Payless ShoeSource to Close 10 Stores in Michigan
When it was reported last month that Payless was planning to close 400-500 stores nationwide, we wondered if we'd lose any locations here in Michigan.
MLive reports that Payless has announced it will close 10 stores across the state.
According to MLive, Payless Inc. filed for Chapter 11 bankruptcy April 4 to "strengthen its balance" and "to optimize its store footprint." .
Here are the locations closing in Michigan:
- Orchards Mall, Benton Harbor
- Adrian Mall
- N. Mitchell St., Cadillac
- W. Vernor Highway, Detroit
- Mall of Monroe
- Meridian Malls, Okemos
- Bay City Mall
- Alpena Mall
- Sterling Ponds Shopping Center, Sterling Heights
- Big Rapids Commons Shopping Center
In February, sources told Bloomberg that Payless could close as many as 1,000 stores "as it wrestles with and unsustainable debt" -- upwards of $600 million.
Here's a list of the rest of the stores closing across the U.S. at this time.