Experts say it comes down to the U.S. having too many stores.
Payless ShoeSource was the latest to announce a chain of closures — which includes a Canandaigua location on County Rd. 10.
While that location will close, the Geneva and Victor locations will remain open, according to the company’s press release on Wednesday.
Payless ShoeSources has filed for chapter 11 bankruptcy protection. Due to the filing, the company will be forced to close 400 of it’s locations across the U.S. in order to restructure it’s debt load.
Several locations in the Syracuse and Rochester areas will be closing, as well.
J.C. Penney was the last major retail outlet to announce a series of closures. However, none of those impacted the future of local stores.
Showing how volatile the entire brick-and-mortar retail industry has become — the Fingerlakes Mall was listed on a commercial real estate listing for $7 million.
It’s unclear how the decision to sell the property will impact the future of J.C. Penney’s at the Aurelius center, who has an operating lease until 2020.
Little will change with the stores that are remaining open in the Payless world. According to a press release on Wednesday the company “will continue to operate its business in the ordinary course in terms of its customers, vendors, partners and associates.”