Payless Shoe Store Files for Bankruptcy

THERE WILL SOON BE LESS PAYLESS SHOE STORES IN THE U.S.

(CNN) – Payless Shoesource is having trouble footing the bill.

The company announced it filed for chapter-11 bankruptcy on Tuesday.

In a statement Payless CEO W. Paul Jones called this a “difficult, but necessary decision driven by the continued challenges of the retail environment.”

Officials say they plan to shut down roughly 400 stores immediately.

Payless is among the many retailers who have struggled from online shopping.

Last month, Moody’s issued a report naming 19-retailers that were considered “distressed.”

In addition to Payless, others included on the list were JCrew and Claire’s.

Categories: US News