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."