Payless may shutter 1,000 stores

The shoe retail chain has reached tough times due to declining mall traffic and a consumer shift in spending.

Payless is in restructuring talks that may include filing for bankruptcy if it's unable to reach a deal with creditors. A decision to restructure and close as many as 1,000 stores may be reached as soon as this month. The shoe retail chain has reached tough times due to declining mall traffic and a consumer shift in spending from shoes and apparel to experiences. The retailer hired the Kirkland & Ellis LLP law firm to look at options for its $600 million debt. (Bloomberg)

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