Largest liquidation by store count is now underway
Payless ShoeSource has started its going-out-of-business sales.
The bankrupt retailer is now holding store closing sales at all retail locations in North America. It is the largest liquidation event — by store count — in retail history with sales to take place at all of Payless’ approximately 2,300 stores in the U.S., Puerto Rico and Canada.
The liquidation will continue until all merchandise, valued at $1 billion, has been sold. Furniture, fixtures and equipment will also be sold at the store level.
The sales event is being operated by a joint venture of asset disposition firms including Los Angeles-based Great American Group, a wholly-owned of subsidiary B. Riley Financial, and New York-based Tiger Capital Group.
"Payless has been the go-to shoe store for millions of families, so the closure of its U.S. and Canadian retail operations is significant news in terms of sheer scale and consumer impact," said Michael McGrail, Tiger Capital Group COO.
Payless filed for bankruptcy on Feb. 18. Its stores in Latin America, the U.S. Virgin Islands, Guam and Saipan, and its international franchisee stores in the Middle East, Asia and Africa will remain open.
The bankrupt retailer is now holding store closing sales at all retail locations in North America. It is the largest liquidation event — by store count — in retail history with sales to take place at all of Payless’ approximately 2,300 stores in the U.S., Puerto Rico and Canada.
The liquidation will continue until all merchandise, valued at $1 billion, has been sold. Furniture, fixtures and equipment will also be sold at the store level.
The sales event is being operated by a joint venture of asset disposition firms including Los Angeles-based Great American Group, a wholly-owned of subsidiary B. Riley Financial, and New York-based Tiger Capital Group.
"Payless has been the go-to shoe store for millions of families, so the closure of its U.S. and Canadian retail operations is significant news in terms of sheer scale and consumer impact," said Michael McGrail, Tiger Capital Group COO.
Payless filed for bankruptcy on Feb. 18. Its stores in Latin America, the U.S. Virgin Islands, Guam and Saipan, and its international franchisee stores in the Middle East, Asia and Africa will remain open.