Payless ShoeSource is selling off everything in its 2,300 stores in the U.S., Puerto Rico and Canada, at initial discounts of up to 40% off.
The privately held bankrupt discount shoe retailer said the liquidation event, which it boasts will be the largest in U.S. retail history by store count, will continue until all $1 billion worth of merchandise, including furniture, fixtures and equipment, is gone.
The event is being held by a joint venture of firms, including B. Riley Financial Inc. RILY, +0.48% subsidiary Great American Group LLC and Tiger Capital Group.
“Since 1956, Payless has represented fashion-forward footwear and accessories at reasonable prices,” said Great American Retail Solutions President Scott Carpenter. Through this sale, shoppers will be able to take advantage of significant liquidation discounts on every item in every store in the U.S. and Canada.”
This is where you can find a store near you having a liquidation sale.
“Payless has been the go-to shoe store for millions of families, so the closure of its U.S. and Canadian retail operations is significant news in terms of sheer scale and consumer impact,” said Tiger Capital Chief Operating Officer Michael McGrail.
Payless, which was taken private in 2012, filed for bankruptcy last week as it has been hurt by increased competition. The liquidation comes at a time that the SPDR S&P Retail exchange-traded fund XRT, +0.55% has lost 1.4% over the past 12 months, while the S&P 500 index SPX, +0.23% has gained 2.0%.