Payless Seeks Second Bankruptcy

Signs point to a possible second filing from the shoe retailer
Posted February 12, 2019

Payless Inc. (Topeka, Kan.) is currently prepping for a second bankruptcy filing, seeking a loan to get through court proceedings and discussing closures of a significant amount of its North American stores, if not all of them, according to sources familiar with the matter.

The company has struggled with competition in recent years, amassing debt from a leveraged 2012 buyout by Golden Gate Capital and Blum Capital Partners and filing for its first bankruptcy protection in April 2017.

A payless spokesperson would not comment on the speculation regarding a second bankruptcy to the Boston Globe. Founded in 1956, the retailer employs more than 18,000 workers globally and operates 3600 stores worldwide, including more than 2700 in North America.