News of Payless Shoes filing chapter 11 bankruptcy hits Florida hard, with 50 stores being shuttered statewide, and putting hundreds of mostly low-wage people out of work.
In the first quarter of 2017, there have been nine national brand retail bankruptcies, with more to come. This is more than all of the retail bankruptcies filed last year. The reasons are complex, but as more mall stalwarts hit the skids, the explanation can’t be laid solely at the feet of “the economy.”
Let’s break it down non-fingerpointy-style.
All of this adds up to traditional retail that was unprepared for shifts in consumer attitudes, rising wages, online availability of everyday goods, crappy community planning, and vulture capital greed. The retail crunch is going to leave a lot of people holding the bag, still with bills to pay, families to feed, and needs to cover.
If you are facing job loss and debts, it might be time to talk to a professional who can help you make informed decisions about a way forward. Call out Palm Beach or Fort Lauderdale office and set up a free consultation to find out your best options.
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