Customers will no longer be able to "Expect More, Pay Less" now that Payless ShoeSource Canada Inc. has officially announced that the company intends to close all of its 2,500 North American stores, including 245 Canadian retail outlets.  The announcement follows news of the shoe retailer's plan to file for creditor protection in Canada.

Payless ShoeSource's chief restructuring officer Stephen Marotta mentioned in a release to the public that the closures are occurring because a prior organization left the company in an "ill-equipped" condition to survive today's retail environment.  The Kansas-based company is currently struggling with excessive debt and too large a store footprint.

READ ALSO: Town Shoes Is Having A Massive Sale With Up To 85% Off Shoes Before Closing All Of Their Stores

According to official company documentation, Payless ShoeSource employs approximately 2,400 workers in Canada and has failed to pay February's rent for 220 of its 248 stores in Canada.  An operating loss of over US$12 million was reported last year.

According to documents filed with the Ontario Superior Court, the company possessed an overstock of inventory this winter and was pressured to sell off merchandise at steep discounts.

Payless has also filed for bankruptcy in the US and expects to begin closing stores at the end of March.

There's also some good news, though. Some stores will continue to remain open until the end of May, and we can look forward to some extravagant liquidation sales.  I mean, you really can't have too many pairs of shoes, right?

But shoe-lovers across the continent are aching at the loss and demise of another great, American discount brand.  Company loyalists have been quick to declare their grief and despair on social media today, as a result.

Some customers have even urged the public to take advantage of the impending sales as an opportunity to purchase some cheap shoes to donate to the homeless.

READ ALSO: Town Shoes, Jean Machine and Multiple Other Retail Stores Are Closing Throughout Canada This Month

 

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