Payless Files for Bankruptcy

Payless ShoeSource (Topeka, Kan.) has filed for bankruptcy and plans to immediately close 400 of its stores throughout the U.S. and Puerto Rico. The retailer currently operates 4400 stores in 30 countries and employs nearly 22,000 people.

According to Business Insider, more store closures are likely though the company plans to “work to aggressively manage the remaining” locations through such means as modifying lease terms.

"This is a difficult, but necessary, decision driven by the continued challenges of the retail environment, which will only intensify," Payless Chief Executive Officer W. Paul Jones said in a statement.

The company filed for Chapter 11 protection with less than $1 billion in assets and $10 billion liabilities.