Business Report: Retail struggle continues
The struggle to keep their doors open is intensifying for some more retailers. Sears said there is “substantial doubt” that it can keep its doors open. The retailer, which employs 140,000 people announced a major restructuring plan last month that includes the sale of more stores, job cuts and brand asset sales. The hope is to cut costs by $1 billion, but Sears also needs to get more customers into its stores, or shopping online if it is to stay in business. And Payless Shoesource may seek bankruptcy court protection and close some locations. Bloomberg News reported that Payless plans to shut down 400 to 500 stores as part of its latest reorganization plan, fewer than the 1000 locations previously considered for closing. The discount footwear chain is struggling with the same issue facing many retailers as consumers shift to online shopping.