Attention all bargain-hunting shoe-lovers: Payless ShoeSource has officially started its store-closing liquidation sales event at all of its 2,300 retail locations in Canada, the U.S., and Puerto Rico. It is retail history's largest liquidation event (by store count). Payless' store locations in Latin America, the U.S. Virgin Islands, Guam and Saipan, and its international franchise stores in the Middle East, Asia and Africa will remain open.
The sale is giving customers a lot to smile about - North American shoppers can expect to find initial discounts of up to 40 percent off all merchandise, including hundreds of popular brands.
Payless' liquidation event will continue until all pieces of merchandise - currently valued at a whopping $1 billion - is sold. The sale will also consist of the liquidation of all stores' furniture, fixtures, and equipment.
"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," stated Michael McGrail, the COO of Tiger Capital Group, an asset disposition firm that is involved in the operation of Payless' sales event.
"Since 1956, Payless has represented fashion-forward footwear and accessories at reasonable prices," noted Scott Carpenter, President of Great American Retail Solutions, another company involved in Payless' liquidation sales. "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."
Although North American customers are surely excited to reap the benefits of Payless' liquidation sale, the announcement of the store's continent-wide closure hasn't been so easy for shoe-enthusiasts to digest.
Omg you don’t know how sad I was when i found out Payless is closing all stores
I wear a size 12, 13 women. Yes, I know. Payless is the only place that I can walk into and get a cute pair of shoes that aren’t $100. This is wrecking my world. pic.twitter.com/WuRmSAnP98
A complete store list can be found here.