NEW YORK, NY – April 18, 2017 – New York-based RCS Real Estate Advisors, has been retained as real estate consultant by specialty family footwear retailer Payless ShoeSource, DIP. RCS Real Estate Advisors President and CEO Ivan L. Friedman made the announcement.
Payless recently filed for Chapter 11 bankruptcy protection, listing liabilities between $1 billion and $10 billion. It will continue to operate its business as usual at its nearly 4,000 other locations.
“We are seeking the rent reductions necessary for locations to remain open and further evaluating stores in their existing fleet for closure,” said Mr. Friedman. “We are also currently marketing and accepting bids on the leases of the 425 stores Payless has already announced will be closing.”
Bids are being accepted on the leases for the 425 Payless ShoeSource locations through May 15. The stores range in size from 2,000 to 5,000 sq. ft. and are situated in both mall and street environments.
RCS’ retention is subject to approval by the U.S. Bankruptcy Court for the Eastern District of Missouri.