Payless shoes Murali

The business Payless shoes known for affordable footwear has been around for 60 years in America and 37 years in Australia and is now closing more than 1000 stores as a part of a debt restructuring deal.

With online shopping becoming more and more popular, Payless was becoming irrelevant to the footwear market. In January it is said that they were in debt of almost $655 million

The company is considering filing for bankruptcy, 750 jobs in Australia will be lost as a result of this. “While we received a number of expressions of interest from various parties, there were no acceptable offers for the business as a whole,” says administrator Jim Sarantinos.

The administrators will continue to work with interested parties and landlords to transfer stores and employee contracts where possible during the period leading up to closure.


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