Payless ShoeSource Will Close Nearly 400 Stores

TORONTO, ONTARIO, CANADA - 2016/02/28: Payless Shoe Store, Couple walking in a mall corridor. (Photo by Roberto Machado Noa/LightRocket via Getty Images)

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."

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