Fraser Valley/Kansas – Another major retailer has fallen to financial hard times and on line shopping.
Payless ShoeSource Canada Inc will shut the doors, including Seven Oaks in Abbotsford and Cottonwood Mall in Chilliwack.
In a statement from their Kansas head office, the retailer noted ” a prior reorganization left the company “ill-equipped” for today’s retail environment with too much remaining debt and too large a store footprint.”
On line shopping is again , a major factor is their demise.
In total, 2,400 workers in Canada employed at 248 Canadian stores, will become lose their jobs.
The company has failed to pay February’s rent for 220 of its stores in Canada and reported an operating loss of more than US$12 million last year.