Payless Closing More Stores

Payless (Topeka, Kan.) has sought court approval to close up to 408 additional stores, not including the nearly 400 stores it has already announced its plans to close.

The additional closures are being attributed to a series of unsuccessful efforts to reduce its costs, including some rent negotiations that fell through.

According to Chicago Tribune, only a quarter of the 408 stores will definitely be shuttered. If negotiations continue to fall through, the remaining stores (about 300) could also be closed.

As a result of its bankruptcy, the company plans to invest in areas to become more competitive, including its online business and expand internationally.