Another large retail chain is closing in the US - ForumDaily
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In the US, closes another major retail chain

Photo: depositphotos.com

Photo: depositphotos.com

Network shoe store Payless Shoe Source filed for bankruptcy, announcing the closure of 400 stores, after being faced with competition from online stores and other failures.

In accordance with the reorganization plan, the store will lose its debt, attract new capital, activate its conditions in the field of electronic commerce and become more competitive.

The company will cut 400 inefficient stores in the US and Puerto Rico. Currently, the company has opened around 4400 stores in 30 countries, including the United States.

Payless, like other traditional retail stores, faced stiff competition on the Internet, with retailers such as Amazon и Zappos.comwhich reduced costs by reducing the number of employees and reducing the cost of rent.

CEO Paul Jones said the competition has become fiercer.

“This is a difficult but necessary decision due to ongoing retail challenges that will only get worse,” Jones said in a statement.

The strong US dollar also cut profits when it came to sales in Canada, Latin America and Australia. All because of the fact that customers bought shoes in local currency, which Payless should have been counted for the us dollar.

Payless is the last major retail store that has scheduled closures this year. Similar announcements previously sounded from Macy's, JC Penney and others. More 3500 stores are expected will close in the next couple of months.

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In the U.S. closing shop
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