Advertisement

Shoe chain Payless files for bankruptcy protection

In this photo taken on Monday, Oct. 4, 2010, Nicole Lorenzo, looks to buy new shoes for a new sales associate job, at the Payless ShoeSource, a discount specialty shoe store at the Westside Pavilion Shopping Center in Los Angeles. In this photo taken on Monday, Oct. 4, 2010, Nicole Lorenzo, looks to buy new shoes for a new sales associate job, at the Payless ShoeSource, a discount specialty shoe store at the Westside Pavilion Shopping Center in Los Angeles. | Photo: AP Photo / Damian Dovarganes.

April 04, 2017 05:05 PM

NEW YORK (AP) - Shoe chain Payless ShoeSource is filing for Chapter 11 bankruptcy protection, becoming the latest retailer to succumb to increasing competition from online rivals like Amazon.

The Topeka, Kansas-based retailer said Tuesday that it will be closing nearly 400 stores as part of the reorganization. It has over 4,400 stores in more than 30 countries and was founded in 1956.

Advertisement – Content Continues Below

Payless plans to reduce its debt by almost 50 percent, lower how much it pays in interest and line up funds. The company says some of its lenders have agreed make available up to $385 million to keep the stores running.

Credits

AP

(Copyright 2017 by The Associated Press. All Rights Reserved.)

Advertisement
Advertisement
Advertisement
Niskayuna School District holds safety debriefing after lockdown

No clear plan yet on how to reunite parents with children

New York lawmakers to wrap up 2018 session

11-year-old girl lobbies for medical marijuana

Push to suspend Greek-life at RPI has many people furious

Advertisement