The footwear chain Payless ShoeSource sought bankruptcy court protection Tuesday, announcing it will close about 400 stores, including 378 in the U.S., after competition from online retailers and other setbacks.
The discount footwear chain said it will reduce debt, get new capital, boost its e-commerce and emerge stronger and more competitive.
Payless filed a Chapter 11 reorganization petition in U.S. Bankruptcy Court in Missouri that said the company has as much as $1 billion in assets and up to $10 billion in liabilities, along with more than 100,000 creditors.
An announcement by the privately-held company said Payless would “optimize its store footprint, with the immediate closure of nearly 400 underperforming locations in the U.S. and Puerto Rico.
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