Payless ShoeSource Filing Bankruptcy Papers, Closing Hundreds of Stores

By Tim Jensen, Patch Staff

DANBURY, CT — International shoe retailer Payless ShoeSource will be filing 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 close as part of a debt restructuring deal. That figure is lower than the 1,000 closings estimated by Business Insider last month.

There are 43 Payless stores in Connecticut, including one in the Enfield Square.

There has been no announcement as to which Connecticut stores, if any, will be closed.

Patch file photo