Payless ShoeSource begins its arduous post-bankruptcy road by enlisting the help of Great American Group and Tiger Capital Group in closing 389 stores in the U.S. and Puerto Rico. The companies provide asset valuation, advisory and disposition services to a broad range of clothing-related clients.
After officially filing for bankruptcy last week, the footwear retailer announced liquidation sales leading up to the closures of 389 under-performing stores.
“Everybody needs footwear, whether you’re a runner, office worker, parent or maybe all three,” said Michael McGrail, Tiger Group COO. “These store-closing sales epitomize the retailer’s familiar slogan—’Go To, Get More, Pay Less.'”
Texas and California get the brunt of closures, with Texas nearing 70 stores closing, and California closing almost 60 stores.
The stores will remain open until remaining inventory is sold.