The latest Chapter 11 in a familiar story.
"Payless ShoeSource became the latest major retailer to declare financial distress when, on Tuesday, the company filed for Chapter 11 bankruptcy and announced a restructuring plan that includes the immediate closure of 400 stores in the United States and Puerto Rico," reports Travis M. Andrews.
Payless ShoeSource is the ninth major retailer to file for Chapter 11 bankruptcy since the beginning of the calendar year, which provides the fodder for a discussion about an American "retail apocalypse" in a vide that accompanies the article.
"Moody’s, last month, listed 19 retailers as financially distressed, including Sears, J. Crew and Gymboree. Macy’s, J.C. Penney, RadioShack and The Limited are just a few of the companies that have announced closures this year," adds Andrews.
Planetizen has covered the planned closures of Sears, Macy's, and The Limited, in addition to Whole Foods and the potential closure of many additional grocery stores.
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