The discount shoe retailer Payless ShoeSource is set to close all of its stores when its files for bankruptcy later this month. Veuer’s Mercer Morrison has the story.
Time is running out to use Payless ShoeSource gift cards.
The Topeka, Kansas-based retailer, which filed for Chapter 11 bankruptcy protection on Feb. 18, got the permission of a federal bankruptcy judge to honor gift cards through March 11. Merchandise credit cards also will be accepted through March 11.
On March 12, both will be worthless, Payless said on its website.
According to the website, as of March 9, prices are “up to 50 percent off.”
Experts including, Melissa Jacoby, a bankruptcy law professor at the University of North Carolina at Chapel Hill, advise not waiting to use gift cards.
“I generally tell people if they have gift cards in their wallet, use them yesterday,” she said.
March 1 was the last day for returns and exchanges of merchandise purchased before the liquidation sales began Feb. 17, the company said. Store coupons and rewards were discontinued.
Store closings “will begin at the end of March and will conclude by the end May,” Payless said in frequently asked questions posted on its restructuring website.
Payless liquidation: What you need to know about store closing sales
Payless.com stopped accepting orders on Feb. 15, but store merchandise is still available on Amazon.com “for the time being,” Payless said in frequently asked questions posted on its restructuring website.
On Feb. 19, the day after the company filed bankruptcy, there were close to 1,000 products were available on Amazon, including 61 in the Christian Siriano for Payless line. Siriano, a designer and mentor on Project Runaway, was the season 4 winner of the reality show.
Several of the Payless items say they are “Sold by Payless ShoeSource and Fulfilled by Amazon.”
Depending on item size and color, many of these Payless products also are listed as being eligible for free returns on Amazon.
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