Payless Shoes FYI

Jan 9, 2004
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For those that shop at their various locations in the DR, be aware they have this afternoon filed Chapter 11 Bankruptcy and may well close their operations in the DR.

500 of their 4,000 stores will likely be closed fairly quickly.


Respectfully,
Playacaribe2
 

AlterEgo

Administrator
Staff member
Jan 9, 2009
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South Coast
There's a good size one in the La Sirena shopping center in San Cristobal, I've never gone in there but it looks rather busy.

What a shame.
 

caribmike

Gold
Jul 9, 2009
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We bought twice shoes for my son there, did not last long, low quality. Not surprised...
 

dv8

Gold
Sep 27, 2006
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years ago i bought few pairs from them in pricesmart in santiago. very poor quality, ugly designs and the prices are too steep for the product they sell. good riddance.
 

AlterEgo

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Jan 9, 2009
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Definitely low end shoes, my mother-in-law used to like that they carried wide width shoes. Once I started buying her Ryka sandals and good shoes, she never went there again.

One of her shoe straps snapped when she was staying at our house here, and I gave her one of mine to try, and we found out we had identical shoe size. After that she had an endless supply.

I said it's a shame because there really isn't a big selection of shoes available for people here without the means to spend $50-100 on a pair of shoes.
 

dv8

Gold
Sep 27, 2006
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Exactly. And they have a better selection than La Sirena, for example.

precisely. the quality in la sirena is the same but prices are much lower and the selection is much bigger. of course the product itself is still worthless shyte that will fall apart in no time. sad, really, because for the same low price one can buy a pair of decent shoes online.
 

cobraboy

Pro-Bono Demolition Hobbyist
Jul 24, 2004
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precisely. the quality in la sirena is the same but prices are much lower and the selection is much bigger. of course the product itself is still worthless shyte that will fall apart in no time. sad, really, because for the same low price one can buy a pair of decent shoes online.
Poor people don't shop online.
 

Mauricio

Gold
Nov 18, 2002
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Ideal place to shop for shoes for children, who break their shoes anyway, no matter if you buy 6000 pesos shoes 'Cristinita' or 1200 pesos shoes in Payless.

I don't see them disappearing though. It looks to me like a finance restructuring effort for which bankruptcy protection is solicited. The owners are some private equity firms, don't see them destroying capital by letting the chain go bankrupt for real. 

Chapter 11 
 
Jan 9, 2004
9,694
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Ideal place to shop for shoes for children, who break their shoes anyway, no matter if you buy 6000 pesos shoes 'Cristinita' or 1200 pesos shoes in Payless.

I don't see them disappearing though. It looks to me like a finance restructuring effort for which bankruptcy protection is solicited. The owners are some private equity firms, don't see them destroying capital by letting the chain go bankrupt for real. 

Chapter 11 

Chapter 11 will allow them to hold off creditors as they prepare a plan to service debt and survive.

At this point, with 10 billion in liabilities and less than a billion in assets, it may be a difficult road unless creditors and bondholders take large haircuts on that debt. Beyond that, and if no agreement can be reached, they will likely convert to a Chapter 7 total liquidation.

The DR stores always seem to have retail traffic in them.....so perhaps they will not close those stores, at least in the first round of closings.


Respectfully,
Playacaribe2
 

AlterEgo

Administrator
Staff member
Jan 9, 2009
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South Coast
The DR stores always seem to have retail traffic in them.....so perhaps they will not close those stores, at least in the first round of closings.


Respectfully,
Playacaribe2

DR and other countries might be good places to unload excess inventory too.
 

Africaida

Gold
Jun 19, 2009
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Ideal place to shop for shoes for children, who break their shoes anyway, no matter if you buy 6000 pesos shoes 'Cristinita' or 1200 pesos shoes in Payless. 

Exactly ! Don't forget, their feet growing at the speed of light.
 
Jun 18, 2007
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www.rentalmetrocountry.com
Chapter 11 will allow them to hold off creditors as they prepare a plan to service debt and survive.

At this point, with 10 billion in liabilities and less than a billion in assets, it may be a difficult road unless creditors and bondholders take large haircuts on that debt. Beyond that, and if no agreement can be reached, they will likely convert to a Chapter 7 total liquidation.

The DR stores always seem to have retail traffic in them.....so perhaps they will not close those stores, at least in the first round of closings.


Respectfully,
Playacaribe2

I reckon there will be interested parties to take over part (s) of the franchise.
 

USA DOC

Bronze
Feb 20, 2016
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....Interesting....I have brought some pairs of payless, back from USA.....from someones request......the quality was much better.....much cheaper, why doesnt USA ,DR, get together on this?................