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."
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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