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Payless ShoeSource filed for bankruptcy. That means more than 400 stores will close.

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2017 hasn't been a great year for American retail stores, and Payless ShoeSource is the latest company to fall to the similar fate of Wet Seal, the Limited and American Apparel. The Kansas-based mega discount footwear company filed for Chapter 11 bankruptcy, according to a Tuesday statement. That means more than 400 of its stores in the U.S. and Puerto Rico will close immediately. 

"This is a difficult but necessary decision driven by the continued challenges of the retail environment, which will only intensify," Payless CEO W. Paul Jones said in a statement."We will build a stronger Payless for our customers, vendors, and suppliers, associates, business partners and other stakeholders through this process."

Payless ShoeSource files for bankruptcy
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According to its website, Payless has more than 4,400 stores in more than 30 countries.

Signs of Payless' economic trouble have been looming for months. According to a February Bloomberg report, the company was in talks with its lenders over a restructuring plan that included closing about 1,000 stores. 

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