As part of its announced Chapter 11 bankruptcy filing, Payless Shoesource has released a list of the stores that it is closing. The list includes four stores in Maine and two stores in New Hampshire.
- The Shops At Biddeford Crossing, Biddeford, Maine
- Aroostook Centre, Presque Isle, Maine
- Broadway Shopping Center, Bangor, Maine
- Maine Coast Mall, Ellsworth, Maine
- Seacoast Shopping Center, Seabrook, New Hampshire
- Rochester Marketplace, Rochester, New Hampshire
Under the Chapter 11 plan, Payless is restructuring its debts and intends to accomplish specific objectives:
- Strengthen its balance sheet and restructure Payless’ debt load;
- Invest in specific areas that Payless believes will provide sustainable growth including omnichannel expansion; product and inventory initiatives; and international expansion in Latin America and elsewhere; and
- Optimize its store footprint, with the immediate closure of nearly 400 underperforming locations in the U.S. and Puerto Rico and work to aggressively manage the remaining real estate lease portfolio either by modifying terms, or evaluating closures of additional locations.
The current list of closings includes 385 stores, however, their statement hints that more stores may be closed during the bankruptcy proceedings.