International Shoe Chain May File Bankruptcy, Close Hundreds of Stores

VERNON, CT — International shoe retailer Payless ShoeSource may 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 may 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 Tri-City Plaza in Vernon.

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

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