Having lost $ 35 million, the American company Collective Brands Inc. decided to close 475 from 4844 shoe stores. Most of them operate under the brand name Payless Shoes, 300 stores will close by the end of this year. According to forecasts, closing costs reached $ 54 million.
As a reminder, Collective Brands is the parent company of Payless Shoes, Stride Rite and Keds. Following the announcement of the closure, the company's shares immediately rose 40%. Some analysts suggest that the company is discussing plans to sell it.
Payless Shoes has already closed 20 stores this year. However, at the same time, she opened 32 outlets for the year. The company's revenue grew by 5% and is projected to reach $ 10 million.