Remember a time when your parents would take advantage of the massive "back-to-school" sales at stores and drag you along with them? Inevitably, you'd travel to Payless ShoeSource for your sneakers, sandals, winter boots and more. We can all agree that the store was a childhood (and even adulthood) stop for shoes. Who can blame us? Prices were always super low, you had a ton of styles to choose from, what more could you really ask for?
Well, it might be time for you to find a brand new source for all of your foot attire, as it was officially announced today that Payless will be closing all of its 248 Canadian locations this spring.
TL;DR Payless Shoesource is officially closing all 248 Canadian locations this spring due to inability to keep up with today's retail environment. Mega sales are expected to hit stores across the country from March to May 2019. More details below.
Yes, it is a shock for everyone. The reason for the closing down is due to prior reorganization that left the company "ill-equipped" for the consumer trends that have produced the modern retail environment, according to Global News.
The company had a major oversupply of inventory as recently as this winter, leading to no other choice but to sell all the product at ridiculously low prices. The company was unable to pay rent for the month of February for most of its Canadian stores and communicated a loss of more than US $12 million in 2018, the Global News report continues. In the end, Payless just wasn't making enough money in 2019's retail market to continue on.
It looks like the legacy of shopping at Payless will end with our generation. Luckily there is some good news.
Two words: liquidation sales. Where else did you think all of those shoes Payless still has would go? Although stores will officially be closing in March, a few will continue to stay open until May 2019. So, expect some major sales on spring and summer shoes, boots, sandals and more.
Needless to say, you might want to stock up as soon as the mega sales hit stores. Stay tuned for more information and details on when the giant sales will be coming to Payless stores.