Payless Files for Bankruptcy, Closes 400 Stores

Payless ShoeSource is the latest victim of the deluge of retail bankruptcies.

The affordable footwear retailer announced Tuesday that it has filed for Chapter 11 bankruptcy to restructure its North American business and its two Hong Kong-based logistic and supply chain entities. The company is closing 400 underperforming stores in the U.S. and Puerto Rico immediately.

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