WEB Notes: The Federal Reserve told us a week ago the markets have improved so much they are going to continue to raise interest rates. Of course it is these no to low rates that keep the economy going to begin with. Without those, interest on loans will increase for many people and businesses. So within that week we have Sears telling us they have doubt about the economic viability of their operations and Payless is going to file for bankruptcy closing anywhere from 500 to 1000 stores. So much for the “health” of the economy.
Payless Inc., the struggling discount shoe chain, is preparing to file for bankruptcy as soon as next week, according to people familiar with the matter.
The company is initially planning to close 400 to 500 stores as it reorganizes operations, said the people, who asked not to be identified because the deliberations aren’t public. Payless had originally looked to shutter as many as 1,000 locations, and the number may still be in flux, according to one of the people.