As you may have seen in the news, Payless ShoeSource has announced it will be shutting the doors on all of their 2,100 U.S. locations.
Clearance sales are already starting across its stores. Many items are being seen marked down to as much as 40% their original price.
The liquidation sales are expected to run through March. Shop as early as you can to ensure the best selection. Some might find markdowns as big as 50% off, depending on your location.
Entire stores are being discounted, with shoes, accessories and sunglasses being automatically discounted 40% at the register. Socks and handbags are marked down 30% at the register.
Remember that during a closeout sale, all sales are final. This means you cannot get any refunds, exchanges or adjustments.
In a move that is becoming more and more common among big retail chains, Payless ShoeSource announced last month that it will be closing all of its 2,100 U.S. stores.
Most stores will remain open until May, but some will be closing its doors as early as this month. The online Payless store will also be shutting down.
The company, founded in Topeka, Kansas in 1956, has over 3,600 spread across 40 countries. A spokesperson for Payless says its international franchise stores will not be impacted by the closures.
Online shopping, with mega e-Giants like Amazon, is speculated to indirectly cause the bankruptcy of several brick-and-mortar chains like RadioShack, Charlotte Russe and Toys “R” Us.
Experts speculate that the slow pace of change that occurs inside stores like Payless is part of its downfall. The landscape of retail is changing rapidly in the digital age, and retail stores are struggling to keep up it.
Bankruptcies may continue to be a trend in the retail industry unless brick-and-mortar stores take bolder action.