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Payless ShoeSource expected to close all of its U.S. locations as part of largest retail liquidation – MarketWatch

Payless experiment shows people will pay more for brand name
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WATCH | Payless experiment shows people will pay more for brand name

Payless ShoeSource is shuttering all of its 2,100 remaining stores in the U.S. and Puerto Rico, joining a list of iconic names like Toys R Us and Bon-Ton that have closed down in the last year.

The Topeka, Kansas-based chain said Friday it will hold liquidation sales starting Sunday and wind down its e-commerce operations. All of the stores will remain open until at least the end of March and the majority will remain open until May.

The debt-burdened chain filed for Chapter 11 bankruptcy protection in April 2017, closing hundreds of stores as part of its reorganization.

At the time, it had over 4,400 stores in more than 30 countries. It remerged from restructuring four months later with about 3,500 stores and eliminated more than $435 million in debt.

The company, founded in 1956, said that the liquidation doesn’t affect its company’s franchise operations or its Latin American stores, which remain open for business as usual. It lists 18,000 employees worldwide.

Shoppers are increasingly shifting their buying online or heading to discount stores like T.J. Maxx to grab deals on name-brand shoes. That shift has hurt traditional retailers, even low-price outlets like Payless. Heavy debt loads have also handcuffed retailers, leaving them less flexible to invest in their businesses.

But bankruptcies and store closures will continue through 2019 so there’s “no light at the end of the tunnel,” according to a report by Coresight Research.

Before this announcement, there have been 2,187 U.S. store closing announcements this year, with Gymboree and Ascena Retail, the parent of Lane Bryant and other brands, accounting for more than half the total, according to the research firm. This year’s total is up 23 percent from the 1,776 announcements a year ago. Year-to-date, retailers have announced 1,411 store openings, offsetting 65 percent of store closures, it said.

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Payless ShoeSource expected to close all of its U.S. locations as part of largest retail liquidation

Payless ShoeSource will close all of its approximately 2,100 stores in the U.S. and Puerto Rico as part of the largest retail liquidation ever, the Wall Street …

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Estate Planning & Land Trust

Planning for Future by Estate Planning & Land Trust

Section 502(e)(1) states the general rule requiring the court to disallow any claim for reimbursement or contribution of an entity that is liable with the debtor on, or that has secured, the claim of a creditor to any extent that the creditor’s claim against the estate is disallowed.

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Don DiCarlo

Don DiCarlo
Head of Strategic Planning Advice

‘The Suffering Is Staggering.’ Victims Could Get $4.1 Million After Needless Cancer Treatments via TIME

(DETROIT) — An expert is recommending approval of $4.1 million in claims, including $2rodwin million in funeral costs, filed by victims of a Detroit-area doctor who committed fraud by putting hundreds of patients through needless cancer treatments.

Randi Roth gave an update Tuesday to a judge who is overseeing the case of Dr. Farid Fata. She said 81 percent of 741 claims are fully or partly eligible for restitution.

Fata is serving a 45-year prison sentence for fraud, money laundering and conspiracy. He admitted putting patients through grueling chemotherapy — even when they didn’t have cancer.

Fata’s victims can seek reimbursement for funeral costs, remedial health care and mental health treatment. Out-of-pocket costs paid to the doctor and his clinics are also eligible for repayment.

Pain and suffering and lost wages, however, aren’t covered.

“The suffering is staggering,” said Roth, an attorney in St. Paul, Minnesota, who specializes in deciding claims in large-scale litigation. “All of us want to help as much as possible but the law is strict.”

Final approval in the months ahead rests with U.S. District Judge Paul Borman. The restitution process includes a way for patients or their family to appeal if Roth determined a claim wasn’t eligible.

“This is a huge situation with tragic consequences. I’m going to be on top of it,” Borman said.

The judge said patients and families are first in line for restitution, followed by insurance companies and the federal government’s Medicare program.

Outside court, Teddy Howard, 57, of suburban Detroit said he’s frustrated. He said his claim has been rejected because his doctors won’t certify that some of his subsequent health care was related to the harm caused by repeated doses of chemotherapy ordered by Fata.

Howard said he had a liver transplant and has also lost eight teeth.

“I didn’t think I’d be crawling around, begging. This is crazy,” he said.

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(DETROIT) — An expert is recommending approval of $4.1 million in claims, including $2 million in funeral costs, filed by victims of a Detroit-area doctor who committed fraud by putting hundreds of patients through needless cancer treatments. Randi Roth gave an update Tuesday to a judge who is overseeing the case of Dr. Farid Fata.…

via ‘The Suffering Is Staggering.’ Victims Could Get $4.1 Million After Needless Cancer Treatments — TIME

Bend the curve with Average Contract Value (ACV) — with me

SaaS entrepreneurs know how hard it is to scale their companies from zero to their first few $M in revenue. I’ve posted before about misconceptions about scaling SaaS businesses – namely that adding more sales pods will lead to exponential growth. While pod additions are part of it, the single most powerful lever in driving exponential […]

via Bend the curve with Average Contract Value (ACV) — vcwithme