The Canadian retail market was hit with a double whammy in February as the impending closures of Payless ShoeSource and Home Outfitters were announced in the same week.In B.C. alone, the closures will shutter 31 Payless stores and five Home Outfitters locations.Payless locations are usually between 2,400 and 3,000 square feet in size, while Hudson’s Bay-owned Home Outfitters locations usually cover about 35,000 square feet.
“It’s a very, very tough business to be a discount retailer when you’re going up against massive players,” he said.Wood said there is another important theme behind the Payless closures.“Payless was doing great when it was a publicly traded company,” he said. “As soon as private equity took it over … there very little room to invest in the business. When private equity takes over a retailer, more often than not it has been a recipe for ultimate bankruptcy.
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