FRAMINGHAM – Retailers continue to struggle.
In April 2017, Payless Shoe Source stores filed for bankruptcy and announced it would immediately close 400 stores in America.
A couple of months later, Payless Shoes announced another 400-plus stores would close.
Now, there is a closing sign on the Payless Shoes store in the Target plaza on Route 30 in Framingham. The store is located next to Panera Bread.
Prior to the bankruptcy filing in 2017, The Dallas-based company had more than 4,400 stores in 30 countries and employed almost 22,000 individuals.
Established in 1956 by cousins Louis and Shaol Pozez, Payless is a privately held company owned by Blum Capital, and Golden Gate Capital.
In 1961, it became a public company as the Volume Shoe Corporation.
In 1979, the company merged with The May Department Stores.
In August 2007, the company acquired the Stride Rite Corporation and changed its name to Collective Brands, Inc.
In May 2012, the company was purchased for $1.3 billion by investment capital firms.
Photo courtesy of Payless Shoe Source