Bids on Payless sites are being accepted until May 15

Bids are being accepted on the leases for 425 Payless ShoeSource locations through May 15, according to RCS Real Estate Advisors, which has been retained to handle the disposition.



The stores range in size from 2,000 to 5,000 sq. ft. and are situated in both mall and street environments.



Payless this week filed for Chapter 11 bankruptcy protection, listing liabilities between $1 billion and $10 billion. It will continue to operate its business as usual at its nearly 4,000 other locations.



“We are further evaluating for closure other stores in their existing fleet and seeking the rent reductions necessary for locations to remain open,” said RCS CEO Ivan Friedman.



Interested parties may send bids to RCS’s Spence Mehl at [email protected].