Business & Tech
International Shoe Chain Reported to File Bankruptcy, Close Hundreds of Stores
The retailer has 43 locations in Connecticut, including one in Branford.
BRANFORD, CT — International shoe retailer Payless ShoeSource reportedly plans to file bankruptcy as early as next week, and expects to close more than 400 stores in the near future, according to Bloomberg.
The Kansas-based chain, founded in 1956, currently operates 4,400 stores in 30 countries, including 3,600 in North America.
In January, Reuters reported Payless was in debt to the tune of $655 million. Bloomberg said 400 to 500 stores will reportedly close as part of a debt restructuring deal. That figure is lower than the 1,000 closings estimated by Business Insider last month.
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There are 43 Payless stores in Connecticut, including one in Branford.There has been no announcement as to which Connecticut stores, if any, will be closed.
Find out what's happening in Branfordfor free with the latest updates from Patch.
Written by Tim Jensen, Patch Editor
Patch file photo
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