TOPEKA, Kan., April 13, 2017 /PRNewswire/ -- Payless ShoeSource is closing 389 underperforming stores in the United States and Puerto Rico, providing a rare opportunity for savvy shoppers to snap up footwear for the whole family at liquidation prices. A joint venture between Great American Group and Tiger Capital Group is conducting the store closing sales.
Founded in Topeka in 1956, Payless ShoeSource will continue to operate approximately 3,000 stores in the United States and Puerto Rico. The retailer filed a voluntary petition for reorganization pursuant to Chapter 11 of the U.S. Federal Bankruptcy Code on April 4 to facilitate the financial and operational restructuring necessary to strengthen its balance sheet and position Payless for long-term success.
"For bargain-conscious shoppers across the United States, the store closing sales represent a pragmatic opportunity to save a significant amount of money on a universal need," said Scott K. Carpenter, President of GA Retail Solutions, a leading provider of asset disposition and auction solutions, and a subsidiary of B. Riley Financial, Inc.
"Everybody needs footwear, whether you're a runner, office worker, parent or maybe all three," said Michael McGrail, COO of Tiger Group, which provides asset valuation, advisory and disposition services to a broad range of retail, wholesale, and industrial clients. "These store-closing sales epitomize the retailer's familiar slogan—'Go To, Get More, Pay Less.'"
To see a list of underperforming locations slated for closure, please click here.
During the store closing sales, shoppers will find significant liquidation discounts off Payless' robust selection of well-known and popular national brands. These include brands such as American Eagle by Payless, Christian Siriano for Payless, Airwalk, Dexter and Dexflex Comfort, as well as Brash. Kids' brands include SmartFit, and a range of fun character shoes.
Payless is a privately held company owned by Golden Gate Capital and Blum Capital Partners, and is the largest specialty family footwear retailer in the Western Hemisphere, with more than 4,000 brick-and-mortar stores in more than 30 countries and about 22,000 employees.
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SOURCE Tiger Capital Group & Great American Group