Payless Shoesource, the footwear store, has announced that it has filed for bankruptcy.
According to MarketWatch, Payless said Tuesday that it filed for Chapter 11 bankruptcy to restructure its North American entities and its logistic and supply chain entities in Hong Kong.
As part of the bankruptcy and restructuring, Payless will close almost 400 stores in the United States and Puerto Rico and plans to reduce its debt by 50%. They will also invest in online expansion, product efforts, inventory efforts, and global growth.
Payless has about 4,400 stores in more than 30 countries, the company said.
We will continue to update this story as more information becomes available.