Kansas-based Payless, Inc. filed for Chapter 11 bankruptcy protection in the Eastern District of Missouri (St. Louis) on Tuesday afternoon, under docket # 17-42257.
If you read my blog post about Payless from two weeks ago, this filing should come as no surprise to you. I even put Payless on my retail bankruptcy watch list for 2017 back in January.
The retail discount shoe chain has more than 4,000 stores in 30 countries. CNN reports 400 stores are closing immediately. The company has about $665 million in debt, according to Reuters. In February, Moody’s downgraded the company debt rating, stating the company shown “weaker than anticipated operating performance.”
If you are a landlord with a Payless it is important to know your rights, now. Stark & Stark’s Bankruptcy & Creditor’s Rights Group can help. Our bankruptcy attorneys regularly represent landlords throughout the country, including recently in the District of New Jersey, Southern District of New York, District of Delaware and Eastern District of Pennsylvania on a variety of issues. Most recently, our Group has represented landlords and trade creditors in the EMS, Golfsmith, RadioShack, A&P, Joyce Leslie and Sports Authority Chapter 11 bankruptcy cases.
For more information feel free to contact the author of this blog.
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