Saturday, April 08, 2017

Payless Shoe Source Is On Its Way Out!

Payless Shoesource is closing up stores. It may be the end of a legendary shoe store.

Payless ShoeSource is based out of Topeka, Kansas. It was founded by Louis and Shaol Pozez, two cousins who believed in selling footwear at affordable prices. It's own by Blum Capital and Gold Gate Capital.

There are over 4,500 stores in the world. The United States, Canada and Puerto Rico are the majority of the locations.

The company is a discount footwear retailer that is a common fixture in a mall. There are stand alone stores in communities as well. The company announced it filed for Chapter 11 bankruptcy and is planning on closing 400 stores in the United States and Canada.

It's not known if they are closings in countries outside the two major ones.

Prior to the bankruptcy, heavily loaded with debt due to a private equity buy out, the company's credit rating was downgraded by Moody's.

Like retailers are suffering. Donald J. Trump, a person of business is the leader of this polarizing and god awful country. He and Mike Pence were arm chair wringing about how Barack Obama was destroying jobs with bothersome regulations, unions and high wages.

The middle class is being driven to the poorhouse because of Republicans and their lack of understanding. Many of their voters are middle class working in retail. They depend on a job that is safe. They want a job where they can grow. They will continue to stay loyal if the company offers health insurance.

Now with Republicans in charge, those very same voters will now look for unemployment benefits and other safety net opportunities. Of course, the same voters who complained about the unemployed are now ones themselves.

The very same Republican voters who were then crowing about the poor taking intrusive drug tests and limiting enrollees to having less than $200 a month in food stamps now feel the pain themselves.

Other business that are fading away include: HHGregg, RadioShack, Family Christian Bookstores, Bebe, and The Limited.

Sears/Kmart are on the verge of triggering a major collapse in the retail industry.

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