Wall Street economists are anxiously awaiting Wednesday's FOMC meeting.Marketsread more
Normally, when the Fed starts loosening policy it does so amid clear-cut signs of economic weakness.Economyread more
With bold and targeted steps, economists say, government can increase opportunity and incomes for many more people in ways that strengthen, not weaken, American capitalism.Politicsread more
More and more American firms are calling for the Trump administration to resolve its conflict with China.World Economyread more
CNBC's Jim Cramer connects the dots by reasoning that if the president were to act he would pick a replacement for Powell that would do his bidding.Economyread more
Judy Shelton said in an interview that, if appointed to the Fed, she would want to lower interest rates all the way down to 0%.The Fedread more
Shoppers are "very nuanced in their expectations," Ron Johnson, the former CEO of J.C. Penney and the former senior vice president of Apple's retail division, said at CNBC's...Evolveread more
Beyond Meat has blown up. The plant-based meat company is now larger than 80 S&P 500 companies, including Macy's, Xerox and Mylan.Trading Nationread more
We've been given plenty of reasons to quit Facebook, including a new report that alleges disgusting working conditions at a company, Cognizant, it uses to employ contractors....Technologyread more
This just might be Fed Chair Jerome Powell's toughest meeting yet, because whatever the outcome, odds are high that it will disappoint a large group.Market Insiderread more
These are the stocks posting the largest moves midday.Market Insiderread more
Payless ShoeSource will begin to close its U.S. stores on Sunday, a spokesperson told CNBC in a statement, as the shoe retailer prepares for what could be another bankruptcy filing.
The retailer will begin liquidation sales for its U.S. stores on Feb 17. It is also winding down its e-commerce operations. It expects all stores to remain open until at least the end of March and the majority until May.
CNBC previously reported the chain was preparing for a potentially imminent bankruptcy. In hopes of keeping some stores open, it had been seeking a buyer for swaths of its domestic real estate.
Founded in in 1956 in Topeka, Kansas, Payless has more than 2,700 North American stores, according to its website. The liquidation will not impact its franchised or Latin American stores, the spokesperson said.
Payless, which first filed for bankruptcy protection in April 2017, had been notable for its ability to emerge from complete financial collapse. That feat has escaped many other retailers, like Toys R US, which shuttered over a year ago.
During its four-month stint in bankruptcy, Payless eliminated nearly 700 stores. It blamed its initial bankruptcy on "antiquated" inventory management and port strikes in the West Coast that delayed its shipments before the crucial Easter holidays, and ultimately let to a glut of off-season shoes.
The retailer promised that, upon its reemergence, it would lean on its strong brand name in the U.S. and growth in Latin America. It was then the region's largest specialty footwear retailer, according to court documents.
Much of its initial debt stemmed from the roughly $2 billion sale of its former parent, Collective Brands Inc Wolverine World Wide and private equity firms Blum and Golden Gate. Blum and Golden Gate held on to Payless, while Wolverine took control over Collective's other brands, like Sperry Top-Sider, Stride Rite and Keds.
Yet like several of its peers that filed for bankruptcy over the past several years, Payless has found its stay out of court protection challenging. Retailers like Gymboree have emerged from bankruptcy in recent years, only to boomerang back.
The retail industry continues to be in a state of upheaval, as shoppers head online and demand more out of their shopping experience. The changes benefit giants like Walmart with scale or smaller, local shops − but leave those in the middle squeezed. Larger retailers have the resources to invest in supply chain and online capabilities, while local retailers can cater to regional tastes.
Payless, in particular, has faced competition from larger competitors like T.J. Max parent TJX Companies, which has a market-capitalization of $62 billion and shoe retailer DSW, which has a market capitalization of $2.2 billion.
Credit ratings agency S&P in February noted earlier this month Payless faced the "potential for continued supply chain issues, intensified competition, and lower store traffic."