Payless ShoeSource Closing 12 Ohio Stores

CLEVELAND, OH - Payless ShoeSource announced Wednesday that it is closing 378 stores, including 12 locations in Ohio. The closures are part of the company's bankruptcy proceedings.

The Northeast Ohio stores that will be impacted include the outlet at Chapel Hill Mall in Akron, the store at Vineyard Plaza in Eastlake, and the Midway Mall location in Elyria. The company's CEO Paul Jones called the decision to close the stores "difficult, but necessary" in a statement.

The company said the nearly 400 locations selected for closure were chosen because they were under performing. Additional closures may still be forthcoming, the company said in a press release.

The Ohio stores being shuttered include:

• Akron - Chapel Hill Mall
• Cincinnati - 642 Race Street
• Cincinnati - Delhi Shopping Center
• Columbus - Eastland Mall
• Columbus - 3390 South High Street
• Eastlake - Vineyard Plaza
• Elyria - Midway Mall
• Lancaster - 805 Memorial Drive
• Lima - East Gate
• Massillon - 1932 Lincoln Way East
• Mount Vernon - Knox Village Square
• Springdale - Tri-County Mall

You can find a complete list of store closings, and alternative shopping options, by clicking here. The company is still working out when the stores will be closed.

With the closures, the company believes it can now invest in performing properties and existing product lines. Payless also wants to restructure its debt load via the closures. After streamlining its portfolio, the company also hopes it can compete with online retailers like Amazon.

“We are confident that this process will also enable us to leverage Payless’s existing strengths to succeed,” Jones said.

According to the USA Today, Payless has $1 billion in assets and $10 billion in liabilities.

Photo from Bentley Mall, Wikimedia Commons