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Tag: Payless

  • Bankruptcy looming for Payless ShoeSource?

    Bankruptcy looming for Payless ShoeSource?

    Struggling US retailer Payless ShoeSource is headed for bankruptcy, reports Bloomberg.

    Payless, which has not commented on the report, operates some 4000 stores globally and under the reported Chapter 11 protection likely to be sought next week, will immediately shutter between 400 and 500. As many as 1000 may be closed as part of the restructuring plan aimed at rescuing the 61-year-old company.

    The company is owned by Golden gate Capital and Blum Capital Partners, who bought the business in 2012 as part of the break-up of Collective Brands. Headquartered in Kansas, it employs about 22,000 staff.

    Bloomberg cited sources familiar with the discussions but unable to comment publicly because they were not public.

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  • BCBG Maxazria plans restructure

    BCBG Maxazria plans restructure

    Women’s fashion retailer BCBG Max Azria plans to close some of its stores to focus more on eCommerce, licensing and wholesaling.

    “BCBG has been negatively impacted by the growth in online sales and shifts in customer shopping patterns, and as a result has too large a physical retail footprint,” says PR company Sitrick & Co spokesman Seth Lubove.

    “To remain viable, the company must realign its business to effectively compete in today’s shopping environment.”

    BCBG hired AlixPartners consultancy, replacing Berkeley Research Group, to restructure its debt, reports Bloomberg.

    Many US retailers, especially department stores, struggled through the latest holiday season, including H&M and Target. Payless has announced it is restructuring to deal with its US$665 million debt, and department store Macy’s has cut more than 10,000 jobs as it closes branches and downsizes.

    BCBG has 570 global stores, with 175 in the US. It opened new stores in Munich and Paris last year, and plans to open a store in Quebec this year.

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