Payless May File For Bankruptcy Soon
Bloomberg is reporting that Payless Shoesource is preparing to file for Chapter 11 protection. The potential Payless bankruptcy is an alert for consumers to take action on several items:
Payless Bankruptcy – What Happens to Gift Cards?
According to Consumers Union, your gift card may be worthless once a business goes bankrupt.
If you have a gift card, redeem it immediately. Payless may be filing for bankruptcy protection as early as next week.
Payless Bankruptcy – What Happens to Shoes That Need to Be Returned?
Take care of any returns right away. Put the shoes in your car, and head to the nearest Payless Shoesource store to get this handled (before it’s too late).
Shoppers need to know that once the bankruptcy filling is complete, many of the standard protections are lost. The company can decide not to honor outstanding gift card balances. In a recent online shoe store closing, buyers who were in the process of making a return were burned when the company shut down suddenly. They were given no warning, and the customer service number was out of service after the filing.
Use your gift cards quickly. You never know when a company is going to close.
If you loved to shop at Payless, and are looking for a new discount shoe store, here are some resources:
- 6pm.com – basically the outlet site for Zappos.com
- DSW.com (Designer Shoe Warehouse)
- Famous Footwear – free shipping, plus rare promo codes
- Target – free shipping, plus promo codes
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