On Wednesday, April 5, Payless ShoeSource released a statement that they had filed for Chapter 11 bankruptcy. As a result, they would be closing nearly 400 of their stores nationwide.
Payless has $1 billion in assets and $10 billion in liabilities, according to USA Today.
Their goal is to shut down their least profitable stores and put an increased focus on the most profitable locations.
In order to assist shoppers, Payless has provided a list of the locations that will be closing.
"This is a difficult, but necessary, decision driven by the continued challenges of the retail environment, which will only intensify," stated the Payless CEO, Paul Jones.
"We will build a stronger Payless for our customers, vendors and suppliers, associates, and business partners and other stakeholders through this process. While we have had to make many tough choices, we appreciate the substantial support we have received from our lenders, who share our belief that we have a unique opportunity to enable Payless - the iconic American footwear retailer with one of the best-recognized global brands - to remain the go-to shoe store for customers in America and around the globe," Jones said.
Curious to see if your store made the list? Click HERE to see if your local Payless will be closing its doors.
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