Payless Closing 3 Prince George's County Stores

BOWIE, MD — Less than two weeks after news broke that Payless ShoeSource would file for bankruptcy, the retailer has released a list of 400 stores that will close immediately in the U.S. and Puerto Rico, including three in Prince George's County.

The discount footwear retailer chain, founded in 1956, currently operates 4,400 stores in 30 countries, including 3,600 in North America.

Payless said in a statement that the company filed a voluntary petition for reorganization pursuant to Chapter 11 of the U.S. Federal Bankruptcy Code.

This will "facilitate the financial and operational restructuring necessary to strengthen its balance sheet and position the Company for long-term success."

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

In January, Reuters reported Payless was in debt to the tune of $655 million.

The company will close the following Prince George's County locations:

• Forestville Payless at 3224 Donnell Drive, Forestville, MD
• Oxon Hill Payless at 6153 Oxon Hill Rd. Oxon Hill, MD
• Temple Hills Payless at 3863 Branch Ave. Suite A, Temple Hills, MD

Joe Lipovich (Patch Staff) contributed to this article

Patch file photo