Payless Shoe's Prepares For Second Bankruptcy - ATL Law 404.800.4001
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Payless Shoe’s Prepares For Second Bankruptcy
The Payless bankruptcy has been the talk in most recent news. Payless Shoe’s is on the verge of yet a second bankruptcy. Payless is among a long list of “water-wading” retailers, struggling to stay a float. Unfortunately for Payless, even after their bankruptcy just two years ago, they haven’t quite been able to “keep up with the times.” In other words, their fashion isn’t appealing to the younger generation. Secondly, Payless has had very little work done to their online presence. They are far far behind the presence of Amazon, Walmart, Target, or just about any shoe brand really. If you think the problems with the Payless Bankruptcy stop here, you’re wrong, keep reading to find out more.
What is Payless Doing Wrong:
As stated above, Payless just hasn’t been able to “update” it’s brand and keep up with the online competition. But on top of all of this, there’s more….. Payless has a reputation for a “short employee turn over rate.” Meaning, people get hired, fired, or quit very quickly. This has brought down customer service drastically to new levels. According to one of Payless’ digital marketing team in 2018, the retailer failed to tackle core challenges around customer retention, brand strategy and in-store experience in the critical time frame following its bankruptcy exit (Bhattacharyya 2019). During Payless’ first bankruptcy, they closed nearly 400 stores nation-wide, since then more have closed.
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