The American shoe chain has had a decent run here in Canada, but now, Payless Shoes declared bankruptcy.
We’ll all have a few more chances to save big when the Payless Shoe liquidation sale happens. But, there won’t be anymore trips to the discount shoe store when it’s “back-to-school” time in August and September.
It’s a shame, but a reality that all brick-and-mortar stores are facing these days. With online shopping taking a huge bite out of the retailers’ cash registers, they’re having a hard time staying profitable.
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It’s pretty grim. High rent, low sales, staff, and other overhead expenses have had a huge impact on the retail industry as we know it.
Sure, online shopping is convenient, but can you imagine a world without physical stores? Yikes!
What can we do in this case? Suck it up and find a new source for shoes for the entire family.
Payless will close every one of its 248 Canadian stores this spring, most of them in March!
More giant retailers may follow suit if the consumer trends continue. Plus, retailers have to adapt to the changing environment – sometimes by reducing their inventory.
The rent was unpaid at most of Payless Shoes locations across Canada in February. Consider how many people will be out of work, too!
Sad, but true. And the only good news would be the deals consumers can score when the liquidation sale begins. Be sure to stock up on summer sandals, winter boots, running shoes, and so on!
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