholders through this process."
The company says it will continue to honor gift cards and all return policies during reorganization.
Retail analysts say America is "over-stored" these days, with too many brick and mortar stores trying to compete with online sales.
CLICK HERE for a list and photo gallery of all the store chains that have recently announced closings.
As always, don't waste your money.
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