Payless Shoe Stores Shutting Down
Another store we all grew up with is closing its doors. Payless was started in 1956 in Kansas. At its peak, it was spread out in 40 countries and was maintaining more than 3600 locations. Typically, bankruptcy is a way for businesses to trim down debt and become more financially stable. For some businesses, it works. For others, such as Radio Shack, it doesn't. Payless tried this move in 2017 and closed down roughly 400 stores.
Late in 2018, Payless attempted a "viral" campaign in their stores by revamping them to trick potential buyers into thinking they were at a high-end shoe store. The candid filming showed interviews with customers paying exorbitant amounts of money for the discount store's products. This was an attempt to show the quality of the shoe versus the price for said quality. They also used this platform to show off their online retail option in the wake of online stores, such as Amazon.
The attempt seems to have been too little too late. Payless announced it will be shutting down all 2100 stores, with liquidation sales starting this week. Perhaps now, it doesn't feel good to Payless.