Payless Files for Bankruptcy Protection, will Close Nearly 400 Stores

The privately-held company said it will reduce its store footprint as it shutters nearly 400 underperforming locations in the U.S. and Puerto Rico, and work to modify terms of its lease portfolios of its remaining real estate. Payless currently operates 4,400 stores in more than 30 countries. “This is a difficult, but necessary, decision driven by the continued challenges of the retail environment which will only intensify,” said Payless CEO W. Paul Jones in a statement. “We are confident that this process will also enable us to leverage Payless’s existing strengths to succeed.” -- More...