Payless ShoeSource To Close 5 Connecticut Stores: BREAKING

Five Payless ShoeSource stores in Connecticut will be closing as part of a debt restructuring deal, the family footwear retailer said Wednesday.

Payless announced Tuesday it has filed for Chapter 11 bankruptcy and plans to close 400 underperforming stores in the United State and Puerto Rico.

Payless has approximately 24 stores statewide.

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Locations of the five stores closing:

• Waterbury Plaza, Waterbury
• Jordan Lane Shopping Center, Wethersfield
• Sand Hill Plaza, Newtown
• Old Saybrook Shopping Center, Old Saybrook
• Strawberry Hill Shopping Center, Norwalk

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.

“This is a difficult, but necessary, decision driven by the continued challenges of the retail environment, which will only intensify,” Payless CEO Paul Jones said in a press release. “We will build a stronger Payless for our customers, vendors and suppliers, associates, business partners and other stakeholders through this process.”

Paige McAtee (Patch Staff) contributed to this report

Patch photo