Payless ShoeSource Files for Chapter 11 Bankruptcy, Will Close Nearly 400 Stores - NBC New York
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Payless ShoeSource Files for Chapter 11 Bankruptcy, Will Close Nearly 400 Stores

"We will build a stronger Payless," said the company's CEO

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    Payless ShoeSource Files for Chapter 11 Bankruptcy, Will Close Nearly 400 Stores
    Charlie Riedel/AP
    A worker puts the finishing touches on a sign unveiling the company's new look at a Payless Shoesource store at a mall in Independence, Missouri, in this May 18, 2006, file photo.

    Payless ShoeSource announced Tuesday that it has filed for Chapter 11 bankruptcy, and will close nearly 400 stores in the U.S. and Puerto Rico.

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

    The list of stores to be closed has been posted here.