Payless ShoeSource filed for Chapter 11 bankruptcy and outlined plans to immediately close nearly 400 of its 4,400 stores globally. The shake-out among retailers has been building for years, and it is now arriving in full force. The retrenchment comes as shoppers move online and begin to embrace smaller, niche merchants. So far in 2017, retailers have announced plans to slash more than 38,000 positions, according to data from job placement firm Challenger, Gray & Christmas. According to research from Slice Intelligence, Amazon captured 38 percent of all dollars spent online during the holiday season.

Source: Washington Post April 05, 2017 18:28 UTC