Dec. 20, 2017 By Christian Murray
Payless Shoes, which filed for Chapter 11 bankruptcy in April, is closing its 31st Street store and the future of one of its two Steinway locations is uncertain.
The company, which announced earlier this year that it was closing about 900 of its 4,400 stores globally, reemerged from Chapter 11 in August after shedding $435 million in debt. The company has been battered by online competition, analysts have said.
The Payless store located at 22-48 31st Street is closing Jan. 3, according to workers, and the company’s lease at its 30-70 Steinway Street store ends in June 2018.
The building, where the 30-70 Steinway store is located, has just sold for $2.95 million, according to a press release put out by Cushman Wakefield the real estate brokerage firm. The property was sold by Schwab Realty and bought by Malachite Services, a Long Island-based real estate management and development firm.
Payless has made no announcement as to the future of this store.
The company also has a store at 31-73 Steinway. No information has been released about the future of that store.