Payless ShoeSource customers have just one more day to use their gift cards.
According to the family footwear retailer’s website, active gift cards can be used until Monday. As of Tuesday, the cards cannot be used and will be inactive. Also, Monday is the last day active store merchandise credits can be used, which will be inactive the following day.
With business coming to a close, Payless is also cutting lowest ticketed prices by as much as 50 percent off, the retailer’s website states.
After one failed bankruptcy in 2017, Payless ShoeSource last month announced a second Chapter 11 filing — but this time, the retailer said it would shutter all 2,500 of its North American stores.
The company, which had prioritized Hispanic consumers as part of its 2017 post-bankruptcy restructuring plan, said it would continue to operate its 420 stores across 20 countries in Latin America, those in the U.S. Virgin Islands, Guam and Saipan, and its 370 international franchisee locations in 16 countries across the Middle East, India, Indonesia, Indochina, the Philippines and Africa.
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A Payless spokesperson told FN last month that it expects stores in the U.S. and Puerto Rico to remain open until at least the end of March and the majority will remain open until May. The company, which had struggled since a highly-levered private equity buyout in 2012, had grappled with waning relevance and a failure effectively implement new omnichannel concepts, experts contended.
“They didn’t really have enough time to evolve the business model, given the financial constraints they had to contend with,” explained B. Riley FBR analyst Jeff Van Sinderen in February, noting that Payless wasn’t helped by a “so-so” 2018 retail holiday season. “Not being omni-digitally relevant hurt them.”
