Payless Files for Bankruptcy – To Close 400 Stores


Source: Wikimedia

More than 2,000 employees could lose their jobs after discount shoe store Payless announced they have filed for bankruptcy and will immediately close 400 stores in the US and Puerto Rico.

The company have been in negotiations with their lenders for the past few months and revealed there could be additional store closings.

The company currently operate 4,400 stores in 30 countries, but like many brick and mortar retailers have faced stiff competition from online stores, competition Payless CEO Paul Jones said will only get stiffer.

“This is a difficult, but necessary, decision driven by the continued challenges of the retail environment, which will only intensify,” Jones said in a statement.