Lately, the term “bankruptcy” seems to be a common phrase when it comes to retail stores. Toys “R” Us was the biggest bankruptcy showdown, as they went completely out of business and closed all U.S. stores by the end of 2018.
Stores like Sears, Gymboree, and more have been filing Chapter 11 bankruptcy as they drown in millions of dollars of debt and being unable to stay afloat with the competition from other retailers and online. The Payless company has yet to comment with an official statement.