By Joshua Burd
Payless Shoe Source will close seven stores in New Jersey amid some 400 store closures nationwide, the latest in a wave of downsizing by some of the nation’s most recognizable retail brands.
The Topeka, Kansas-based company said this week that the closures will include locations in East Rutherford, Bloomfield, East Brunswick, Englishtown, Marlton, Phillipsburg and Cape May Court House. The announcement follows Payless’ filing for bankruptcy protection in the Eastern District of Missouri “to facilitate the financial and operational restructuring necessary to strengthen its balance sheet and position the company for long-term success.”
“We intend to use the Chapter 11 process to implement a comprehensive path forward to meaningfully enhance our growth profile and profitability, positioning us to continue to thrive as a sustainable business in the face of the retail industry’s radical, unprecedented transformation,” the company wrote in a statement Tuesday.
The full list is available at the Payless website.
