World Events and the Bible

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Payless To File Bankruptcy As They Plan to Close 500-1000 Stores

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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.

Source: Payless Is Said to Be Filing for Bankruptcy as Soon as Next Week – Bloomberg



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10 Comments

  1. They’ve been in business a while. Sad.

  2. Kate Frederickson

    March 22, 2017 at 10:00 AM

    Good! The shoes are garbage. Leaves plenty of space for American manufacturers to fill in the gap. SAS in San Antonio comes to mind, along with New Balance, I think they still make them here. Hopefully more smaller companies step into those shoes and supply the people. Instead of China crap.

    • They were shoes for people with hardly any cash. At least they covered your feet. I suppose now those folks will just have to go to a thrift store and hope for the best.

    • Alleged Comment

      March 22, 2017 at 5:29 PM

      I bought shoes from Sears. They lasted me 18 months for the first one. The 2nd one 12 months. The turd one 8 months and one side developed a hole in it.

      Now, these were casual shoes for casual wear. They were all made in China. I quit buying shoes and returned to my Wolverine work shoe. Sure it looks beat up on the outside. But been wearing for 3 years and yet shows no wear.

  3. I fail to see how a shoe store that sold cheap and I do mean cheap Chinese shoes, closing stores , qualifies for a “world event and the Bible”.
    I’m surprised they lasted this long .
    Could it possibly be the consumer would rather spend their hard earned money on shoes that last more than two months.
    Especially parents with children.

    • Thanks for the comment Dan. It’s not the fact that it’s Payless shoes which has been around since the 1950s. It’s the fact that multitudes of other businesses are closing, strip malls and banks are having issues as well. Sears is also having issues as noted so you combine everything along with the 95 million Americans not in the labor force and that certainly is a valid “World Event”. Every event that transpires in the world is a “World Event”.

    • As Brandon mentioned exactly…. If you go to http://www.thomasdishaw.com you will see regular postings of the many thousands of store closings, layoffs, and businesses closing altogether. This mention of Payless is just another piece in the pattern which is being repeated throughout the whole world. Article came out earlier this week, with the U.N. Stating we are now having the worst global food famine since WW2. Many parts of the world are already feeling and seeing what we will soon experience in this country. And by soon, I mean very likely this year. Things are accelerating rapidly, and the decline is beyond recovering from. We have 95 million working age Americans totally out of the workforce. We have 20% of US households that don’t even have a single person working. We have the highest level of children living in poverty since the Great Depression. Many of you may not be aware, but the Fukushima nuclear disaster is ongoing and getting worse by the day… Almost everything in the Pacific Ocean is dead or dying as a result of it, there is SO much radiation in the water now and being added every day. The powers that be, in this world, have been pushing for WW3 for some time now, and we are on the verge of that as well…

      • Thank you for the notes No Retreat. As for Fukushima I think there is certainly some concern there, however I think it is being overblown by many. The ocean is enormous and while the nuclear disaster is not health for the ocean, the ocean is capable of surviving. I recall last year people saying the ocean was dead and we were all splashing away in it and noting the sea life. Folks on the West Coast are still functioning okay. As for world war 3, there is no need for one. The children of Satan are getting what they want. North Korea may finally fall to the globalists along with Syria and Iran. Russia and China along with the rest of the West are already a part of the global system so there is no need for those nations to clash.

  4. The difficult to swallow problem with Payless shoes is their lack of commitment to quality coupled with their increasingly higher prices for poor quality goods. Payless kept promoting “trendy” instead of “substance.” Shoes with no soles greater than 1/4″ thick are common for women and children that break through in just a couple of months. No quality orthotic style footbeds on many shoes. No quality leather – only vinyls and plastics that crack in short order. When shoes won’t last 4 months let alone a year, I won’t waste my money. Better to buy quality, and Payless won’t stock quality. Their use of the “Buy-One-Get-One” marketing tool just doesn’t cut it. It is so sad. They used to have better quality.

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