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Payless is Next Retail Shoe to Drop, Plans to Close at Least 400 Stores After Filing for Ch 11 Bankruptcy

Discount Shoe Chain Plans to Get Tough with Landlords and Seek Lease Modifications or Close More Stores

Zapped by Zappos and other online shoe outlets, Payless ShoeSource has become the latest casualty from the ongoing shakeout among retailers. The discount footwear company filed for Chapter 11 bankruptcy protection on Tuesday and said it will immediately close 400 stores in the U.S. and Puerto Rico, with additional store closings likely down the road.

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