It's time to scope out new kids' shoe stores in NYC. Payless ShoeSource has begun preparing its shops for closure and filed for bankruptcy protection on Feb 18, according to CNBC.
There are 2,500 locations nationwide—including 159 in New York, some of which are located throughout the five boroughs—that will likely go out of business at the end of March, or optimistically in May after the Easter season, one of the most productive times of year for the brand.
“The challenges facing retailers today are well documented, and unfortunately Payless emerged from its prior reorganization ill-equipped to survive in today’s retail environment," the brand's chief restructuring officer Stephen Marotta said in a statement. "The prior proceedings left the company with too much remaining debt, too large a store footprint and a yet-to-be realized systems and corporate overhead structure consolidation."
It's not easy to stay afloat in today's climate, and popular kids' clothing stores (such as Gymboree) and toy stores in NYC (like Toys “R” Us) have endured similar fates. It might be difficult to part ways with your go-to brands, so make a visit while you still can. If you're anxious to score discounted winter shoes or want to stock up on sandals and sneakers in anticipation for summer activities for kids, it's officially go time. Word on the street is that no kid will refuse a shopping spree during mid-winter break!
Sign up to receive great Time Out New York Kids deals in your inbox each day.